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EysteinH
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Norwegian. Master degree in psychology. Currently studying law and working part time. Interested in stock Analyst work.
  • 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]

    [url]files.shareholder.com/downloads/FSLR/234...[/url]

    Stocks: YGE, TSL, FSLR
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  • STP, CSIQ, HSOL, TSL, YGE, FSLR, CSUN, SOL Summer solstice tomorrow 20 june. Is it finaly time for the solar energy sector to shine again?
    Jun 18, 2012
  • TSL good article on solar power company net debt http://bit.ly/u2Mhg8 but they should show REC used all cash flow for net debt payment
    Dec 13, 2011
  • A good article on solar power company net debt http://bit.ly/u2Mhg8 but they should show REC used all cash flow for net debt payment
    Dec 13, 2011
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