MEMC ELECTRONIC MATERIALS INC. (896182) - 500 Beiträge pro Seite

[derindenquarkgreift]

Kontinuität mit dem Plus des Solarbooms.
Weitgehend unbekannt in Germany wenn man die Umsätze hier betrachtet. In USA jedoch ein big-player.
Ein Alternative zu den Abzockerpreisen für deutsche Neuemmisionen???

Meinungen sind gefragt!!!

[MFC500]

[posting]18.056.171 von derindenquarkgreift am 28.09.05 09:31:48[/posting]So viel günstiger erscheint das Unternehmen auch nicht:

Net Income Q1/05 = 77 Mio
Net Income Q2/05 = 59 Mio

Marktkapitalisierung "nur" 4,4 Mrd

[derindenquarkgreift]

..mit dem gewaltigen Unterschied, dass die Mios dem Unternehmen zufließen, während bei den "hiesigen" Start-Uppern zunächst die Altaktionäre verdienen...

[B38fk17]

Waferhersteller - Profiteure des Solarbooms

"Solarzellen werden heutzutage in modernen Kristallisationsanlagen hergestellt, die Rohsilizium in Siliziumscheiben oder die sogenannten Wafer verwandeln. In diesem Bereich gibt es echte Produktionsengpässe, nicht zuletzt, weil die Solarunternehmen auch mit den Chipherstellern um die Rohstoffe konkurrieren. Das treibt die Preise nach oben und bevorteilt jene Unternehmen, die Wafer herstellen können im Vergleich mit anderen, die sie zukaufen müssen."

vollständiger Artikel: http://www.faz.net/s/RubEA492BA0F6EB4F8EB7D198F099C02407/Doc…

[B38fk17]

"...The obvious play on the polysilicon shortage is MEMC Electronic Materials (ticker: WFR), a St. Peters, Mo., company that is one of the world`s largest producers of silicon wafers. Unlike some of its rivals, MEMC produces most of its own silicon feedstock, and in fact sells some excess supply back into the market. The result is that MEMC benefits from soaring wafer pricing without suffering the associated increase in raw-material pricing. MEMC shares have doubled over the past year, to a recent $19.79, boosting the company`s market capitalization to about $4 billion. That makes MEMC the largest-cap play on solar growth.
And there may still be some juice left in MEMC shares. Leming of Princeton Tech Research thinks the stock could move up another 50%, and says he can "sketch a scenario where it can double or triple from here," noting that the company trades for only about 12 times expected 2006 earnings of $1.56 a share. Profits at that level would be up 39% from an expected $1.12 a share this year. And this, by the way, is for a company that does not yet do much direct business with the solar industry. Leming thinks MEMC could eventually cut a deal with solar-panel makers to provide dedicated wafer supplies. If so, Lemming says, the growth could lift the stock to $50...." ...http://www.carmanah.com/content/investors/showmediaclipping.…

[B38fk17]

Weitere Lieferengpässe bei Polysilizium


von Mark LaPedus
EE Times
September 14, 2005 (11:51 p.m. GMT)

SAN JOSE — Advanced Silicon Materials (ASiMi) wird zum Jahresende den Verkauf von polykristallinem Silizium an Wafer-Hersteller einstellen. Der Schritt dürfte die weltweiten Lieferengpässe bei diesen Produkten noch verschärfen, warnt ein Analyst.

ASiMis Entscheidung könnte die weltweite Polysilizium-Versorgung des Silizium-Wafer-Markts um weitere 5 Prozent verknappen. Dabei leide der Markt bereits am Ausverkauf des wertvollen Chip-Rohstoffes, so Paul Leming, Analyst bei Soleil Securities.

Dies könnte sich auch auf die Preise von Silizium-Wafern niederschlagen. "Wir rechnen in 2006 mit einem Preisanstieg von 5 bis 10 Prozent bei Silizium-Wafern", lautet Lemings Prognose.

Wie bereits berichtet, können führende Anbieter von Polykristallin und Polysilizium - wie ASiMI, Hemlock, MEMC, Mitsubishi Materials und Wacker-Chemie - der gewaltigen OEM-Nachfrage nicht mehr nachkommen. Diese Materialien sollen für die nächsten zwei bis drei Jahre bereits ausverkauft sein. Denn Polysilizium - ein Material aus mehreren kleinen Kristallen - dient nicht nur zur Herstellung von Silizium-Wafern, sondern auch von Solarzellen und anderen Produkten.

Analysten befürchten nun, dass diese Besorgnis erregende Liefersituation und Preisentwicklung die Wachstumsraten der Halbleiter- und Solarzellen-Branche drastisch dämpfen könne. Die starke Nachfrage nach dem Material geht vor allem auf den Solarzellen-Markt zurück, der sich zunehmend zum Fass ohne Boden für den kritischen Chip-Rohstoff entwickelt.

So unterzeichnete zum Beispiel Anfang dieses Jahres das japanische Unternehmen Komatsu einen Vorvertrag für den Verkauf von 75 Prozent seiner US-Materialtochter ASiMi an die norwegische Renewable Energy (REC). REC will nun ASiMis Schwerpunkt bei Polysilizium-Materialien von Silizium-Wafern auf Solar-Applikationen verlagern.

Zum jetzigen Zeitpunkt wollte REC jedoch nicht verraten, wann diese Verlagerung stattfinden soll. Doch nun hat der Countdown begonnen: ASiMi, der weltweit fünfgrößte Anbieter von Polysilizium, "informiert jetzt unternehmensexterne Kunden, dass man zum 1. Januar 2006 den Verkauf von Polysilizium an den [Silizium-Wafer-] Großhandel einstellen wird", wird Leming in dem Bericht zitiert.

Im Jahr 2005 verfügt das Unternehmen laut dem Bericht über eine Gesamtkapazität von 3000 Tonnen Polysilizium. Rund 2800 Tonnen gingen in die Herstellung von Silizium-Wafern, der Rest wurde für Solarzellen genutzt.

Insgesamt wird die weltweite Produktion von Polysilizium-Materialien 2005 über 36.100 Tonnen betragen. Davon entfallen etwa 21.200 Tonnen auf Wafer, während 14.900 Tonnen laut Leming für Solarzellen reserviert sind.

http://www.eetimes.de/bus/news/showArticle.jhtml?articleID=1…

[diefus]

Warum hat nach dem 30.09.05 (beim Höchststand) keiner mehr Interesse an dieser interessanten Aktie?
Nach den neuen Zahlen vom 26.10. (siehe bloomberg.de Kürzel: WFR) werden die weiter gute Geschäfte machen. Und Analysten behaupten, daß Silizium auch in den nächsten 2-3 Jahren Potenzial von 100 - 200% hat! Davon profitiert dann sicher auch MEMC. Ich kenne keine börsennotierte Aktie, die davon so stark profitieren könnten. Die produzieren doch hauptsächlich Silizium (und Wafer für die Chip-Industrie) oder liege ich da falsch?

[B38fk17]

[posting]18.527.381 von diefus am 01.11.05 01:31:42[/posting]Zahlen waren einige cents unter den Erwartungen. Jetzt wird die Aktie runtergeredet. Erst zwei Herabstufungen und in den Boards werden haufenweise negative Gerüchte verbreitet, wer weiß ob das einen Einfluß auf den Kurs hat. Vermutlich wollen da welche noch mal billig einsteigen. Außerdem wird die Aktie immer noch als Halbleiter oder Chipwert betrachtet und diese Branche ist sehr zyklisch und im Moment vermutlich wieder mal auf Talfahrt. Der Solarboom ist noch gar nicht eingepreist. Ich habe jetzt nicht die exakten Zahlen im Kopf, die Nachfrage nach Polysilizium seitens der Solarenergie ist momentan noch klein, wächst aber ca. 30 % im Jahr. Solarenergie wird im selben Maße die nächsten 30!!! Jahre so wachsen. Aber schon in ein paar Jahren werden die Solarzellenhersteller die Chiphersteller im Polysiliziumverbrauch überholt haben.

[diefus]

ganz so optimistisch sind die neusten Studien nicht: danach soll die PV nur 10-20 % wachsen können, weil eben nicht genug Silizium hergestellt werden kann. Ab 2008 solls ja besser werden.
Wie ich heute sehe, ist der Kurs wieder kräftig angezogen. Solche 20-30 %ige Korrekturen haben viel alt. Energierwerte auch bereits verdaut. Selbst die Solarworld ist schon wieder 10 % gestiegen. Ich frage mich nur, ob solche Kurse Zukunft haben, wenn sie nicht entsprechend wachsen können (bei einem KGV von über 35)

Kennt jemand noch andere börsennotierte Siliziumhersteller? Die Tokuyama in Japan hat ja auch so ein unglaublich hohes KGV, ob das einen Kauf rechtfertigt?

[B38fk17]

[posting]18.549.795 von diefus am 02.11.05 23:40:48[/posting]>ganz so optimistisch sind die neusten Studien nicht: danach
>soll die PV nur 10-20 % wachsen können, weil eben nicht
>genug Silizium hergestellt werden kann.

Ist ja wie eine Lizenz zum Gelddrucken. Umso besser für MEMC

>Kennt jemand noch andere börsennotierte Siliziumhersteller?
>Die Tokuyama in Japan hat ja auch so ein unglaublich hohes
>KGV, ob das einen Kauf rechtfertigt?

Es sind m.W. nur zwei Unternehmen - Tokuyama und MEMC - börsennotiert, die Polysiliziumgranulat herstellen.

[diefus]

freue mich, daß Sie ebenfalls eine langfristige positive Zukunft sehen. Denn Zockerwerte suche ich keine mehr...
Wobei natürlich - frei nach Jim Rogers- der Kauf des Rohstoffes "sicherer" ist, als in Aktien zu investieren. Aber Silizium wird noch nicht gehandelt..

[ratatonga]

MEMC Files Form 8-K, Provides Preliminary Financial Results, Updates Guidance

ST. PETERS, Mo., Nov 16, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- MEMC Electronic Materials, Inc. (NYSE: WFR) today is filing a Form 8-K with the SEC to furnish preliminary financial results for the first three quarters of 2005. The financial information provided on the Form 8-K has not yet been reviewed by the Company`s independent registered public accountants and is subject to that review before filing on Form 10-Q.

This information is being furnished because the company is experiencing a delay in filing its quarterly report on Form 10-Q for the third quarter of 2005, as announced on November 10, 2005, and the restated Form 10-Q`s for the first two quarters of 2005.

The furnished preliminary financial information for the first three quarters of 2005 reflects the company`s most current understanding of the financial results for the respective periods based on the changes in revenue recognition related to polysilicon sales, tax adjustments, and other miscellaneous adjustments that need to be made as part of the restatement process. This information is subject to change.

As reflected and explained in the Form 8-K, the company will be deferring more revenue, and associated profits, into the fourth quarter of 2005 than previously disclosed. The deferred revenue balance at the end of the third quarter is $13.3 million compared to the $7.3 million stated in the earnings press release dated October 26, 2005. Almost all of the deferred revenue, and associated profit, is expected to be recognized in Q4 2005, which will increase the revenue and profits for that period by an equal amount.

As a result, the company now expects net sales in the 2005 fourth quarter to be between $317-$320 million, with gross margin of approximately 40%, in the same favorable pricing environment referred to in the earnings release from October 26. This revised guidance includes the favorable impact of the deferred revenue and profits discussed above. Including the additional expenses for the activities the company now expects in connection with the delayed filing of the Form 10-Q, operating expenses are now anticipated to be closer to $30 million.

Due to the additional net favorable tax adjustments of approximately $7.3 million made in the first three quarters of 2005 as reflected in the Form 8-K, the company now expects its tax rate to be approximately 18% for the fourth quarter of 2005. On a non-GAAP basis, our cash tax rate is anticipated to be in the mid-teens as a percentage of sales for the foreseeable future.

About MEMC

MEMC is the world`s largest public company solely devoted to the supply of wafers to semiconductor device manufacturers. MEMC has been a pioneer in the design and development of wafer technologies over the past four decades. With R&D and manufacturing facilities in the U.S., Europe and Asia, MEMC enables the next generation of high performance semiconductor devices.

Certain matters discussed in this news release are forward-looking statements, including our expectation that the deferred revenue balance at the end of the third quarter will be $13.3 million; that almost all of the deferred revenue, and associated profit is expected to be recognized in Q4 2005 which will increase the revenue and profits for that period by an equal amount; that net sales in the 2005 fourth quarter will be between $317-$320 million with gross margin of approximately 40% in a healthier pricing environment; that operating expenses are anticipated to be closer to $30 million; that due to net favorable tax adjustments of approximately $7.3 million in the first three quarters of 2005, the company now expects its tax rate to be approximately 18% for Q4 2005; and that on a non-GAAP basis, our cash tax rate is anticipated to be in the mid-teens as a percentage of sales for the foreseeable future. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include market demand for wafers and semiconductors as well as polysilicon; customer acceptance of our new products; utilization of manufacturing capacity; our ability to reduce manufacturing and operating costs; inventory levels of our customers; changes in the pricing environment; assumptions underlying management`s financial estimates; general economic conditions; actions by competitors, customers and suppliers; the impact of competitive products and technologies; changes in currency exchange rates and other risks described in the Company`s filings with the Securities and Exchange Commission, including the Company`s 2004 Form 10-K. These forward-looking statements represent the Company`s judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update these forward-looking statements.

SOURCE MEMC Electronic Materials, Inc.

Bill Michalek, Director, Investor Relations, of MEMC Electronic Materials, Inc., 1-636-474-5443

http://www.prnewswire.com


meinungen??

LG
Ratatnga

[diefus]

sieht alles nach Bilanztrickserein aus, wie in USA fast alltäglich, aber der Kurs steigt. Anscheinend sind die Investoren trotzdem bullish. Ich laufe schon sein 14 E hinterher, denn ich halte den Siliziumhersteller als sehr aussichtsreich - sofern alles mit rechten Dingen zugeht.
Auf "Yahoo" gibts mehr Infos: da wurde ein IPO von "Sun Power" genannt mit erhöhten Ausgabepreis, davon sollte auch MEMC profitieren.

[B38fk17]

Dim outlook seen for solar in `06

Mark LaPedus
(12/30/2005 7:26 PM EST)
URL: http://www.eetimes.com/showArticle.jhtml?articleID=175800219

SAN JOSE, Calif. — After sizzling growth in recent times, the solar energy market is projected to dim and “hit the wall” for panel, equipment and materials vendors in 2006, warned an analyst.

The projected slowdown in the solar market for 2006 is mainly due to ongoing and severe shortages of polysilicon, one of the key materials used for making solar cells, said Jesse Pichel, an analyst with Piper Jaffray Inc., an investment banking firm.

Leading polysilicon vendors cannot keep up with huge OEM demand and are reportedly sold out of these materials for the next two to three years, according to industry sources. Polysilicon, a material that consists of multiple small crystals, is used to make silicon wafers, solar cells and other products.

Solar panels are in huge demand and suppliers “can sell what they make right now,” Pichel said. “But we think that the industry will hit the wall in 2006.”

Driven by strong demand in Germany, Japan, and, to a lesser degree, the United States, the worldwide solar module market is projected to reach $5.3 billion in 2005, up from $4 billion in 2004, according to Piper Jaffray. By 2010, the solar module market is expected to hit $12 billion, according to the firm.

The solar module market is also expected to reach 1,638 megawatts in terms of worldwide cell production in 2005, up 30-to-35 percent from 2004, according to the firm. But in 2006, the market is projected to slow and reach about 1,680 megawatts in overall cell projection, up only 5 percent from 2005, according to Piper Jaffray.

As more polysilicon capacity becomes available over time, growth in the solar sector is projected to resume, possibly as early as 2007. At that time, the solar module market is projected to grow 15-to-20 percent, according to the analyst.

Generally, the commercial market will drive solar energy. The big adopters will be the “Wall Marts, businesses and schools — not the onesy-twosy residential market,” he said.

Solar energy, however, is still dependent on government subsidies and remains twice as expensive as the traditional electricity grid. Solar modules sell for about $3.25-to-$3.50 per watt right now, but prices are expected to fall over time. “With technology improving and costs declining, we believe that for most applications, select solar companies will be cost competitive with the grid without subsidies by 2010,” he said in a recent report.

In 2005, solar cell makers have been basking in the sun. Leading solar panel suppliers include BP Solar, Energy Conversion, Evergreen Solar, Kyocera, Mitsubishi, Motech, Q-Cells, Sanyo, Sharp, SunPower, Suntech, Shell Solar, and others.

Equipment vendors are also benefiting from the boom. Fueled by growth in the solar sector, equipment maker Amtech Systems Inc. on Friday (Dec. 30) said revenues for the fourth quarter of fiscal 2005 totaled $6.3 million, an increase of 28 percent from $4.9 million in the like period a year ago.

Amtech (Tempe, Ariz.) narrowed its loss from $963,000, or minus $0.37 a share, for the quarter, compared to a deficit of $3 million, or minus $1.11 a share, a year ago.

Sales for the 2005 fiscal year were $27.9 million, a 45 percent increase compared to $19.3 million in fiscal 2004. Revenues of Bruce Technologies, acquired in July 2004, contributed $5.3 million to the increase in revenues for the full year.

The fiscal 2005 net loss was $0.3 million, or minus $0.12 per fully diluted common share, compared to the fiscal 2004 net loss of $3.2 million, or minus $1.17 per fully diluted common share. In fiscal 2005, an inventory write-down of $0.3 million contributed to the net loss.

J.S. Whang, president and chief executive, was bullish. “Particularly encouraging is the level of new orders, fueled in large part by activity in the solar cell industry," he said in a statement.

On Thursday, BTU International Inc. (North Billerica, Mass.) announced the receipt of orders totaling $1.4 million for its solar cell diffusion and anti-reflective coating systems. BTU`s quartz muffle diffusion furnaces address high-volume solar cell production needs with precision temperature and atmosphere control.

"These orders" stated Paul van der Wansem, chairman and CEO of BTU, "continue to show strength in the photovoltaic market with requirements for continuous in-line production solutions."

Last month, Spire Corp. (Bedford, Mass.) announced that it has executed a contract to provide module makers Evergreen Solar and Q-Cells with its automated photovoltaic module testing system.

[Punicamelon]

MEMC ist eine sehr interessante Aktie. Ich beobachte sie schon seit 2Monaten. 2006er Gewinn von 1,56Dollar wäre KGV 16,5. Das ist nicht zu teuer, angesichts des sehr guten Wachstums und der Knappheit mit Preissteigerungen bei Silicium.
Nachteil sehe ich im Zyklus der Chip Industrie. Das meiste Silicium geht nach wie vor in den Chip Bereich hinein,dort könnte es zu Einbrüchen kommen, falls die Börse mal wieder crashed. Andererseits ist Silicium über Jahre hinweg ausverkauft.

[Hugobald]

Sehe gerade den Chip-Sektor auf einem aufsteigenden Ast. Halbleiteraktien könnten ein Comeback in diesem Jahr feiern, der SOX-Index, der die großen Halbleiterwerte der USA umfasst, konnte in diesem Jahr schon 10% (!!) zulegen.
Hugobald

[wipadki]

Der Artikel ist zwar schon ein bischen älter aber trotzdem nicht weniger interessant !


SHARES OF MEMC ELECTRONIC MATERIALS (WFR: 20.38, +0.38, +1.9%) have soared 162% since we called the company "well worth a look" in a September 2004 Bargain Growth screen ("Wafer Thin Valuations"). Therein we made a case that the company`s strong balance sheet boded well in the semiconductor industry, where financial strength dictates who`ll be able to adopt newer and more profitable technologies.
Is it time for shareholders to cash in their gains, or might shares of MEMC have further to run? We`ll look into that today; the company turned up recently on our Profitability screen.
A company`s level of profitability is gauged by looking at its margins. There are several types. Gross margin shows how much of its sales are left over after paying for raw materials and manufacturing costs. Operating margin subtracts those costs plus corporate expenses for things like advertising and executive salaries. Net margin takes out everything, including one-time costs associated with things like legal settlements and past acquisitions.
Our screen looks for companies whose operating and net margins are on the rise vs. their five-year averages. The companies it turns up have figured out a way to reduce their administrative costs, or to grow their businesses without adding new administrative costs. They also show that the benefits of such increased efficiency are flowing through to their bottom lines, rather than being consistently negated by special charges.
That kind of fiscal stewardship can lead to strong share-price gains. For example, we featured software maker Macromedia (MACR: 45.14, +0.54, +1.2%) in a profitability screen a year ago ("Flasher!"). Its shares have since climbed 95%.
See our recipe of criteria for details on all of our search requirements. And use our stock screener anytime to run a search for yourself. Recently it produced a list of eight survivors from a starting database of more than 9,000. Let`s look at MEMC.
The world`s largest maker of the wafers used to make semiconductors, St. Louis-based MEMC posted sales over the past year of nearly $1.1 billion. That`s up from $885 million at the time of our last story. The company`s products are used to make memory chips like the DRAM kind employed in PCs and the flash memory used in hand-held electronic devices. They`re also used in computer processors and CMOS chips. (The latter stands for complementary metal oxide semiconductor; it`s a battery-powered chip in your PC where software controls your computer from the time you turn it on until the operating system takes over.) Finally, MEMC makes wafers for analog circuits, which include things like voltage regulators and sensors that essentially bridge the real world with the digital one.
Founded in 1959, MEMC was the first merchant manufacturer of silicon wafers. They measured 19 millimeters in diameter at the time, or about the size of a nickel. The company was the first to commercially produce 100 mm wafers in 1975, 150 mm wafers in 1981 and 200 mm wafers in 1984. Today 300 mm wafers are the standard — roughly the size of a medium pizza — and MEMC is on track to produce 350,000 of them a month by the end of 2006, up from 175,000 a month today. Those sizes may seem counterintuitive; in the world of electronics the parts are supposed to get smaller, not bigger. But the wafers MEMC makes aren`t parts themselves. They`re the platters from which chip makers cut out tiny pieces to make chips. Bigger platters, just like smaller chips, reduce manufacturing costs, since the innards of more gadgets can be made at once.
Analysts consider MEMC a classic turnaround story. Buyout firm Texas Pacific Group took over the company in November 2001, and put a new management team in place in April 2002. Since then productivity has increased sharply on a lower headcount, production costs have fallen by double-digit rates each year and cycle times have improved by 25%. The company today is twice as profitable as it was in 2002. Then it took $1 billion in revenues for MEMC to break even; today it takes just $500 million.
MEMC`s fast-climbing shares have cooled off during October, slumping about $6 to below $17 as of Thursday`s close. Third-quarter results for the company, reported Oct. 26, showed sales increasing 5% to $288.3 million. The quarter contained a labyrinth of special credits and charges and accounting changes, such that analysts disagreed on how much the company actually earned. About $7.3 million in both sales and profits was deferred to the company`s fourth quarter due to a change in its revenue recognition practices. Profits jumped 164% to $97.9 million during the quarter. But operating income actual dipped to $69.2 million from a year-earlier $83.6 million. Bottom line, the Street was looking for adjusted earnings per share of 29 cents, and MEMC missed by between a penny and four cents, depending on how one does the math.
That said, many on Wall Street see the company as primed to take advantage of a strong price and demand outlook in the chip market, driven by end markets like cellphones and consumer electronics — and solar cells. "We believe MEMC will benefit immensely starting the end [of] 2005 through 2007 from the short supply of poly (raw material to manufacture silicon wafers)," wrote Needham & Company analyst Pierre Maccagno in a Thursday research note. "The price of poly has been increasing sharply (from $9/kilogram in 2000, $25/kg in 2004, $35/kg at the beginning 2005 to more than $50-$55/kg this month) driven by growing demand from the solar cell industry while supply is limited." Maccagno notes that MEMC, which unlike its competitors produces 95% of its raw polysilicon, should have limited exposure to price increases and shortages, and could grab market share as a result. (Maccagno doesn`t own shares of MEMC; Needham & Company has an investment-banking relationship with the company.)
All told, analysts figure that MEMC will boost its earnings by 15% annually over the next five years. At about 15 times projected 2005 earnings, then, the stock carries a price/earning-to-growth, or PEG, ratio of 1.0. The average for semiconductor stocks is 1.5, roughly the broader market`s average PEG. What are those who bought shares at the time of our last story to do with their now-pricier position? Nothing. With a still-clean balance sheet, improving fundamentals and forecasts for more of the same, this wafer maker offers thin reason for shareholders to sell.

cheers,
wipadki

[diefus]

wie alt ist dieser Artikel? Nach den neuen Milliarden-Förderungen in California müßten doch ganz andere Projektionen im Raum stehen.
Polysilizium wird in den nächsten 2 Jahren weiter teuer bleiben, dann gehts mit den Preisen zwar abwärts, aber die Sonnenfirmen werden immer mehr verbrauchen.
Wäre immer dankbar für aktuelle Infos in dieser Branche!!!

