Seeking Alpha

Logical Thought's  Instablog

Logical Thought
Send Message
My name is Mark B. Spiegel and I'm the Managing Member of Stanphyl Capital Management LLC. I can be reached at: mark (at) stanphylcap (dot) com. My Twitter feed is @markbspiegel
My company:
Stanphyl Capital Management LLC
My blog:
I don't have a blog, but here's a link to a WSJ article regarding my thoughts on the "flash crash"
  • Update On BWEN 0 comments
    Jan 1, 2013 9:16 AM | about stocks: BWEN

    Over the past few months, I've continued to accumulate a very substantial BWEN position, now at a blended split-adjusted basis of $2.20/share. The Production Tax Credit (NASDAQ:PTC) has made it into the "cliff compromise bill" and to qualify for this new extension the project only has to BEGIN construction in 2013, as opposed to the expired 2012 credit which required calendar-year completion. This will have a VERY meaningful impact on the 2013 wind industry and on BWEN in particular. Based on the numbers in my earlier Instablog post I think that by year-end 2013 this stock will see a $6-handle on it.

    The next step for the PTC will be a multi-year extension with a gradual phase-out; this will provide enough certainty to project $12-$14 million in 2014 EBITDA less capex for BWEN. A 7x multiple on that plus $20 million in cash value for the NOL carryforwards would equal mid-$7s to mid-$8s in the stock price 18 months from now vs. yesterday's close of just $2.16.

    Disclosure: I am long BWEN.

    Themes: wind, alternative energy, green Stocks: BWEN
Back To Logical Thought's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.