My point is valuations are far too depressed and have not yet reflected the the fast changing dynamic in industry
This is interpretive. Some might think they are overvalued. I do not know what you place for a value on a dynamic commodities business but I smack a 6 to 8 PE and so does most of wallstreet with 10 to 12 during forward looking bull periods. You may believe the dynamics are changing fast but you are in the 3rd quarter of fundamental changes with another 2 or 3 before stabilization(counting Q2). People have talked about the cost cutting on processing and ASP convergence since early 2012. some even earlier. To me Q3/Q4 is a slow long dig out with lots of idle capacity around for those that my want to fire back up and enter again if gross margins rebound to the $0.20 range. This should opress any meaningfull long term ASP rebounds.
Once profitable returns, then the repair of the balance sheet remains. Certain companies have a long way to go to repair the balance sheet as there is lots and I mean lots of hidden debt that needs to be fed back through the supply chain in the repairing of the balance sheets. This from even the best ran companies.