http://www.smallcappulse.com/index.php/articles/detail/ en tpitcher@smallcappulse.com Copyright 2009 2009-07-18T06:22:00-08:00 smallcappulse/feedhttp://feedburner.google.com http://feedproxy.google.com/~r/smallcappulse/feed/~3/s_wmD3foLcg/ http://www.smallcappulse.com/index.php/site/think_equitys_woodburn_raises_price_target_on_westport_innovations_nasdaqwp/#When:05:22:00Z July 17, 2009 – Analyst comments  - ThinkEquity’s David Woodburn maintains Westport Innovations (Nasdaq:WPRT) at BUY and raised the price target to $12. Woodburn said visibility on heavy-truck orders is improving through the end of this year with incentive action by the Port of Long Beach and South Coast Air Quality Management District. He thinks the June quarter results won’t be great, but the September quarter should reflect a ramp in orders and continuing through year end. Key Takeaways ·         Port of Long Beach Grants are an upside to Woodburn’s F2010 forecast ·         SCAQMD Funding could drive revenues and have modeled 300 LNG trucks in the Q4, and this could grow to 500 ·         Westport’s natural gas engines becoming more attractive as diesel prices increase ·         Additional federal incentives will help drive business ·         Reducing estimates – pushing out Cummins Westport medium duty forecasts but increasing heavy duty engine forecasts. F2010 EPS estimate of (C$0.61) down from (C$0.43). ·         Raising Price Target - $12 price target based on 1.4x F2012 “owned revenue” estimate of C$266 million (note 1.3x avg. of alt energy technology companies and below 1.5x avg. of engine/truck manufacturers). 2009-07-18T05:22:00-08:00 http://www.smallcappulse.com/index.php/site/think_equitys_woodburn_raises_price_target_on_westport_innovations_nasdaqwp/#When:05:22:00Z http://feedproxy.google.com/~r/smallcappulse/feed/~3/igEKPkEN8oY/ http://www.smallcappulse.com/index.php/site/cowens_stone_maintains_first_solar_nasdaqfslr_at_outperform_expects_lower_g/#When:05:10:01Z July 17, 2009 – Analyst Comments – Cowen’s Rob Stone weighed in on First Solar (Nasdaq:FSLR) this morning, maintaining an OUTPERFORM rating, recommending a purchase after the quarter and seeing 50%+ upside vs. the market in 12 months. Key Takeaways ·         Thinks the impact of ASP pressure is largely offset by strength in the Euro and previous adjustments to Stone’s pricing assumptions ·         Thinks FSLR is more exposed to project credit constraints and expects lower guidance ·         Remains bullish on 2010 – particularly with more visibility in the utility scale pipeline ·         Cut 2009/10E MW shipments by about 11% and 5%, and expected revenue of $1.743B and $2.308B ·         Cut op ex by about 3% resulting in EPS of $5.75 and $7.23 ·         Thinks lower ASPs in H2:09 will be offset by strength in the Euro and higher module efficiency (12.5%) ·         Maintains OUTPERFORM rating and sees 50%+ upside vs. the market in 12 months 2009-07-18T05:10:01-08:00 http://www.smallcappulse.com/index.php/site/cowens_stone_maintains_first_solar_nasdaqfslr_at_outperform_expects_lower_g/#When:05:10:01Z http://feedproxy.google.com/~r/smallcappulse/feed/~3/KVeZXbtdHJU/ http://www.smallcappulse.com/index.php/site/cowens_stone_maintains_energy_conversion_devices_nasdaqener_at_outperform/#When:05:08:00Z July 17, 2009 – Analyst Comments – Cowen’s Rob Stone said this morning that Energy Conversion Devices (Nasdaq:ENER) is faced with greater demand constraints in the market due to the nature of the BIPV roofing segment. He said trading at about 0.8x book value, he thinks the stock is attractive on a 12-month basis but expects it to “remain range bound near term.” Key Takeaways ·         Commercial projects are having more difficulty obtaining credit than residential rooftops ·         ENER’s BIPV roofing product is most cost effective when installed n conjunction with new construction or a replacement roof, but that entails a more complex capital budget decision than a pure PV installation. He thinks companies are more likely to postpone these kinds of projects ·         Revising model for lower shipments, partially offset by lower tax rate ·         Reduced F09/10/11E MW shipments by about 2%, 11% and 16% resulting in revenue of $324M, $360M and $575M ·         Cut F10/11E expenses by about 17% and effective tax rate to 10% - expects ENER to focus on costs ·         Modeling EPS of $0.55, $0.23 and $1.50·         ENER is seeing diversification in its customer base ·         It is supplying cells to a China partner that is assembling laminates for the China domestic market, which offers higher subsidies for BIPV. The JV should start production in October 2009-07-18T05:08:00-08:00 http://www.smallcappulse.com/index.php/site/cowens_stone_maintains_energy_conversion_devices_nasdaqener_at_outperform/#When:05:08:00Z http://feedproxy.google.com/~r/smallcappulse/feed/~3/s5yKMxMHSzk/ http://www.smallcappulse.com/index.php/site/cowens_stone_weighs_in_on_pv_market_trends/#When:05:06:00Z July 17, 2009 – Analyst Comments – Cowen’s Rob Stone made some solar industry observations for the H2:09 this morning, commenting on lack of credit and U.S. bureaucratic delays, relative strength in the smaller rooftop segment and