[wipadki]

Veröfffentlicht wurde der Artikel am 27.10.2005. Ab wann er den Nichtmitgliedern (inkl. mir) dieser Seite zur Verfügung stand weiß ich nicht ! Ich selber bin vor einer Woche auf ihn gestoßen.
Was weitere Infos angeht beruht das natürlich auf Gegenseitigkeit !

[Hugobald]

MEMC hebt nach Zahlen ab. So kommt Freude auf.

MEMC Announces Fourth Quarter & Full Year Results
ST. PETERS, Mo., Jan. 26 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, Inc. (NYSE: WFR) today reported preliminary financial results for the fourth quarter and year ended December 31, 2005.

Summary of the 2005 fourth quarter results:

* Net sales of $317.3 million
* Gross Margin of 40.2%
* Cash of $153.6 million after debt pay-down of over $80 million

Net sales of $317.3 million for the fourth quarter of 2005 represent an increase of 18.2% from the fourth quarter 2004 level of $268.4 million. Fourth quarter gross margin was $127.7 million, or 40.2% of sales. Operating expenses of $31.9 million declined as a percentage of sales to 10.0% from 11.0% of sales in the year-ago quarter. This resulted in operating income of $95.8 million, or 30.2% of sales, compared to $69.6 million, or 25.9% of sales, in the 2004 fourth quarter.

The combination of income taxes and favorable tax adjustments provided a net benefit of $66.3 million, or $0.29 per share, for the full year 2005, and $23.5 million, or $0.10 per share, for the first nine months, as stated in the company`s Form 8-K filed November 15. As a result, the estimated tax benefit for the fourth quarter is estimated to be $42.8 million, or $0.19 per share, thereby resulting in total diluted earnings per share for the fourth quarter of $0.59. There are uncertainties, however, regarding the distribution of 2005 annual income taxes to the proper quarters. Upon completion of the company`s Form 10-Q`s for the first three quarters of 2005, there may be material adjustments to income tax amounts in some or all quarters which may change earnings per share for those individual quarters, but such adjustments are not expected to materially change the overall earnings per share for the full year.

Approximately $12.5 million of the revenue increase and $12.5 million of the profit increase for the 2005 fourth quarter was due to the effect of the previously disclosed deferred revenue and profits related to polysilicon shipments in prior quarters. This brings the company`s deferred revenue balance down to less than $1 million, and the company does not expect any additional deferred revenue to be recorded in 2006 or going forward.

On a non-GAAP basis, excluding the benefit of the $12.5 million of deferred revenue and profits, net sales would have been $304.8 million, gross margin 37.8% of sales and operating income 27.3% of sales.

Operating cash flow for the quarter was $109.1 million, or 34.4% of sales. Capital expenditures for the quarter totaled $21.2 million. Free cash flow (operating cash flow minus capital expenditures) was $87.9 million or 27.7% of sales. The company used this free cash to pay down over $80 million in debt during the quarter.

Commenting on the company`s performance, Nabeel Gareeb, MEMC`s Chief Executive Officer, said: "As expected, the stronger pricing environment has materialized and contributed to good incremental margins. Unit demand for the semiconductor and solar industries continued to show strong growth, and there are no short-term indications of a slow down. In addition, our profit generation enabled us to pay off a large amount of debt and have a significant net cash (cash less debt) position."

2005 Results

For the year ended December 31, 2005, the company`s net sales increased by 9.4% to $1,124.7 million, compared to $1,028.0 million in 2004. Gross margin increased to $409.0 million, or 36.4% of net sales in 2005, compared to $369.4 million, or 35.9% of net sales in 2004. Operating income was $285.2 million, or 25.4% of sales, compared to $260.5 million, or 25.3% of sales in 2004.

The company reported net income of $338.2 million, or $1.49 per diluted share, for the year ended December 31, 2005, compared to net income of $226.2 million, or $1.02 per diluted share, in 2004. Additionally, MEMC generated operating cash flow of $303.4 million in 2005, or 27.0% of sales, and free cash flow of $144.3 million or 12.8% of sales. This enabled the company to reduce debt by over $100 million, including the benefit of currency changes. Capital expenditures in 2005 totaled $159.1 million, or 14.1% of net sales, compared to $149.8 million in 2004.

"We are pleased with the improvement in our results in 2005," commented Gareeb. "We saw strong revenue growth, margin expansion, and even faster EPS growth, all in a year that had extremely soft demand dynamics in the first half."

"Net sales and gross margin grew to record levels, and our full year incremental margin (the increase in 2005 gross margin dollars over 2004 gross margin dollars divided by the increase in 2005 net sales over 2004 net sales) was 41%. We finished the year with debt lower by over $100 million and net cash of $113.7 million."

"While we continued to build upon our financial success, we were keenly focused on improving our positioning in all aspects of the business in 2005. In the third quarter, we began 300mm production in Taiwan, reinforcing our global positioning and expanding our presence in this strategic and fast- growing region. We made investments to grow and enhance our polysilicon and Silicon-On-Insulator capabilities. We also took several steps to protect our intellectual property portfolio, particularly with respect to PerfectSilicon(TM), and the fast growing markets that it serves. As we begin the new year, we are as excited as ever about our prospects for the future, and expect that our hard work in 2005 will yield even better results in 2006 and beyond."

"Finally, we are proud to have received third party recognition, including being added to the S&P MidCap 400 index, being named to BusinessWeek`s Info Tech Top 100 List, and more recently, to Forbes`s list of Best Big Companies."

Outlook

"Based on the strength of the pricing environment and the indicated demand from our semiconductor and solar customers, we are targeting first quarter 2006 sales to be between $315 and $320 million, gross margin close to 40%, and operating expenses to be between $30 and $31 million. Compared to our non- GAAP results for the 2005 fourth quarter (reported results minus $12.5 million of deferred revenue and profits) of $304.8 million of sales and gross margin of 37.8%, this would represent a 3%-5% increase in revenue, and approximately 200 basis point increase in margin."

"Assuming that this environment continues, and the anticipated solar market opportunities materialize as expected, we are targeting revenues to be between $1.3 billion and $1.5 billion, and non-GAAP EPS (based on a cash tax rate in the mid-teens) to be between $1.40 and $1.70 for the 2006 fiscal year," continued Gareeb.

"Although MEMC has been quietly working on expanding its polysilicon capacity, we are now formally announcing that we are targeting our polysilicon capacity to grow from approximately 4,000 metric tons per year to approximately 8,000 metric tons per year over the next three years, as dictated by market conditions. The majority of this capacity will be usable for both semiconductor and solar wafer production and is anticipated to be accomplished within the constraints of our business model. This will provide us with significant opportunities to take advantage of a vertically integrated supply chain as compared to our competition, by providing security of supply for semiconductor wafer expansions and significantly increasing our penetration of the solar market. This polysilicon capacity expansion coupled with the opportunities available in the semiconductor and solar wafer industries would support an approximate doubling of our first quarter 2006 revenue run rate by the end of the decade, if market conditions allow," concluded Gareeb.

Other Events

MEMC intends to begin expensing employee stock options and other share- based compensation in accordance with Financial Accounting Standards Board Statement of Financial Accounting Standards No. 123 effective in the first quarter of 2006.

The company currently estimates that the impact of adoption of SFAS No. 123R in 2005 would have been approximately $0.04 per diluted share, of which approximately $0.01 per diluted share would have been recorded in the fourth quarter. The company anticipates that the amount of expense for share-based compensation in 2006 will be comparable to the would-be expense for 2005.

The announced preliminary results are subject to audit by the company`s independent registered public accountants before filing on Form 10-K. The company previously reported preliminary results for the 2005 third quarter and preliminary restated results for the 2005 first and second quarters on a Form 8-K filed November 15, 2005. The company is continuing its work to finalize its restated Form 10-Qs for the first two quarters of 2005 and its third quarter Form 10-Q which must be completed before the filing of the Form 10-K.

Conference Call

MEMC will host a conference call today, January 26, 2006, at 5:30 p.m. ET to discuss the company`s preliminary fourth quarter results and related business matters. A live webcast will be available on the company`s web site at www.memc.com. Please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software.

A replay of the conference call will be available from 7:30 p.m. ET on January 26, 2006, until 11:59 p.m. ET on February 2, 2006. To access the replay, please dial [phone] at any time during that period. A replay will also be available until 11:59 pm ET on February 5, 2006 on the company`s web site at www.memc.com.

About MEMC

MEMC is the world`s largest public company solely devoted to the supply of wafers to semiconductor device manufacturers. MEMC has been a pioneer in the design and development of wafer technologies over the past four decades. With R&D and manufacturing facilities in the U.S., Europe and Asia, MEMC enables the next generation of high performance semiconductor devices.

Certain matters discussed in this news release are forward-looking statements, including our expectation that the company will not have any additional deferred revenue recorded in 2006 or going forward; that first quarter 2006 sales will be between $315-$320 million, gross margin close to 40%, and operating expenses will be between $30-$31 million; that revenues are targeted to be between $1.3 billion and $1.5 billion and non-GAAP EPS is targeted to be between $1.40 and $1.70 for the 2006 fiscal year (based on a cash tax rate in the mid-teens); that our polysilicon capacity will grow to approximately 8,000 metric tons per year over the next three years; that this capacity expansion coupled with the opportunities available in the semiconductor and solar wafer industries would support an approximate doubling of our first quarter 2006 revenue run-rate by the end of the decade; and the company`s estimate of the impact of the adoption SFAS No. 123R in 2005 and 2006. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include market demand for wafers and semiconductors as well as polysilicon; customer acceptance of our new products; utilization of manufacturing capacity; our ability to reduce manufacturing and operating costs; inventory levels of our customers; changes in the pricing environment; assumptions underlying management`s financial estimates; general economic conditions; actions by competitors, customers and suppliers; the impact of competitive products and technologies; changes in currency exchange rates and other risks described in the company`s filings with the Securities and Exchange Commission, including the company`s 2004 Form 10-K. These forward-looking statements represent the company`s judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward-looking statements.


MEMC ELECTRONIC MATERIALS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; Dollars in thousands, except share data)

Three Months Ended
December 31, September 30, December 31,
2005 2005 2004

Net sales $317,287 $280,788 $268,376
Cost of goods sold 189,627 187,126 170,209
Gross margin 127,660 93,662 98,167
Operating expenses:
Marketing and administration 18,905 18,199 19,150
Research and development 12,981 12,689 10,381
Restructuring costs (996)
Operating income 95,774 62,774 69,632
Nonoperating (income) expense:
Interest expense 1,705 1,703 3,228
Interest income (1,572) (882) (1,015)
Currency (gains) losses 765 (1,083) 360
Loss on the extinguishment of debt 0 61,403
Other, net 477 1,793 (5,001)
Total nonoperating expense 1,375 1,531 58,975
Income before income taxes,
equity in loss of joint
venture and minority interests 94,399 61,243 10,657
Income tax benefit (42,820) (29,973) (61,763)
Income before equity in loss of
joint venture and minority
interests 137,219 91,216 72,420
Equity in loss of joint venture 0 0 0
Minority interests (2,423) (1,452) (2,446)
Net income $134,796 $89,764 $69,974

Basic income per share $0.61 $0.42 $0.34
Diluted income per share $0.59 $0.40 $0.32
Weighted average shares used in
computing basic income per
share 221,164,731 214,706,291 208,099,813
Weighted average shares used in
computing diluted income per
share 228,284,715 227,148,309 222,103,839


MEMC ELECTRONIC MATERIALS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; Dollars in thousands, except share data)

Twelve Months Ended
December 31, December 31,
2005 2004

Net sales $1,124,681 $1,027,958
Cost of goods sold 715,666 658,543
Gross margin 409,015 369,415
Operating expenses:
Marketing and administration 73,213 71,948
Research and development 50,587 37,975
Restructuring costs (996)
Operating income 285,215 260,488
Nonoperating (income) expense:
Interest expense 7,256 13,512
Interest income (4,156) (5,003)
Currency (gains) losses 1,248 1,907
Loss on the extinguishment of debt 0 61,403
Other, net 1,338 (9,862)
Total nonoperating expense 5,686 61,957
Income before income taxes,
equity in loss of joint venture
and minority interests 279,529 198,531
Income tax benefit (66,331) (40,119)
Income before equity in loss of
joint venture and minority
interests 345,860 238,650
Equity in loss of joint venture 0 (1,717)
Minority interests (7,658) (10,732)
Net income $338,202 $226,201

Basic income per share $1.58 $1.09
Diluted income per share $1.49 $1.02
Weighted average shares used in
computing basic income per share 213,513,110 207,713,837
Weighted average shares used in
computing diluted income per share 226,449,944 221,047,946


MEMC ELECTRONIC MATERIALS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
December 31, September 30, December 31,
2005 2005 2004
ASSETS
Current assets:
Cash and cash equivalents $153,611 $143,247 $92,314
Accounts receivable, net 118,050 123,984 140,728
Inventories 122,068 132,220 127,564
Prepaid and other current assets 39,542 35,337 29,724
Total current assets 433,271 434,788 390,330
Property, plant and equipment, net 503,893 510,463 444,670
Deferred tax assets, net 198,674 176,303 119,835
Other assets 51,328 51,553 55,107
Total assets $1,187,166 $1,173,107 $1,009,942

LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Short-term borrowings and current
portion of long-term debt $5,096 $15,444 $24,399
Accounts payable 105,378 103,933 124,083
Accrued liabilities 30,412 15,409 37,743
Deferred revenue 784 13,261 0
Accrued wages and salaries 21,990 28,011 19,117
Income taxes payable 11,315 4,995 10,282
Total current liabilities 174,975 181,053 215,624
Long-term debt, less current portion 34,821 106,706 116,082
Pension and similar liabilities 108,873 107,231 116,427
Other liabilities 37,761 81,396 72,432
Total liabilities 356,430 476,386 520,565
Minority interests 54,136 51,714 46,479
Commitments and contingencies
Stockholders` equity:
Preferred stock
Common stock 2,223 2,216 2,091
Additional paid-in capital 190,180 178,432 154,736
Retained earnings 637,007 502,211 308,351
Accumulated other comprehensive
loss (48,411) (33,905) (17,389)
Deferred compensation (128) (319) (1,263)
Treasury stock (4,271) (3,628) (3,628)
Total stockholders` equity 776,600 645,007 442,898
Total liabilities and
stockholders` equity $1,187,166 $1,173,107 $1,009,942


MEMC ELECTRONIC MATERIALS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; Dollars in thousands)

Three Months Ended Twelve Months Ended
December September December December December
31, 30, 31, 31, 31,
2005 2005 2004 2005 2004

Cash Flows from Operating
Activities:
Net income $134,796 $97,910 $69,974 $338,202 $226,201
Adjustments to reconcile
net income to net cash
provided by operating
activities:
Depreciation and
amortization 15,320 14,741 12,528 57,763 44,135
Interest accretion 0 0 1,543 0 5,248
Minority interests 2,423 1,452 2,446 7,658 10,732
Stock compensation 190 174 502 967 2,310
Equity in loss of joint
venture 0 0 0 0 1,717
Working capital and other (43,652) (39,169) 20,195 (101,194) (7,299)
Net cash provided by
operating activities 109,077 75,108 107,188 303,396 283,044

Cash Flows from Investing
Activities:
Capital expenditures (21,171) (32,259) (51,738) (159,060) (149,811)
Purchase of business, net
of cash acquired 0 0 0 0 (57,226)
Proceeds from sale of
property, plant and
equipment 15 6 19 21 91
Net cash used in
investing activities (21,156) (32,253) (51,719) (159,039) (206,946)

Cash Flows from Financing
Activities:
Net short-term borrowings (1,503) (60) 741 (1,735) (29,811)
Proceeds from issuance of
long-term debt 0 60,000 0 60,000 60,014
Principal payments on
long-term debt (78,515) (66,523) (71,485) (149,482) (113,407)
Debt financing fees 0 (1,184) 0 (1,184) 0
Proceeds from issuance of
common stock 1,944 7,752 2,381 14,817 4,826
Dividends to minority
interest 0 0 0 (9,546) (4,765)
Net cash used in
financing activities (78,074) (15) (68,363) (87,130) (83,143)

Effect of exchange rate
changes on cash and cash
equivalents 516 (590) 1,900 4,069 2,500

Net increase (decrease)
in cash and cash
equivalents 10,363 42,250 (10,994) 61,296 (4,545)
Cash and cash equivalents
at beginning of period 143,247 100,997 103,308 92,314 96,859
Cash and cash equivalents
at end of period $153,610 $143,247 $92,314 $153,610 $92,314

SOURCE MEMC Electronic Materials, Inc.
01/26/2006

CONTACT: Bill Michalek, Director, Investor Relations, MEMC Electronic Materials, Inc., 1-636-474-5443

5186 01/26/2006 16:15 EST http://www.prnewswire.com

[wipadki]

MEMC Electronic Materials "buy," target price raised

Friday, January 27, 2006 12:46:11 PM ET
UBS

NEW YORK, January 27 - Analysts at UBS reiterate their "buy" rating on MEMC Electronic Materials (WFR.NYS). The target price has been raised from $27 to $35.

[wipadki]

MEMC will Polysilizium-Ausstoß verdoppeln


von Mark LaPedus
EE Times
January 27, 2006 (12:56 p.m. GMT)

SAN JOSE — Vor dem Hintergrund der Verknappung von Silizium für die Halbleiterindustrie will der weltweit drittgrößte Anbieter von Polysiliszium, MEMC Electronic Materials, seinen Ausstoß verdoppeln.

Der Hersteller von Silziumwafern fertigt bereits seit einiger Zeit auch Polysilzium. Momentan sehe das Unternehmen jedoch enorme Möglichkeiten, dieses Geschäft auszuweiten, erklärte MEMC-Chef Nabeel Gareeb. Danach will das Unternehmen bis 2009 seinen jährlichen Ausstoß von 4000 Tonnen auf 8000 Tonnen des Halbleitermaterials hochfahren. Der größte Teil davon werde sowohl für die Chip-Herstellung als auch für die Solarzellenindustrie geeignet sein, erklärte Gareeb.

"Diese Ausweitung der Fertigungskapazität von Polysilizium wird im Verein mit der gestiegenen Nachfrage aus der Halbleiter- und der Solarzellenindustrie unseren Umsatz bis zum Ende der Dekade verdoppeln - falls die Marktbedingungen das zulassen", schränkte der Manager ein.

Vor allem die Solarindustrie hat massiv mit Lieferengpässen zu kämpfen. Nach einem stürmischen Wachstum in jüngster Zeit verdüstert die Knappheit des wichtigsten Rohmaterials die Zukunftsaussichten der gesamten Branche. Analysten sehen bereits Umsatzrückgänge auf die Hersteller von Solarzellen und deren Ausrüster zukommen.

Die wichtigsten Hersteller von Polysilizium, darunter auch die deutsche Wacker Siltronic, können mit der explosionsartig gestiegenen Nachfrage nicht Schritt halten. Industriebeobachtern zufolge ist die Produktion für dieses Material auf die nächsten drei Jahre ausverkauft. Erst kürzlich hatte das koreanische Unternehmen DC Chemicals Pläne zum Aufbau einer eigenen Polysilizium-Fertigung ventiliert.

Polysilizium besteht aus vielen kleinen Silizium-Kristallen und wird für die Herstellung von Siliziumwafern und Solarzellen verwendet.

[wipadki]

[wipadki]

Auch wenn ich hier zum Alleinunterhalter mutier ...

http://quote.barchart.com/texpert.asp?sym=WFR&code=BCCOW

Anschauen und selber eine Meinung bilden !

cheers

[Lea_00]

hey danke für die infos , ich setige morgen mal mit ner position ein ... ist ja leicht verdientes geld

[Punicamelon]

[posting]19.967.202 von wipadki am 30.01.06 23:36:10[/posting]Auch wenn ich hier zum Alleinunterhalter mutier ...

Nein nein, ich bin auch noch da und halte den Thread exakt im Blick!
Angesichts dessen, dass Silicium über Jahre ausverkauft ist, kann man bei MEMC wohl kaum was falsch machen, wenn die ihre Produktion auch noch steigern können

Gruss Punicamelon

[Jazzer]

[posting]19.984.329 von Punicamelon am 31.01.06 22:46:24[/posting]bin zwar in Tokuyama investiert lasse dich aber trotzdem nicht alleine im Regen stehen.
du kannst dich über 2,5 % plus freuen und ich über 2,5 % minus ärgern (aber nein nicht ärgern)
Montag kommen Tokuyama Zahlen mal sehen was der Sonntag (bei uns) so bringt.

bin leider am Montag in Schweden und kann das von dort aus nicht so verfolgen.



schönes Wochenende

[wipadki]

Hey, schön das es doch ein wenig Resonanz auf meine letzten posts gibt

Schaut euch mal diesen Artikel an !

http://www.renewableenergyaccess.com/rea/news/story?id=41508

Denke mal, dass dieser auch für die Besucher aus dem Tokuyama Thread sehr interessant ist.

cheers

[Punicamelon]

We`re experiencing technical difficulties, please bear with us while we work to resolve them.

