ARDA’s Yerger Rates A-Power at OUTPERFORM
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/4EwEqcECYVE/Posted on Monday, April 13th, 2009 | In Market Commentary, Small & Micro Cap
April 13, 2009 ndash; ARDA Advisorsrsquo; Brian Yerger commented this morning on A-Powerrsquo;s business and stock, rating the stock at OUTPERFORM, and calling for a price target at 6.5x 2010E EPS, which would be about $9.49 per share, or an implied market cap of $341 million, assuming, as Yerger does, about 35.9 million shares outstanding for the period.
Key Takeaways
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Q4 and FY08 results (revenue and EPS) came in above street consensus
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; 2009 distributed generation backlog expected to be booked as revenue is about $290 million, with net income of $29 million.
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Wind turbine sales are anticipated to be at 30 units in 2009, at an ASP of $3.5 million, which should drive another $105 million in revenue, bringing aggregate revenue estimates to $395 million, which is ldquo;rational and attainable.rdquo;
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Concerns remain about wind turbine ramp, and estimates will remain below company forecasts.
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes shares are attractive at current levels, and that 2010 EPS/E of $1.46 is appropriate.
Rating at OUTPERFORM and valuation at ldquo;a conservative multiple of 6.5x 2010 EPS/E.
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