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Cypress Semiconductor Corporation Message Board

  • simple_simon_sez simple_simon_sez Jan 28, 2006 2:53 PM Flag

    Rosy Scenario - Some numbers

    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).

    Rosy, but not out of the question.

    Simple Simon

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    • Backlog is a whopping $700 millions.

      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.

 
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