Let's look at a few Chinese companies now. Jinkosolar currently trades at 8x consensus estimates for 2014 and 5x 2015. It trades at 1.43x 2014 book and 1.09x 2015 book. Granted Jinko has more debt but has, for all intents and purposes, unlimited access to capital via the Chinese government and a significant cashflow to service its debt. So why the huge discount in valuations? They have a yieldco business they have slated to spin out early in 2015 (completed over 200 mw of projects and expected to complete another 400 by year end). Terraform power TERP (SUNE's recent yieldco ipo) trades with an ev of $3.8 billion on nameplate capacity of 807 megawatts. That translates into $4.7 million per watt valuation. Jinko has said they expect their downstream business to be about 600+ megawatts this yr. That equates to $2.82 billion dollar valuation for their yieldco business. That equates to more than the current ev of Jinko currently. Did I mention Jinko is the global low cost producer at $.47/watt? Yahoo finance has the ev of JKS as being $1.6 billion. That means you are getting the yieldco business at a discount and the rest of the company for free.