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Bankrupt Solar-LDK, Suntech, SunEdison

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But not a bad price. I think they sell 25% for 193 mln. That is about 1 times sales of the company. For a uncompetitive company in a lousy business. SUNE is good at selling crap at golden prices. I checked yesterday again SUNE's reports to find out what is so wonderful about the company. Really, they just talk of future potential of trillions USD and double digit GWs pipeline giving even fancy future possible conversion rates based on past and funny things like unlevered CAFD (what crap measure is this anyway, cash flow before interest for solar projects, that is like talking about profit before all costs). Little about what they done for real value and about the loss that is more than revenue. When I read it, most things sound like with a marketing purpose. But anyway, it is the love of WS and everything is possible. As I say this, I am sure it will double within a few month, now at close to 9 bln market cap already.

 

SEMI, same style as their selling shareholder: Praising their operating cash flow in Q's report, for a company that has permanently high capex requirement just to stay in the game. But they are good at burning equity.

 

In Europe we say, the apple does not fall far away from the trunk.

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For a uncompetitive company in a lousy business. SUNE is good at selling crap at golden prices.

 

Yes, crap in a fancy wrapping. Nobody cares to unwrap it and take a smell.

 

SUNE has a 17b EV on -80m EBITDA. JASO has 0.8b EV on 200m EBITDA. It is certainly not the perfomance that is priced and certainly not the BS or maybe it is depending on how you choose to interpret the acronym.

 

Hey I'm in this biz. If I take 100% share of 100% of chain I could make this much revenue. If I am competent enough to profit on sales? Let's focus on what would happen if I were Superman. Here are some potent charts. Check out the colors.

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This is awesome news. wind is lacking good representation on the US exchanges. SunEdison is trying to fill the gap. They are aggressive and creative. This is why stock attracts a lot of momentum.

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Does anyone have an entry into SUNE in mind? It seems like the market has not responded with typical exuberance with the last several announcements, is this a harbinger of shifting sentiment or an opportunity?

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Does anyone have an entry into SUNE in mind? It seems like the market has not responded with typical exuberance with the last several announcements, is this a harbinger of shifting sentiment or an opportunity?

 

Seeing what growth obsession did to CNs like STP, LDK and YGE I get the feeling this is the US version of such story. Different part of the value-chain, but financially the same; leverage the BS to breaking point to grow you asset base as quick as possible. Risky business in my view. A 17b enterprise value on -80m EBITDA performance does not make the stock less risky.

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TerraForm Power and SunEdison Announce Acquisition of 930 Megawatt Contracted Wind Portfolio from Invenergy for $2B

http://www.prnewswire.com/news-releases/terraform-power-and-sunedison-announce-acquisition-of-930-megawatt-contracted-wind-portfolio-from-invenergy-for-2-billion-300109204.html

Take notes Qu... Time to get more aggressive.

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TerraForm Power and SunEdison Announce Acquisition of 930 Megawatt Contracted Wind Portfolio from Invenergy for $2Bhttp://www.prnewswire.com/news-releases/terraform-power-and-sunedison-announce-acquisition-of-930-megawatt-contracted-wind-portfolio-from-invenergy-for-2-billion-300109204.html

Take notes Qu... Time to get more aggressive.

Wow they just keep raising the dividend. Should re-hype yieldcos.

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Mhm, unlevered cash flow of $141M from 930MW? So $2B at 5% is about $100M a year. Since half is financed so lets toss $50M, this is now $90M at 930MW for wind. It does not sound that good any more, does it.

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Mhm, unlevered cash flow of $141M from 930MW? So $2B at 5% is about $100M a year. Since half is financed so lets toss $50M, this is now $90M at 930MW for wind. It does not sound that good any more, does it.

No the 8.4% levered return sounds poor. CNs are getting high teens levered returns in China despite the high interest rates there. When Chinese interest rates come down those projects are going to make massive levered IRRs. Maybe why Jinko was trading so strong during interest rate cuts.

As usual I guess the dividends are financed by equity issues for TERP. They give some and take some more.

To me this is a perfect example of riding a yieldco stock up while dividends keeps rising, but then get out as IDR levels are triggered. SUNE will makes massive gains on IDRs once dividend hits certain levels. They take some more..