Please bookmark RenewableEnergyAccess.com for future reference.

Thank you for your patience.

[wipadki]

Bei mir klappt`s

Hier is er:

2005 Solar Year-end Review & 2006 Solar Industry Forecast
Polysilicon Supply Constraint Limiting Industry Growth

by Jesse W. Pichel and Ming Yang, Research Analysts, Piper Jaffray


January 11, 2006

Overextended demand for raw silicon (pictured here) is expected to limit solar photovoltaic market growth in 2006-2007 worldwide.

Photo: Lara Skinner
The rapid increase in solar cell production in 2004, thanks to expanding subsidies worldwide and rising Integrated Circuit (IC) unit volumes triggered a polysilicon shortage forcing solar manufacturers to pay higher prices to secure silicon supply in 2005. Going into 2007, the industry can expect more of the same.
PowerGen Renewable Energy
"We estimate that solar manufacturers met 80 percent to 90 percent of its 2005 production plans due to polysilicon stockpiles from 2001/2002, resulting in a 30 percent solar industry growth over 2004 to 1656 MW in 2005. But the picture is bleak for 2006 given that stockpiles are depleted..."

-- Jesse W. Pichel and Ming Yang, Piper Jaffray & Co., Research Analysts

2005 witnessed higher polysilicon costs: The contract price of polysilicon at $60/kg in 2005 doubled from $30/kg in 2003. For companies using traditional mono- or polycrystalline silicon wafers in modules (91 percent of industry), the polysilicon feedstock represents 25 percent of the module BOM (bill of material) in 2005. Despite higher prices, only 80-90 percent of planned production was met in 2005.

For 2006, anticipate limited growth and margin degradation: For 2006 and into 2007 we believe the greatest risk to the solar industry remains the polysilicon shortage and resulting price increases that may limit growth and/or degrade margins beginning in 2H06. Only companies that have secured allocation can grow; only those that have fixed price contracts will maintain margins. The situation should intensify into 2007. Contract prices are anticipated to reach 80 per kg in 2007, and the spot price will remain over $100 per kg. Our supply chain checks confirm that polysilicon contracts are sold out through 2007. We anticipate that polysilicon feedstock will rise from 25 percent of BOM to 40 percent by 2007. Only 60-65 percent of planned production will likely be met.

The shortage is most pronounced in 2006, and will cap solar industry growth at 5 percent: We estimate that solar manufacturers met 80 percent to 90 percent of its 2005 production plans due to polysilicon stock piles from 2001/2002, resulting in a 30 percent solar industry growth over 2004 to 1656 MW in 2005. But the picture is bleak for 2006 given that stockpiles are depleted -- we estimate only 13,000 metric tons of polysilicon will be available for solar cell production. Despite advances in technology that increases cell efficiency and reduced polysilicon use, the 13,000 metric ton translates to a mere ~1,500 MW of crystalline solar cell production. Thus, we believe the solar industry overall will only grow 5 percent in 2006 to ~1738 MW of total solar cell production. We have detailed our polysilicon feedstock production estimates with several polysilicon/wafer/cell manufacturers and industry consultants. All agreed with a realistic scenario of feedstock CAGR of ~12 percent through 2007. We have detailed our assumptions in the exhibit below.





POLYSILICON SUPPLY AND DEMAND ANALYSIS

Polysilicon Background
Approximately 94 percent of solar cells are manufactured using crystalline silicon as the primary raw material. For companies using traditional mono- or polycrystalline silicon wafers in modules (91 percent of industry), this is essentially the same ultra-pure silicon material used to manufacture ICs. Historically, the solar industry has purchased off-spec material that is rejected by the IC industry, as semiconductors require much higher purity silicon. However, as the solar industry has grown, its demand has surpassed the off-spec silicon production. As a result, the solar industry has been forced to buy IC grade silicon. Currently, SGS is the only producer of solar grade silicon in substantial volumes.

The polysilicon manufacturing process is highly capital intensive and requires investments of $200-$250 million for a 3,000 metric ton capacity that takes 24 months to ramp. Five major manufacturers constitute 88 percent of the world`s polysilicon production. These are Hemlock, Tokuyama, Wacker, REC (subsidiary SGS and ASiMI), and MEMC. The world capacity is estimated at 30,000 metric tons in 2005.

In 2004, about 65 percent of the polysilicon production was used to manufacture semiconductors, with the balance being consumed by solar cells. Due to the semiconductor down cycle in 2001 that saw polysilicon prices decline below cost to $24/kg, polysilicon manufacturers have been unwilling to add capacity without purchase agreements.



Polysilicon R&D and Capacity Expansion
The polysilicon industry is enjoying record industry profits. Additionally, for the first time solar manufacturers are pre-paying for supply (thanks to recent IPOs) and thus funding poly capacity expansion that should eliminate the shortage in 2008. Wacker, Tokuyama, and REC have launched programs to develop processes for manufacturing granular silicon (fluidized bed reactor for Wacker and REC and vapor to liquid deposition (VLD) reactor for Tokuyama). Tokuyama is building a 200-ton half commercial VLD pilot plant in Japan, while Wacker already has a 100-ton FBR pilot plant in Germany. REC is also looking to build a 200-ton pilot plant in Moses Lake, WA. In terms of capacity expansion, Wacker is currently expanding its facility in Germany, Hemlock is adding 3,000 ton of capacity, Tokuyama is expanding 400 tons in Japan, while REC has a goal to increase SGS to 2,500 tons per year. However, most production will not come online until 2008.

The Raw Polysilicon Feedstock Manufacturing Process
The process for making polysilicon feedstock is commonly referred to as the Siemens process using a CVD reactor and silane or trichlorosilane gas. The entire industry uses this CVD process with the exception of MEMC in Pasadena, Texas, which uses a silane fluid bed reactor that produces granular polysilicon. (REC at Moses Lake, WA and Wacker in Germany are both working on fluid bed reactors as is Schumacher Technology). Granular polysilicon, which fluid bed reactors produce, is desirable since it can be easily melted to top off the crystal growing crucible, allowing a longer silicon ingot crystal without the need to shut down the furnace. Furthermore, granular poly may enable innovations in high-speed, high-volume solar cell and module manufacturing.

The Case For "Virtual" Integration
While PV manufacturers are accelerating manufacturing process cost improvements to mitigate rising raw material costs, we believe that the greatest cost improvement for the PV industry can be attained by ensuring a consistent, low-cost supply of polysilicon. We suggest an industry consortium that would mitigate risk in constructing new PV poly capacity. The latest manufacturing techniques for polysilicon production are fluid bed reactors including tribromosilane (SiHBr3) fluid bed reactors and continuous substrate fabrication such as the continuous melt replenishment (CMR) process. According to industry sources, a $200 million investment could generate 3,000 ton of Electronic Grade polysilicon per annum, and supply polysilicon at $20 per kilo. Furthermore, any excess production could be sold into the IC wafer supply chain. We believe that a select few solar wafer manufacturers will adopt a virtual integration approach by investing proceeds from recent financings. In our opinion, this will enable a sustained competitive advantage.


Editor`s Note:

The authors of this article are research analysts at Piper Jaffray & Co., a full-service brokerage firm based in Minneapolis, member NYSE and SIPC. The companies mentioned in this article are not covered by Piper Jaffray`s research department. This article is for informational purposes only and is not intended to be used as the primary basis of investment decisions. Because of individual client requirements, it is not, and should not be construed as, advice designed to meet the particular investment needs of any investor. This report is not an offer or a solicitation of an offer to sell or buy any security.

Piper Jaffray was making a market in MEMC Electronic Materials` securities at the time this research report was published. Piper Jaffray will buy and sell the Company`s securities on a principal basis. Within the past 3 years Piper Jaffray participated in a public offering of, or acted as a dealer manager of a tender offer for, MEMC Electronic Materials` securities. Piper Jaffray has received compensation for investment banking services from or has had a client relationship with MEMC Electronic Materials within the past 12 months.

cheers

[wipadki]

http://www.faz.net

Solarboom
Silizium bleibt teuer und knapp

08. Februar 2006 Derzeit scheint es nur einen Faktor zu geben, der das Wachstum der Solarwerte bremsen kann: der Mangel an Silizium.

Sharp mußte schon 2004 seine Modulproduktion einschränken, weil der Rohstoff nicht rechtzeitig zu beschaffen war. Und die Solarworld AG wird die Anlagen, die sie von Shell übernehmen möchte, aus dem gleichen Grund anfangs nur etwa zur Hälfte auslasten können. Doch diese Knappheit kennt auch Profiteure. Die Siliziumproduzenten sind derzeit umworben wie nie, ihre Margen dürften sich in schwindelerregende Höhen schrauben.

Silizium doppelt so teuer wie 2003

Den Rohstoff Silizium gibt es - im wahrsten Sinne des Wortes - wie Sand am Meer. Das Ausgangsprodukt Quarzsand ist natürlich nicht knapp, sondern nur das Silizium in der benötigten Reinheitsform. Der größte Nachfrager ist noch die Halbleiterindustrie. Aber die Photovoltaikbranche holt auf.

Früher reichten die Mengen an Abfall und Überschuß aus der Halbleiterfertigung aus, um das benötigte Solar-Grade-Silizium bereitzustellen. Nach dem Platzen der New-Economy-Blase verloren Siliziumproduzenten viele Kunden, darum konnte die Solarindustrie ihre langsam steigende Nachfrage problemlos decken. Seit 2003 aber kämpfen beide Branchen wieder um den knappen Rohstoff - und treiben den Preis nach oben. Einer Studie des Research-Hauses CLSA zufolge könnte Silizium in diesem Jahr etwa 50 Dollar je Kilogramm kosten, das ist mehr als doppelt so viel wie im Jahr 2003.

Silizium bleibt noch eine Weile knapp

Die Siliziumhersteller können nicht flexibel auf Nachfrageänderungen reagieren. Es dauert etwa zwei Jahre, bis eine neue Produktionsstätte ihren Betrieb aufnehmen kann, außerdem kosten die Investitionen viel Geld.

Silizium wird also noch eine Weile knapp bleiben. Und selbst in einigen Jahren, wenn die Kapazitäten entsprechend ausgebaut worden sind, sollte Solarsilizium der CLSA-Studie zufolge um die 40 Euro je Kilo kosten, weil die Nachfrage weiter zunehmen wird.

Nur sechs große Spieler auf dem Markt

Auf dem Siliziummarkt gibt es nur sechs große Spieler. Weltmarktführer ist das amerikanische Unternehmen Hemlock mit einem Marktanteil von etwa 25 Prozent. Tokuyama (Japan) kommt auf etwa 17 Prozent, Wacker Chemie (Deutschland) auf nur unwesentlich weniger. REC (Norwegen), MEMC (Vereinigte Staaten) und Mitsubishi (Japan) halten jeweils zwischen 10 und 13 Prozent.

Von den genannten Unternehmen sind - neben dem Konglomerat Mitsubishi - nur Tokuyama und MEMC börsennotiert. Viel Auswahl haben die Anleger also nicht. Doch das könnte sich ändern, denn REC plant im zweiten Quartal den Gang an die Börse, und bei Wacker halten sich hartnäckig ähnliche Gerüchte.

[wipadki]

Silizium
Solarboom: Profitieren von den Profiteuren

08. Februar 2006 Silizium ist der Rohstoff, der den Solarboom anfeuert. Davon, so ein naheliegender Gedanke, sollten Anleger profitieren können. Denn irgend jemand muß das Silizium ja produzieren, und genau diese Unternehmen sollten bei dieser hohen Nachfrage gutes Geld verdienen (siehe Silizium bleibt teuer und knapp).

Den Markt für Silizium teilen sich wenige große Anbieter, von denen nur zwei börsennotiert sind: MEMC (Amerika) und Tokuyama (Japan). Doch das könnte sich ändern, denn REC (Norwegen) plant im zweiten Quartal den Gang an die Börse, und bei Wacker (Deutschland) halten sich hartnäckig ähnliche Gerüchte. FAZ.NET stellt die Unternehmen kurz vor.

MEMC mit guten Aussichten

MEMC (ISIN US5527151048) produziert Silizium nicht in erster Linie für die PV-Industrie, sondern für Computer, Telekommunikationssysteme und Konsumelektronik. Aber das Unternehmen profitiert natürlich vom steigenden Preis für den begehrten Stoff und hat inzwischen auch einige langlaufende Verträge mit Solarunternehmen abgeschlossen. Dies könnte den Umsatz der Sparte für 2005 im Vergleich zu 2004 um einige Millionen Dollar nach oben getrieben haben, ohne daß wesentliche zusätzliche Kosten entstanden wären.

2003 kam MEMC in die schwarzen Zahlen. 2004 blieb unter dem Strich ein Gewinn von 1,09 Dollar je Aktie. Für 2006 rechnen Analysten im Schnitt mit 1,31 Dollar, für 2007 mit 1,52 Dollar. Auf Basis dieser Gewinnschätzungen ergibt sich ein Kurs-Gewinn-Verhältnis von 19 für 2006 und 16,4 für 2007. Das scheint - im Vergleich mit anderen Solarwerten - nicht überteuert. Investoren müssen aber wissen, daß sie nicht primär in einen Solarwert investieren, sondern in ein Unternehmen, das eher nebenbei vom Solarboom profitieren könnte.

kompletter Artikel unter:

http://www.faz.net/s/RubEA492BA0F6EB4F8EB7D198F099C02407/Doc…

[Punicamelon]

Heissa, MEMC heute +4,4% auf 27,30Euro, Tageshoch sogar 27,50Euro

Die anhaltenden Nachrichten über Staaten, die ihre Öl Abhängigkeiten reduzieren wollen, scheinen der MEMC Aktie wohl gut zu tun.

[Punicamelon]

16.02.2006

MEMC Electronic Materials, Inc. (NYSE:WFR) posted fourth quarter earnings per share of 40 cents in late January, excluding a benefit, which beat Wall Street expectations by more than 14%. The result was also more than enough to surpass the year-ago total. Net sales reached $317.3 million, or 18.2% above $268.4 million in the fourth quarter of 2004. On a non-GAAP basis, which excludes the above-mentioned benefit, net sales were $304.8 million.

http://aktien.onvista.de/news-filter.html?ID_NEWS_TYPE=1,2,4…

[wipadki]

Motech to form strategic alliance with MEMC, claim sources

Latest news
Nuying Huang, Taipei; Rodney Chan, DigiTimes.com [Wednesday 1 March 2006]

Taiwan’s leading solar cell maker Motech Industries may form a strategic alliance with US-based MEMC Electronic Materials so as to secure sufficient silicon supply, according to industry sources.

Motech spokesman Chia-chi Chen yesterday revealed that the company is seeking strategic partnerships with materials suppliers but the spokesman declined to disclose details. Chen stressed that forming strategic partnerships is only one option and the company currently has no timetables.

The sources indicated that the MEMC-Motech deal may see the material supplier investing in the solar cell maker with the two companies possibly signing an agreement soon.

The sources report that silicon is in serious shortage with 80% of the world’s silicon supply for 2006 having already been booked.

Motech’s capacity was 120 megawatt-peak (MWp) in 2005, and the company expects it to go up to 200MWp this year after its new facilities come online.

cheers

[wipadki]

http://moneycentral.msn.com/content/Stratlabs/Round13/P14627…

Journal: Monday, March 06, 2006

Model Behaviorist Jon Markman
Jon leverages a proprietary stock-rating system based on StockScouter at MSN Money to go long and short stocks in a mostly mechanical model, though he also will "swing trade" opportunistically.


... My next chip industry play
One of my favorite plays this year to exploit the revival in the fortunes of semiconductors is MEMC Electronic Materials (WFR, news, msgs), another position in my newsletter buy list, and already up 56% this year. It still looks cheap to me, at least in contrast to its prospects.

MEMC Electronic is a global supplier of ultra-pure polysilicon wafers that is the basic raw material for all semiconductors. This is a pretty hard thing to make to the exacting standards of the chip industry, and there are only five major manufacturers in the entire world. MEMC Electronic is the only one based in the United States.

It appears clear to me that the company is gaining share from its competitors in the chip industry, and expanding exceedingly well into the market of also supplying wafers to the solar-power industry. I think the company can grow at least 20% annually over the next couple of years, which means as much as $2.00 in earnings per share in 2007. At that estimate, the stock is cheap at 17x forward earnings. It probably deserves a multiple more in the 20-22 range, and if the market agrees with me then the stock has potential to hit the $45 area over the next 12 months, or about 30% higher than the current price.

MEMC Electronic is highly-rated in the StockScouter http://moneycentral.msn.com/investor/srs/srsmain.asp?Symbol=… system, and I would love to add it to my Strategy Lab account. However, I am going to wait for some consolidation first. I would like to buy it in the $32-$33 area if possible. I`ll let you know if it gets there. Meanwhile, I am going to set new stops for the rest of my portfolio.


cheers

[wipadki]

UPDATE 1-RESEARCH ALERT-UBS cuts '06 view on chip equipment
Fri Mar 24, 2006 10:48 AM ET


March 24 (Reuters) - UBS on Friday cut its global semiconductor capital equipment sales growth estimate for 2006 to 9 percent from 10 percent, but raised its forecast for 2007 to 14 percent from 12 percent.

UBS expects order for chip-making equipment to decline from the third quarter of 2006 on a quarter-on-quarter basis, instead of its previous view of from the fourth quarter.

The brokerage said it reduced its estimates for capital spending on logic and memory chips to account for the delay in launch of Microsoft Corp.'s (MSFT.O: Quote, Profile, Research) Vista operating system. Foundry customers have still not shown any signs for an order momentum in the second half of 2006, the brokerage added.

It expects order growth to resume in the first quarter of 2007, driven by Intel Corp.'s (INTC.O: Quote, Profile, Research) two leading-edge plants, Micron Technology Inc.'s (MU.N: Quote, Profile, Research) NAND flash memory projects, and investments in capacity by foundry customers.

UBS said its favorite chip equipment stocks are MEMC Electronic Materials Inc. (WFR.N: Quote, Profile, Research) -- for its pricing power as polysilicon could remain under supplied -- and Advantest Corp. (ATE.N: Quote, Profile, Research) based on NAND flash and LCD driver chip demand. (Reporting by Ramkumar Murthy in Bangalore)

[beamer007]

Memc geht in Amiland gerade steil nach oben, die deutschen Kurse sind noch hinten dran, ich kann nur raten, einzusteigen !

[wipadki]

Polysilicon prices to rise through 2008, says Merrill Lynch

Latest news
Apple Daily, March 24; Esther Lam, DigiTimes.com [Friday 24 March 2006]

The price of polysilicon will continue to rise by 20-25% over the coming two years and leading Taiwan-based solar cell maker Motech Industries should able to acquire over 90% of upstream materials, according to the Chinese-language Apple Daily, citing Brett Hodess, analyst at Merrill Lynch.

Polysilicon contract prices had grown to US$80-90 per kg, up from last year’s US$50-60 while spot quotes have risen to US$110-120, the paper said.

cheers

[wipadki]

VectorVest Stock Analysis of M E M C ElcMtL as of 4/11/2006

This report has five major sections.
Capital Appreciation Analysis
Dividend Analysis
Price-Volume Data
Sales / Market Capitalization Information
Summary

Business: MEMC ELECTRONIC MATRIALS INC, (WFR) produces silicon wafers
used in the manufacture of semiconductors that are used in
microelectronic applications, including computer systems,
telecommunications equipment, automobiles, consumer electronic products,
industrial automation and control
Business Sector: WFR has been assigned to the Electronic Business
Sector. VectorVest classifies stocks into over 200 Industry Groups and
40 Business Sectors.
Industry Group: WFR has been assigned to the Electronic (Semicndtr Eqp)
Industry Group. VectorVest classifies stocks into over 200 Industry
Groups and 40 Business Sectors.

Capital Appreciation Analysis Back to top

Value: Value is a measure of a stock's current worth. WFR has a current
Value of $37.96 per share. Therefore, it is fairly valued compared to
its Price of $35.34 per share. Value is computed from forecasted
earnings per share, forecasted earnings growth, profitability, interest,
and inflation rates. Value increases when earnings, earnings growth rate
and profitability increase, and when interest and inflation rates
decrease. VectorVest advocates the purchase of undervalued stocks. At
some point in time, a stock's Price and Value always will converge.

RV (Relative Value): RV is an indicator of long-term price appreciation
potential. WFR has an RV of 1.16, which is good on a scale of 0.00 to
2.00. This indicator is far superior to a simple comparison of Price and
Value because it is computed from an analysis of projected price
appreciation three years out, AAA Corporate Bond Rates, and risk. RV
solves the riddle of whether it is preferable to buy High growth, High
P/E stocks, or Low growth, Low P/E stocks. VectorVest favors the
purchase of stocks with RV ratings above 1.00.

RS (Relative Safety): RS is an indicator of risk. WFR has an RS rating
of 1.11, which is good on a scale of 0.00 to 2.00. RS is computed from
an analysis of the consistency and predictability of a company's
financial performance, debt to equity ratio, sales volume, business
longevity, price volatility and other factors. A stock with an RS rating
greater than 1.00 is safer and more predictable than the average stock
in the VectorVest database. VectorVest favors the purchase of stocks of
companies with consistent, predictable financial performance.

RT (Relative Timing): RT is a fast, smart, accurate indicator of a
stock's price trend. WFR has a Relative Timing rating of 1.31, which is
very good on a scale of 0.00 to 2.00. RT is computed from an analysis
of the direction, magnitude, and dynamics of a stock's price movements
over one day, one week, one quarter and one year time periods. Once a
stock's price has established a strong trend, it is expected to continue
in that trend for the short-term. If a trend dissipates, RT will
gravitate toward 1.00. RT will explode from bottoms, dive from tops, and
reflect changes in price momentum. VectorVest favors the purchase of
stocks with RT ratings above 1.00.

VST (VST-Vector): VST is the master indicator for ranking every stock
in the VectorVest database. WFR has a VST rating of 1.20, which is good
on a scale of 0.00 to 2.00. VST is computed from the square root of a
weighted sum of the squares of RV, RS, and RT. Stocks with the highest
VST ratings have the best combinations of Value, Safety and Timing.
These are the stocks to own for above average, long-term capital
appreciation. VectorVest advocates the purchase of safe, undervalued
stocks rising in price.

Recommendation (REC): VectorVest gives a Buy, Sell, Hold recommendation
on every stock, every day. WFR has a Buy recommendation. REC reflects
the cumulative effect of all the VectorVest parameters working together.
These parameters are designed to help investors buy safe, undervalued
stocks rising in price. They also help investors avoid or sell risky,
overvalued stocks falling in price. VectorVest recommends that investors
buy high VST-Vector, Buy-rated stocks in rising markets.

