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rana
66 Comments
Chinese Solar Stocks Present Compelling Value
there is no talk about TSL (which i'm long) poly positioning but what if..
with that said, it seems you don't know how poly contracts work, so you better learn them first and than we can talk about possible scenarios.
Chinese Solar Stocks Present Compelling Value
if we'll get growing demand next year for silicon from the semiconductors industry, WFR will probably go balistic while TSL will go down hill.
for this reason alone they can't be compared and there are other reasons which i won't even mention.
i am a solar fan myself, but i am realistic and as long as the markets are bearish there will be negative premium for high growth high risk companies.
Is There Value in Silicon Solar PV?
do you really think that CSIQ will have 600% earnings growth in 2009 and 2010?
i only commented on the reason we don't use 1 year data, just like the reason we calculate moving averages and exponantial MA or the reason we use logarithmic scales and not linear.
if it's not understood you can use the unsmoothed method, but it will probably cost you somewhere down the line.
even here with CSIQ, if you think under 1 is good measure of value, you can pay 500$ for this stock and stay well under 0.5.
do you really think it's logical?
Is There Value in Silicon Solar PV?
if a company made 1 cent last year and will make 1$ this year and 2$ next year and share price is 50$ with 50 million shares. we get PEG of 0.05 using the above method. if we will apply the concept of PEG of 1 the stock price will be 1000$, while next year we will get PEG of 5 which will take the price to 200$. (all is theoretical and is given for example purposes).
in order to smooth the results and get better picture of the longer term picture we use the 5 yr. expected growth which gives us very different results.
we still get very low numbers compared to other sectors, but no way near these results.
overall good post as it's very informative and comparative.
Expect Continued Canadian Solar Financing This Year
outstanding shares will be around 35-35.5 M shares
fully diluted will be around 36.5 M shares.
go back to the report and check basic and diluted. diluted counts all probable shares that will be issued, including the convertible bonds since the conversion price was well inside the money.
for more info check the accounting standarts, which you don't like for one side of the equation but like them double what they warrant on the bad side.
please, try and give relaible info and don't get influenced by your basic thesis regarding certain companies.
LDK Solar: Forecasting Sunny Skies in Q2 Earnings
crunching numbers to all these companies is too much to ask from you especially as we can't paste excel spreadsheets to the posts.
thank you in advance, but even if you can't thanks for LDK, one of my favorites.
It's Not Easy Being Evergreen - Cramer's Lightning Round (7/9/08)
i used his picks as a contrarian. it always seems to me that he is picking longs at the highs and shorts at the bottom.
2 years back i saved tons of money on CEPH using his advice. when he said to buy when the stock went to 80 i ran to the hills and it took a nose dive.
it also seems to me he is like day trader. one day he says FSLR is huge buy, next day he says CEO sells tons of shares so we don't like FSLR, few weeks go by and again he loves FSLR.
i wonder if someone is calculating his returns - it will be very interesting to see if he's in the green or if he's a consistant loser.
Polysilicon-Based PV Manufacturers: Clarifying the Financial Issues
regarding SPIR
the big growth comes from the solar equipment segment akthough there is sime growth in the semis segment.
the company has a lot of customers which is a positive.
the company is getting advances more than deposits which can make the cash flows sufficient to achieve growth objectives.
the company has customers in the PV and the thin film segments, which may act as support if one of the technologies lose in this wild race.
a lot of companies are now building new facilities and after they will finish with all the land developement, reactors and other big items they will need the equipment to produce the end products, this equals to lot of growth still ahead (unless the industry cracks very hard).
we can see that the growth in the solar segment is as good as many of the companies we look at daily in this sector.
if there is a decline in poly prices which may hurt margins for the other companies we watch, it may have positive impact on SPIR if some will buy new lines in order to get more efficient. it will probably have less impact than on the others, unless prices crash and than everyone is game.
i hope this gives some clue to how I LOOK AT THE COMPANY AND THE SECTOR. there are some other data that we can look at and some basic assumptions regarding this industry when we try and analyze these numbers, but without using the excel it's too much work and most of it was posted in many parts in the past.
in the next few days i'll deal with the other companies, but i will use more words and less numbers.
Polysilicon-Based PV Manufacturers: Clarifying the Financial Issues
i don't find a way to copy straight from the excel.
is there a way? if so, how?
A Look at Four Polysilicon-Based PV Manufacturers' Funding
untill this post he gave no data and was plain negative.
in this post he specified the cash needs of the companies as he translates them form the reports and gave us his opinion of the danger that lies ahead.
in his opinion this will bring this companies to bad times in the future.
there is nothing wrong with that. on the contrary, we must embrace any opinion that is based on data, as this makes us more educated about what we are facing.
we don't need to afree with this, but we must say thanks for the data presented to us.
those of us that already knew this will look forward for other new data which will be posted.
so to you emvoy don't mind what people are saying. as long as you bring data to support your assumptions and your analysis this is a good thing.
this is coming from one of the people that really disliked the early posts as they gave no references to any data. on this post and somewhere earlier in another thread there were references so it's a good thing.
i personally read things differently, but i totally agree that there is big risk when money needs to be raised constantly, for a company and even can be for a sector as a whole. at least in the short to medium term regarding the sector.
