Pallisard, Here is a comparsion table posted about a month ago, The Valence numbers seem reasonable.
New information for ULBI (Valence's closest competitor for rechargeable Li polymer batteries) has been presented on the ULBI Yahoo thread. Here is some data for comparison. ULBI's line 1 can presently turn out 12,500 watt/hr per shift as posted yesterday. VLNC equip is believed closer to max designed capacity but best guesses for maximum design capacity for both are shown. The information has been stated during conference calls or has been posted before. OEM customers generally pay in proportion to a battery's energy storage capability measured in watt-hours
-------------------ULBI#1---VLNC#1---VLNC#2-VLNC#3
mfr----------------Klockner---Klockner----Arco-----Arco
product--------------cellph---Laptop----cellph------cellph
max batt/mn----------50--------10---------25----------25
wh/batt----------------2---------35----------5-----------5
wh/hr----------------6000-----21000------7500-----7500
wh/shift-------------48000----168000-----60000--60000
wh/3shx350------50.4mln---176.4mln----63mln---63mln
Total annual-----------------ULBI----------------VLNC
watt/hr------------------------50.4mln------------302mln
rev@ $2 per wh*------------$101mln----------$604mln
sh outstanding-----------------10.5mln----------25.5mln
watt/hr per share---------------4.8-----------------11.8
*Ultralife(ulbi) has priced their cellphone at $4 to $5 per watt-hr depending on volume. The price per watt hour negotiated for large contracts is an unknown and will likely vary with application. $2 is used here for a conservative average.
The present max capacity for ULBI is 50.4 million watt/hr per year vs 302 million for Valence, not including their joint ventures. Although ULBI plans to dilute their stock to raise money for more equipment, their present 10.5 mln shares before dilution is compared 25.5 mln shares for Valence.
From the comparison, it appears a share of ULBI can be purchased at $6 and the shareholder will own 4.8 watt-hr per year of LiPolymer manufacturing capacity. As an alternative, $4.50 will buy a share of Valence with 11.8 watt-hr per year of LiPolymer manufacturing capacity. Each share of Valence has 2.5 times the watt hour capacity as each ULBI share.
Someone just posted that ULBI should jump to $20 when a contract is announced(IMO that is optimistic). At 2.5 times the LiPolymer capacity per share, what should Valence stock do when they announce a contract? Valence can obviously accept a larger contract based on their machine capacity and they have more outstanding shares.
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Bloomberg ranked the top 15 insider purchases for all stocks by dollar amount reported during the week of 9/25-10/2. Ninth on the list was Alan Shugart's $435,000 purchase of Valence on the open market.
Rather impressive that there were only 8 larger insider purchases for an entire week for all stocks including IBM,MSFT,DELL,CSCO,CPQ, MO, INTC etc.
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