Stop (Stop-Price): Stop is an indicator of when to sell a long position
or cover a short position. WFR has a Stop of $32.77 per share. This is
$2.57 below WFR's current closing Price. A stock's Stop is computed from
a 13 week moving average of its closing prices, and is fine-tuned
according to the stock's fundamentals. High RV, high RS stocks have
lower Stops, and low RV, low RS stocks have higher Stops. In the
VectorVest system, a stock gets a 'B' or 'H' recommendation if its Price
is above its Stop and an 'S' recommendation if its Price is below its
Stop.

GRT (Earnings Growth Rate): GRT reflects a company's one to three year
forecasted earnings growth rate in percent per year. WFR has a
forecasted Earnings Growth Rate of 15.00%, which VectorVest considers to
be very good. GRT is computed from historical, current and forecasted
earnings data. It is updated each week for every stock in the VectorVest
database. GRT often foretells a stock's future price trend. If a stock's
GRT trend is upward, the stock's price will likely rise. If GRT is
trending downward, the stock's Price will probably fall. VectorVest
favors the purchase of stocks whose GRT is rising and is greater than
the sum of current inflation and interest rates, (9.65%).

EPS (Earnings per Share): EPS stands for leading 12 months Earnings Per
Share. WFR has a forecasted EPS of $1.70 per share. VectorVest
determines this forecast from a combination of recent earnings
performance and traditional fiscal and/or calendar year earnings
forecasts.

P/E (Price to Earnings Ratio): P/E is a popular measure of stock
valuation which shows the dollars required to buy one dollar of
earnings. WFR has a P/E of 20.79. This ratio may be deemed to be high
or low depending upon your frame of reference. The average P/E of all
the stocks in the VectorVest database is 28.24. P/E is computed daily
using the formula: P/E = Price/EPS.

EY (Earnings Yield): EY reflects earnings per share as a percent of
Price. EY is related to P/E via the formula, EY = 100 / (P/E), and may
be used in place of P/E as a measure of valuation. EY has the advantages
that it is always determinate and can reflect negative earnings. WFR has
an EY of 4.80 percent. This is above the current average of 3.54% for
all the stocks in the VectorVest database. EY equals 100 x (EPS/Price).


GPE (Growth to P/E Ratio): GPE is another popular measure of stock
valuation. It compares earnings growth rate to P/E ratio. WFR has a GPE
rating of 0.73. High growth stocks are believed to be able to justify
high P/E ratios. A stock is commonly considered to be undervalued when
GPE is greater than 1.00 and overvalued when GPE is below 1.00.
Unfortunately, this rule of thumb does not take into account the effect
of interest rates on P/E ratios. The operative GPE ratio of 1.00 is
valid when and only when interest rates equal 10%. With long-term
interest rates currently at 6.05%, the operative GPE ratio is 0.37.
Therefore, WFR may be considered to be undervalued.

Dividend Analysis Back to top

DIV (Dividend): VectorVest reports annual, regular, cash dividends as
indicated by the most recent payments. Special distributions, one-time
payments, stock dividends, etc., are not generally included in DIV. WFR
does not pay a dividend.

DY (Dividend Yield): DY reflects dividend per share as a percent of
Price. WFR does not pay a dividend, so it does not have a Dividend Yield
rating. . DY equals 100 x (DIV/Price). It is useful to compare DY with
EY. If DY is not significantly lower than EY, the dividend payment may
be in jeopardy.

DS (Dividend Safety): DS is an indicator of the assurance that regular
cash dividends will be declared and paid at current or at higher rates
for the foreseeable future. WFR does not pay a dividend, so it does not
have a Dividend Safety rating . Stocks with DS values above 75 typically
have RS values well above 1.00 and EY levels that are much higher than
DY.


DG (Dividend Growth Rate): Dividend Growth is a subtle yet important
indicator of a company's financial performance. It also provides some
insight into the board's outlook on the company's ability to increase
earnings. WFR does not pay a dividend, so it does not have a Dividend
Growth rating .

YSG (YSG-Vector): YSG is an indicator which combines DIV, DY and DG into
a single value, and allows direct comparison of all dividend-paying
stocks in the database. WFR does not pay a dividend, so it does not have
a YSG rating . Stocks with the highest YSG values have the best
combinations of Dividend Yield, Safety and Growth. These are the stocks
to buy for above average current income and long-term growth.

Price-Volume Data Back to top

Price: WFR closed on 4/11/2006 at $35.34 per share

Open: WFR opened trading at a price of $36.00 per share on 4/11/2006.


High: WFR traded at a High price of $36.20 per share on 4/11/2006.


Low: WFR traded at a Low price of $34.50 per share on 4/11/2006

Close: WFR closed trading at price $35.34 per share on 4/11/2006. (Close
is also called Price in the VectorVest system)

Range: Range reflects the difference between the High and Low prices for
the day. WFR traded with a range of $1.70 per share on 4/11/2006.

$Change: WFR closed down 1.09 from the prior day's closing Price.

%PRC: WFR's Price changed -2.99% from the prior day's closing price.


Volume: WFR traded 6,848,400 shares on 4/11/2006.

AvgVol: AvgVol is the 50 day moving average of daily volume as computed
by VectorVest. WFR has an AvgVol of 3,017,700 shares traded per day.


%Vol: %Vol reflects the percent change in today's trading volume as
compared to the AvgVol. %Vol equals ((Volume - AvgVol) / AvgVol ) * 100.
WFR had a %Vol of 126.94% on 4/11/2006

CI (Comfort Index): CI is an indicator which reflects a stock's ability
to resist severe and/or lengthy price declines. WFR has a CI rating of
1.84, which is excellent on a scale of 0.00 to 2.00. CI is quite
different from RS in that it is based solely upon a stock's long-term
price history. VectorVest advocates the purchase of high CI stocks.

Sales / Market Capitalization Information Back to top

Sales: WFR has annual sales of $1,124,000,000

Sales Growth: Sales Growth is the Sales Growth Rate in percent over the
last 12 months. WFR has a Sales Growth of 18.00% per year. This is very
good. Sales Growth is updated each week for every stock. It is often
useful to compare Sales Growth to Earnings Growth to gain an insight
into a company's operations.

Sales Per Share (SPS): WFR has annual sales of $5.11 per share. SPS can
be used as a measure of valuation when comparing stocks within an
Industry Group.

Price to Sales Ratio (P/S): WFR has a P/S of 6.92. This ratio is also
used as a measure of valuation. Here, too, it is useful when comparing
stocks within an Industry Group.

Shares: WFR has 220,000,000 shares of stock outstanding.

Market Capitalization: WFR has a Market Capitalization of
$7,782,000,000. Market Capitalization is calculated by multiplying price
times shares outstanding.

Summary Back to top

WFR is fairly valued compared to its Price of $35.34 per share, has
somewhat above average safety, and is currently rated a Buy.

The basic strategy of VectorVest is to buy Low risk, High reward stocks.
We suggest that Prudent investors buy enough High Relative Value, High
Relative Safety stocks to keep the overall RV and RS ratings of their
portfolios above 1.00. As you do this, you'll find that your risk will
go down and your investment performance will improve.

Frohe Ostern !

[wipadki]

MEMC Announces LOI for $1.6 Billion Solar Wafer Supply Agreement
Tuesday April 18, 8:00 am ET

ST. PETERS, Mo., April 18 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, Inc. (NYSE: WFR - News) announced that it has signed a non-binding Letter of Intent ("LOI") with Motech Industries, one of the top producers of solar cells in the world today, for the supply of solar wafers to Motech.


Under the terms outlined in the LOI, MEMC will supply solar wafers to Motech over an 8-year period, with pre-determined pricing, on a take or pay basis. Sales of the wafers over the 8-year period would generate at least $1.6 billion in revenue to MEMC. The LOI also provides that Motech would provide an interest-free loan/security deposit to MEMC, which would be used for the expansion of MEMC's manufacturing capacities. Additionally, Motech would transfer to MEMC, for an undisclosed amount, ownership of the solar wafer manufacturing business with an annual manufacturing capacity of at least 120 megawatts. As part of the agreement, MEMC will also receive a warrant to purchase a 5% equity stake in Motech. The effective date of a definitive agreement, if executed, is expected to be July 2006.

Commenting on the signing of the LOI, Nabeel Gareeb, MEMC's Chief Executive Officer, said, "We are pleased at the prospect of partnering with such a fast growing and respected solar cell manufacturer as Motech. This arrangement sets us up to be one of the leading suppliers of solar wafers, by solidly establishing our direct participation in this 30%+ CAGR industry. We believe we will be able to add significant value to the evolution of the solar wafer market by leveraging our technical and operational core competencies developed through 40 years of supplying wafers to the highly demanding semiconductor industry."

Leo Cheng, Chairman and President of Motech Industries said, "The signing of this LOI further strengthens the long-term future of both companies. For Motech, this agreement means a stable and competitive source of supply for solar wafers, from a company that has been making wafers for over four decades. A supply agreement of this size in a constrained market will help Motech achieve significant growth in revenue and market share."

The LOI reflects the parties' intent to conclude a definitive agreement by July 2006. MEMC cannot assure that the definitive agreement will be concluded within this time frame, or at all. Execution of the definitive agreement is also contingent on due diligence by MEMC and its advisors, agreement on all material terms and other customary closing conditions for transactions of this nature.

MEMC is currently conducting similar discussions with other solar product manufacturers for the future supply of solar wafers.

[diefus]

Es freut mich, daß Du diese Aktie beobachtest und interessante Infos postest. Viele Zocker rennen den völlig überteuerten Solarwerten nach, aber ich glaube MEMC produziert das wahre Gold, das die Sonnenfirmen dringend brauchen.
Die Frage ist für mich, wie lange das noch so weiter gehen kann!?
Ob sich ein Nachkauf noch wirklich lohnt? Hat jemand ein konkrete Meinung?

[Tokuyamazieeeeh]

wenn du lust hast, dann geh mal in den tokuyama thread, da bekommst du mehr infos über silizium usw, da dort mehr los ist als hier.

gruß

[diefus]

ja, danke Dir. (Allerdings ist die Tokuyama auch schon überteuert, aber vielleicht deshalb MEMC konkurrenzfähig). Weißt Du, wieviel Umsatz MEMC p.a. macht? Ist für die ca. 200 Mill. USD p.a. viel? Hast Du Gewinn- und Umsatzzahlen?

[rassti]

Antwort auf Beitrag Nr.: 21.233.520 von diefus am 19.04.06 02:42:23

@ diefus

lies den Thread mal von Anfang an, dann bekommst du schon eine Menge Informationen.
Preiswert ist die Aktie nun auch nicht mehr.
Die Angaben des KGV schwanken zwischen 24 und 30 für 2006.
Trotzdem, Solarzellen auf Siliziumbasis werden über das Jahr 2010 dominant bleiben.Der Industrie fehlt Silizium an allen Ecken und Enden. Es ist nach wie vor genügend Wachstumsfantasie vorhanden um die Marktkapitalisierung noch mals zu verdoppeln.
Die ständige Verteuerung der Energiekosten hilft natürlich den Kursanstieg fort zu setzen.
Wer nicht den Mut hat einzusteigen, der wird wohl dem Anstieg hinter her blicken.Aber immer einen angemessenen Stoppkurs setzen.
g.rassti

[APstockInvestors]

Antwort auf Beitrag Nr.: 21.233.520 von diefus am 19.04.06 02:42:23

MEMC
Umsatzerlöse 2005 = 1,125 Mrd.$
Netto-Gewinn 2005 = 338,2 Mio $
Schau mal bei www.aktienperformer.de

[wipadki]

hoppla, so langsam kommt ja doch etwas leben in diesen Thread.

Freut mich, denn auf Dauer ist das Alleinunterhalterdassein doch nicht ganz so prickelnd.

Klar hat MEMC in den letzten Monaten eine super Performance hingelegt, aber ich bin durchaus der Meinung, dass wir noch höhere Kurse sehen werden.
Die Ausgangslage ist doch einfach top. MEMC hat ja bekanntlich keine Probleme bei der Siliziumbeschaffung und profitiert somit direkt vom hohen Siliziumpreis und zum anderen produziert MEMC auch selbst noch solare Wafer.
Im Monent sehe ich also keinen Grund der gegen einen weiteren Kursanstieg sprechen würde und so lange die Sonnenernergie boomt wird auch MEMC weiter steigen.

Habe ich gerade noch gefunden ! Laut diesem Artikel konnte MEMC auch schon Preiserhöhungen für ihre Wafer durchsetzen.

Wie gehabt, selber lesen und eine eigene Meinung dazu bilden.


MEMC stock gets a boost as polysilicon prices soar
St. Louis Business Journal - April 7, 2006
by Patrick L. Thimangu

St. Peters-based MEMC Electronic Materials Inc. is poised to benefit from skyrocketing prices of polysilicon.

MEMC's shares have risen to an all- time high -- hitting a price of $39.26 per share April 3 -- more than triple its 52-week low price of $10.70 per share Feb. 9 last year. The stock closed at $38.53 April 4.


The increase in price at MEMC, which is led by Nabeel Gareeb, comes as global demand for polysilicon, a material made from silica, pushes prices to stratospheric levels. Spot prices for polysilicon have increased from about $30 per kilogram in 2004 to $120 in 2005 and about $200 per kilo this year, according to analysts who follow the semiconductor industry.

Silica is found in huge quantities in sand. The problem with producing polysilicon is that it requires heavy investment in equipment and scientific processes to create the material from sand. It takes about two years to build a plant that can produce polysilicon in economically viable quantities.

MEMC is unique among companies in the industry because it produces polysilicon in granule and chunk forms, and also makes polysilicon wafers, a finished product that is used in computer chips and semiconductors. MEMC sells the polysilicon to other companies and also uses the material to manufacture its own polysilicon wafers, which it then sells to semiconductor companies including Seoul, Korea-based Samsung Electronics Co. Ltd., Texas Instruments Inc. of Dallas and STMicroelectronics N.V., the Geneva-based European electronics giant.

"MEMC is the only semiconductor wafer manufacturer that is fully vertically integrated with full ownership of two polysilicon production facilities," Stephen Chin and Marisa Hernandez, analysts at UBS Securities LLC, noted in a recent research report. "Other leading semiconductor wafer competitors have their polysilicon supply assured by way of long-term contracts and close relationships with merchant polysilicon producers. Unlike MEMC, they are subject to polysilicon price increases from their suppliers."

MEMC's largest competitors include Shin-Etsu Chemical Co. and Sumitomo Mitsubishi Silicon Corp. (Sumco), both based in Tokyo, and Siltronic AG of Munich, Germany.

A spokesman at MEMC said Gareeb could not comment for this story because MEMC is in a quiet period pending release of its first quarter results. But earlier this year Gareeb credited the company's growth to a cost cutting program he began three years ago. MEMC reported a profit of $338 million in 2005, on revenue of $1.1 billion. That is compared to a profit of $226 million on revenue of $1 billion in 2004.

In April 2002, the company was losing money and had nearly $1 billion in debt. It was acquired in 2001 by a group of private investors led by Texas Pacific Group, which absorbed most of the debt and hired Gareeb to turn the business around.

Gareeb said MEMC improved its financial performance in 2005 by launching production of 300 mm wafers, a newer type of wafer in the market. Those wafers are being made at a factory MEMC opened in Taiwan.

According to Chin and Hernandez at UBS, MEMC's prospects look good because polysilicon prices are rising and today's inventories of the product globally could actually be sold out through 2008. MEMC recently raised the price for its 200 mm wafers by 10 percent and Samsung seems to be paying slightly higher prices for 300 mm wafers, the analysts said in a report.

Chin and Hernandez said MEMC's sales of polysilicon also are increasing, especially to the solar energy industry, which accounts for about 10 percent of sales, or $100 million a year. That figure, they projected, will increase to about $586 million in 2007.

Brett Hoddes, an analyst at Merrill Lynch, last December said MEMC's growth is likely to outpace that of its competitors because MEMC plans to boost production of polysilicon by 40 percent over the next two years. MEMC is likely to sign a major partnership deal this year with a leading solar cell maker, Hoddes said in a research report.

In January, Gareeb said MEMC plans to increase its polysilicon production from 4,000 metric tons per year to approximately 8,000 metric tons per year over the next three years.

[e-mail]

cheers

[rassti]

Antwort auf Beitrag Nr.: 21.246.009 von wipadki am 19.04.06 21:37:41

Ja, ich denke auch, dass der Kursanstieg trotz der vergangenen Top Performance noch etwas weiter gehen wird.
Aber alles was mit Erneuerbaren Energien zu tun hat boomt halt auch nach wie vor.
Eine Auszeit, also eine mehr monatige Seitwärtsbewegung, könnte der Aktie aber auch nichts schaden.
Es gibt an der Börse wieder bereits Entwicklungen die mich doch stark an den NEUEN MARKT erinnern.
Im übrigen ist es schon erstaunlich wie wenig hier im Thread los ist.
Scheinen gar nicht so viel hier investiert zu sein , oder es sind alles stille Mitleser so wie ich es eigentlich auch bin.
g rassti

[billionare]

da hast du recht, mich erinnert das auch ziemlich an damals
als ich fast alles verloren habe.
bin auch jetzt wieder voll investiert und hoffe das ich dieses
mal rechtzeitig rauskomme, wenn es mal wieder richtig abwärts geht.

am meisten angst macht mir, daß die ganzen "börsengurus" alla
frick wieder voll präsent sind, daß kann nichts gutes heissen.

allerdings wir unsere memc noch etwas laufen denke ich, da der
solarboom in amerika erst noch am anlaufen ist. außerdem ist
das ja schon ein beeindruckender auftrag den memc da vor zwei tagen an land gezogen hat.

viel glück euch und vor allem mir.

[wipadki]

Das an der Börse gerade wieder die pure Euphorie herrscht beunruhig mich im Moment noch wenig, da ich denke, dass wir noch ein ganzes Stück von der damaligen "Neuen Markt" Euphorie entfernt sind.

Ich kenne viele, die sich damals von der Euphorie zum Aktienkauf haben hinreissen lassen, sich die Finger verbrannt haben und selbst heute wo alles wieder steigt kein Geanken darauf verschwenden Aktien zu kaufen. Ich selber hatte damals einen guten Riecher und bin ohne groß Verluste zu machen aus dem Neuen Markt raus.

Klar verfolge ich stets kritisch die momentanen Entwicklungen aber im Moment bereitet mir der Iran mehr Sorgen als die Präsens von Frick & Co.

Wie bei allen Aktien, die ich im Portfolio habe, habe ich mir auch bei MEMC gedanklich einen Stoppkurs gesetzt. Wenn der erreicht ist, wird verkauft - ohne wenn und aber !

Letzte Woche konnte sich MEMC zum Glück gerade noch so drüber halten und so darf ich mich auch weiterhin über Kurssteigerungen bei MEMC freuen .

[diefus]

ich bin zwar oft auch ein stiller Leser, mache mir natürlich auch meine Gedanken. Bei MEMC fällt mir z.B. ein, daß die auch schon Probleme mit der SEC und Patentstreitigkeiten hatten. Dann gings auch schnell nach unten.
Und bei den Lieferungen an Evergreen Solar hat MEMC einfach den Vertrag gestoppt bzw. ohne Gründe nicht mehr geliefert, obwohl die auch immer im voraus bezahlt hatten. (siehe chat Evergreen, die ist dann auch abgestürzt und hat sich bisher nicht erholt).
Ich habe dann auch MEMC gekauft, weil ich davon ausging, daß die sich vor lauter Aufträgen nicht mehr retten konnten. Aber wenn die sich jetzt nach weiteren Abnehmern umsehen, verstehe ich das nicht.
Hoffentlich ist der CEO kein Hochstapler, denn ein L.O.I. sagt natürlich nichts aus, das kann eine Erfindung sein oder noch floppen.(d.h. soviel wie "es wurden Gespräche geführt") Denn wie zwischen den Zeilen zu lesen ist, muß erst alles noch genau geprüft werden und die sind sich auch nicht klar, ob bis Ende Juli ein Liefer-Vertrag daraus wird.
Aber ansonsten kann man nur hoffen und glauben....(Ihr wißt ja, auch bei größten Firmen wie z.B. Enron usw. wurde im großen Stil betrogen und manipuliert)

[diefus]

übrigens: solche Leute wie Frick gehören angezeigt: die pushen nur Microcaps nachdem sie sich eingedeckt haben und lassen dann die Kleinanleger bezahlen. Außerdem verdient Frick mit seinen Seminaren und teuren hotlines zusätzlich viele Millionen. Ich warte nur, bis Verbraucherschützer oder die BAFIN die Machenschaften überprüfen.

[APstockInvestors]

Antwort auf Beitrag Nr.: 21.264.260 von diefus am 20.04.06 22:55:18

Und nun manipulieren und betrügen alle?
Verkauf besser Deine MEMC und alle Aktien die Du hast!

[diefus]

warum so aggressiv? Vielleicht habe ich schon selbst genug Erfahrungen gemacht. Oder kannst Du mir meine vorgetragenen Tatsachen/Bedenken bei MEMC sachlich erklären?
So wie Du jetzt antwortest, habe ich auch reagiert in 2000 als jemand etwas gegen meine highflyers sagte. Aber im nachhinein hatte er recht. Natürlich ist heute alles anders und man kann das nicht mit damals vergleichen... das höre ich heute auch immer wieder.

[APstockInvestors]

Antwort auf Beitrag Nr.: 21.264.905 von diefus am 21.04.06 00:29:47

Wenn meine Antwort bei Dir aggressiv ankam, möchte ich mich bei Dir hiermit entschuldigen. Sie war wohl etwas knapp gefasst.
Im Grunde sind wir letztlich meinungskonform. Dein Misstrauen ist ja bis zu einem gewissen Grad wohl auch berechtigt. Ich möchte noch einen drauf setzen: Vor kurzem waren Bilanzkorrekturen auch bei Patterson UTI Energy erforderlich, bedingt durch Berichtsmanipulationen von 1998 bis in 2005 hinein.
Ich meine nur, deshalb ist es nicht unbegründet, sein Portfolio ausreichend breit zu streuen und damit evtl. Risiken zu minimieren. Es ist immerhin nur eine sehr kleine Minderheit an Konzernen, bei denen bisher Manipulationen aufgetreten sind.
Durch eine Reduzierung des Risikos kannst Du dann wenigsten besser Schlafen.
Vielleicht solltest Du neben MEMC alternativ auch in Tokuyama bzw. in einem Branchen- oder Regionen - Portfolio , Deine Investition verteilen.
Nichts für ungut
Alles Gute und viel Erfolg

[EasyTech]

aktuell macht der umsatz mit "solarunternehmen" nur 10% aus.

[rassti]

Antwort auf Beitrag Nr.: 21.268.984 von APstockInvestors am 21.04.06 11:43:32

@ APstockInvestors

Prima geschrieben

@ diefus

Ein gut gestreutes Depot ist Grundbedingung für einen langfristigen Börsenerfolg.( Es sei denn man ist ein mit allen Wassern gewaschener Zocker).
Dann kann man auch mal einen Verlust verschmerzen.
Easytech schreibt, dass der Umsatz mit Solarunternehmen bisher nur 10% ausmacht.Damit würde noch eine Menge Fantasie vorhanden sein.
Schauen wir mal.
g rassti

[EasyTech]

Antwort auf Beitrag Nr.: 21.276.671 von rassti am 21.04.06 18:50:37

Easytech schreibt, dass der Umsatz mit Solarunternehmen bisher nur 10% ausmacht.Damit würde noch eine Menge Fantasie vorhanden sein

das mag sein.
eine bewertungmasstäbe wie bei "solarunternehmen" kann man dann aber nicht ansetzen.