the environment in China. Key Takeaways ·      Expect revised outlooks for Energy Conversion Devices (Nasdaq:ENER), First Solar (Nasdaq:FSLR) and SunPower (Nasdaq:SWPRA) ·         Remains bullish – based on 2010 combination of lower cost, economic recovery and increasing subsidies. Although he noted that he wouldn’t buy stocks until June quarter numbers are released. ·         Cut projected shipments for ENER, FSLR and SPWAR but this is likely already built into stock prices ·         In California 3,893 new residential California Solar Initiative applications were received in Q2, up 106% Q/Q, indicating some strength in the residential rooftop market ·         The China market is accelerating – Suntech (NYSE:STP) has accumulated 1.8GW of projects at the MOU stage; ReneSola (NYSE:SOL) this week reported LOIs for a 500MW ground mount and a 5MW rooftop project. A Feed-in Tariff program, if adopted in China, would make it a top-3 market by 2011. 2009-07-18T05:06:00-08:00 http://www.smallcappulse.com/index.php/site/cowens_stone_weighs_in_on_pv_market_trends/#When:05:06:00Z http://feedproxy.google.com/~r/smallcappulse/feed/~3/-dqx9NWzkrA/ http://www.smallcappulse.com/index.php/site/cowens_stone_maintains_sunpower_nasdaqswpra_at_outperform_expects_lower_gui/#When:05:04:00Z July 17, 2009 – Analyst Comments – Cowen’s Rob Stone said this morning that he expects SunPower (NASDAQ:SPWRA) to lower 2009 guidance due to bureaucratic delays and credit constraints which continue to challenge the PV industry. Stone rates SPWRA at OUTPEFORM with a 40%+ upside vs. the market in 12 months. Key Takeaways ·         Cut 2009E shipments by 8% and lowered systems revenue by 24% with softness in commercial/systems to be offset by strength in components distribution to residential and small rooftop segments ·         Expects U.S. stimulus efforts to gain traction next year which will drive a rebound in SPWRA shipment and systems revenue ·         Projecting 2009/10E cash EPS of $0.70 and $1.79 on revenue of $1.079B and $1.97B, respectively ·         Expects that SPWRA’s higher output per module will continue to command a premium – especially as system integrators continue to look for ways to reduce BOS costs with module ASPs ·         Maintains OUTPERFORM rating on stock, with expectations of 40%+ upside vs. the market in next 12 months. 2009-07-18T05:04:00-08:00 http://www.smallcappulse.com/index.php/site/cowens_stone_maintains_sunpower_nasdaqswpra_at_outperform_expects_lower_gui/#When:05:04:00Z http://feedproxy.google.com/~r/smallcappulse/feed/~3/XJ1kAZIaAUs/ http://www.smallcappulse.com/index.php/site/global_hunters_cable_maintains_neutral_rating_on_ocean_power_technologies_n/#When:10:20:00Z July 15, 2009 – Analyst Comments – Global Hunter’s Justin Cable weighed in on Ocean Power Technologies (Nasdaq:OPTT) this morning, after the company reported Q4 and FY09 results. Cable maintains a NEUTRAL rating on the stock and no price target. Financial Results Q4 revenues came in at $0.6 million, compared with $1.1 million for the same period last year. The company reported a negative GM of 40.1% for the quarter. FY09 revenues declined by $0.8 million , or 15% to $4 million, compared with $4.8 million in FY08. Net loss of the year was $18.3 million, compared with a net loss of $14.7 million in the prior year.  At year-end (April 30) OPTT had a backlog of $7.5 million, of which it says a majority will be recognized as revenue over the next 12 months. Key Takeaways ·         Revenues negligible and company likely to remain in development stage for the next few years ·         No expectations of meaningful deployments or revenue contribution until the end of CY2010 ·         Only moderate progress since last update in March ·         Shares continue to trade under net cash per share (cash and equivalents of $81.7 million and market cap is about $60 million) ·         Maintains NEUTRAL rating, but watching for near-term trading opportunities related to announcement of project milestones, new projects and government programs supporting renewable energy 2009-07-16T10:20:00-08:00 http://www.smallcappulse.com/index.php/site/global_hunters_cable_maintains_neutral_rating_on_ocean_power_technologies_n/#When:10:20:00Z http://feedproxy.google.com/~r/smallcappulse/feed/~3/0wiKyzvkzW0/ http://www.smallcappulse.com/index.php/site/trading_strategies_selling_calls_and_puts_on_spdr_gld_trust_nysegld/#When:04:34:00Z July 15, 2009 – Trading Srategies - On July 8, we wrote in our morning commentary: Here is how we have been trading the SPDR Gold Trust – accumulate under $90, sell puts on dips to $86-87 while accumulating further, and selling calls on any moves over $94 (about 60 days out and out of the money). The strategy has been an effective one. All things being equal we continue to advocate it, although we think that the closer we get to 2010, GLD should be moving up into the high $90 territory so we would be adjusting our call writing levels then. We most recently bought GLD on April 2 and 3 at about an $88.60 cost average. When GLD traded over $94 back on May 22, we sold out of the money calls (July 97s) for $2.85, reducing our cost average in GLD to about $85.75. We announced to our