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BSRC looks really good on news here!
WSTI great looking little Hybrid, Wind/Solar Play!
ADOM one to add to the Ibox...
Time to load CLNE WPRT FSYS!
And now the Bounce! This old Threesome looks very interesting here!
WPRT and CLNE in free fall...
Great Moves!
Some good performers here this year...
Solar Stock Charts
TSL fighting back!
Review the BLDW Chart:
Increased volume, massive accumulation, golden cross, and RSI still has some breathing room. Keep an eye on this one!
$IFTF$
Wild ride for Solars this year...
Upward break on BLDW Chart:
$IFTF$
Broadwind Energy: The Turnaround Is Underway
Feb 28 2013, 05:03 | 22 comments | about: BWEN
Disclosure: I am long BWEN. (More...)
Broadwind Energy (BWEN) makes wind towers and provides maintenance for the wind industry, provides gearing systems & maintenance for the oil & gas and mining industries, and offers large-scale welding services. The company's stock has had a spectacular ride both up and down, with a five-year split-adjusted trading range of $290/share to $1.66/share. Hemorrhaging losses, Broadwind brought in a new management team approximately two years ago to get things back on track, and through a combination of cost-cutting/restructuring and diversification that team is now succeeding.
Due to competitors who have gone out of business and newly implemented tariffs on imported towers, Broadwind is essentially "one of the last men standing" in the wind tower business. Thus, as the Production Tax Credit (PTC) for wind energy has now been extended for any project that begins construction in 2013, it should be able to enjoy both increased market share and significant pricing power for at least the next several years. In fact, shortly after this month's announcement of a major new order, the company indicated in its Q4 earnings presentation that it doesn't even expect to realize the brunt of the benefit from the PTC extension until 2014 and 2015, and yet despite this it still raised 2013 revenue guidance to $215-$225 million. Thus, at Broadwind's February 27th closing price of $3.10/share and with 14.1 million shares outstanding, the company's market cap is just 0.2x the midpoint of 2013's revenue guidance and its enterprise value (see the discussion below) is even cheaper.
The wind industry is now lobbying for an additional five-year extension/phase-out of the PTC and I suspect it might get it, as wind subsidies have the support of nearly all Democrats (especially the President) and a number of "windy state" Republicans; if this happens, it should put Broadwind's tower business on solid footing through 2020. Meanwhile, the company anticipates that its gearing and services businesses will continue to grow to the extent that by the end of this year, 50% of Broadwind's revenue will be derived from outside the wind tower business.
Due to artificially high levels of depreciation that won't completely run off until 2015, the best way to evaluate Broadwind's profitability for the next couple of years will be via EBITDA less maintenance capex rather than by GAAP earnings. On its recent earnings call, management projected 2013 EBITDA of $9-$12 million and further indicated that if the remaining upcoming restructuring savings were in place now rather than over the next year or so, the 2013 EBITDA guidance would have been $12.5-$15.5 million; therefore it's the latter figures that I'm using as a "normalized" EBITDA range. Management also indicated that maintenance capex runs around $4 million/year.
As of year-end 2012, the company had lowered its net debt to $10 million and subsequently contracted to sell its vacant South Dakota facility which will generate an additional $8 million of net cash, thereby reducing debt to a level that's negligible at approximately $2 million. Additionally, the company has NOL carryforwards of $154 million (soon to be protected by a "poison pill") to which I attribute a cash value of at least $20 million. Thus, the company's enterprise value is at least $18 million cheaper than its market cap.
What's my 12-month price target? Well, 7.5x $10 million (the $14 million mid-point of "normalized" 2013 EBITDA less $4 million in maintenance capex) plus $20 million for the NOLs would be $6.70/share. Alternatively, if a larger industrial company were to buy Broadwind for just 0.5x revenue (banking on substantial SG&A consolidation/eliminations), using the $220 million midpoint of the 2013 guidance, the price would be $7.80/share. A more typical multiple of 1x revenue would provide twice that price.
BWEN nice move...
FSLR not a believer...
Despite Troubles, China's LDK Solar to Keep Humming
November 6, 2012, 11:47 a.m. ET
By WAYNE MA
BEIJING—It's no surprise that U.S. and European solar-equipment companies are struggling, undermined, they say, by competition from China. But China's LDK Solar Co. LDK +9.71% has had many of the same problems: heavy debt, deepening losses and a sinking stock.
The difference: LDK's factories are widely expected to keep on humming.
Despite debt of more than $2 billion and a second-quarter loss of about $254 million, LDK has won help from optimistic investors, sympathetic lenders and local-government officials looking to support a major employer. On Monday the company appointed five new directors, most of whom have ties to local government or companies.
Such support could keep LDK's operations afloat amid a global shakeout that could move a greater share of the world's capacity for making solar panels to China, industry watchers said.
"LDK Solar could serve as a bellwether for future cases," Shyam Mehta, an analyst at clean-energy market-research firm GTM Research, wrote in a research note. LDK could be acquired by another company that could bolster its operations, he said.