[wipadki]

MEMC Reports Record First Quarter Results
Wednesday April 26, 4:03 pm ET

ST. PETERS, Mo., April 26 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, Inc. (NYSE: WFR - News) today reported preliminary financial results for the first quarter ended March 31, 2006.

Highlights:

* Record net sales of $340 million
* Record gross margin of $136.4 million, or 40.1% of
sales
* Cash balance increases by more than $83 million vs.
prior quarter
* MEMC signs $1.6 billion LOI for supply of solar wafers

The company announced first quarter 2006 net sales of $339.9 million. Increased product volumes and higher selling prices drove the sequential improvement.

The company reported gross margin in the quarter of $136.4 million, or 40.1% of sales, results which include a $0.6 million stock option expense. In the first quarter of 2006, MEMC began expensing stock-based compensation pursuant to FAS 123R.

Operating income, which includes a total of $3.2 million of stock option expense, was $102.5 million, or 30.2% of net sales. Operating expenses of $33.9 million, or 10.0% of sales, increased by $2.4 million sequentially due to the inclusion of $2.6 million of stock option expense.

On a non-GAAP basis, using an effective cash tax rate of 19%, net income for the first quarter of 2006 was $83.1 million (including $3.2 million in pre-tax option expense) and non-GAAP diluted EPS was $0.36 (which includes approximately $0.01 impact from options). Net income for the first quarter, using a book tax rate of 34% and including $3.2 million in stock option expense, was $67.8 million and diluted EPS was $0.30.

MEMC ended the first quarter with cash and cash equivalents of $237.0 million, compared to $153.6 million at the end of the prior quarter, and $116.3 million in the year ago period. Operating cash flow for the quarter was $120.6 million, or 35.5% of sales. Capital expenditures for the quarter totaled $30.6 million. Free cash flow (operating cash flow minus capital expenditures) was $90.0 million or 26.5% of sales.

"The pricing environment continued to improve during the quarter due to increased volumes, high utilization rates, and a polysilicon supply chain that continues to be constrained," said Nabeel Gareeb, MEMC's chief executive officer. "As a result, MEMC set new financial records in several categories including revenue, gross margin and operating profit. We also signed a $1.6 billion letter of intent to supply solar wafers over an 8 year period to a leading solar cell manufacturer. We are looking forward to finalizing the agreement and to start providing wafers to the fast growing solar market in the second half of this year."

Outlook

"Broad-based demand momentum continues into the second quarter. Wafer demand has accelerated, we are seeing strength across virtually all products and geographic regions, and the raw material polysilicon continues to be in short supply. As a result, the pricing environment continues to strengthen."

"Based on this environment, we are targeting second quarter 2006 sales to increase by approximately 5-7% over the strong first quarter of 2006. In addition, we expect to see an additional 200-300 basis point improvement over the gross and operating margins achieved in the first quarter. Operating expenses should be approximately $34-$35 million, including option expense of just over $3 million," concluded Gareeb.

Financial Reporting Update

On January 26, 2006 the company provided unaudited financial results for 2005, which reflected the company's understanding of its financial results as of that time. As part of this earnings release, to allow for period comparisons, the company has also provided an update to those results to reflect the company's current understanding of its 2005 financial statements. These updated results follow the 2006 first quarter results set forth immediately after the narrative text of this press release. The updated results also include a brief summary of the reasons behind any updated numbers. More detailed explanations of these updated numbers will be set forth in the company's Form 10-Qs for the first three quarters of 2005 and Form 10-K for 2005 when those documents are filed with the SEC.

The preliminary results for the first quarter of 2006 are subject to review by the company's independent registered public accountants before filing on Form 10-Q and the preliminary results for the 2005 quarters and year are subject to audit by the company's independent registered public accountants. The company is continuing its work to finalize its restated Form 10-Qs for the first two quarters of 2005 and its third quarter Form 10-Q which must be completed before the filing of the 2005 Form 10-K. Information contained herein is therefore subject to change.

Conference Call

MEMC will host a conference call today, April 26, 2006, at 5:30 p.m. ET to discuss the company's preliminary first quarter results and related business matters. A live webcast will be available on the company's web site at www.memc.com. Please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software.

A replay of the conference call will be available from 7:30 p.m. ET on April 26, 2006, until 11:59 p.m. ET on May 3, 2006. To access the replay, please dial [phone] at any time during that period. A replay will also be available until 11:59 pm ET on May 3, 2006 on the company's web site at www.memc.com.

[wipadki]

Stock Screen
Third Time's a Charm

By Jack Hough Published: April 25, 2006


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IN THE SEMICONDUCTOR INDUSTRY, the strong become stronger. Financial capacity decides which companies will be able to adopt new, more profitable technologies. We noted as much in a September 2004 search for bargain growth stocks, concluding of silicon-wafer maker MEMC Electronic Materials (WFR: 44.70, NA, NA%), its "diminishing debt, along with its low [valuation], make it well worth a look." Shares have since gained 466%.

Last October we gave the stock a second look in a search for improving levels of profitability. We decided, "With a still-clean balance sheet, improving fundamentals and forecasts for more of the same, this wafer maker offers thin reason for shareholders to sell." The stock's up 148% since then.

Should readers who bought the stock after either story now lock in their gains, or should those who don't own it buy? We'll look into that today. MEMC turned up again on our Profitability screen.

Spotlight Stock
MEMC Electronic Materials (WFR)
A world-wide producer of wafers for the semiconductor industry.
Monday's Close $42.51
Market Value $9.4 billion
Trailing 12-Month Sales $1.1 billion
2006 P/E 26
Est. Long-Term EPS Growth Rate 18%
Additional Data:
Earnings | Financials | Key Ratios | Ratings | Insiders

A company's level of profitability is gauged by looking at its margins. Gross margin, for example, is the percentage of a company's sales left over after deducting what's called its cost of goods sold: the cost to buy raw materials and manufacture goods, basically. Operating margin is what's left after further subtracting operating expenses like executive salaries, marketing and administrative overhead. Profit margin is what's left after all expenses, taxes and accounting charges have been taken out.

Expanding margins, more so than already-plump margins, tend to lead to higher share prices. An increase in profitability shows something is changing for the better. Maybe demand is picking up. Maybe supply is constrained. Or maybe both events are contributing to profits, as is the case with MEMC. Such improvements tend to evolve over several quarters or years, rather than all at once. That makes companies undergoing margin expansion well worth a look by investors.

Use our stock screener anytime to run our search for yourself. Our recipe of search criteria calls for improving margins, rising earnings estimates, manageable debt levels and more. Recently the screen produced seven survivors from a starting database of 8,000. Let's look at MEMC.

Based in St. Peters, Mo., MEMC is the world's largest pure-play maker of silicon wafers. Chip manufacturers use such wafers to make memory for everything from PCs to iPods, as well as processors and CMOS chips, or battery-powered chips that control your computer's boot-up process. Wafers are also used to make things like voltage regulators and solar cells.

MEMC's wafers are the biggest in the business. That's important, because larger wafers allow chip makers to cut more chips at a time, thereby reducing manufacturing costs. The company's first wafers in the 1960s were the diameter of a nickel. Today it makes wafers the size of a Frisbee: 300 mm. Other companies make 300 mm chips, but none has the capacity and flexibility of MEMC. That's partly because MEMC makes 95% of the poly silicon it uses. A raw material used to make wafers, poly has soared in price to more than $50 a kilogram from $9 a kilogram in 2000. Wafer makers have struggled to increase production as supplies of poly have become scarce. MEMC has cashed in nicely on the high selling prices of wafers, while suffering much less than its peers from poly price hikes and supply shortages.

Strong chip makers get stronger, as we said. MEMC, thanks partly to its reliable output, scored a deal last week to supply wafers to Motech Industries, a solar-cell maker based in Taiwan. The eight-year contract is worth $1.2 billion. Pricing was set in line with MEMC's current 30% operating margin, analysts say.

The forces behind the sharp increase in wafer demand should be obvious to anyone who owns an iPod or cellphone. But investors may not be paying enough attention to the potential for growth in the solar-cell market. High oil prices make the payoff to solar technologies larger, as do improvements in solar power, which have been steady in recent years. Right now, solar cells account for 23% of wafer demand. That figure could hit 38% by 2010, say analysts.

As we mentioned in our October story, MEMC today is twice as profitable as it was in 2002. It may become more profitable still. Industry watchers don't expect supply and demand in the wafer industry to reach equilibrium until at least 2008. It's expensive to create the capacity to make industry-approved 300 mm wafers. Only four companies have done so thus far. That's down from 10 companies that were qualified to make 200 mm wafers. MEMC's financial strength makes it likely to step out in front of the next wafer-size increase, too. It ended 2005 with debt just 4.9% of total capital, down from 24.1% in 2004.

MEMC shares go for 26 times forecasted 2006 earnings right now. How expensive is that? Not very. The average semiconductor company fetches 22 times earnings, but MEMC is forecasted to increase its earnings by 18% a year over the next five years, vs. an average of 15% for the group. That gives the stock a PEG ratio (price/earnings divided by earnings growth projection) of 1.4, lower than the 1.5 shared by the company's peers and the broad market.

It's hard to think of a stock that's up several-fold since we started writing about it as a bargain. Nonetheless, the numbers convince us the stock has plenty higher to climb.

[wipadki]

UPDATE 4-Japan's Shin-Etsu has record profit on wafers, PVC
Mon May 15, 2006 6:07 AM ET


TOKYO, May 15 (Reuters) - Japan's Shin-Etsu Chemical Co. (4063.T: Quote, Profile, Research) posted its 11th straight year of record profit on Monday on strong demand for silicon wafers and polyvinyl chloride, and it forecast higher-than-expected growth, boosting its shares.

Shin-Etsu, the world's top producer of silicon wafers used to make semiconductors and Japan's largest chemical maker by market value, also cheered investors by raising its dividend by 43 percent to an estimated 50 yen in the year to March 2007.

The announcements were made during afternoon trade and sent Shin-Etsu's shares up 2.5 percent to close at 6,510 yen. That brings its gains over the past 12 months to 70 percent, handily beating a 46 percent rally in Tokyo's chemicals index (.ICHEM.T: Quote, Profile, Research).

Shin-Etsu has enjoyed robust demand for silicon wafers amid an upswing in the chip market while booking healthy sales of PVC, which is used to make pipes and other construction materials, thanks to a strong housing market in the United States.

A Shin-Etsu executive said the outlook was bright for 300-mm silicon wafers amid a broadening of the applications for semiconductor devices, and sounded an upbeat note on demand for synthetic quartz photomask substrates used to make LCDs.

"The 300-mm wafer business will drive earnings for us," Toshiyuki Kasahara, a director at Shin-Etsu, told a news conference. "The field of potential applications (for chips) is widening. It's not just PCs anymore, but automobiles and mobile phones."

Shin-Etsu, which competes against SUMCO Corp. (3436.T: Quote, Profile, Research), MEMC Electronic Materials Inc. (WFR.N: Quote, Profile, Research) and Siltronic AG (WAFG.DE: Quote, Profile, Research) in silicon wafers, said it expected group net profit to rise 16 percent to 133 billion yen ($1.21 billion) in the year to March.

The forecast was above the market consensus of 128 billion yen, calculated from the average of 16 analysts by Reuters Estimates. Shin-Etsu said it sees group sales up 7 percent at 1.21 trillion yen.

The semiconductor industry is rapidly shifting to 300-mm wafers from the 200-mm variety because the larger wafers can yield more than twice as many chips as the standard 200-mm ones, helping chip makers cut per-chip production costs.

Demand is so strong that SUMCO, which booked an 89 percent surge in annual profit for its business year through January, said last week that it would spend about 110 billion yen to build a new 300-mm silicon wafer plant in Japan.

Global demand for 300-mm silicon wafers is expected to grow 41 percent in 2006 in unit terms, followed by growth of 19 percent in 2007 and 40 percent in 2008, according to research firm Gartner.

To help strengthen its wafer business, Shin-Etsu earlier this year raised its stake Mimasu Semiconductor Industry Co. (8155.T: Quote, Profile, Research), which processes and polishes wafers for Shin-Etsu, through a friendly tender offer bid.

Shin-Etsu, which is also the world's top maker of PVC, said group net profit came to 115.05 billion yen in the year ended March 31, up 23.5 percent from the 93.16 billion yen booked a year earlier. The consensus figure was 113.4 billion yen.

Group revenue rose nearly 17 percent to 1.128 trillion yen, the first time sales cleared 1 trillion yen. ($1=109.62 Yen)

[wipadki]

MEMC Electronic Materials initiated with "outperform"

Friday, June 02, 2006 4:07:28 AM ET
RBC Capital Markets

NEW YORK, June 2 (newratings.com) - Analyst Stuart Bush of RBC Capital Markets initiates coverage of MEMC Electronic Materials (WFR.NYS) with an "outperform" rating. The target price is set to $47.

In a research note published yesterday, the analyst mentions that the company has the third largest market share in the semiconductor wafer market and has an established skill in making pure silicon wafers cut from ingots made from melted polysilicon. MEMC Electronic Materials’ has signed an eight year $1.6 billion wafer supply deal with Motech and other such deals are possible in 2006, the analyst says. The company has a capacity utilization of over 90% and is looking towards expanding into the solar wafer market, RBC Capital Markets adds.

[rassti]

Gibt es denn hier bei MEMC noch Investierte?
Eigentlich hat sich die Aktie doch ganz tapfer geschlagen.

rassti

[stockwilhelm]

Antwort auf Beitrag Nr.: 24.065.101 von rassti am 20.09.06 16:59:51

Hi,
klar doch gibt`s noch Investierte!
Ich bin mit AKTIENperformer.de eingestiegen und bleibe - nach mittlerweile 30% im Plus - auch noch weiter dabei!
Sollte es noch einen Rücksetzer geben, stocke ich weiter auf.

[rassti]

Antwort auf Beitrag Nr.: 24.068.620 von stockwilhelm am 20.09.06 19:54:51

@ stockwilhelm

Bin nun auch schon länger dabei.Habe das absolute Hoch mitgemacht und die Kursdelle ausgesessen.
Würde mich mal interessieren wie du die weiteren Aussichten siehst.
Der Aktienperformer ist ja ganz bullisch für den Wert.
Billig erscheint mir die Aktie im Moment nicht mehr.Die Zukunftsaussichten halte ich allerdings doch für blendend.
Bin aber echt am überlegen ob ich meine über 40%igen Kursgewinne mitnehmen soll.
g rassti

[stockwilhelm]

Antwort auf Beitrag Nr.: 24.070.454 von rassti am 20.09.06 21:15:09

Warum willst Du verkaufen?
Ich halte mich weiter an der Devise: "Gewinne laufen lassen".

Seinerzeit als AKTIENperformer.de von Conergy zu MEMC umgeschichtet hat, bin ich mitgezogen. Das war wohl im nachhinein gesehen, wie es z.Zt. aussieht, auch gut so. MEMC hat sich tatsächlich mittlerweile besser entwickelt!
Aussteigen werde ich jedenfalls nicht.

Wenn ich z.B. einen KGV-Vergleich zum etwa vergleichbaren japanischen Konzern Tokuyama heranziehe, stelle ich fest, dass MEMC mit KGV 21 gegenüber Tokuyama mit KGV 39, tatsächlich noch einiges an Kurspotential haben dürfte!

Wobei Conergy oder SolarWorld bei KGV`s von ca.27 bzw. 29 liegen.
Wachstumswerte dürften eigentlich alle genannten Unternehmen sein.

[rassti]

Antwort auf Beitrag Nr.: 24.072.927 von stockwilhelm am 20.09.06 22:43:43

Also ich werde weiter dabeibleiben weil ich auch meine, dass die Siliziumhersteller wohl für längere Zeit gegenüber reinen Modulproduzenten die besseren Karten haben.
Das KGV mag durchaus eine wichtige Kennzahl sein, ist aber natürlich bei weitem nicht alles.Im übrigen halte ich die Aktien von Solarworld und viele andere Solaraktien derzeit für zu teuer.
Langfristig muss man dabei sein aber kurzfristig nicht.
Mitlerweile gab es ja nun auch schon heftige Korrekturen.
Und unsere MEMC hat sich dabei aber prächtig geschlagen. Doch ein guter Grund dabei zu bleiben.

g rassti

[rassti]

AP
MEMC Jumps on Bullish 4Q Outlook
Wednesday December 6, 11:51 am ET
MEMC Shares Get a Jolt From an Analyst's Higher Estimates and Forecast for Polysilicon Sales

NEW YORK (AP) -- MEMC Electronic Materials Inc. shares surged on Wednesday after a Soleil Securities Group analyst said the company, which supplies wafers to the semiconductor industry, could benefit from improved pricing and increased sales.

Analyst Paul Leming of Princeton Tech Research lifted his earnings estimates for the company and said MEMC may see improved wafer pricing in the fourth quarter.

"The two key drivers of higher estimates in the current quarter are higher average selling prices in the semiconductor wafer business and increased polysilicon volumes for sale, as the company ramps the first increment of its polysilicon capacity expansion program.

Leming estimates the company could sell an additional 100 metric tons of polysilicon in the spot market in the fourth quarter and lifted his fourth-quarter earnings estimate to 57 cents per share, up from a previous estimate for 53 cents per share.

He also lifted his 2007 earnings estimate to $2.43 per share from $2.34 per share; and raised 2008 earnings to $3.04 per share from $2.92 per share.

Analysts polled by Thomson Financial on average expect the company to post fourth-quarter profit of 59 cents per share.

For 2007, analysts forecast earnings of $2.53 per share. In 2008 they expect an average of $2.99 per share.

Shares of MEMC rose $2.38, or 5.8 percent, $43.37 on the New York Stock Exchange.

[wipadki]

SeekingAlpha
MEMC Wants To Move Higher
Tuesday January 23, 7:57 am ET

Notable Calls submits: Couple of interesting comments on MEMC Electronic Materials (NYSE: WFR - News):

ADVERTISEMENT
- UBS notes they estimate that MEMC will likely meet its 4Q06 revenue guidance of $410-$415M (they estimate $415M, +2% q/q). Firm's channel checks found overall 200mm and 300mm prime semiconductor wafer prices increased, on average, 5% q/q as DRAM customer strength offset foundry customer weakness.

Firm's discussions with industry contacts found that MEMC just began selling "semiconductor grade" (higher quality) polysilicon for the first time last quarter as semiconductor wafer sales visibility remains limited in 1Q07. Channel checks found solar customers are paying $325-$350/kg for semiconductor poly (higher than the $200-$250/kg being paid for solar grade poly).

UBS' channel checks suggest 1Q07 semiconductor wafer volumes are-2%q/q and prices are +3%q/q. While MEMC likely benefits from solar wafer sales (mostly to Suntech) for the first time in 1Q07, firm's industry research found MEMC could benefit from increased market share at Intel as their discussions with industry contacts suggest one of Intel's 300mm wafer suppliers is sold out in 1Q07.

Maintains Buy and $60 tgt.

- FBR is saying they expect WFR to exceed firm's revenue/pro forma/GAAP EPS estimates of $414M/$0.58/$0.40, compared to the revenue guidance range of $410M-$415M and the consensus of $416M. Due to higher sale of poly in the spot market, they also expect the company to exceed their gross margin estimate (and guidance) of 48%.

Firm expects the solar wafer contracts with Suntech and Gintech to start contributing meaningful revenues in 2H07, although they note that these revenues will have a lower gross profit than the sale of poly in the spot market. These, combined with an acceleration of semi wafer capacity, as well as the initial capacity installation for in-house solar wafers manufacturing, are expected to lead to limited upside margin.

Investor expectations are for consensus CY07 pro forma EPS to increase to "at least" $2.80 (or so), versus FBR estimate/ consensus of $2.24/$2.55, but they this unrealistic. They applaud the company's flexibility in shifting capacity from semi to poly and vise versa, driven by the directional changes in the demand environment, but with increased industry supply and in-house overhead expenses, especially in 2H07 and beyond, they believe the magnitude of upside to consensus is limited.

Maintains Mkt Perform.

Notablecalls: I think UBS trumps FBR here. The chart looks like it wants to move higher.

[wipadki]

UPDATE 1-MEMC quarterly profit more than doubles
Thu Jan 25, 2007 7:05pm ET20

SAN FRANCISCO, Jan 25 (Reuters) - MEMC Electronic Materials Inc. (WFR.N: Quote, Profile , Research) posted a quarterly profit on Thursday that more than doubled from a year earlier as the supplier of silicon wafers to the microchip industry saw sales jump 40 percent.

The company also said it expected sales for its current, first quarter to be $440 million, while operating expenses would stay flat with the previous quarter, allowing gross margin to grow by 2 percentage points sequentially.

Strong demand from the solar industry would offset seasonal weakness in the microchip sector that has been compounded by excess inventories, Chief Executive Nabeel Gareeb said in a statement.

"Our introduction of solar wafers has enabled opportunities for faster growth at equivalent or better profit levels," Gareeb said.

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In the fourth quarter, MEMC said net profit was nearly $129 million, or 56 cents per share, compared with $50.2 million, or 22 cents per share, a year earlier.

Revenue was $420.5 million, up 39 percent from a year earlier, and gross margin was 48.3 percent.

© Reuters 2007. All Rights Reserved.

[wipadki]

SeekingAlpha
MEMC Electronic Materials: Solar Demand Continues To Be Strong"
Friday January 26, 2:12 am ET

Eric Savitz (Barron's) submits: MEMC Electronic Materials (NYSE: WFR - News), which makes silicon wafers and raw polysilicon used in the semiconductor and solar sectors, reported fourth quarter revenue of $420.5 million and pro forma EPS of 68 cents a share, topping Street estimates of $416.1 million and 59 cents a share.

For the first quarter, the company sees revenue of $440 million, ahead of Street expectations of $424.7 million. For all of 2007, the company sees revenue of $1.9 billion and pro forma EPS of "a little over $3" a share, nicely above the Street consensus of $$1.84 billion and $2.55 a share.

MEMC also provided 3-5 years targets for basic financial measures. For revenues, it is targeting $3 billion to $4 billion; for non-GAAP EPS, $5 to $7 a share; and all that with “improving margins.”

Speaking about the current quarter, the company said that the “demand environment in the semiconductor industry continues to be mixed,” with some companies working out inventory issues, compounded by seasonal factors. On the other hand, the company said solar demand “continues to be strong.” The company sees margins improving by 200 basis points in the first quarter compared with the fourth quarter.