readers recently that we were covering the positions on the most recent dip in gold prices, buying the back at $0.16 resulting in a net return on the options of about 94% and ultimately lowering our cost average in GLD to about $85.91. We are going to look for another opportunity to write out-of-the money covered calls on GLD into strength (over the $94 level) to repeat this whole strategy. IMPORTANT DISCLAIMER: This is not an offer to buy or sell securities in any jurisdiction. This article is for informational purposes only. We do not give legal or accounting advice of any kind. We are not a licensed broker and do not clam to be. We make no representations to the suitability of any transaction at any time. The author of this article is LONG GLD. 2009-07-16T04:34:00-08:00 http://www.smallcappulse.com/index.php/site/trading_strategies_selling_calls_and_puts_on_spdr_gld_trust_nysegld/#When:04:34:00Z http://feedproxy.google.com/~r/smallcappulse/feed/~3/fxl6hoXCDmQ/ http://www.smallcappulse.com/index.php/site/cowens_stone_maintains_neutral_on_ascent_solar_nasdaqasti/#When:05:05:00Z July 14, 2009 -  Cowen’s Rob Stone weighed in on Ascent Solar (Nasdaq:ASTI) this morning, noting progress toward commercialization and initial production of its large-area 5-meter long laminate exceeding 10% conversion efficiency. Stone revised his model to reflect lower ASPs, which he said will be partially offset by higher efficiency. He maintained a NEUTRAL rating on the stock. Key Takeaways ·         First 5-meter long laminate was tested at NREL on 1.5MW pilot line which showed conversion efficiencies of up to 10.4% ·         Revising model – cut 2010-12E BIPV ASPs by 4-5% (to $2.30 and $1.90), reducing estimated revenue to about $45M, $105M and $200M. Raising gross margin to 20.3%, 19% and 20.5%. Projecting EPS of ($0.50), ($0.16) and $0.33. ·         Maintained NEUTRAL rating on stock, given need for additional financing to support capacity expansion 2009-07-15T05:05:00-08:00 http://www.smallcappulse.com/index.php/site/cowens_stone_maintains_neutral_on_ascent_solar_nasdaqasti/#When:05:05:00Z http://feedproxy.google.com/~r/smallcappulse/feed/~3/V9OP0ylFCss/ http://www.smallcappulse.com/index.php/site/think_equitys_woodburn_rates_pico_nasdaqpico_at_buy_47_price_target/#When:05:00:00Z July 13, 2009 – Think Equity’s David Woodburn weighed in this morning on PICO Holdings (Nasdaq:PICO), rating the stock at BUY with a $47 price target. He noted that the stock price is approaching adjusted book value per share at $24.48  and that the business remains well-positioned to take  advantage of population growth and water scarcity in the American Southwest. Key Takeaways ·         Stock typically trades at premium to previous quarter’s book value ·         Thinks the company is working on various investment opportunities in its real estate and water subsidiaries ·         Based on updated book value per share of $24.48, stock is trading at 1.05x, compared with water utilities (1.84x) and homebuilders (1.05x) 2009-07-14T05:00:00-08:00 http://www.smallcappulse.com/index.php/site/think_equitys_woodburn_rates_pico_nasdaqpico_at_buy_47_price_target/#When:05:00:00Z http://feedproxy.google.com/~r/smallcappulse/feed/~3/2CCs07jhF5A/ http://www.smallcappulse.com/index.php/site/aspire_misery_index_for_the_week_ended_july_10_2009/#When:14:03:01Z July 10, 2009 – Another mixed week of economic data, which left Wall Street in doubt about whether the economy is going to rebound any time soon. Friday’s downtick in consumer sentiment was a stark reminder that Main Street is not doing well and isn’t particularly optimistic. ·         Consumer Sentiment – The University of Michigan Consumer Sentiment (preliminary) index decreased to 64.6, the lowest level since March, from 70.8 in June. The forecast was for a reading of 70. With respect to American’s perceptions about their financial situation, and whether it is a good time to buy big-ticket items, the reading fell to 70.4 from 73.2. The index of consumer expectations for six months from now fell to 60.9, the biggest drop since October, from 69.2. ·         US Import and Export Price Indexes - The U.S. Import Price Index rose 3.2 percent in June, the Bureau of Labor Statistics of the U.S. Department of Labor reported today, led by higher petroleum prices.  The June increase followed a 1.4 percent advance in May.  Export prices also increased in June, rising 1.1 percent after advancing 0.5 percent in the previous month. ·         Wholesale Trade Data: Sales/Inventories Sales. The U.S. Census Bureau announced today that May 2009 sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading-day differences but not for price changes, were $311.3 billion, up 0.2 percent (+/-0.5%)* from the revised April level, but were down 19.9 percent (+/-1.4%) from the May 2008 level. The April preliminary estimate was revised upward $1.4 billion or 0.4 percent. May sales of durable goods were down 0.2 percent (+/-0.7%)* from last month and were down 23.0 percent (+/-1.6%) from a year ago. Sales of metals and minerals, except petroleum were down 8.1 percent for last month, while motor vehicle and motor vehicle parts and supplies were up 4.4 percent. Sales of