Analyst Notes: Cowen’s Rob Stone Weighs in on Suntech (NYSE:STP)
Source: http://feeds.feedburner.com/~r/smallcappulse/feed/~3/459649080/Posted on Thursday, November 20th, 2008 | In Small & Micro Cap
November 20, 2008 ndash; Analyst Notes ndash; Cowen amp; Companyrsquo;s Robert Stone issued comments this morning on Suntech (NYSE:STP) on the heels of its Q3 EPS miss by 21%. Stone said Suntechrsquo;s revenue is being hurt by steep ASP erosion due to the weaker euro, but added that the company has shifted to a capital preservation mode and liquidity should not be an issue.
Other key takeaways:
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes STP remains a long-term leader in PV
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Given uncertain outlook we may see further weakness in the stock (book value is $6.12)
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Roughly half the comparable companies in the midstream solar space are trading at 1.1x book or below
Midstream Solar Comparables (as of yesterdayrsquo;s close)
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; First Solar (Nasdaq:FSLR) trading at 6x book
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Ersol Solar (ES6.DE) trading at 4.2x book
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; SunPower (Nasdaq:SPWRA) trading at 2.1x book
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; REC (REC.OL) trading at 1.8x book
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; LDK (NYSE:LDK) trading at 1.6x book
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Energy Conversion Devices (Nasdaq:ENER) trading at 1.5x book
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Suntech (NYSE:STP) trading at 1.5x book
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; SolarWorld AG (SWV.DE) trading at 1.4x book
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; MEMC (NYSE:WFR) trading at 1.3x book
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Hoku (Nasdaq:HOKU) trading at 1.1x book
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Q-Cells AG (QCE.DE) trading at 1.1x book
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Conergy AG (CGY.DE) trading at 0.8x book
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; SolarFun (Nasdaq:SOLF) trading at 0.8x book
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Yingli (NYSE:YGE) trading at 0.6x book
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Canadian Solar (Nasdaq:CSIQ) trading at 0.6x book
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Evergreen Solar (Nasdaq:ESLR) trading at 0.5x book
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; JA Solar (Nasdaq:JASO) trading at 0.5x book
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Ascent Solar (Nasdaq:ASTI) trading at 0.5x book
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; China Sunergy (Nasdaq:CSUN) trading at 0.4x book
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Trina Solar (NYSE:TSL) trading at 0.4x book
Source: Cowen amp; Company
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