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# EysteinH's  Instablog

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]

Stocks: YGE, TSL, FSLR
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