In after hours trading, MEMC is up $2.77, to $46.39, reversing a loss of $2.08 in the regular session.

WFR 1-yr chart

[wipadki]

Supernova Stocks:
Allen R. Gillespie, CFA
01/08/2007


The Business Driver
The technological revolution
that took off in the ‘90s created
a superlative global market
for semiconductors which today
is valued in the hundreds of billions
of dollars annually.
Worldwide sales of semiconductors
surged to $20.1 billion in July, up
11.5% year-over-year, according to
the Semiconductor Industry Association (SIA). The trend is positive
with sales this year estimated to top $240 billion for the first time.
Growth is found across numerous geographical regions led by yearover-
year sales growth of 17.7% in the U.S. and 13.4% in the Asia
Pacific region.
The growth is encouraging given the utter devastation of the semiconductor
industry in 1998 and 1999. The downturn
ruined many smaller semiconductor manufacturers
which faced overcapacity issues and price pressures as
the demand for consumer electronics fell. Companies
were forced to revamp their operations in order to
survive.
One of the more successful survivors was St. Peters,
Missouri-based MEMC Electronic Materials (WFR). The company
has established a strong global position in the production of silicon
wafers and its future looks bright.
The semiconductor industry is undergoing a significant shift as it
moves to 300 mm diameter wafers that offer technological advances
in the manufacture of semiconductors. In 2005, volume growth for
300 mm wafers was a staggering 69%, well above the overall wafer
average growth rate of 6%, according to SEMI. MEMC became the
first manufacturer of 300 mm wafers in Taiwan in late August.
Global silicon wafer shipments surged approximately 22% year-overyear
in the second quarter, according to SEMI SMG. Tatsuhiko
Shigematsu, SEMI SMG’s chairman and technology officer of
SUMCO Corporation, stated that “Continuing demand for semiconductors
is driving strong growth for silicon wafers.”
MEMC is the largest supplier of silicon wafers to the fast-growing
world solar market which has been increasing approximately 30%
per year for the last five years. This market is projected to grow at a
similar rate over the next five years, according to BP Solar. Given the
growing global demand for energy, high oil prices and the need to
find alternative sources, the growth of the solar energy industry is
understandable.
The Fundamentals & Valuation
We favor MEMC for its growth and global leadership in the supply
of silicon wafers. Its valuation is also attractive. The company has
clearly turned itself around and is again profitable after an extended
period of losses from 1997 to 2002.
Sales grew 44% annually between 2003 and 2005 and are expected to
rise 34% this year after seeing increases over each of the past five quarters.
Earnings surged 102% year-over-year in the second quarter and
have steadily increased for the past four years. The numbers are impressive
and we are bullish on the current strength in the semiconductor
industry, which should drive revenues and earnings going forward.
EBITDA has grown for the past four consecutive years, rising 175%
from 2002 to 2005, driven by the corresponding rise in sales and
earnings.
Gross margins increased from 20% in 2001 to a record 43% in this
year’s second quarter. The company expects margins to
increase by another 2% in the third quarter.
Cash nearly tripled in the second quarter to $286 million
from $101 million in the year ago quarter. Strong cash
flow has allowed the company to aggressively pay down
debt and substantially strengthen the balance sheet.
Along with the strong fundamentals and growth outlook, the valuation is
reasonably attractive. The stock is trading at 17.4 times the consensus Wall
Street 2007 EPS estimate. This is right in the middle of its five-year P/E
range of 7.2 to 28.4, indicating good upside potential.
The Technicals
MEMC could be setting up a double bottom base. The stock peaked
earlier in the year at $48.90 before falling to $30 in June. It then
recovered to $39.30 before undercutting the June low when it fell to
$26.26 in July. Since that time, it has gradually recovered and briefly
broke out above the mid-point of the formation before falling back
slightly. Thus, the stock looks buyable. However, a stop should be
placed around the $36 area.

***** SUMMARY

MEMC Electronic Materials has built a powerful operation and is
capitalizing on the turnaround in the semiconductor industry and
demand for next-generation silicon wafers. The superlative growth
opportunities in solar power just add fuel to the fire.

[rassti]

Hier noch etwas in Deutsch,

26.01.2007 22:11
MEMC sonnt sich in der Gunst der Analysten
Der Halbleiterhersteller MEMC Electronic Materials (Nachrichten) wird heute von den Analysten gefeiert. Der Produzent von Silicon Wafern, die unter anderem auch für Solaranlagen gebraucht werden, hatte gestern nach Börsenschluss die Erwartungen des Marktes klar geschlagen.

Dabei konnte sich der Spezialist deutlich von der Schwäche der Halbleiter-Branche absetzen. Analysten verweisen darauf, dass seine Produkten von der boomenden Solarindustrie stark nachgefragt weden.

"Das Risiko ist gering, dass der Solarmarkt sein Wachstum einstellt", erklärt Analyst Satya Kumar von Credit Suisse, der sein Kursziel von 49 Dollar auf 54 Dollar verbesserte.
- Analyst Tim Luke von Lehman Brothers hob sein Kursziel von 50 Dollar auf 60 Dollar an.
- Den gleichen Schritt unternahm Brett Hodess von Merrill Lynch.
- Stephen Chin von UBS erhöhte sogar von 60 Dollar auf 73 Dollar.


Analyst Timothy Arcuri von der Citigroup, der nur Halten empfiehlt, übertitelt sein Studie von heute morgen: "Wir haben den Zug verpasst - und wir laufen ihm nicht mehr nach".

Der Solar-Titel springt heute um 8,54 Dollar auf 52,16 Dollar, das ist ein Plus von 19,6%.
g rassti

[wipadki]

.... WFR has a current Value of $70.24 per share. Therefore, it is undervalued compared to its Price of $52.21 per share....


wer die ganze analyse haben möchte, kann diese kostenlos per e-mail erhalten.
einfach nur auf diese seite gehen: http://members.vectorvest.com/newstockanalysis/
und WFR und seine e-mail adresse in die dafür vorgesehenen felder eintragen!

... man wird nach erhalt der analyse auch nicht mit werbemails zugemüllt!

[wipadki]

SeekingAlpha
MEMC: No Reason For Growth To Slow
Monday January 29, 3:35 am ET

Will Gabrielski submits: MEMC Electronic Materials, Inc. (NYSE: WFR - News) announced inline fourth quarter earnings results Thursday night, and issued upside guidance for the first quarter and full year 2007. The stock, which was a big position for me when I was working for a hedge fund in Geneva (and I recommended at about $17 some two years ago for RealMoney.com), has been flying since Friday morning and is quickly drawing critics.

The funniest thing I have read so far is, "I don't like commodity companies when business is this hot." I will leave the source as anonymous as to prevent public embarrassment when shares eclipse $70 or $80 this year, as I expect.

MEMC is, at its core, a commodity player. The company makes its own polysilicon and wafers, which it then sells to semiconductor manufacturers and solar cell, module, and panel makers. Yes, polysilicon is a commodity, and yes, there are inventory issues always threatening the semi-side of its business.

However, MEMC is also still in the early innings of a multi-year shortage of polysilicon for solar players that is driving higher ASPs for both the solar and semi channels. In addition, the transition to 300mm wafers on the semi-side is driving higher ASP's (about 20% of revenue today but growing to 40% in 12 months) of at least 100% relative to 200mm wafers. Also, the company is slowly adding poly capacity, and is taking advantage of strong spot demand for poly in the solar space by selling 'excess capacity,' which is nothing more than what they are able to suck away from contracted amounts in the near-term as the contracts ramp, into the open market.

Are gross margins at risk? Well management is predicting continued gross margin expansion from the above factors. And if demand does, for whatever odd reason, fall precipitously as the semi group works through some inventory issues, investors should take comfort in management's prudent inventory management with inventories in days down again this quarter.

If the company can earn, as it expects, $3 a share, in 2007, shares can fetch a 25 multiple in no time.

WFR 1-yr chart


One caveat: TPG will sell more shares into the open market in early 2007, which could serve as an overhang. Note, though, that the last time they sold stock was at about $35 a share in late 2006, or some 15-points ago.

Oil is a commodity, and this same critic who says he doesn't like commodity stocks today was writing a lot back in 2004 about oil as a commodity… big miss in hindsight.

Disclosure: Author has no position in WFR

[wipadki]

SeekingAlpha
Tech Guru Michael Cahill's Picks for 2007 - Barron's
Sunday February 4, 7:50 am ET

...MEMC Electronic Materials Inc. (NYSE: WFR - News) is a world-leading polysilicon maker; the material is used in semiconductor wafers and solar cells. The latter promises to be a huge growth industry for many years to come. At 17x '07 and 13x '08 earnings, its trading at a very significant discount to the semiconductor industry and its own unbelievable growth....

[wipadki]

IPO REPORT
Alternative energy capital cycle in early stages

By Steve Gelsi, MarketWatch
Last Update: 4:40 PM ET Feb 6, 2007

NEW YORK (MarketWatch) - A two-year-old surge in capital into the alternative energy sector shows no sign of weakening in the next few years, a senior banker at Jefferies & Company Inc. predicted Tuesday.
Macro trends such as energy security, global warming and technological advances point to greater involvement from hedge funds, venture capital and other major investors in solar energy, ethanol, wind power, power storage and other categories, he said.
Major corporations are pushing for more U.S. government incentives to level the playing field for their operations in Europe, where alternative energy requirements are more stringent.
Such factors suggest that the influx of investment into alternative energy won't dry up as it did in the 1970s once the price of oil started dropping, he said.
Nowadays, venture capital firms are working with hedge funds to get large capital infusions of $75 million to $100 million into up-and-coming alternative energy companies, Lipton said.

Jefferies Analyst Jeffrey Bencik said some of the firm's top picks in the solar arena include SunTech Power and MEMC Electronic Materials, Inc.

The industry faces a silicon shortage through 2010, and by 2013 the cost of building solar energy panels will equal the cost of traditional electricity.
Meanwhile, Jefferies remains cautious on ethanol as an alternative energy in the face of rising corn costs and the need for the crop in world food supplies.

However, DuPont is working with BP to develop other forms of biofuel.

Steve Gelsi is a reporter for MarketWatch in New York.

[wipadki]

http://www.marketwatch.com/news/story/13-d-researchs-sokolof…

...wer mag, kann sich ja den gesamten Artikel durchlesen!

...There is an amazing variety of other stuff in Sokoloff's 31-page letter. He continues as a China bull, a position he's held for more than a decade, and which surprises me, given its widespread acceptance. He is a solar power bull, favoring especially MEMC Electronic Materials...

zur info - den report gibt es leider nicht kostenlos!

http://www.13d.com

[wipadki]

http://www.forbes.com/2007/02/20/energy-solar-stocks-pf-ii-c…

Stock Focus
Alternate Energy Stocks With Juice
Paul M. Murdock, 02.21.07, 6:00 AM ET

...CIBC World Markets analysts Jeff Osborne and Adam Hinckley believe the best alternate-energy opportunities in 2007 are also in solar power. Their top stock for 2007 is MEMC Electronic Materials (nyse: WFR - news - people ), which supplies silicon wafers to semiconductor manufacturers and is a member of the Forbes Platinum 400 list of the Best Big Companies in America. Osborne and Hinckley think that many investors group MEMC with semiconductor companies, but those companies trade at a discount to companies from the solar sector.

MEMC has a small ownership stake and long-term supply contracts with one of its two biggest solar customers, Suntech Power Holdings (nyse: STP - news - people ). Osborne and Hinckley expect MEMC will generate $400 million in free cash flow (cash flow from operations less capital expenditures) in both 2007 and 2008 and see a stock buyback as a potential catalyst for shares of the company. Shares of MEMC currently trade for just 15 times their 2008 consensus earnings forecast. ...

[rassti]

Antwort auf Beitrag Nr.: 27.876.366 von wipadki am 21.02.07 14:55:46

eigentlich erstaunlich, dass hier im thread so wenig los ist.Die Aktie befindet sich nun schon längere Zeit in einem klassischen Aufwärtstrend und ich bin mir fast sicher, dass dies auch in den nächsten Jahren der Fall sein wird. Dabei gehört ein Siliziumproduzent doch zu den wichtigsten Zulieferern der Solarindustrie!
Wipadki,du machst ja fast den Alleinunterhalter hier.

[wipadki]

... schon etwas älter aber dennoch nicht weniger aktuell!

Silicon shortage hits solar power hopes

By Leo Lewis in Tokyo

Published: November 20 2006 19:30 | Last updated: November 20 2006

http://www.ft.com/cms/s/e50784ea-78cb-11db-8743-0000779e2340…

[wipadki]

Polysilicon shortage could extend to 2012
Posted: 21 Feb 2007

Polysilicon shortage in the booming solar cell sector is expected to last until 2008 or longer. Some even say the problem could extend out to 2012.

Leading polysilicon vendors Hemlock, MEMC, Mitsubishi, Tokuyama and Wacker cannot keep up with the huge demand, despite recent moves to expand capacity. The urgent need for polysilicon material, which is central to the production of conventional solar cells and is used to some degree for thin-film cells as well, has prompted several other companies to enter the market, including Hoku Materials and the world's largest solar cell maker, Sharp Corp.

The market is so ripe that Hoku recently signed two big polysilicon supply contracts—with solar cell makers Sanyo Electric Co. Ltd and Solar-Fabrik AG—without first breaking ground on a production facility. The subsidiary of fuel cell developer Hoku Scientific Inc. plans to build a $220 million polysilicon plant in Pocatello, Idaho, but the site won't move into production until late 2008.

Sharp moved its Toyama site into polysilicon production in January, at an initial investment of $41.1 million. The move gives Sharp an integrated production system ranging from polysilcon to solar cells and solar modules. Sharp is the only solar cell maker to produce its own polysilicon.

While the solar industry has been the first to feel the pinch of the polysilicon shortage, it is not the only volume polysilicon user. The material is the key ingredient of both solar cells and raw silicon wafers for ICs, although different grades of the material are produced for the two industries.

Supplies of wafer-grade polysilicon have remained sufficient thus far, and the good news for the solar-cell industry is that growth in the IC industry is expected to be modest in 2007, followed by a possible slowdown in 2008.

But if the IC market moves into a steep and unforeseen upswing, the polysilicon supply-and-demand picture could become even more chaotic—if not catastrophic.

- Mark LaPedus
EE Times

[rassti]

Antwort auf Beitrag Nr.: 28.195.815 von wipadki am 09.03.07 00:18:08

Bestätigt nur meine Vermutung, der Kursanstieg wird weiter gehen.

g rassti

[DerStarlet]

Welcher Player ist von den 4 (REC, MEMC, Tokuyama, Wacker) eurer Meinung nach am kaufenswerten? Hoku mal ausgenommen weil noch nicht Produzent.

[DerStarlet]

Antwort auf Beitrag Nr.: 28.245.086 von DerStarlet am 11.03.07 22:42:57

Kennzahlen sind von comdirect

REC A0BKK5
KGV 06 69,76
KGV 07e 35,50
KGV 08e 25,67

MEMC 896182
KGV 06 35,99
KGV 07e 18,53
KGV 08e 14,97

Tokuyama 860381
KGV 06 27,72
KGV 07e 22,40
KGV 08e 19,59

Wacker WCH888
KGV 06 20,30
KGV 07e 18,54
KGV 08e 16,78

Wacker könnte positiv überraschen, vorrausgesetzt die anderen Geschäftsbereiche wachsen profitabel. MEMC wird das stärkste Wachstum vorrausgesagt, Analysten feiern den Wert seit langem, mein Favorit.

[wipadki]

Antwort auf Beitrag Nr.: 28.207.786 von rassti am 09.03.07 18:37:11

Schön, dass hier mal wieder etwas mehr Leben in den Thread kommt!

Bin mir sicher, dass wir weiter steigende Kurse bei MEMC sehen werden und auch 2007 ein sehr erfolgreiches Jahr werden wird.

Der Aufwärtstrend seit 2005 ist intakt und MEMC notiert ja trotz des starken Einbruchs leztens an den Börsen schon wieder am 52 Wochen Hoch.
Auch der Widerstand nach unten hat gehalten.

MEMC wurde am Freitag in der 3Sat Börse mit offenem Kauflimit ins Depot genommen.

Kursziel 80 US-Dollar

+++ (09.03.) +++ Volkmar Michler wird etwas mutiger und setzt ein Kauflimit für den amerikanischen Hightech-Konzern MEMC (53,98 US$ in New York). Das Milliardenunternehmen fertigt Silizium-Chips für die Solar-Industrie. Das Öko-Thema bleibt also auch nach dem Verkauf von Suntech Power ein Dauerbrenner in Michlers Depot.

http://www.3sat.de/boerse/

MEMC ist ganz klar mein Favorit für 2007 und das nicht nur zuletzt weil es ein amerikanisches Unternehmen ist und die US Investoren gute Zahlen bei weitem besser honorieren als andere Investoren.
Bestes Beispiel hierfür ist Tokuyama, derren Geschäft auch nicht schlecht läuft. Vergleicht man aber die Kursentwicklung beider Aktien so hat MEMC Tokuyama bei weitem Outperformed im letzten Jahr.

[DerStarlet]

Antwort auf Beitrag Nr.: 28.250.948 von wipadki am 12.03.07 11:00:14

Was mich stört ist das Gap Ende Februar, hoffe immer noch das es geschlossen wird. Hatte schon bei der Konsi vor 2 Wochen mein Limit drinn. Da ist der doofe Michler heute leer ausgegangen!

[wipadki]

Antwort auf Beitrag Nr.: 28.261.061 von DerStarlet am 12.03.07 21:01:03

... meinst du nicht eher das Gap Ende Januar?

Die Gaps der letzten 2 Jahre wurden so weit ich das sehe alle geschlossen!
Das Gab von Ende Januar 2006 wurde erst Mitte Juli 2006 geschlossen, nachdem MEMC zuvor noch ca. 20 Dollar zulegen konnten bevor die Konsolidierung einsetzte.
Es kann also durchaus noch ne Weile dauern und selbst dann muß es nicht unbedingt geschlossen werden.

[DerStarlet]

Antwort auf Beitrag Nr.: 28.261.916 von wipadki am 12.03.07 21:43:46

Ende Januar natürlich! Werde also weiter abwarten, gehe lieber später rein, sonst bleibt das Risiko des Gapclosing.

[wipadki]

Passend zum Theama!

http://www.marketwatch.com/news/story/us-markets-hold-suppor…

Its relative strength suggests that once the Nasdaq does find firmer footing, the semiconductors may be positioned to breakout.

The five charts below illustrate related names positioned to rise: Analog Devices, Qualcomm, MEMC Electronic Materials, National Semiconductor and Verigy, Ltd.

[wipadki]

Antwort auf Beitrag Nr.: 28.282.202 von wipadki am 14.03.07 01:27:23

Passend zum Thema natürlich!

[wipadki]

MEMC Electronic Is Looking to Shine

By Rev Shark 3/20/2007 11:07 AM EDT

... Typically the ones that hold up best tend to lead when conditions are better. They have some underlying demand, and those folks are generally willing to pay up more aggressively when conditions improve.

In a sector like solar energy, I prefer a stock that has particular broad exposure to the industry rather than one that is focused on a more narrow niche. That way I can avoid specific issues that may not be indicative of the group as a whole....

... The dominate producer of polysilicon in the U.S. is MEMC Electronic Material The stock dipped initially on the first downward spike in the market a couple weeks ago and then quickly moved back to its all-time highs around $56. It has been basing just under that level recently.

The company is trading with a trailing PE of 32 and is expected to grow earnings 84% in 2007 to $3.05 and should add another 23% in 2008 to take earnings to $3.76. Because of the shortage of polysilicon there is a good chance that those estimates are conservative and in fact the company has recently raised prices 3%.

In a healthy market MEMC Electronic Material is the sort of stock I want to own, and a market correction is a good time to establish a position.

http://www.thestreet.com/_yahoo/markets/activetraderupdate/1…

[wipadki]

MEMC Hits New 52-Week High

Tuesday March 20, 3:42 pm ET
MEMC Electronic Materials Hits New 52-Week High; Analyst Sees 2007 Upside

NEW YORK (AP) -- Shares of MEMC Electronic Materials Inc., which makes silicon wafers used in semiconductors, hit a new 52-week high Tuesday after Deutsche Bank suggested the company could post stronger-than-expected 2007 results.

Analyst Steve O'Rourke, who has a "Buy" rating on the stock, lifted his price target to $65 from $55. He thinks a polysilicon shortage could help drive wafer prices higher, which bodes well for the company over at least the next few quarters.

"We believe that average selling price strength for wafers in the semiconductor and solar PV (photovoltaic) industries should persist at least through the next few quarters, that the polysilicon spot market should remain healthy into 2008, and that MEMC's cost reduction efforts should support margins," O'Rourke wrote in a note to investors.

Shares of MEMC Electronic Materials climbed $2.33, or 4.3 percent, to $56.67 in afternoon trading on the New York Stock Exchange. Earlier in the session shares set a new 52-week high of $58.85.

[wipadki]

SeekingAlpha
JP Morgan: MEMC Should Rise On Strong Polysilicon Demand
Wednesday March 21, 6:53 am ET

JP Morgan is raising their C07/C08 ests on MEMC as the polysilicon/wafer pricing environment is turning out to be better than previously expected. The desire by solar cell makers to aggressively expand manufacturing capacity is the primary driver for continued polysilicon shortness, with no near-term relief in sight.

Additionally, the two large Japanese semi wafer makers are beginning to experience material polysilicon cost increases as their buffers to polysilicon pricing volatility have largely run out. Going forward they expect both Shin-Etsu and SUMCO to pass along the increased cost of polysilicon to their customers, allowing MEMC to raise wafer prices in tandem.

Utilization rates and capacity expansion plans at many solar cell makers continue to be limited by the amount of polysilicon they can acquire. For example, Solar World, which acquired Shell Solar, disclosed in a recent quarterly report that the former Shell facilities operating in the U.S. were only at 50% utilization rates due to a lack of polysilicon.

Overall semi wafer demand has been relatively flat for the past three quarters as declining logic/analog wafer starts offset wafer start growth for memory applications. Firm believes indications of an increase in Back-End utilization rates signals that C1Q07 is the utilization rate trough for the semi industry.

Reiterates OW, and they would be buying now. JPM is raising C07 revenue and GAAP EPS estimates to $2.0bn/$3.25 from $1.9bn/$2.98 and C08 estimates to $2.4bn/$3.80 from $2.32bn/$3.35, primarily on higher gross margins for semi wafers.

Notablecalls: Think the wording is strong enough to create some further buy interest in WFR. Tight leash, as the stock made a nice upward move yesterday and is prone to some profit taking. See archives for further color on WFR.

[wipadki]

SeekingAlpha
MEMC Electronic Materials: Merrill Sees Pricing In Its Favor
Friday March 23, 7:38 am ET

Merrill Lynch is raising price tgt on MEMC Electronic Materials (NYSE: WFR - News) from $60 to $73 as a result of their higher 2008 estimates reflecting stronger polysilicon pricing.