Polysilicon-Based PV Manufacturers: Clarifying the Financial Issues
sales
2006 - 20.1
2007 - 38.4
2008 Q1 - 14.9
operating P/(L)
2006 - (8.3)
2007 - (3.7)
2008 Q1 - (0.2)
balance sheet
31/12/06
cash and equiv - 1.54
accounts rec.. - 4.01
inventories - 4.22
deposits - 2.58
equipment L.C. - 0
accounts payable - (1.98)
accrued liabilities - (5.01)
advances on contracts - (6.4)
L.T. equipment L.C. - 0
L.T. advances on contracts - (1.82)
31/12/07
cash and equiv - 2.37
accounts rec.. - 12.77
inventories - 18.51
deposits - 2.48
equipment L.C. - (1.17)
accounts payable - (2.91)
accrued liabilities - (6.06)
advances on contracts - (23.6)
L.T. equipment L.C. - (1.75)
L.T. advances on contracts - (1.95)
31/03/08
cash and equiv - 2.2
accounts rec.. - 8.74
inventories - 21.19
deposits - 2.00
equipment L.C. - (1.17)
accounts payable - (3.92)
accrued liabilities - (6.34)
advances on contracts - (21.47)
L.T. equipment L.C. - (1.46)
L.T. advances on contracts - (1.77)
cash flows
operational
2006 - 0.48
2007 - (7.27)
2008 Q1 - 0.94
investing
2006 - (9.35)
2007 - 5.88
2008 Q1 - (0.54)
Solar segment
2006
sales - 6.99
oper. P/L - (4.01)
2007
sales - 23.1
oper. P/L - 0.76
2008 Q1
sales - 10.67
oper. P/L - 0.33
we can see good growth.
there are problems with the tight liquidity of the company.
company gets more advances than deposits.
pretty high level of inventory, should work it down.
it is likely that the biomed segment will be sold or some kind of spin off which will improve the bottom line of the company as a whole.
i will continue this later.
Polysilicon-Based PV Manufacturers: Clarifying the Financial Issues
SPIR – Spire Corporation
Corporate Profile
Spire Corporation is a Massachusetts corporation incorporated in 1969 with its principal offices located at One Patriots Park, Bedford, Massachusetts.
Spire Corporation is a global solar company providing turnkey production lines and capital equipment to manufacture photovoltaic modules worldwide. Spire Semiconductor provides processing technology for Spire’s silicon solar cell manufacturing lines and produces and sells custom gallium arsenide cells for solar concentrator systems. The Company’s Spire Biomedical subsidiary is a leader in hemodialysis catheters and implantable device processing services.
The Company’s revenues for the past five years have ranged from $15.8 million to $38.4 million.
We have been in the solar business for over 30 years and have been active in research and development in the space, with over $100 million of research and development conducted and 50 patents granted to date, as well as cell and module production, having been a pioneer in the early development of solar technology. This expertise has provided the platform and expertise for our manufacturing equipment. In 2007, we nearly doubled 2006 annual revenues and we believe it is possible to grow revenues significantly again in 2008 based upon current orders as of December 31, 2007. We have equipment deployed in approximately 50 countries and have enjoyed the patronage of some of the world's leading solar manufacturers including First Solar, BP Solar, Kyocera, Sharp, Hitachi, Evergreen and Solaria Energia.
Global Annual Solar Power Installed Capacities (MW)
2006A 1,744
2007E 2,308
2008E 3,071
2009E 4,029
2010E 5,587
2011E 7,630
Global Solar Industry Revenues ($MM)
2006A 10,580
2007E 13,832
2008E 16,333
2009E 18,068
2010E 24,223
2011E 31,463
* Source: Solarbuzz, 2007.
Currently, the bottleneck in the industry lies in polysilicon supply. The large growth in the solar space has resulted in greater demand for polysilicon than available, resulting in considerable increases in price for both long-term contract prices and spot market prices. Polysilicon consumption increased from 5,100 metric tons ("MT") to 20,700MT from 2001 to 2006 respectively, with the top seven polysilicon producers accounting for nearly 96% of the industry's total production capacity, according to Solarbuzz. While the dominant players in the industry have enjoyed increasingly higher margins, the huge demand for polysilicon has attracted numerous new entrants into the market to capitalize on the opportunity. In addition, the dominant players have significantly scaled their production to also meet this demand. As a result, a large influx of polysilicon is forecasted to enter the market in 2009-2010 with incremental capacity being added in 2007 and 2008. With demand met by this time, the next bottleneck in the industry will occur with the turnkey equipment manufacturing needed in the latter stages of the value chain.
there are risks associated with the company which are mainly very low liquidity at this point. off course there are many other risks and anyone can read the 10-K of the company to learn about all the risks the comapny sees at this time.
next post we'll go over some financial data and more general data and try to assume what's the case for and against the company.
Polysilicon-Based PV Manufacturers: Clarifying the Financial Issues
i'll try to do that and will remind everyone who will read this that some of what will be written will be facts from data that is open to the public and some will only reflect my take on the data and i'll also try and explain why.
the first step will be the easy one as i'll try and explain why i like SPIR better than the rest.
i'll post it during today at some point.
it is important to say that there might be better possible returns on other companies but when i add the different kind of risks that there are (emphasizing I as it is my opinion) for the players in the industry i think the company offers good reward with less risk than many others.
anyway i'll post it later today.
i'll try and go over the rest asap
Polysilicon-Based PV Manufacturers: Clarifying the Financial Issues
PWE looking good
just wanted to ask why do you think they blow out estimates?
thanks
Polysilicon-Based PV Manufacturers: Clarifying the Financial Issues
first i want to apologize since i didn't see the link at the bottom.
if i agree or disagree is irrelevant since now i know who said what and i have the tools to evaluate the data by myself (regarding pichel we all know his views and his track record, but still we need to check what he says and make a decision)
please accept the apology and thanks for the data
:)