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No the 8.4% levered return sounds poor. CNs are getting high teens levered returns in China despite the high interest rates there. When Chinese interest rates come down those projects are going to make massive levered IRRs. Maybe why Jinko was trading so strong during interest rate cuts.

As usual I guess the dividends are financed by equity issues for TERP. They give some and take some more.

To me this is a perfect example of riding a yieldco stock up while dividends keeps rising, but then get out as IDR levels are triggered. SUNE will makes massive gains on IDRs once dividend hits certain levels. They take some more..

did someone say that SUNE was going to make mucho dinero?  That's odd here.  But thanks for the alternate take!

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did someone say that SUNE was going to make mucho dinero?  That's odd here.  But thanks for the alternate take!

Yes, making money on capital markets is their specialty. Operating margins not so much.

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And all on forum should regret no trading YGE?

I thought you like others here avoided casino playing fairly doomed names?

There's a lot of money too make and lose by betting hard on Red and it's always easy to see whether it was a profitable bet or not in retrospect.

My strategy to preserve capital is to take as much risk out of the equation as possible.

And here it comes.

Reports of a halt in production at Yingli

Read more: http://www.pv-magazine.com/news/details/beitrag/reports-of-a-halt-in-production-at-yingli_100020139/#ixzz3fPsrtqHf

They better halt the stock trading too. Too bad, it was up nicely this morning.

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How much were they shipping/quarter?  anyone with spare capacity should be calling their main customers...

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And here it comes.

Reports of a halt in production at Yingli

Read more: http://www.pv-magazine.com/news/details/beitrag/reports-of-a-halt-in-production-at-yingli_100020139/#ixzz3fPsrtqHf

They better halt the stock trading too. Too bad, it was up nicely this morning.

Wow... Instant 15% drop on back of that article. Stock is toxic

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That just took the title of the yoyo stock from DQ. Up huge, down huge, up/flat.

 

and now down again.........

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explo,

 

Putting aside their predictions of cost reductions (big ones), yeah, it seems that SUNE's main comparative advantage is their ability to fiddle with finance. 

 

But is that advantage so great that they seem to take a lion's share of projects?  Or is it just they can somehow raise so much capital that they buy far more projects than others?  And if so, how do they raise so much more capital than the others?

Yes, making money on capital markets is their specialty. Operating margins not so much.

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Yingli's rumors

   July 9, the foreign media, "the international PV magazine" ignoring the fact that public reports "Yingli actually moratorium on the production," and affect the company's share price. To maintain the majority of investors and Yingli Green Energy Holding Company Limited, the legitimate interests of great concern to respond to the majority of investors and the public, the company solemnly declare as follows: 
    1. This report is purely rumor, Yingli has been in production status, also according to customer orders plan. We believe they have the ability to continue to provide high-quality Yingli solar products. 
    2, said distorted reports have given the company's reputation had a serious impact and substantial damage, the company maintains all the rights through legal means to retain the company's interests. 
    3. Please reprint media have carried false reports delete, eliminate the negative effects.

 


Yingli Green Energy Holding Company Limited

July 10, 2015

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explo,

 

Putting aside their predictions of cost reductions (big ones), yeah, it seems that SUNE's main comparative advantage is their ability to fiddle with finance. 

 

But is that advantage so great that they seem to take a lion's share of projects?  Or is it just they can somehow raise so much capital that they buy far more projects than others?  And if so, how do they raise so much more capital than the others?

 

Cost of capital is often the critical part for a dev and hold strategy. It could be sufficient to be king there and then not being very competitive on the operating margins. Note also that SUNE is in big opposition to the import tariffs as those are costing SUNE a lot vs FSLR and SPWR.

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Cost of capital is often the critical part for a dev and hold strategy. It could be sufficient to be king there and then not being very competitive on the operating margins. Note also that SUNE is in big opposition to the import tariffs as those are costing SUNE a lot vs FSLR and SPWR.

Fslr and Sun Power have Malaysia manufacturing. JA plan is to partner with someone in Malaysia. I think that will be SUNE.

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Fslr and Sun Power have Malaysia manufacturing. JA plan is to partner with someone in Malaysia. I think that will be SUNE.

 

I know they said the partner's role would be to bring (cheap) capital while JA would bring how to make cells. SUNE and JA had a JV cell factory in China, but all the trade tensions between US and China forced them to cancel that venture. JA bought out SUNE's share in the JV.

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