Semiconductor wafer prices are also rising while volumes should increase after 1Q07. Given the sustainability of these trends, firm's price target only requires that the current 19x 2007 P/E is maintained as valuation shifts to their new 2008 estimates. This is conservative vs. their 21x sum of the parts peer valuation calculation.

Several poly suppliers have recently signed long term contracts with semiconductor and solar companies, and others are taking prepayments signaling a tight market for several more years. In the biggest move, REC, announced a 7-year agreement to supply poly to SUMCO, the 2nd largest semi wafer maker, with rising pricing through 2010! This shows that the tight poly market is increasingly impacting the semiconductor market and not just solar.

Falling solar costs from technology driving market growth Solar cell makers are finding ways to lower the cost per watt of electricity through technological advances which is spurring market demand and volume growth that keep poly supply tight.

Firm raised their operating EPS estimate (w/stock comp, 17% cash tax) for 2008 from $3.55 to $3.85 on stronger revenues of $2.32 billion (up 6% from $2.185 billion previously). Firm's estimates are slightly above consensus and reflect a higher contribution from solar, as their semi assumptions remain largely intact.

http://biz.yahoo.com/seekingalpha/070323/30509_id.html?.v=1

[DerStarlet]

Antwort auf Beitrag Nr.: 28.454.990 von wipadki am 23.03.07 16:07:07

Och nö! Bin leider nicht dabei

[wipadki]

Antwort auf Beitrag Nr.: 28.456.451 von DerStarlet am 23.03.07 17:14:34

... jeder stärkere Kursrückgang erwies sich bis heute als guter Einstiegszeitpunkt bei MEMC.

Bin davon überzeugt, dass das auch 2007 so bleiben wird und wir noch weitaus höhere Kurse sehen werden.

[DerStarlet]

Antwort auf Beitrag Nr.: 28.498.104 von wipadki am 26.03.07 13:29:20

Bin bei Evergreen Solar strong investiert und hier meine Position aufzulösen habe ich keine Lust. Traue beiden eine outperformance zu. Wenn allerdings noch mal eine sehr gute Kaufgelegenheit bei MEMC kommt, bin ich dabei.

[rassti]

MEMC Electronic Materials "outperform"

Thursday, April 05, 2007 5:09:59 AM ET
RBC Capital Markets

NEW YORK, April 5 (newratings.com) - In a research note published yesterday, analysts at RBC Capital Markets maintain their "outperform" rating on MEMC Electronic Materials Inc (WFR.NYS)

[rassti]

Antwort auf Beitrag Nr.: 28.507.698 von DerStarlet am 26.03.07 20:59:00

@ DerStarlet

Schau dir den Chart in der Vergangenheit an , die Wahrscheinlichkeit, dass es in den nächsten 3 Jahren so weiter geht ist sehr hoch.Meiner Ansicht nach ein Muss wer in Erneuerbaren Energien investiert ist.
g
rassti

[rassti]

MEMC Electronic Materials Schedules First Quarter 2007 Conference Call
Thursday April 12, 8:30 am ET

ST. PETERS, Mo., April 12 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, Inc. (NYSE: WFR - News) invites investors to listen to a broadcast of the Company's conference call to discuss first quarter 2007 financial results. The live webcast will take place on Thursday, April 26, 2007 at 4:30 p.m. Eastern Time at www.memc.com. Participating in the call will be Nabeel Gareeb, President and Chief Executive Officer, and Ken Hannah, Senior Vice President and Chief Financial Officer. A replay of the call will be available until 11:59 p.m. Eastern Time on May 3, 2007 on the Company's web site at www.memc.com.

[rassti]

MEMC Shares Decline As an Analyst Warns of Polysilicon Oversupply, Downgrades Stock ST. PETERS, Mo. (AP) -- Shares of MEMC Electronic Materials Inc., which makes semiconductor components, declined on Friday, as the company said first-quarter earnings were above analyst expectations but an analyst warned about an upcoming oversupply of polysilicon, a key component in solar panels, and downgraded the stock. Credit Suisse analyst Satya Kumar said in a research note on Thursday that there will be an increase in polysilicon production in the second half of the year and semiconductor wafer pricing is likely to go up in the second quarter. "We see so much new poly coming online that it is now becoming a question of when, not if poly will go into oversupply; and our analysis suggests that first quarter 2008 could be when supply growth inflects high enough to overcome demand," he wrote. Kumar also noted there is growing competition in the sector and while there is demand for semiconductors in the solar sector, demand is "throttled" by subsidies at current prices. Kumar downgraded the company to "Neutral" from "Buy" and kept a price target of $64. The note came after MEMC reported first-quarter earnings rose 5 percent to $134.7 million, or 58 cents per share, from $128.9 million, or 56 cents per share, during the same period last year. Adjusted earnings were 71 cents per share. Analysts polled by Thomson Financial expected a profit of 69 cents per share. Revenue rose 5 percent to $440.4 million, from $420.5 million a year ago. The company said that after a weak demand environment for some semiconductor customers in the first quarter, demand is improving, but wafer inventory recovery is lagging, but the solar industry is healthy. The company expects revenue between $460 million and $470 million in the second quarter, while analysts see revenue of $464.8 million. Another analyst was more bullish about the stock. Jefferies & Co. analyst Jeffrey W. Bencik said results were better despite a challenging environment. "We are reiterating our Buy rating and increasing our price target from $60 per share to $80 per share to reflect our increased estimates for 2007 and 2008 as solar becomes a more meaningful component of revenues and earnings for the company," he wrote in a note to investors on Friday. Shares fell $8.55, or 13 percent, to $58.60 during midday trading on the New York Stock Exchange. The stock has traded between $26.26 and $68.80 during the past 52 weeks.

Die Analystenerwartungen wurden zwar nicht erfüllt, die Zahlen und der Ausblick sind dennoch nicht so schlecht. Den Kurseinbruch von über 12% heute, halte ich doch etwas für übertrieben.
Aber , immerhin ergeben sich wieder mal schöne Einstiegskurse.Wer jetzt noch nicht dabei ist, in der Vergangenheit waren dies immer gute Einstiegsgelegenheiten.

[DerStarlet]

Das Gap wird bald geschlossen, dann kommen Kaufkurse.

[rassti]

Antwort auf Beitrag Nr.: 29.086.827 von DerStarlet am 01.05.07 20:47:50

Tja, die Kaufkurse waren wohl schon wieder??

Erst prügeln sie die Aktie wie verrückt nach unten und jetzt wird schon wieder nach oben gepowert.
Das soll einer verstehen!
Wurde das Gap eigentlich geschlossen?

g rassti

[rassti]

AP
MEMC Electronic Plans $500M Buyback
Wednesday May 16, 5:24 pm ET
MEMC Electronic Materials to Buy Back Up to $500 Million of Its Shares

ST. PETERS, Mo. (AP) -- Semiconductor wafer maker MEMC Electronic Materials Inc. on Wednesday said it authorized a repurchase program for up to $500 million of its shares.

The shares will be bought on the open market or through privately negotiated transactions, the company said.

Shares rose 72 cents to $59.18 in Wednesday's trading. In aftermarket activity, they added another 82 cents to $60.

[DerStarlet]

Antwort auf Beitrag Nr.: 29.352.900 von rassti am 17.05.07 07:58:48

Bin dabei, nachdem Wacker Chemie heute bekannt gab, die Produktion aufgrund der ungebrochenen Nachfrage nach Silicium auszubauen. MEMC hat bezogen auf 1 Jahr gegenüber Wacker 20 % Aufholpotenzial. Der Aktienrückkauf ist positiv. Kursziel von UBS $ 80

[Steffen44]

Bin auch schon eine Weile dabei, aber so viele scheinen wir hier ja noch nicht zu sein.

Ich denke der Wert wird in den nächsten Monaten auch in Deutschland an Aufmerksamkeit gewinnen

[Steffen44]

das dürfte wohl für den gestrigen Kursanstieg verantwortlich sein

EMC Electronic Materials "buy"

Monday, June 25, 2007 11:45:12 AM ET
UBS

NEW YORK, June 25 (newratings.com) - Analysts at UBS reiterate their "buy" rating on MEMC Electronic Materials (WFR.NYS). The target price is set to $80.

In a research note published on June 22, the analysts mention that the company is expected to actively sell-off solar wafer in the spot market, in view of the 15%-20% price premium to the contract prices. MEMC Electronic Materials is expected to enter into a third solar wafer deal during 2H07, with the prices significantly above the contract with Suntech, UBS says. The solar demand in Europe is expected to be better than expected going forward, the analysts add.
Recommend this article to a friend

[rassti]

Memc Elec Materials 2Q Net Rises On 28% Higher Sales7-25-07 4:29 PM EDT |

DOW JONES NEWSWIRES

MEMC Electronic Materials Inc.'s (WFR) second-quarter net income climbed to $ 163.6 million, or 70 cents a share, from $81.9 million, or 36 cents a share, a year earlier.
Excluding items, earnings for the quarter were 81 cents a share.

A Thomson Financial survey of analysts, on average, predicted earnings of 76 cents a share for the quarter. Analysts' estimates usually exclude items.

The St. Peters, Mo., polysilicon-wafer maker sales increased 28% to $472.7 million from $370.5 million.

The company expects third-quarter revenue of about $500 million and operating expenses of about $39 million.

For 2007, the company is expecting Non-GAAP earnings of a little over $3.30 a share and revenue of over $1.95 billion.

Wall Street is looking for earnings of $3.17 a share for the year.

80 US$ wir kommen

[rassti]

25.07.2007 22:03
MEMC Reports Second Quarter Results

ST. PETERS, Mo., July 25 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, (Nachrichten) Inc. today reported financial results for the quarter ended June 30, 2007.

Summary of second quarter results: -- Net sales of $472.7 million -- Gross margin of $245.6 million (52.0% of net sales) -- Operating income of $207.3 million (43.9% of net sales) -- Cash and short-term investment balances of $995.7 million -- Share repurchase program implemented -- MEMC added to S&P 500 Index

The company reported second quarter net sales of $472.7 million, which represents an increase of 7.3% from first quarter 2007 net sales of $440.4 million and an increase of 27.6% over second quarter 2006 net sales of $370.5 million.

Gross margin in the quarter was $245.6 million, or 52.0% of net sales, compared to $222.5 million, or 50.5% of sales, in the 2007 first quarter and $160.4 million, or 43.3% of sales, in the 2006 second quarter. This represents sequential growth of 10.4% in gross margin dollars and 150 basis points as a percentage of net sales over the first quarter level and 53.1% growth in gross margin dollars and 870 basis points as a percentage of net sales over the 2006 second quarter.

The company achieved operating income during the quarter of $207.3 million, or 43.9% of net sales. This compares to $187.7 million, or 42.6% of net sales, for the 2007 first quarter and $127.3 million, or 34.4% of net sales, for the 2006 second quarter. The 10.4% sequential improvement in operating income and 130 basis point improvement as a percentage of net sales was the result of a higher gross margin, with operating expenses staying approximately flat as a percentage of net sales. Operating expenses were $38.3 million, or 8.1% of sales, compared to $34.8 million, or 7.9% of sales, in the 2007 first quarter, and $33.1 million, or 8.9% of sales, in the 2006 second quarter. The sequential increase in operating expense was primarily the result of higher legal, benefits and stock compensation expenses. Non- operating income in the quarter includes a non-cash benefit of $7.9 million, reflecting the required quarterly valuation of the Suntech warrants.

Using an estimated effective cash tax rate of 15%, non-GAAP net income for the second quarter of 2007 was $188.9 million and non-GAAP diluted EPS was $0.81. This represents non-GAAP earnings per share growth of 14.1% over the previous quarter and 80.0% versus the year-ago quarter. Net income for the second quarter, using a book tax rate of 26.3%, was $163.6 million and GAAP diluted EPS was $0.70. Both GAAP and non-GAAP EPS figures include $7.9 million in pre-tax benefit relating to the Suntech warrants ($0.02 per share after tax). See non-GAAP reconciliation information at the end of this press release following the financial statement tables.

During the second quarter, the company generated operating cash flow of $197.6 million, or 41.8% of sales. Capital expenditures for the quarter totaled $53.9 million, or 11.4% of sales. Free cash flow (operating cash flow minus capital expenditures) was $143.7 million or 30.4% of sales. MEMC ended the second quarter with cash and short-term investments of $995.7 million, compared to $838.1 million at the end of the first quarter.

"MEMC delivered strong results in the second quarter, including annualized sales growth of almost 30%," said Nabeel Gareeb, MEMC's chief executive officer. "Along with this strong sales growth, MEMC also grew operating profit by over 10% from the first quarter, non-GAAP EPS by 14%, and grew cash balances to near the $1 billion dollar mark."

"We also made two significant announcements during the quarter. The first was the implementation of a $500 million share repurchase program, which reflects our strong cash flow generation, disciplined approach to capital allocation, and our commitment to enhancing shareholder value. The second announcement was that MEMC has been added to the S&P 500. This recognition is a result of our steady growth achieved through focused execution amid varying market conditions."

Third Quarter 2007 Outlook

"The demand environment for some of our semiconductor customers continues to slowly improve," continued Gareeb. "Wafer inventory levels at some customers are still at somewhat elevated levels and could be back to normalized levels in the fall season. Demand from solar applications, however, continues to be healthy. Based on these customer indications, we are targeting revenues of approximately $500 million for the third quarter. We are also targeting margins to improve by approximately 100 basis points compared to the second quarter levels, with operating expenses of approximately $39 million."

Full Year 2007 Update

"For the full year 2007, we are currently targeting revenue of over $1.95 billion. In addition, we are now targeting non-GAAP EPS to be a little over $3.30 based on a cash tax rate in the mid-teens, and excluding any change in the Suntech warrant valuation. This would represent over 60% growth in non- GAAP EPS over the 2006 level of $2.06."

Other Updates

"Based on a number of questions from our customers and investor base, we are formally announcing our capacity expansion plans that are underway in the polysilicon and 300mm areas. In the polysilicon area, we are targeting to achieve over 15,000 metric tons of annualized capacity by the end of this decade, depending upon customer needs."

"We are also continuing to grow our 300mm wafering capacity and are targeting to achieve over 700,000 wafers per month of capacity over that same period, depending upon customer needs," concluded Gareeb.

Conference Call

MEMC will host a conference call today, July 25, 2007, at 4:30 p.m. ET to discuss the company's second quarter results and related business matters. A live webcast will be available on the company's web site at http://www.memc.com/. Please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software.

A replay of the conference call will be available from 6:30 p.m. ET on July 25, 2007, until 11:59 p.m. ET on August 1, 2007. To access the replay, please dial [phone] at any time during that period. A replay will also be available until 11:59 p.m. ET on August 1, 2007 on the company's web site at http://www.memc.com/.

[Steffen44]

sehr schön

[stockwilhelm]

hallo zusammen,
kann mir irgendeiner von euch sagen, ob memc bisher schon aktien zurückgekauft hat? wenn ja, wieviele?

kann ich auf einer internetseite angaben darüber finden?
es wäre nett von euch, wenn jemand bescheid weis, mir die seiten-adresse hier einzustellen!

danke
stockwilhelm

[rassti]

Antwort auf Beitrag Nr.: 30.877.953 von stockwilhelm am 27.07.07 15:45:48

Tja, habe auch nichts finden könne.

MEMC macht wieder mal das Gegenteil von dem was ich erwartet habe.Heute alles fett grün.
und MEMC ELECTRONIC MATERIALS INC. fett rot.
Naja es wird schon werden.

[pota8]

Hallo Leute,

die Aktie MEMC müsste auf Grund des Energiebedarfes und des
Bedarfes an Solarstrom steigen.
Derzeitige Marktkapitalisierung liegt bei ca. 9 Milliarden Euro.
Interessant wäre der jährliche Umsatz.

[stockwilhelm]

Antwort auf Beitrag Nr.: 31.497.061 von pota8 am 10.09.07 11:24:21

hallo pota8,
hier die umsatzerlöse MEMC
GJ-2006 = 1.540.584.000$ nach 1.107.379.000$ in GJ-2005

Q1-2/2007 = 913.100.000$ nach 712.089.000$ in Q1-2/2006

auftragsvolumen am 9.3.2007 = 2,5 - 3,0 Mrd.$

allerdings wurde am 4.9.07 seitens MEMC mitgeteilt, dass aufgrund eines stromausfalls in pasadena, texas, die geschätzte produktion wohl nicht erreicht werden würde und somit jetzt mit reduzierten einnahmen um etwa 5 % unter dem vorher ins visier genommenen niveau von 500 millionen $ im 3.quartal 2007 zu rechnen sind.
der konzern nimmt jedoch an, das die Auswirkungen auf das gesamte geschäftsjahr begrenzt sein werden.

[pota8]

Hallo
danke für die Infos, woher haben sie diese bezogen?

[stockwilhelm]

Antwort auf Beitrag Nr.: 31.501.007 von pota8 am 10.09.07 15:01:59

meine info bzgl. MEMC beziehe ich vornehmlich aus
www.AKTIENperformer.de
www.finanznachrichten.de
http://aktien.onvista.de/snapshot.html?ID_OSI=89585&SEARCH_V…

[pota8]

Hallo Leute,
die Aktie steigt und keiner außer mir merkt es.

[pota8]

Hallo Leute,
die Aktie fällt wieder und ich merke es, aber wieso der Umschwung?

[pota8]

Hallo Leute,
die Aktie steigt, aber das interessiert auch niemand-
keine Kommentare?

[stockwilhelm]

Antwort auf Beitrag Nr.: 31.830.968 von pota8 am 03.10.07 15:15:22

es verwundert hier keinen besonders das "auf" und "ab" des kurses. bei einer volatilität (250 tage) von rd. 47% dürfte dies für MEMC normal sein. interessant ist doch letzlich der trend. und der, so vermute ich, beginnt sich wieder nach oben zu entwickeln.

[pota8]

Hallo,

danke, ich nehme das zur Kenntnis

[meinolf67]

Silicon Wafer Maker MEMC Shines Bright
S&P is bullish on the company's push into the rapidly growing solar power market and rates the stock a strong buy

by Jim Yin From Standard & Poor's Equity Research
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Silicon wafer maker MEMC Electronic Materials (WFR; $59) recently entered the solar energy industry by signing long-term contracts with two solar cell manufacturers to provide solar wafers. We believe the company's entrance into this business complements its existing semiconductor wafer business because both types of wafers use polysilicon. By working in both industries, we think MEMC should achieve better operating margins due to economies of scale.

We believe MEMC will benefit from the rapid growth in the solar energy industry. We project this industry will grow at a compound annual growth rate (CAGR) of 30% through 2010, driven by factors such as concerns about global warming and national energy independence. These issues have caused countries to establish national programs with the goal of deriving a certain percentage of their energy usage from alternative sources of energy, including solar energy. Increased production of solar or photovoltaic cells has caused the contract price of polysilicon, the raw material used in the production of solar cells, to triple in the past three years.

We estimate MEMC's revenue will increase 24% and 22% in 2007 and 2008, respectively. In addition to increased volume shipments, we forecast better pricing due to a continued supply shortage of polysilicon. We expect earnings to increase at a CAGR of 25% over the next three years.

Even though the stock has appreciated over 70% in the past 12 months, we believe MEMC's enhanced growth potential is not fully reflected in the share price. We have a 5 STARS (strong buy) recommendation on the shares.
COMPANY BACKGROUND

Missouri's MEMC is a leading producer of silicon wafers for the semiconductor industry, with more than 10% of the market. The wafers range from 100mm to 300mm in diameter and are manufactured according to customers' requirements in regard to surface features, composition, purity levels, and electrical properties.

Following an economic downturn during 2001-2002, MEMC improved its operational performance as corporate IT spending recovered and sales of personal computers and mobile devices accelerated. The company returned to profitability as revenues grew at a CAGR of 20% from 2002 to 2006. MEMC also paid off its debt and made investments, which resulted in increased capacity and better operating efficiency. It has also benefited from industry consolidation, with only four suppliers now each having more than a 10% share of the overall market. MEMC's main competitors are Shin-Etsu Handotai, SUMCO, and Siltronic.

After 20 years of producing wafers for the semiconductor industry, the company entered the solar wafer business in 2006. It signed contracts with Gintech and Suntech (STP), two Asian solar cell manufacturers, to supply solar wafers valued at between $7.5 billion and $9 billion over a 10-year period. The company began delivery in January, 2007.
STRATEGY

MEMC views the solar wafer business as complementary to its semiconductor wafer business because both businesses use polysilicon as the raw material. Almost all semiconductor wafers are made from single-crystal silicon grown from melted polycrystalline silicon or polysilicon of ultra pure quality, while the most common solar energy technology uses a silicon wafer composed of positively and negatively charged layers, which converts light energy into electrical energy. Therefore, MEMC's entrance into the solar wafer business should help the company achieve greater economies of scale in the production of polysilicon and reduce its manufacturing costs.

While the semiconductor industry is cyclical, the solar energy industry is less sensitive to the economy because it is driven predominantly by government spending.

The solar energy industry may even be countercyclical. For example, while rising oil prices may adversely affect the economy, this should provide greater incentives for the use of solar energy. Finally, when demand for semiconductor wafers declines, MEMC can sell polysilicon and other intermediate products on the spot market.

Even though each wafer has its design specification, the wafer business is mostly a commoditized business where pricing is a primary determining factor. Because larger competitors have a cost advantage over smaller producers due to economies of scale and their greater financial resources to invest in R&D and advanced technological capabilities, MEMC plans to become a market leader in both industries. The company has an annual revenue target of $3 billion to $4 billion by 2012, which corresponds to a CAGR in excess of 20%. To achieve that objective, MEMC plans to allot 10% to 15% of sales to capital expenditures for the next five years.
INDUSTRY OUTLOOK

The semiconductor industry is expected to grow 9% in 2007, according to a consensus survey conducted by Silicon Manufacturers Group. The survey indicates that silicon shipments are expected to reach 8,696 million square inches in 2007, compared with 7,996 million square inches in 2006. Total wafer shipments are projected to increase at an average CAGR of 8% from 2006 to 2010, which is a slight decline from its historical growth rate of 9% achieved from 1985 to 2006, according to the Semiconductor Industry Assn. and Semiconductor Equipment & Materials International.

The solar energy market grew 33% in 2006, according to solar energy consultancy Solarbuzz, and is projected to increase at a 30% CAGR through 2010. Despite the fact that solar energy is more expensive than oil and other alternative renewable energy, we believe this market will continue its strong growth rates due to several factors. Solar energy helps European and Asian countries that do not possess large oil reserves achieve national energy independence. We believe this factor will become more important as oil prices continue to reach new highs due to rising world demand.

Solar energy also helps reduce emissions of greenhouse gases such as carbon dioxide. Power from solar energy emits about 30 grams of greenhouse gases per kilowatt-hour, compared with 400 grams for a gas-fired power plant and 915 grams for a coal-fired power plant. Another positive factor for the promotion of solar energy, in our view, is that it creates high-tech jobs.

