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Non-Tech : Alternative energy -- Ignore unavailable to you. Want to Upgrade?

To: Jacob Snyder who wrote (10019)	2/9/2011 5:51:54 PM
From: Jacob Snyder	Respond to of 16955

Vestas: 16% global wind market share; Danish 2010 was a bad year, but they are bullish for 2011. It's been a long time since the wind sector has had good news: Net profit for the full year ending Dec. 31, 2010, rose to EUR156 million compared with EUR125 million a year earlier free cash flow was EUR (842)m in 2009. 2010 free cash flow was EUR (733)m after investments of a total of EUR 789m in regionalisation and quality, research and technology development. At 31 December 2010, Vestas’ backlog of firm and unconditional orders amounted to 7,622 MW at a value of EUR 7.7bn against 5,015 MW and EUR 5.4bn the year before. The outlook for 2011 is revenue of around EUR 7bn (same as 2010). The free cash flow is still expected to be positive, even though investments are now expected to amount to EUR 850m against the previous forecast of EUR 650m. ...expects a minor loss in revenue and earnings in the first quarter of 2011 Vestas last year lost 44 percent of its value after twice lowering its 2010 sales forecast. The company said today that after a “tough year” it’s back on track as customers agreed to buy a record amount of turbines last year...“People are so used to serial disappointments at Vestas, so solid numbers and a solid outlook is a good outcome,” Robert Clover, head of alternative-energy equities in London at HSBC Holdings Plc, said... global new wind energy installations: 2010 35.8 gigawatts 2009 38.6 gigawatts vestas.com noir.bloomberg.com online.wsj.com Conclusions: 1. the wind sector may finally be turning up. 2. Vestas looks like a better investment than Suzlon, based on free cash flow, profitability during an industry downturn, debt, technology.

To: Jacob Snyder who wrote (10019)	2/17/2011 8:04:01 PM
From: Jacob Snyder	Read Replies (1) \| Respond to of 16955

SPWRA is up today, and way up from its August 2010 low of $9.61. But look at the numbers: comparing 2009 to 2010 results: debt up, from 878M$ to 1021M$ (debt = bank loans + convertibles + "customer advances") cash down, from 616M$ to 605M$ (they claim much higher cash, but their higher number in the press release includes restricted cash) shares up from 93M to 106M Comparing 2010 results and 2011 guidance: sales up from $2.22B to $2.87, but GAAP gross margins decline from 23% to 20% GAAP EPS way down, from $1.75 to $0.80 PE = 17.43/0.80 = 22 (based on today's stock price and 2011 GAAP EPS) They are predicting a loss for 1Q11 of 0.03-0.09 (in GAAP EPS) The business press liked the guidance, as they ignore the GAAP numbers. investors.sunpowercorp.com