The support also is central to a global fight over solar subsidies between Beijing and Washington and Brussels. Europe accuses China of dumping at unfairly low prices some of the $21.48 billion in solar panels it exported to the European Union last year, in possibly the bloc's largest trade dispute ever. China accuses the U.S. and the EU of offering their own unfair subsidies and on Monday filed a complaint with the World Trade Organization citing subsidies in Germany and Italy.
LDK offers a look at how local officials and others in China foster excess capacity in industries ranging from solar panels to cars to steel—and how that overcapacity can ripple across borders. The Chinese government has acknowledged that overcapacity in an industry hurts the country's broader economy, which is growing at its slowest rate since the global financial crisis.
Unless Chinese solar companies are allowed to fail and reduce capacity, the solar-panel market will remain oversupplied at least into 2014, Mr. Mehta wrote. "China's support of even uncompetitive companies is badly damaging [Chinese] producers that would otherwise be well-positioned for success."
That support helps companies that already enjoy considerably lower costs than they would in other countries. Of 49 major solar companies world-wide that GTM studied, the firm forecast that only 18 were likely to survive to next year—and 12 of those would be in China.
Germany-based Q-Cells SE, QCE.FF 0.00% once the world's largest solar-cell maker by capacity, filed for bankruptcy protection in April. Abound Solar, a U.S. solar-panel maker, filed for bankruptcy protection in June, and German conglomerate Siemens AG SIE.XE +0.93% last month said it planned to pull out of the solar business.
LDK Solar produces solar wafers—a key component in solar panels—and is based in the southeastern city of Xinyu, which has a population of 1.2 million. LDK is one of the city's largest employers, with a workforce of more than 20,000. On Monday it promoted Chief Operating Officer Xingxue Tong to chief executive, succeeding Xiaofeng Peng, who will remain chairman. The company said the move was intended to separate the chairman and CEO roles. LDK didn't respond to requests for comment for this article.
LDK once was a reliable growth engine for Xinyu. In 2010 the company recorded a net profit of $297 million, added 9,000 employees and planned to boost production by 40% to 4.2 gigawatts. LDK contributed 1.3 billion yuan ($208.2 million) a year in tax revenue for Xinyu last year, according to the state-run Xinhua news agency. Local officials referred questions about their relationship with LDK to the Xinhua article.
But LDK's fortunes changed amid an industry price slump last year. The manufacturer swung to a $609 million loss, slowed its expansion plans and created just 2,000 jobs. The company's American depositary shares have dropped 79% this year, closing Monday at 87 cents a share.
LDK has been able to call on a wealth of resources to keep it running.
Mr. Peng said in a September conference call that its lenders were "renewing current loans," a common practice among lenders in China to keep loans from coming due. The Xinyu government in July stepped in to act as a guarantor for a 500 million yuan loan that LDK owed to state-controlled Huarong International Trust and Investment Corp., Xinhua reported. And LDK said that to raise cash, it sold several real-estate properties and land-use rights to the local government for an undisclosed sum. Last month, LDK sold three small solar plants to one of its component suppliers, Henan Xindaxin Materials Co., for 140 million yuan to cover bad debts.
And investment fund Heng Rui Xin Energy Co., which is backed by the Xinyu government, bought 19.9% of LDK for $22.9 million, a 21% premium over its share price. LDK's Mr. Tong told Xinhua said the Heng Rui investment would help LDK deal with "tight cash flow."
On Tuesday LDK said it agreed to terminate an agreement to supply silicon wafers to Japan's Sumitomo Corp., 8053.TO -1.31% and would receive a $33.4 million settlement. LDK didn't explain the move.
Meanwhile, other local businesses have taken an interest in LDK. Sinoma International Engineering Co., 600970.SH -0.57% a state-controlled machinery company, agreed to work with LDK to "explore the solar business," Xinhua said, without elaborating. Calls to Huarong and Sinoma weren't answered.
Analysts said LDK could fall into the arms of a larger, healthier company.
"LDK may be a much different company or part of another company in a matter of a few months," said Aaron Chew, a clean-energy analyst at Maxim Group.
Cheap Nat Gas killing these names...
CLNE FSYS and WPRT have been golden!
Been riding FSLR the last few days, looks like it might break lower...
TSL Rocket!
TAN looking more and more like a good long term hold imo...
Huge day for Solars!
Bought a few TAN calls today, might be time for shorts to cover a little in this sector...
Do we go lower?
RTK someone is loading...
Ore. proposes approval of wave energy park
Ore. regulators propose approval of NJ company's plan to put 10 wave energy buoys off coast
Thursday October 13, 2011, 11:00 am EDT
REEDSPORT, Ore. (AP) -- Environmental regulators in Oregon are proposing approval of a New Jersey company's plan to put 10 wave energy buoys off the central coast.
The Department of Environmental Quality said Wednesday it thinks Ocean Power Technologies' project near Reedsport and Gardiner will comply with Oregon's water quality standards and not harm ocean life.
