Aggressive best case, per SPWR CC. Second facility at full capacity by beginning of 2008. Total capacity = 300MW/yr. Revenue for 2008 = $1B. P/S for a non-cyclical, rapidly growing market: 5. Total market cap = $5B. Discount factor to get to current $2.15B market cap in excess of 30% per year over three years (through this date in 2009).
10% pricing premium than the peers due to higher conversion efficiency. Will reach 22% by the end of year while industry average is 15%.
Wafer useage seems to drop to 8-9 gram/watt, competitive against the best - 8.5 from ESLR.
Fails to elaborate why gross margin stays lousy - 19% compared against STP and Q-cell's 32%. Does 19% partly compensate the fab setup cost? How is the trend to improve it? SPWR didn't mention this crtical issue.