nondurable goods were up 0.5 percent (+/-0.9%)* from last month, but were down 17.2 percent (+/-1.8%) from last year. Sales of petroleum and petroleum products were up 4.6 percent from last month and sales of drugs and duggists' sundries were up 1.4 percent. Inventories. Total inventories of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations but not for price changes, were $402.2 billion at the end of May, down 0.8 percent (+/-0.4%) from the revised April level and were down 7.6 percent (+/-1.2%) from a year ago. The April preliminary estimate was revised upward $0.2 billion. End-of-month inventories of durable goods were down 1.5 percent (+/-0.4%) from last month and were down 8.2 percent (+/-1.6%) from last May. Inventories of metals and minerals, except petroleum were down 5.2 percent from last month and inventories of lumber and other construction materials were down 3.2 percent. End-of-month inventories of nondurable goods were up 0.3 (+/-0.7%)* from April, but were down 6.6 percent (+/-1.6%) compared to last May. Inventories of farm product raw materials were up 6.1 percent from last month, while inventories of paper and paper products were down 2.2 percent. Inventories/Sales Ratio. The May inventories/sales ratio for merchant wholesalers, except manufacturers’ sales branches and offices, based on seasonally adjusted data, was 1.29. The May 2008 ratio was 1.12. ·         Budget Deficit - The federal budget deficit was $1.1 trillion for the first nine months of fiscal year 2009, CBO estimates, more than $800 billion greater than the deficit recorded through June 2008. Outlays are 21 percent higher than they were in the first three quarters of 2008, but revenues have fallen by 18 percent. The estimated deficit reflects outlays of $147 billion for the Troubled Asset Relief Program (TARP), recorded on a net-present-value basis, and spending of $83 billion in support of Fannie Mae and Freddie Mac.The Treasury reported a deficit of $190 billion for May, about $9 billion higher than CBO’s estimate for May on the basis of the Daily Treasury Statements. The difference occurred largely because outlays were higher than expected for the TARP and for the Department of Education. ·         Consumer Debt – The American Bankers Association said that consumer loan delinquencies increased in the Q1 to another record high, to 3.23%. Credit card delinquencies increased to 4.75%. While the percentage of all outstanding debt on cards hit a record high of 6.60%. ·         Consumer Credit - Consumer credit decreased at an annual rate of 1-1/2 percent in May 2009.  Revolving credit decreased at an annual rate of3-3/4 percent, and nonrevolving credit decreased at an annual rate of 1/4 percent. ·         Housing Market – Realtor.com announced a survey which showed that almost 53% of consumers planning to buy a home in the future said they aren’t ready to do so now. About a third cited concern about their jobs. Concerns about selling their home was cited by 16% of those surveyed and 8% cited concerns about home prices that keep falling. ·         And the Homeless – The Housing and Urban Development Department says in its annual report to Congress released Thursday that about 1.6 million people used a homeless shelter or lived in transitional housing between Oct. 1, 2007, and Sept. 30, 2008 -- about the same as the year before. But within that group, the number of families grew 9 percent, from about 473,000 to 517,000. ·         Job Cuts – PPD (cutting 227 jobs); Monster (cutting 160 jobs); Covidian (cut 119 jobs); Courier-Journal (44 jobs, or 7% of work force); Arizona Republic (cut 100 jobs); 2009-07-11T14:03:01-08:00 http://www.smallcappulse.com/index.php/site/aspire_misery_index_for_the_week_ended_july_10_2009/#When:14:03:01Z http://feedproxy.google.com/~r/smallcappulse/feed/~3/zQJNA8aQXlI/ http://www.smallcappulse.com/index.php/site/keewatin_enters_into_share_exchange_agreement_for_acquisition_of_sky_harves/#When:07:48:00Z Keewatin Enters into Share Exchange Agreement for Acquisition of Sky Harvest Windpower Corp. Keewatin Windpower Corp. (“Keewatin” or the “Company”) is pleased to announce that it has entered into a share exchange agreement with Sky Harvest Windpower Corp. (“Sky Harvest”) and the shareholders of Sky Harvest pursuant to which Keewatin will acquire all of the issued and outstanding shares of the Sky Harvest (the “Transaction”). Sky Harvest is a private company incorporated under the laws of Canada in the business of wind power generation.  Sky Harvest owns the rights to install and operate wind turbines on over 8,500 acres of land in southwest Saskatchewan. Additional leases are in negotiation to add over 5,000 acres of land into the facility. Environmental assessment and project engineering has been under way for over two years and wind assessment data has been collected and analyzed since Oct 2005. Pursuant to the terms of the Share Exchange Agreement, each shareholder of Sky Harvest will receive 1.5 shares in the capital of Keewatin for each 1 common share of Sky Harvest they hold.  