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Energy Conversion Devices (ENER) Message Board

  • citiccgirl citiccgirl May 9, 2008 7:51 AM Flag

    ENER downgrade details

    ENER Energy Conversion downgraded to Neutral at Broadpoint Capital...............

    Broadpoint Capital downgrades ENER to Neutral from Buy based on valuation. The firm says ENER reached profitability in 1Q, earlier than expected, they say G.M reached sustainability at 30%+. The firm says low-hanging fruit of operational improvements have already been obtained and they expect additional improvements to be harder to achieve.

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    • Broadpoint Capital used to be First Albany
      in business since 1952

      Broadpoint Securities Group, Inc., through its subsidiaries, provides investment banking and securities brokerage services primarily in the United States. It operates in three segments: Equities, Fixed Income, and Other. The Equities segment provides equity sales and trading services that offer equity trade execution to institutional investors; and investment banking services, including financial advisory, capital raising, mergers and acquisitions, and restructuring services to small and mid-cap companies. The Fixed Income segment offers fixed income sales and trading, which provides trade execution to institutional investors; and fixed income investment banking services, such as financial advisory and capital raising services in structuring asset-backed securities. The Other segment involves in investment portfolio and venture capital activities. The company was founded in 1952. It was formerly known as First Albany Companies, Inc. and changed its name to Broadpoint Securities Group, Inc. in 2007. Broadpoint Securities Group is headquartered in New York, New York.

    • WHO the heack is Broadmark Capital? You act like they are Goldman Sachs

      ENER has MULTIPLE businesses. Solar is strong! They should continue to make money
      and I'm looking for this to go at least 10 to 30 points higher.

    • Demipalifrye etal. If I had someone kicking my butt 15 times a day, I would also put them on ignore.

    • equitypecker,

      no need to read your posts, thanks anyway. Back on ignore.

    • to create aliases to get a compliment and have to have a pork chop tied around their neck to get the dog to play with them.

      Doc: If the dog happens to be kosher that wont work. Try a cat tuna connection., that always works.

    • << The firm says low-hanging fruit of operational improvements have already been obtained and they expect additional improvements to be harder to achieve. >>

      Broadpoint is correct - additional improvements will be harder to achieve. However they have ignored the fact that production capacity and sales are growing.

      It makes no sense to ignore the growth already underway and the additional growth Morelli discussed in the CC. Also, while further improvements may be more difficult to achieve... that doesn't mean further improvements can not be realized.

      Snoz

      • 1 Reply to justsnoz
      • Now that some of the NOISE has died down a bit, at least for the weekend, it may be safe to dip a toe back into this MB. :-)

        Snoz writes (and quotes from Broadpoint’s downgrade):

        {{<< The firm says low-hanging fruit of operational improvements have already been obtained and they expect additional improvements to be harder to achieve. >>

        Broadpoint is correct - additional improvements will be harder to achieve. However….}}

        Just to expand on Snoz’s “However…”, recall Morelli’s pdf at the ASM in December. Slide 16 showed the company’s roadmap to grid parity, which called for reducing the manufacturing cost/W from $2.57 as of December 2007, to $1.10 by the end of 2012. The slide showed --- with breathtaking detail and transparency compared to what we, and the analysts, were used to getting at ASMs and CCs under the old regime --- a breakdown of the targeted $1.47/W in manufacturing cost reductions:

        Conversion efficiency: $.19 (13 % of the targeted cost reduction)
        Materials: $.54 (37% of the c.r.)
        Throughput/yield: $.43 (29% of the c.r.)
        Lower labor: $.13 (9% of the c.r.) and
        Other: $.18 (12% of the c.r.)

        Quarter-long numbers for Q3 indicate a manufacturing cost/W of $2.10 as of March 31 --- that’s 32% of the total targeted five-year $1.47 cost reduction, and it was achieved in about four MONTHS. Low-hanging fruit, indeed.

        Slide 15 of the same pdf shows the introduction of the 144W lams in CY 2007 (they comprised only about 35% of sales in Q3) which have a conversion efficiency of about 8.5% (which is about a 6% improvement in efficiency over the 136W lams) and guides for the introduction of 152-154W lams by the end of CY 2008 --- which is a further 6.5% increase in conversion efficiency. MM reiterated in the CC that there is a clear path to conversion efficiencies in the 9.5 to 10% range, using existing cell structures. So, half the $.19 cost reduction due to improvement in c.e. has already been achieved, and he reiterated that the second half of that cost reduction is on track --- perhaps by the end of CY 2008.

        As far as the $.54 savings targeted in materials costs, in the CC Mark said, in reply to a question, that something like 8 of 13 materials were still single-sourced. But that now, 4 steel suppliers have been qualified (as has, I believe, another source for grid wire) and that anticipated savings due to competition and increased volumes purchased hadn’t shown up in Q3, but should start to show up next Q, and in Qs thereafter.

        continued

    • May 9, 2008 9:42 AM EDT Broadpoint Capital downgrades Energy Conversion (Nasdaq: ENER) from Buy to Neutral, citing valuation after yesterday's 43% run-up after strong qtr results.

    • this is a responsible downgrade .
      this stock moved from 25 to 50 in couple of Weeks
      PE 96

    • Waiting

 
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