The company wants to install its first test buoy 2 1/2 miles off the coast by mid-2012. Plans call for nine more to follow, eventually creating one of the country's first commercial wave energy parks. The planned 30-acre project would produce enough power for about 1,500 homes.
The company is also seeking approval from the Federal Energy Regulatory Commission and Army Corps of Engineers.
A public hearing is planned Oct. 25 at Reedsport City Hall.
Crazy beatings...
Axiom Capital: Next Solar Bankruptcy Could be ENER & CSIQ
First Solar Wins $4.5 Billion in Loan Guarantees From U.S.; Shares Climb
By Christopher Martin - Jun 30, 2011 9:33 AM ET
First Solar Inc. (FSLR), the world’s largest maker of thin-film solar modules, won $4.5 billion in conditional loan guarantees from the U.S. Energy Department for three projects it’s developing in California.
First Solar’s Topaz and Desert Sunlight projects, which will each have 550 megawatts of capacity, and its 230-megawatt Solar Ranch project were each offered low-cost financing needed to begin construction, the Energy Department said today in an e- mailed statement. The agency must distribute all the funds before the loan guarantee program expires at the end of September.
The Energy Department has offered conditional loans or loan guarantees to 40 clean energy projects totaling $38 billion, including $16 billion for solar energy projects. First Solar’s 290-megawatt Agua Caliente project in Arizona, which is being built for NRG Energy Inc. (NRG), in January won approval for a loan guarantee of as much as $967 million.
First Solar said construction on those approved today will add 1,400 jobs and that the more than 20 million cadmium telluride glass panels used in the projects will be manufactured at plants in Ohio and Arizona.
First Solar rose $6.83 or 5.3 percent to $136.25 at 9:30 a.m. New York time in Nasdaq Stock Market trading. Before today’s gain, the shares had risen 14 percent since Jan. 1.
HYEG nice chart
Solars have been getting whacked...
SYMX has some believers...
BWEN nice Q and good contract news, up in pm...
Goldwind Selects Broadwind to Supply Towers for Shady Oaks Project
Experience, flexibility and location made Broadwind the choice for tower localization by China’s leading wind energy company
NAPERVILLE, Ill.--(BUSINESS WIRE)-- When Goldwind USA, Inc. needed a local, experienced partner to produce its 85 meter wind turbine towers in North America it turned to Broadwind Energy, Inc. (NASDAQ:BWEN - News). Goldwind selected Broadwind to supply approximately 70 wind turbine towers for its Shady Oaks project in Lee County, Illinois, set for installation during the second half of 2011.
Tim Rosenzweig, chief executive officer of Goldwind USA, Inc. stated, “While proximity to the project and an ability to generate opportunity for the local wind industry certainly played a role in our decision, experience, high quality and a proven track record of success were key factors in selecting Broadwind as our tower partner for the Shady Oaks project.”
With almost 800 towers produced to date, Broadwind is a leading U.S. producer of multi-megawatt wind turbine towers. The first in the U.S. to manufacture 100-meter towers, Broadwind applies existing talent to a new American challenge, tapping deep roots in steel fabrication to create the tall steel towers that enable turbines to capture maximum wind energy. Broadwind will produce the wind turbine towers for Goldwind USA’s Shady Oaks project at its Manitowoc, Wisconsin facility, which employees about 275 people.
“We are delighted with Goldwind’s decision to select Broadwind to produce towers for its first utility-scale project in the Americas,” said Peter C. Duprey, president and chief executive officer of Broadwind Energy. “Flexibility, quality and customer focus have been a foundation of our tower business, which has enabled us to work with a diverse set of domestic and international customers. Our partnership on this project is an ideal example of how U.S. and Chinese companies can work together to make the wind industry stronger while creating economic opportunity locally.”
About Broadwind Energy, Inc.
Broadwind Energy (NASDAQ:BWEN - News) applies decades of deep industrial expertise to innovate integrated solutions for customers in the energy and infrastructure markets. From gears to wind towers, to comprehensive remanufacturing of gearboxes and blades, to operations and maintenance services, and heavy industries, we have solutions for the energy needs of the future. With facilities throughout the U.S., Broadwind Energy's talented team of more than 800 employees is committed to helping customers maximize performance of their investments—quicker, easier and smarter. Find out more at www.bwen.com.
About Goldwind USA, Inc.
Chicago-based Goldwind USA was established in early 2010 and is a wholly owned subsidiary of Xinjiang Goldwind Science & Technology Co., Ltd. Goldwind USA leverages a global network of facilities and partnerships to offer a variety of wind power solutions including sales, manufacturing, operations and other services to customers throughout the Americas. With offices and facilities throughout Asia, Europe and the Americas, Xinjiang Goldwind Science & Technology Co., Ltd is ranked among the leading wind turbine manufacturers in the world.
First Solar finally breaking out
SWTX trying...
HLXW nice move on news...
TSLA added to Ibox...
EMKR nice move!
CLNE and WPRT doing well lately...
BWEN got hammered today on very poor earnings
Alternative Energy Charts
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