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Non-Tech : Alternative energy

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To: Jacob Snyder who wrote (10179)	3/8/2011 5:58:58 PM
From: Jacob Snyder	Read Replies (2) of 16955

STP 2010 results: 2.90B$ revenues 1.44$ EPS GAAP 17% gross margins 6 = PE = 9/1.44 1.57GW sold 872M$ cash + eq., not including restricted cash 1401M$ ST debt 552M$ convertibles 163M$ LT debt 2116M$ total debt (this doesn't include 654M$ of "other liabilities", current and LT) 182M shares Suntech achieved 1.8 GW of PV cell and module capacity, and 500MW of silicon ingot and wafer capacity as of December 31, 2010. STP 2011 guidance (no change from previous guidance) * Shipments: at least 2.2gw * Revenues: 3.4 to 3.6 billion * Gross Margin: 20 to 22% * EPS: 1.40 to 1.60 ir.suntech-power.com seekingalpha.com my comments: 1. I continue to be impressed by STP's debt load, how fast it has grown as they try to become vertically integrated, how much of the debt is ST. I continue to wonder what those "other liabilities" are. 2. the pattern of low margins compared to peers, continues. STP's gross margins have actually been declining, since they peaked at 30% in 2005. 3. EPS guidance flat YOY 2010 to 2011. For comparison, FSLR's EPS is $7.68 (2010 results) to $9.50 in 2011. 4. STP has a well-deserved low PE. Some will see the PE, and think "value". I don't.

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