Mark Bachman Updates on First Solar’s Optisolar Acquisition
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/5VE9oqh86Tg/Posted on Thursday, April 2nd, 2009 | In Small & Micro Cap
April 2, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s March Bachman said today that he expects First Solarrsquo;s (Nasdaq:FSLR) acquisition of Optisolarrsquo;s project pipeline to be complete this week, in an all-stock deal valued at $400 million, which will be less dilutive to shareholders than when first announced given the stockrsquo;s increase since March 2.
Other key takeaways:
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; 21 individual 10MWac projects in Ontario Canada could reasonably be expected to be installed at $1.50/watt of EPS ($380 million)
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Expect First Solar to announce further manufacturing capacity expansion
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; 21 projects will not be eligible for newly proposed Canadian Feed-in Tariff
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Price target on stock is $209, based on 25x 2010EPS estimate of $8.38; maintains OUTPERFORM rating
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