In order to minimize any adverse tax consequences for Canadian shareholders of Sky Harvest, Canadian shareholders will receive exchangeable shares of Keewatin’s wholly owned Canadian subsidiary Keewatin Windpower Inc. Each exchangeable share can be exchanged into one Keewatin common share subject to the terms and conditions of the exchangeable shares.  If the Transaction is completed, Sky Harvest will become a wholly owned subsidiary of Keewatin and Keewatin will change its name from “Keewatin Windpower Corp.” to “Sky Harvest Windpower Corp.” and operate the business of Sky Harvest.  In connection with the Transaction, Keewatin received a fairness opinion prepared by an independent valuator which supports the share exchange ratio for the Transaction. The purpose of the Transaction is to allow the Company to continue with its previously stated goal to enhance shareholder value by realigning its business with that of Sky Harvest.  The current directors of the Company are also directors, officers and shareholders of Sky Harvest.  The directors and founders of the Company own 53% of Sky Harvest’s issued and outstanding common shares. “The acquisition of Sky Harvest is expected to bring Keewatin a near term wind project with advanced engineering and  environmental assessment. We are very pleased with the complete and full support of the Sky Harvest shareholders in the processes of acquisition.” Chris Craddock, C.E.O. Keewatin Windpower Corp. Closing of the Transaction is subject to a number of conditions including: (i) receipt of all required regulatory or third party approvals and consents required to consummate the Transaction; (ii) satisfactory completion or waiver of each of the parties covenants in the Share Exchange Agreement; (iii) the issuance by Keewatin of the special voting share contemplated in the Share Exchange Agreement; (iv) the entry by Keewatin and the relevant parties into the voting and exchange trust agreement and the voting and exchange trust agreement; and (v) delivery by Sky Harvest to Keewatin of all substantive information about its assets and personnel satisfactory to Keewatin for completion of any required public disclosure of the Transaction. Safe harbor for Forward-Looking Statements: Except for statements of historical fact, the information presented herein constitutes forward-looking statements  Forward-looking statements may include financial and other projections, as well as statements regarding the Company’s future plans, objectives or economic performance, or the assumptions underlying any of the foregoing. The Company uses words such as "may", "would", "could", "will", "likely", "expect", "anticipate", "believe", "intend", "plan", "forecast", "project", "estimate" and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. However, whether actual results and developments will conform with the Company’s expectations and predictions is subject to a number of risks, assumptions and uncertainties. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from those indicated. Factors which may delay or prevent these forward looking statements from being realized include misinterpretation of data; that we may not be able to keep our qualified personnel; that funds expected to be received may not be; that our estimates of environmental impacts are inaccurate; that we may not be able to get equipment or labor as we need it; that we may not be able to raise sufficient funds to complete our intended windfarm business, that weather, logistical problems or hazards may prevent us from continuing the development of our windfarm business, and that the Company may not complete its proposed acquisition of Sky Harvest. Readers should refer to the risk disclosures outlined in the Company's periodic reports filed from time to time with the United States Securities and Exchange Commission on EDGAR at http://www.sec.gov and with the British Columbia Securities Commission at http://www.sedar.com. ON BEHALF OF THE BOARD OF              Investor Relations 1 877 700 7021 KEEWATIN WINDPOWER CORP.            toll free   Chris Craddock, President   For information on Sky Harvest Windpower see www.skyharvestwind.com 2009-07-11T07:48:00-08:00 http://www.smallcappulse.com/index.php/site/keewatin_enters_into_share_exchange_agreement_for_acquisition_of_sky_harves/#When:07:48:00Z http://feedproxy.google.com/~r/smallcappulse/feed/~3/sXXQB8k3HnE/ http://www.smallcappulse.com/index.php/site/global_hunters_justin_cable_initiates_coverage_on_ormat_with_neutral_rating/#When:07:46:00Z July 10, 2009 – Analyst Comments – Global Hunter’s Justin Cable initiated coverage on Ormat Technologies (NYSE:ORA) this morning, citing Ormat’s industry leadership, expansion into waste heat recovery and outlook for continued growth. Cable rates Ormat at NEUTRAL with a $45 price target.   Key Takeaways ·         Believes the cost, efficiency and environmental impact of geothermal are far superior to wind, solar and almost every other renewable energy source; ·         Ormat is the only pure-play  vertically integrated geothermal provider; ·         Strong and growing patent portfolio; ·         Increasing government support; ·         Recovered energy power offers incremental growth opportunities; ·         New leases covering 150 thousand acres provide long-term exploratory potential, in addition to 72-84MW under construction and 151-168MW under development; ·         Initiating coverage with NEUTRAL rating and $45 price target based on sum of parts analysis which includes $4M per MW of expected capacity by the end of 2010, $1M per MW of capacity under development and 1x sales for the products segment. 