Seeking Alpha

# Eystein Magnus ...'s  Instablog

Eystein Magnus Hansen
Send Message
Norwegian. Master degree in psychology (2010). Master degree in law (2015.)
• ##### Comparison Of REC, YINGLI SOLAR, FIRST SOLAR And TRINA SOLAR Q4 Report 0 comments
Mar 4, 2013 9:41 AM | about stocks: YGE, TSL, FSLR

Some calculations based on shipment numbers and estimated shipment number for yingli (700MW) If someone have the shipment number I can make a better calculation.

Total Cost REC:

0,755\$/watt without interest and 0.81\$/Watt with interest. With all opex and interest 0.84: Breakdown of cost: Processing 0.585\$/watt polysilicon 0.091\$/watt SG&A & R&D 0.08\$/watt (also a writedown of 6.5 mil \$ = 0.03\$/watt was part of total opex in q4=0.11\$/watt total opex.)

Interest cost: 0.08 \$/watt

(assumed 202 MW shipments, 17.1 mil\$ interest expenses and opex as stated by rec itself = 0.06 euro/watt sg&a & r&d = 0.08 \$/watt)

ASP 0.725\$/watt

Estimated Total cost Yingli:

0.75\$/watt without interest. 0.78\$/watt with interest. With all opex and interest 0.88\$/watt. Breakdown of costs: Processing 0.48\$/watt polysilicon 0.15\$/watt SG&A R&D 0.12\$/watt (total opex=0.20\$/watt)

Interest cost: 0.05\$/MW

(assumed 700 MW shipments 141.7 mil \$ opex, 33.6 mil \$ interest expenses)

ASP 0.64\$/Watt

Total cost Trina:

0,76\$/watt without interest. 0.79\$/watt including interest. With all opex and interest 0.82\$/watt.: Breakdown of cost: Processing 0.51\$/watt polysilicon 0.10\$/watt SG&A & R&D 0.15\$/watt (total opex=0.18\$/watt.)

Interest cost: 0.03\$/watt

(assumed 414.5 MW shipments, assumed 76.1 mil \$ opex, 11.4 mil interest expenses)

ASP 0.67 \$/Watt

Total cost First solar:

0.87\$/watt without interest. Not included with interest sincce First solar does not reveal interest costs. Cost breakdown is 0.68 for processing of modulene and 0.19 cents for SG&A & R&D.

Sources:

[url]ir.trinasolar.com/phoenix.zhtml?c=206405...;highlight=[/url]

[url]www.recgroup.com/PageFiles/12233/REC%20Q...[/url]

[url]ir.yinglisolar.com/phoenix.zhtml?c=21301...;highlight=[/url]

Stocks: YGE, TSL, FSLR
Back To Eystein Magnus Hansen'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.