Arda Advisors’ Brian Yerger Rates Ormat (NYSE:ORA) at Outperform
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/iZWmLYvbKs0/Posted on Wednesday, March 11th, 2009 | In Small & Micro Cap
March 11, 2009 ndash; Analyst Comments ndash; Arda Adivisorsrsquo; Brian Yerger rated Ormat Technologies (NYSE:ORA) at OUTPERFORM. Here are Yergerrsquo;s key takeaways:
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Q408 and FY08 results solid, and above consensus
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; FY09 revenue guidance of $280 to $290 million in electricity segment and $100 to $200 million in product segment
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Lowered 2009 geothermal MW additions to 89MW from 119MW, due primarily to East Brawley project getting pushed out to 2010
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Product business segment outlook continues to improve and Sarulla represents upside to existing backlog
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Initial estimate for FY09 EBITDA of $154.2 million, or 9.7x on EV basis. OUTPERFORM rating is based on premium multiple of 10 to 12x FY10 EBITDA.
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