2009-07-11T07:46:00-08:00 http://www.smallcappulse.com/index.php/site/global_hunters_justin_cable_initiates_coverage_on_ormat_with_neutral_rating/#When:07:46:00Z http://feedproxy.google.com/~r/smallcappulse/feed/~3/IXfWvp4V6ug/ http://www.smallcappulse.com/index.php/site/pacific_crests_mark_bachman_maintains_outperform_rating_on_first_solar_redu/#When:07:30:00Z July 9, 2009 – Analyst Comments – Pacific Crest’s Mark Bachman commented on First Solar (Nasdaq:FSLR) this morning, stating that “the Street is too pessimistic on near-term ASP degradation and, simultaneously, not optimistic enough on near-term manufacturing cost improvements.” He maintains an OUTPERFORM rating and a $227 price target on the stock, down from $231 due to model changes. Key Takeaways ·         Sees significant upside to Q1 consensus EPS target of $1.62 (he is forecasting $1.91) ·         At $144, stock is trading at 18x 2009 EPS estimate and 16x 2010 EPS estimate. Forecasts 27% revenue growth in 2010 and would be willing to pay 25x EPS multiple for the shares. ·         New model assumes ASP reductions of 22% in 2009 and 18% in 2010 due to spot pricing declines on First Solar modules in Europe and the “current glut of €1.50/watt cSi based modules in Germany.” 2009-07-10T07:30:00-08:00 http://www.smallcappulse.com/index.php/site/pacific_crests_mark_bachman_maintains_outperform_rating_on_first_solar_redu/#When:07:30:00Z http://feedproxy.google.com/~r/smallcappulse/feed/~3/5ejPYLeihWA/ http://www.smallcappulse.com/index.php/site/aspire_engaged_by_epod_solar_for_corporate_communications_and_strategic_adv/#When:04:59:00Z Aspire Engaged by EPOD Solar For Corporate Communications and Strategic Advisory Services SAN DIEGO, Calif. July 9, 2008 – (BUSINESSS WIRE) – Aspire Clean Tech Communications, Inc., a corporate communications and strategic advisory firm dedicated to the renewable energy and clean tech markets, announced today that it has been engaged by EPOD Solar which recently signed an asset and stock purchase agreement with Allora Minerals, Inc. (OTCBB:ALRL) that will result in the equivalent of EPOD Solar, Inc becoming a public entity. Aspire CEO Todd Pitcher said, “EPOD’s vertically integrated business model which encompasses thin-film manufacturing panels for consumption on solar park projects that it develops and operates has several advantages that should drive revenue growth and profitability. As the company progresses on its roadmap to reduce system costs through its R&D efforts and attaining economies of scale through manufacturing expansion, its projects will become increasingly more profitable. I think this will translate well in terms of stock performance and shareholder value. We look forward to working with EPOD to develop and execute its corporate communications strategies to the Street, and financial, as well as trade media.” Michael Matvieshen, President and CEO of EPOD Solar, said “We are looking forward to working with Aspire to increase awareness of EPOD Solar in the investment community. Aspire’s focused approach and understanding of the alternative energy and clean tech markets make it uniquely qualified to articulate our company’s business and value proposition to existing and prospective shareholders of EPOD Solar in a credible and consistent manner.” EPOD Solar currently has five operating solar park projects in Europe producing approximately 1,500 kWp of capacity and several additional projects identified for potential development in North American of more than 100MW. It has plans to expand to 85MW to 90MW manufacturing capacity by the end of 2009. About EPOD Solar   EPOD Solar, Inc. (“EPOD” or the “Company”) is a vertically integrated solar energy company that develops and operates a portfolio of solar parks in Europe and North America. EPOD’s business covers key phases of solar power business operations from panel manufacturing to power generation. It manufactures solar panels for deployment in its own solar parks and installs the solar panels through its internally developed expertise.   About Aspire Clean Tech Communications, Inc. Based in San Diego, Aspire Clean Tech Communications is dedicated to providing strategic consulting and communications services to businesses operating in the alternative energy and clean tech industries. Our commentary and outlook on the public markets and the alternative energy can be found on a daily basis at www.smallcappulse.com. Aspire is the publisher of the Aspire Week in Review newsletter, an alternative energy and clean technology publication that is broadly distributed throughout the U.S. on a weekly basis. For more information about Aspire Clean Tech Communications, Inc., contact Todd M. Pitcher at 760-798-4938.  