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Gold/Mining/Energy : Global Thermoelectric - SOFC Fuel cells (GLE:TSE) -- Ignore unavailable to you. Want to Upgrade?

To: Dingo who wrote (2888)	8/6/1999 12:58:00 AM
From: slick stevens	Respond to of 6016

There was some additional interesting verbage in the Sprott Capital report from Sarah Hughes that I haven't seen posted yet, so I will repeat: "As a result of Global's strong growth prospects in the remote market, its leading SOFC technology and attractive net profit margins (once production is up to speed), we are applying a 10 times multiple to our fiscal 2004 sales estimate of $4.36 per share and a discount rate of 30 percent. Our valuation is in line with other emerging high technology companies, which have potential access to a market the size of Global's. We believe, in addition, that this multiple is justifiable due to Global's existing presence in the remote market, the company's recent developments related to it SOFC systems and potential market size of fuel size. Our determination of an appropriate discount rate was based on the perceived risk of Global being able to obtain our revenue estimate of $112 million in its 2004 fiscal year." Again, Sprott goes on to say that the $15 target price could change multifold if mass market applications (read transportation and home-cogeneration)are included. slick