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SunPower Corporation Message Board

  • lakers_w lakers_w May 5, 2010 5:07 PM Flag

    Rothman Research rates SPWRA OUTPERFORM

    http://www.wallstarticles.com/_customelements/uploadedResources/042922_SunPowerCorporationSPWRA050510.pdf

    SunPower Corporation, a vertically integrated solar products and services company that designs, manufactures and markets high-performance solar electric power technologies reported a sharp decline in the margins during the quarter due to accounting procedures. But Company has made affords for strengthening its working capital efficiency by reducing its inventory level and cost discipline.

    During the quarter company expanded its operational efficiency through the completion of its the largest Italian photovoltaic (PV) power plant to date at 24 MW, installed 10 MW for Florida Power& Light at the Kennedy Space Center, and substantially completion of its 8-MW project for Exelon in Chicago.

    On development front, Company has entered in to an acquisition agreement of SunRay Renewable Energy which is expected to increase the demand visibility by adding more than 1,200 MW of Europe, Middle East and Africa (EMEA) power plant opportunities to its pipeline with more than 80 MW planned for delivery in Italy in 2010. SunRay is expected to position the company with more predictable growth by extending its development business and improving its margins.

    For supporting its three year agreement with US department of energy, SunPower has entered in to partnership agreement with Flextronics to begin manufacturing solar photovoltaic (PV) panels by the end of 2010. This support will help the company to receive $24 million federal funding for improving its designs and manufacturing of solar PV systems.

    On the valuation front, stock is trading at the P/E multiple of 52.16 against the industry average multiple of 63.29. Company reported operating profit margin of 5.45 percent and net profit margin of 1.52 percent against the industry average of negative 4.49 percent and negative 5.47 percent respectively. Company gave a return of 2.68 on the equity against the industry average of return on equity 4.20 percent.

    Considering the stabilizing macro-economic environment and expectation of increase in the demand during the remaining financial year we expect it to OUTPERFORM.

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SPWR
25.69+1.22(+4.99%)Dec 18 4:00 PMEST

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