2009-07-10T04:59:00-08:00 http://www.smallcappulse.com/index.php/site/aspire_engaged_by_epod_solar_for_corporate_communications_and_strategic_adv/#When:04:59:00Z http://feedproxy.google.com/~r/smallcappulse/feed/~3/9oxqB_eEITw/ http://www.smallcappulse.com/index.php/site/epod_solar_inc_begins_trading_comes_public_through_asset_and_stock_purchase/#When:04:43:00Z July 8, 2009 – EPOD Solar, Inc. (ALRL.OB) a vertically-integrated thin-film manufacturer and solar park developer with operations in Europe and North America, announced this morning that it has concluded an an asset and stock purchase agreement with Allora Minerals, Inc. EPOD Solar’s business covers key phases of solar power production business operations from panel manufacturing  to power generation. Leveraging a customized and proprietary manufacturing and operating process, EPOD Solar is developing and operating a portfolio of wholly-owned solar parks. It also builds solar panels primarily for deployment in its own solar parks by way of a customized manufacturing process and installs the solar panels through its internally developed operating expertise. Throughout Europe and North America, EPOD Solar has developed operating solar projects producing about 1,500 kWp of capacity. It currently has 35MW of manufacturing capacity with additional projects in development in excess of 100MW. At about $700K in annual cash flow per MW, a 100MW pipeline would translate into about $70 million per year assuming a 20 year PPA structure. Michael Matvieshen, President and CEO of EPOD, said “Today is a significant milestone for EPOD Solar. We are expanding operations worldwide and are looking forward to a record 2009. Ultimately bringing EPOD public after this transaction closes will enable us to broaden our capital strategies to facilitate our planned growth and solar developments going forward.” We have been engaged by EPOD to provide corporate communications and strategic advisory services on its behalf and will look forward to building the company’s storyline amongst our readers and to the Street as the company executes its growth plan. Upon the transaction's close, there are approximately 5.7 million shares outstanding. We encourage any readers interested in learning more about this company to contact us at 760-798-4938. Todd M. PitcherAspire Clean Tech Communications, Inc. www.aspirecleantech.com. 2009-07-09T04:43:00-08:00 http://www.smallcappulse.com/index.php/site/epod_solar_inc_begins_trading_comes_public_through_asset_and_stock_purchase/#When:04:43:00Z http://feedproxy.google.com/~r/smallcappulse/feed/~3/x314JNkAt98/ http://www.smallcappulse.com/index.php/site/research_capitals_matthew_gowing_weighs_in_on_great_lakes_tsxglh_and_algonq/#When:04:55:00Z July 7, 2009 – Analyst Comments – Research Capital’s Matthew Gowing commented this morning on Great Lakes Hydro Income Fund  (TSX:GLH.un) and the Algonquin Power Income Fund (TSX.APF.un), maintaining a BUY rating on the latter, stating that its recent capital raise at a premium valuation is a positive. Key Takeaways ·         Great Lakes Hydro Income Fund (TSX: GLH.un) announces conversion to a corporation. Also, their raise of capital at a premium valuation is positive for Algonquin Power Income Fund (TSX: APF.un), and validates APF's growth strategy. ·         Great Lakes is buying 387 MW of operating hydroelectric capacity at an EV/MW of $2.44 million per MW, a premium to Algonquin's EV/MW of $1.54. ·         Furthermore, the strategic repositioning of Great Lakes validates Algonquin's strategy to reinvest into their power development business while maintaining their dividend at an annual $0.24.  ·         Great Lakes proposes to pay Brookfield Asset Managment (BAM) total consideration of $945 million, upon the successful issue of debt and $760 million of equity. ·         Great Lakes will be changing its name to Brookfield Renewable Power Fund and will become BAM's dedicated platform for Canadian contracted power generating assets while solidifying a leading position in the renewable energy industry. ·         As a household corporate name with large scale, Brookfield's commitment to the renewables' space lends credibility to the sector in Canada, and validates Algonquin's recent "strategic repositioning." ·         Gowing is BUY rated on Algonquin with a $4.70 price target. 2009-07-08T04:55:00-08:00 http://www.smallcappulse.com/index.php/site/research_capitals_matthew_gowing_weighs_in_on_great_lakes_tsxglh_and_algonq/#When:04:55:00Z http://feedproxy.google.com/~r/smallcappulse/feed/~3/eOOt6iXGLWs/ http://www.smallcappulse.com/index.php/site/cowens_seth_updates_ldk_nyseldk_thesis_maintains_neutral_rating/#When:04:53:00Z July 6, 2009 – Analyst Comments – Cowen’s Raj Seth updated his model and projections this morning for LDK Solar (NYSE:LDK) after the company announced late last week that it is going to miss Q2 revenue estimates on lower ASPs. It has guided revenues to a range of $215 to $225 million on shipments of 200 to 220MW. Seth pointed out the implication is that the implication for ASPs is about $1/watt (down 35% sequentially). LDK guided year-end wafer capacity higher to 2GW from 1.5GW. Key Takeaways ·         Cut Q3 ASPs to $1.1/watt and revenue estimates of $277 million (though noting that the revenue estimates may still be too high) ·         Modeling a 28% sequential shipment ramp in Q3 and 29% in Q4 ·         