some comments about FSLR# Stock
s*e
1 楼
- in the conference call, cfo said current factury ultilation is around 60
pct. but they are seeing strong demand so next quarter production will
increase and ultilation will go to 90 pct. this is for their component
segment of their business. although they currently almost make 0 profit due
to chinese competition, the higher ultilation will help gross margin.
- for their system business, they still have about 6 billion dollar of
unrealized revenue. these will be realized from now till 2014.
- the ceo also say they really got more project signed (worth about 400
milion revenue) and currently negotiating (contract not signed) of 1g mw
projects (that is about 3.5b revenue),
- i think likely the problem at stp is helping them because many system
buyer want to buy from financially sound companies so they can be sure the
warranty will be there 20 years later.
- fslr have 700 mn cash + 660 millon ((6bn*11%) unearned profit (already in
contract) = 1.3 bn
current mktcap is about 1.4bn
suppose fslr cant get any more business after 2014, the business they
already have to be deliverd plus their cash is already worth more than their
market cap.
this quarter they got 400 million cash flow. that's real cash. just one
quarter of cash, almost 1/3 their mktcap. for the next 2 queter, the
projects that will finishe will bring in more that 1bn of earning.
pct. but they are seeing strong demand so next quarter production will
increase and ultilation will go to 90 pct. this is for their component
segment of their business. although they currently almost make 0 profit due
to chinese competition, the higher ultilation will help gross margin.
- for their system business, they still have about 6 billion dollar of
unrealized revenue. these will be realized from now till 2014.
- the ceo also say they really got more project signed (worth about 400
milion revenue) and currently negotiating (contract not signed) of 1g mw
projects (that is about 3.5b revenue),
- i think likely the problem at stp is helping them because many system
buyer want to buy from financially sound companies so they can be sure the
warranty will be there 20 years later.
- fslr have 700 mn cash + 660 millon ((6bn*11%) unearned profit (already in
contract) = 1.3 bn
current mktcap is about 1.4bn
suppose fslr cant get any more business after 2014, the business they
already have to be deliverd plus their cash is already worth more than their
market cap.
this quarter they got 400 million cash flow. that's real cash. just one
quarter of cash, almost 1/3 their mktcap. for the next 2 queter, the
projects that will finishe will bring in more that 1bn of earning.