Cowen’s Seth Comments on Ener1 (Nasdaq:HEV) Q3 Results – Rates NEUTRAL
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/Oz430YcKl7U/Posted on Wednesday, November 11th, 2009 | In Investing Lessons, Small & Micro Cap
November 11 ndash; Analyst Comments ndash; Cowenrsquo;s Raj Seth commentednbsp; this week on Ener1rsquo;s (Nasdaq:HEV) Q3 conference call, noting that he is encouraged by the companyrsquo;s strong pipeline, but ST is recommending to remain on the sidelines. He rates the stock at NEUTRAL.
Key Takeaways
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Management expects to announce a supply agreement with Fisker by year end. At about $12,000 per pack, this would represent about $85 million in potential revenues for 2010. Also expects some revenues from Think in Q4. Japan Post and Volvo have also placed orders for testing.
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; HEV expects about $400 million in funding from government programs.
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ST Ener1 financials are hardnbsp; to predict ndash; estimates earnings power of about $0.70 in 2012 based on $700 million in revenues and EBITDA margins of about 15%.
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