Assuming $0.95 ASP in 2010 ·         LDK held about 1800MT in polysilicon inventory (at $160/kg) at their Q1 report (spot currently at $70/kg). Seth noted they could either write this off or burn a majority of it this quarter, which would result in a bit short-term hit on GMs (but allowing for better GMs going forward) ·         Company may still need more than $100 million in additional financing to finance poly plant ·         Maintains NEUTRAL on stock 2009-07-07T04:53:00-08:00 http://www.smallcappulse.com/index.php/site/cowens_seth_updates_ldk_nyseldk_thesis_maintains_neutral_rating/#When:04:53:00Z http://feedproxy.google.com/~r/smallcappulse/feed/~3/udrhsNO6yh0/ http://www.smallcappulse.com/index.php/site/pacific_crests_mark_bachman_updates_on_csi_initiative_suntech_nysestp_accel/#When:10:00:00Z July 2, 2009 – Analyst Comments – Pacific Crest’s Mark Bachman provided an update this morning on the California Solar Initiative (CSI), noting that the first half of 2009 showed strong growth in California PV applications. Key Takeaways ·         The first half of 2009 is up 71% over the same period in 2008 for solar installations under the CSI at 108.1MW. ·         SunPower’s (Nasdaq:SPWRA) Y/Y growth for this period was only 13%, compared with Sharp (6753.T) which is up 126%, SolarWorld (SWV.DE) which is up 281% and Suntech (NYSE:STP) which is up a staggering 538%. ·         The government segment continues to lead the CSI program, driven by a stronger subsidy ($2.30/watt) than commercial and residential ($1.55/watt). The government sector has 38.1MW installed through June, 2009, up 146% over the same period last year. ·         Sharp and Suntech have been able to win increasing share in the U.S. from recent 30% price cuts over Q1 levels, while SunPower’s have dropped between 15% and 25%. 2009-07-03T10:00:00-08:00 http://www.smallcappulse.com/index.php/site/pacific_crests_mark_bachman_updates_on_csi_initiative_suntech_nysestp_accel/#When:10:00:00Z http://feedproxy.google.com/~r/smallcappulse/feed/~3/ADvqxthZ21M/ http://www.smallcappulse.com/index.php/site/cowens_stone_comments_on_chinas_emergin_pv_market/#When:04:57:00Z July 2, 2009 – Analyst Comments – Cowen’s Rob Stone commented this morning on China’s emerging PV market. After Suntech’s recently signed MOU with the Panzhihua municipal government in Sichuan province for a 500MW ground mount PV project, Stone says local and provincial governments appear to be positioning for green stimulus ahead of an expected national FIT policy. Key Takeaways ·         Best positioned in Stone’s universe of coverage are Suntech (NYSE:STP) and Trina Solar (NYSE:TSL) ·         Thinks the central government sees an opportunity to combine economic stimulus and climate change initiatives ·         Biggest hurdle to national FIT announcement in 2009 is setting the optimal rate, which will likely vary provincially based on differing levels of irradiance 2009-07-03T04:57:00-08:00 http://www.smallcappulse.com/index.php/site/cowens_stone_comments_on_chinas_emergin_pv_market/#When:04:57:00Z http://feedproxy.google.com/~r/smallcappulse/feed/~3/TT7trIwW6m4/ http://www.smallcappulse.com/index.php/site/cowens_stone_maintains_neutral_rating_on_evergreen_solar_nasdaqeslr/#When:12:24:00Z May 1, 2009 – Analyst Comments – Cowen’s Stone weighed in on Evergreen Solar’s (Nasdaq:ESLR) financial results for the Q1, maintaining a NEUTRAL rating, noting overhang and execution risks. Financial Results Revenues for the Q1 were $55.8 million, compared to $44.2 million in the prior quarter and $22.9 million for the same period last year. Gross margin was a paltry 1.2%, compared to 4.6% in the prior quarter and 33.6% for the Q1 last year. The company lost $64.3 million, or $0.40 per share, compared to a loss of $51.1 million in Q4 and $25K for the same period last year. Management expects to have production capacity of about 40MW per quarter at Devens by the end of 2009 and to achieve manufacturing costs of about $2 at that production level. Stone’s Takeaways ·         Partnering up with Jiawei (a Chinese cell/module maker) should reduce manufacturing costs and capex needs, but Evergreen still needs to raise capital in the next few months ·         Product revenue of $54.4 million (17.4MW,  ASP of $3.13) beat estimates of $39.9 million (14MW, ASP of 2.85) but the GM of -1.3% fell below Stone’s expectations of 4.2%. ·         Q1 fees from Sovello at $1.4 million were down 56% Q/Q ·         Revising 2009/10 estimates to reflect lower expected shipments in 2009 (99MW vs. 105MW) product GM (10.9% vs. 13.7% and reduced expenses. Expect FY09 revenue of $290.8 million and FY10 revenue of $447.3 million. Expect FY09 loss per share of $0.28 and FY10 EPS of $0.11. ·         Look for further dilution – the company’s cash position fell to $56.8M as of April 4 from $100.8M on December 31, 2008. ·         Maintains neutral rating We ran the numbers, based on Stone’s expectations, and at $2.43, the stock is trading more than 22x FY10 expected earnings, which seems to us to be extremely expensive. 2009-05-01T12:24:00-08:00 http://www.smallcappulse.com/index.php/site/cowens_stone_maintains_neutral_rating_on_evergreen_solar_nasdaqeslr/#When:12:24:00Z