Cowen’s Stone Maintains NEUTRAL Rating on Hoku (Nasdaq:HOKU)
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/jmPO-_HiEfk/Posted on Friday, October 23rd, 2009 | In Investing Lessons, Small & Micro Cap
October 23, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone reiterated his NEUTRAL rating on Hoku Scientific (Nasdaq:HOKU) this morning stating that he expects the stock to trade up (1.5-1.8x post Tianwei-deal book value of about $1.84).
Key Takeaways
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes Hoku should be able to start up poly production by CQ1:10. Company expects to be fully ramped to 4,000MT by C4:10, but Stone is modeling a more conservative ramp to full capacity by mid-2011.
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Adjusted F10 estimates to loss of $0.33 on revenue of $7.7 million
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; About $71 million is needed to finish the poly plant (assuming current customers make all their prepayments). Looking for subsequent financing to come from other debt sources, prepayments from new customers and potentially U.S. investment taxnbsp; credits or Federal loan guarantees.
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