Canadian Solar Trading at 75% SOTP Discount; e-STORAGE Delivers 2 MW/8.25 MWh Battery System
White Falcon Capital added Canadian Solar to its top five holdings after finding its shares trading at roughly 25% of sum-of-the-parts value with a cost base under $10. Canadian Solar’s e-STORAGE unit commissioned its first grid-connected battery system in Hokkaido—a 2 MW/8.25 MWh installation—highlighting growth in storage.
1. White Falcon Capital Picks Canadian Solar
In its Q4 2025 investor letter, White Falcon Capital Management revealed Canadian Solar as one of its top five holdings, highlighting a cost base under $10 per share and shares trading at roughly 25% of sum-of-the-parts value. The fund’s portfolio returned 5.6% in Q4 and 28.4% for 2025, underscoring its focus on undervalued compounders.
2. Valuation Insights and SOTP Gap
The firm cited solar’s status as the cheapest power source globally without subsidies, a strategic pivot by panel makers into full systems with battery integration, and governance strengths at Canadian Solar. A joint venture with BlackRock to build a power company and depressed political sentiment pushed the stock to a 75% discount to its estimated asset value, creating a re-rate opportunity on positive news.
3. e-STORAGE Delivers First Grid-Connected System
Canadian Solar’s e-STORAGE subsidiary commissioned a 2 MW/8.25 MWh grid-connected battery energy storage system adjacent to the Naebo substation in Sapporo, Hokkaido. Built under Hokkaido Electric Power’s public land leasing initiative, the SolBank platform handles design, engineering, commissioning and long-term maintenance, positioning the unit for further system deployments.