The solar industry is growing rapidly despite being hampered by severe shortages of the polysilicon material. Approximately 30% of the world's supply of polysilicon is being used for production of renewable electricity solar power panels, and we expect that percentage to increase. As a consequence, the contract price of polysilicon has soared from $40/kg in 2004 to $120/kg, with spot prices reaching as high as $240/kg.

Despite the rising demand for polysilicon, manufacturers of the material have been slow in adding new capacity. One reason is that these companies are more closely associated with the semiconductor industry, which is more cyclical than the solar energy industry. They overinvested and were hit hard financially during the last semiconductor downturn. Consequently, these companies have become more cautious in building new facilities.

Another factor in the delay in adding capacity is the capital requirement. To achieve the ultrahigh purity of silicon requires a large refining facility. We estimate the cost of a new polysilicon production facility at $1 billion, taking about three to five years to construct.

Although several polysilicon manufacturers have announced plans to increase production capacity, we believe supply problems will persist for the next few years. For example, Hemlock Semiconductor plans to double its current polysilicon capacity by 2010-2012.

Even if Hemlock is able to meet its construction schedule, we think the growth in production capacity will not match the growth in demand for solar cells, estimated to be at least 30% for the next three to five years.
COMPANY OUTLOOK

Given our positive outlook for both the semiconductor and solar energy industries, we believe MEMC's revenue growth rate target of 20%+ for the next five years is achievable. We estimate revenue will increase 24% and 22% in 2007 and 2008, respectively, with increased volume shipments and better pricing due to the continued supply shortage. We believe MEMC has been able to raise the price of its wafers by 10% in 2007. Further, we expect sales to Gintech and Suntech to become a larger percentage of revenues as the company expands its polysilicon capacity. We estimate that sales to the solar energy industry will account for less than 10% of 2007 revenues.

We expect the gross margin to expand to 52% and 57% in 2007 and 2008, respectively, up from 45% in 2006. The main factor for the expected higher gross margins will be better pricing. Even though we see the industry bringing substantial polysilicon capacity on line, we forecast that demand will exceed supply for the next few years. We expect non-GAAP operating margins to increase to 44% and 49% in 2007 and 2008, respectively, from 36% in 2006, reflecting stronger demand and operating leverage. The company plans to keep its operating expenses at $150 million to $200 million per year even as revenue grows.

Our earnings per share estimate for 2008 is $3.70, which is a 32% increase from our forecast of $2.80 for 2007. Our EPS estimates assume a GAAP tax rate of about 26%. The company expects the effective tax rate to decline to the mid-teens as it utilizes investment tax credits and net deferred tax assets, which totaled $131 million at the end of 2006.
VALUATION

The semiconductor equipment industry historically has traded at a significant discount to the S&P 500, reflecting the cyclicality and the volatility of the semiconductor equipment industry. However, we believe that as MEMC derives a larger percentage of its revenue from solar energy, the amount of discount will decline due to the less cyclical nature of the solar energy industry. In addition, the company has signed two long-term contracts, thus providing better visibility into future revenues. MEMC currently trades at a P/E-to-growth ratio (PEG) of 0.64 times.

Our 12-month target price of $78 is based on a PEG of 0.84 times, a slight premium to the industry and a discount to that of the S&P 500, using a long-term EPS growth rate of 25% and our 2008 EPS estimate of $3.70. The slight premium we apply relative to the industry reflects MEMC's entrance into the solar energy business, which we believe is less sensitive to the economy.
CORPORATE GOVERNANCE

Our view of the company's corporate governance is mostly negative. MEMC has restated financials during the past 24 months. In 2006, it delayed the filing of its 2005 10-K and 10-Qs for the first two quarters of 2006. The company's auditors were not elected at the most recent annual meeting. We are also concerned that the board of directors is authorized to change the size of the board without shareholder approval and that the company does not conduct performance reviews of individual directors.

On the positive side, MEMC does not have a "poison pill" plan in place.
INVESTMENT RISKS

Risks to our recommendation and target price include rapid technological change and product obsolescence associated with the semiconductor industry, from which MEMC derives about 90% of its revenues. The semiconductor industry is sensitive to the global economy. In regard to the solar energy industry, additional risks include the price of oil and changes in governmental policy related to alternative energy technology. Because the solar energy industry is currently under capacity constraints, competitors' announcements of new facilities being constructed would likely affect MEMC's business adversely.

[Maxom]

Nach langem Zögern habe ich jetzt in MEMC investiert. Früher hieß es immer, daß das, was in Amerika passiert, 10 Jahre später auch in Europa ankommt. Was die Solarenergie betrifft, ist es umgekehrt. Diesmal werden die Amerikaner nachziehen. Der Solarboom steht in den USA noch bevor, und MEMC sollte davon mächtig profitieren.

[meinolf67]

Press Release Source: MEMC Electronic Materials, Inc.

MEMC and Gintech Announce $700 Million+ Solar Wafer Supply Amendment
Thursday October 25, 4:00 pm ET

ST. PETERS, Mo., Oct. 25 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, Inc. (NYSE: WFR - News) announced today that MEMC and Gintech Energy Corporation of Taiwan have executed an amendment to their existing definitive agreement for MEMC to supply solar grade silicon wafers to Gintech.

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Under the terms of the amendment, MEMC will supply additional solar wafers to Gintech over the 10-year contract period, with incremental pre-determined pricing, on a take or pay basis beginning in 2008. Sales of the additional wafers over the 10-year period would generate approximately $700-$800 million in incremental revenue for MEMC. As part of the amendment, Gintech will advance additional funds to MEMC in the form of a capacity reservation deposit. In total, the amended agreement is now worth between $3-$4 billion in revenue to MEMC through 2017.

"Gintech is a fast growing and well positioned player in the solar industry," commented Nabeel Gareeb, MEMC's Chief Executive Officer, "and we are pleased to provide them with additional solar grade wafers to help enable them to meet the growing demand for photovoltaic energy worldwide. With partners like Gintech, and a keen focus on our core competency of making wafers, MEMC continues to strengthen its position in the solar marketplace."

Commenting on the signing of the wafer supply agreement, Gintech's President Ellick Liao said, "Gintech continues to grow its capacity, and aims to play a major role in serving the globe with sustainable and clean energy. MEMC wafers are a critical ingredient for success in that process, and we are pleased to expand our relationship with MEMC."

About Gintech Energy Corporation

Gintech is a solar cell manufacturer based in Taiwan. Gintech's state-of- the-art equipment, facilities and cost-effective production line focus only on solar cell manufacturing. Gintech was founded in 2005 and is supported by several top executives from the petroleum, petrochemical, semiconductor and electronics industries in Taiwan with insight into the global trends of renewable energy.

[meinolf67]

Press Release Source: MEMC Electronic Materials, Inc.

MEMC and Conergy Announce $7-$8 Billion Solar Wafer Agreement
Thursday October 25, 4:01 pm ET

ST. PETERS, Mo. and HAMBURG, Germany, Oct. 25 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, Inc. (NYSE: WFR - News) and Conergy (CGY.DE), announced that they have executed a definitive agreement for MEMC to supply solar grade silicon wafers to Conergy.

ADVERTISEMENT
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Under the terms of the definitive agreement, MEMC will supply solar wafers to Conergy over a 10-year period, with pre-determined pricing, on a take or pay basis beginning in the third quarter of 2008. Sales of the wafers over the 10-year period would generate between $7 billion and $8 billion in revenue for MEMC. As part of the definitive agreement, Conergy will advance funds to MEMC in the form of a capacity reservation deposit. In addition, MEMC will participate in 5% of the increase in value of Conergy's solar module/cell subsidiary.

"MEMC is very pleased to enter this long-term wafer supply relationship with Conergy," commented Nabeel Gareeb, MEMC's Chief Executive Officer. "Conergy is the largest installer of photovoltaic systems in the world, and we are pleased with the prospect of helping them expand their leadership position in the marketplace. We feel confident that MEMC's nearly fifty years of wafer making experience will prove instrumental in allowing both companies to win in the solar space."

Commenting on the signing of the wafer supply agreement, Hans-Martin Ruter, Conergy's Chief Executive Officer, said "Conergy continues to grow its global brand by focusing on the needs of the customer. This agreement with an efficient industry leader like MEMC, will play an important role as we continue to increase our scale and enhance the total value proposition for our customers. Together, MEMC and Conergy can expand our positions in our respective markets while supporting and enabling the growing demand for solar energy worldwide."

[meinolf67]

Transkript des Earnings-Call:



http://seekingalpha.com/article/51467-memc-electronic-materi…

[Maxom]

Was ist los?? MEMC geht ab wie eine Rakete.

[meinolf67]

Antwort auf Beitrag Nr.: 32.165.156 von Maxom am 26.10.07 16:55:57

Lies den CC...

[Maxom]

Der Thread hier scheint nicht mehr aktiv zu sein. Falls das noch jemand liest: Leute, was meint ihr, wie es weitergeht mit MEMC?

[stockwilhelm]

Antwort auf Beitrag Nr.: 32.456.506 von Maxom am 16.11.07 18:12:26

hi Maxon,
du hast, wie du gemeldet hattest, am 24.okt.07 die MEMC-aktien gekauft, seinerzeit standen sie bei 42,60 euro in Frankf., jetzt nach 23 tagen stehen die papiere bei aktuell 49,20 €, also mit einem plus von 15 1/2% über dem long-kurs.
sei zufrieden und warte weiter ab. es wird schon noch!
ich schätze der Kurs geht auf mittel- bis langer sicht und natürlich bei allgemeinem positiven marktumfeld noch weiter nach oben.
das hat www.aktienperformer.de bereits am 13.11.05 bei einem damaligen kurs von 17,29€ erkannt und hat dann 5.febr.06 von conergy in MEMC gewechselt.

auf bald wieder steigende Kurse

[DerStarlet]

Neues Allzeithoch, jetzt weiter bis auf 100 Dollar!

[rassti]

Viel Leben ist ja hier im thread nicht.
War selbst mal kurz ausgestiegen bin aber bei 46 € wieder rein.Gibts iregendwelche interessante Neuigkeiten, läuft ja mal wieder wie Sahne.
g rassti

[Maxom]

Antwort auf Beitrag Nr.: 32.731.686 von rassti am 11.12.07 20:37:06

Die Solarbranche boomt und MEMC profitiert davon. Bin bei 43 rein - nun über 60 - nun bleibe ich auch dabei - vor uns liegt ein weiter Horizont

[Renarai]

Antwort auf Beitrag Nr.: 32.772.034 von Maxom am 14.12.07 23:29:00

das geht doch bald wieder abwärts, oder?
Ich überleg über ich aussteige und dann später wieder einsteige.
Was meint ihr?

[DerStarlet]

Antwort auf Beitrag Nr.: 32.772.735 von Renarai am 15.12.07 08:51:13

Die Kursziele reichen von 65 - 100 Dollar, entscheide selbst. Wir sehen die 100 Dollar, der Markt will es so.

[rassti]

Antwort auf Beitrag Nr.: 32.772.735 von Renarai am 15.12.07 08:51:13

Tja
dass mit dem Aussteigen und wieder Einsteigen ist so ne Sache!
Bin vor ca 2 Monaten bei knapp 43 raus ( Subprimekrise) Hätte bei 38 wieder zugreifen können habe aber geglaubt es geht noch tiefer aber von wegen. Der Markt hat nicht das getan was allgemein erwartet wurde.War dann froh bei 46 wieder auf den ZUG auf zu springen. Hätte es fast verbaselt.
Ich denke auch, der Markt will die 100 Dollar sehen.

[Renarai]

Antwort auf Beitrag Nr.: 32.777.530 von rassti am 15.12.07 21:33:31

ja, Du hast Recht. Manchmal klappt das mit einem kurzfristigen Ausstieg ganz gut. Oft aber halt auch nicht, da fährt Dir der Zug davon... Mir gings auch schon ein paar Mal so. Ich denke bei MEMC ist noch Potential drin.
Das Polysilicium wird ja immer teuerer. Auf den Spot-Märkten sind jetzt schon 400 Dollar/kg erzielbar. MEMC verdient sicher ganz gut.
Arbeitest Du (Ihr) mit Stopp-Los? Wenn ja, wo habt ihr ihn gesetzt?

[stockwilhelm]

Antwort auf Beitrag Nr.: 32.789.726 von Renarai am 17.12.07 12:18:55

AKTIENperformer.de hat den stop-loss für einen Teilverkauf bei 56,65 € gesetzt

[rassti]

Rating-Update: New York (aktiencheck.de AG) - Die Analysten von Lehman Brothers stufen die Aktie von MEMC Electronic Materials (ISIN US5527151048/ WKN 896182) unverändert mit "overweight" ein. Das Kursziel sei von 90 USD auf 110 USD angehoben worden. (18.12.2007/ac/a/u)

@ Renarai

Hier habe ich keinen Stopp-Los gesetzt.Die Entscheidung fällt eher aus dem Bauch.Ich halte die Zukunftsaussichten hier einfach für zu gut.Bei kleinen Werten setze ich aber immer einen Stopp-Los.

[DerStarlet]

Antwort auf Beitrag Nr.: 32.811.549 von rassti am 19.12.07 09:57:26

Die Rallay beschleunigt sich jetzt!

[Renarai]

Antwort auf Beitrag Nr.: 32.790.037 von stockwilhelm am 17.12.07 12:49:29

Aktienperformer.de hat den Teilverkauf offensichtlich wieder gelöscht. Ich werde ab 65€ mit stop-loss arbeiten. Ca. 20% unter dem jeweiligen Kurs.

[stockwilhelm]

Antwort auf Beitrag Nr.: 32.836.399 von Renarai am 21.12.07 11:50:45

AKTIENperformer.de hatte den Stop-loss zwischenzeitlich am 18.12. 07 auf 58,60 € nachgezogen und dann auch zu diesem Kurs mittags 30 Aktien verkauft(siehe >Transaktionen).

Das aber auch augenscheinlich nur auf Grund der derzeitigen Unsicherheiten an den Finanzmärkten allgemein und um den Cash-Bestand im Musterdepot an seinem empfohlenen 26% anzugleichen. Grundsätzlich geht er weiterhin langfristig von einer Fortsezung der Kursrichtung der MEMC-Aktie gen Norden aus.

[meinolf67]

A good year for renewable energy?
January 2, 2008 - Exclusive
By David Ehrlich, cleantech.com
Similar

* Evergreen Solar still evergreen?
* U.S. biofuel industry growing 40-50% a year, says analyst
* U.S. solar & wind incentives on the way?
* JA Solar silicon deal swells stock
* A mostly great day for solar stocks

A new report says alternative energy stocks should do well in 2008, with MEMC getting a strong valuation for the sector.

It could be a strong year for alternative energy as a whole, according to a new report, but the second half of 2008 could pose a problem for solar stocks.

The report from Thomas Weisel Partners, Alternative Energy: 2008 Outlook, said investor interest in the sector remains extremely high, with solar and demand response likely to get the biggest boosts in the new year.

"Public and government opinion is rapidly shifting toward increased action on global warming, carbon emissions, renewable energy generation and new energy-efficiency technologies," said Jeff Osborne, an analyst at Thomas Weisel, in the report.

Over the past six months there's been a pronounced shift in the types of investors inquiring about stocks that Thomas Weisel covers, according to Osborne, with portfolio managers appearing to be building a cleantech theme for part of their portfolios.

St. Peters, Mo.-based MEMC Electronic Materials (NYSE: WFR) gets top marks in the cleantech sector for 2008 in the report, with Osborne raising Thomas Weisel's year-end price target on MEMC to $105 from $81.

In October, MEMC amended its long term agreement to supply solar wafers to Taiwan's Gintech Energy, increasing the value of the contract to between $3 billion and $4 billion (see MEMC, Gintech amend solar supply deal).

But all will not necessarily be well for solar.

The report sees a solid start to the year for solar on growth in the Mediterranean, but sees the second half of 2008 as a "black hole," citing subsidy changes in Spain, Germany and the U.S. and uncertainty around new polysilicon entrants in China and elsewhere.

In the U.S., new energy legislation failed to include an extension of tax credits for the solar industry.

The report sees heavy lobbying in early 2008 by the wind and solar industries to seek a separate bill, but the timing and specifics of any new legislation remains unclear (see U.S. solar & wind incentives on the way?).

Although the growth of solar is often tied to government incentives, the Thomas Weisel report highlights that demand response does not need government help to be economically viable.

"We continue to be bullish about the demand response industry as we enter 2008, particularly in the Commercial and Industrial (C&I) segment of the marketplace, which we favor over residential," said Osborne.

Utilities and grid operators are increasingly adopting demand response in their open market programs as well as forward planning, according to the report.

It notes that demand response capacity bid into the open market does not require separate state Public Utility Commission approval for pricing unlike demand response capacity committed to individual utilities under long-term contracts.

"We expect that C&I demand response aggregators like EnerNOC and Comverge's Enerwise will be active participants in these markets," said Osborne.

And unlike solar, demand response received a big incentive from the recently passed energy legislation in the U.S., with the new energy act creating a smart grid regional demonstration initiative.

The initiative allocates $100 million to support research and development in the industry.

As for fuel cells and biofuels, the other two alternative energy industries covered in the report, at least biofuels is likely to do well.

The report said the hydrogen and fuel cell industry is still in the very early stages and remains too fragmented.

"We do not see sustainable profits for many of the participants over the next three to five years," said Osborne in the report.

In November, Vancouver, British Columbia's Ballard Power Systems (Nasdaq: BLDP) agreed to sell its struggling automotive fuel cell business to Daimler (NYSE: DAI) and Ford Motor (NYSE: F) (see Ballard selling auto fuel cell business to Daimler, Ford).

On the other hand, biofuels, which received a big push from the energy act in the U.S., are likely to do well.

The new law sets a Renewable Fuels Standard for annual production of 36 billion gallons of biofuels by 2022, a fivefold increase from current production levels.

The new standard includes a 9 billion gallon biofuel mandate for 2008, but the report cautions that high corn prices and infrastructure issues are likely to weigh on the stocks for at least the next two quarters.

And it won't just be transportation fuels getting all the attention. The report said diversification away from petroleum-based products will be a key theme in 2008.

"Products such as bio-plastics are likely to receive further attention as producers look to diversify their feedstocks out of the volatile gasoline markets," said Osborne.

[rassti]

Tja, so schnell kanns gehen.
Mit einer Korrektur hatte ich ja schon gerechnet, aber so weit nach unten , nein eigentlich nicht.
Das könnten mal wieder Nachkaufkurse sein?
Oder gibt es neue Nachrichten die den Kurseinbruch rechtfertigen?

g
rassti

[Steffen44]

Antwort auf Beitrag Nr.: 32.987.346 von rassti am 08.01.08 23:17:03

Ich habe bis jetzt keine News gefunden die diese Korrektur rechtfertigen.

Überrascht hat mich das ganze auch...und ich bereue keine Stop-Lose eingesetzt zu haben

Gruß

Steffen

[Renarai]

Ich hab ein Stopp-Los gesetzt, das auch schon gegriffen hat.
Ein paar hundert Euro Gewinn warens auch.
Versteh den Kursrutsch aber auch net so recht. Alle Polysiliciumaktien (REC, Wacker, ...) sind so ähnlich wie MEMC gefallen.
Einige Analysten glauben offensichtlich tatsächlich, dass die Knappheit von Polysilicium zu Ende geht. Dem ist aber mit Sicherheit nicht so.
Ich werde wieder einsteigen, sobald sich das Ganze wieder etwas beruhigt hat. Ich denke es geht dann wieder recht schnell nach oben. Die genannten Firmen sind den aktuellen Kurs allemal Wert.
Gruß, Renarai

[Maxom]

Antwort auf Beitrag Nr.: 32.991.661 von Renarai am 09.01.08 12:45:43

In diesem Zusammenhang ist auch Tokuyama zu nennen; die sind auch ziemlich runtergerutscht. Ich hatte MEMC für 43 Euro gekauft, habe aber der Versuchung widerstanden zu verkaufen. In den USA wird die Stimmung an den Märkten schon bald wieder besser werden. Dauerdepression - das wäre unamerikanisch

[Renarai]

Antwort auf Beitrag Nr.: 32.994.856 von Maxom am 09.01.08 16:28:09

stimmt Tokuyama gibt's auch noch. Aber von denen halte ich am wenigsten.
Hatte auch MEMC mit 43€ gekauft und jetzt mit 52€ verkauft.
Werde mir aber mit Sicherheit wieder mal MEMC-Aktien zulegen.
Auf jeden Fall demnächst wieder einen Siliciumhersteller. Entweder REC (baut enorm aus), Wacker (bauen auch groß aus, leider ist halt hier die Siltronic mit dabei (Halbleitergeschäft wird 2008 nicht so gut laufen) oder halt MEMC (machen den meisten Gewinn mit Silicium, da sie viel am Spot-Markt zu enormen Preisen verkaufen)...
Die Frage ist, ab wann man wieder investieren sollte?

[Maxom]

Antwort auf Beitrag Nr.: 32.997.966 von Renarai am 09.01.08 19:58:40

Ich habe ziemlich viel in Tokuyama investiert. Soweit ich im Bilde bin, ist dieses Unternehmen das einzige mit Börsennotierung im asiatischen Raum, das Silicium produziert. Ich sagte mir, daß, falls es in Japan und China einen Solarboom geben sollte, wäre Tokuyama sicherlich gut im Geschäft.

[DerStarlet]

MEMC Electronic Material Inc. (WFR US) gained $4.58, or 6.4 percent, to $76.10 in extended trading. The world's third- largest maker of silicon wafers said that, excluding some items, it expects to earn at least $4.50 a share this year. Analysts, on average, estimated $4.22, according to a Bloomberg survey.

Sehr gute Zahlen!

[stockwilhelm]

Antwort auf Beitrag Nr.: 33.166.336 von DerStarlet am 25.01.08 11:18:40

www.AKTIENperformer.de

[meinolf67]

MEMC - Hot Or Burnout? [WFR]

1/24/2008 9:32:29 AM Profile - MEMC Electronic Materials Inc. (WFR) supplies silicon wafers to semiconductor makers and solar wafers to solar firms. The company's hot product is solar-grade polysilicon, the key component for photovoltaic solar cells that convert solar energy into electrical energy.

After a close brush with bankruptcy, MEMC Electronic Materials Inc. (WFR) bounced back with renewed vigor following a bailout by private equity firm Texas Pacific Group in 2001. The company now generates free cash flow and far higher profit margins. The stock hit an all-time low of $1.05 in the week of September 24, 2001, but has been on a roll since then and is now trading close to $70, at 16.67 times its 2008 estimates. Is the stock exhausted after a furious run or is there more room for upside?

Positive long-term catalysts

A. Soaring Polysilicon Prices

MEMC has an edge over other wafer makers, as it makes its own Polysilicon - the key component in wafers. The solar industry is estimated to be snapping up more than 50% of global polysilicon production, causing a demand-supply imbalance in the polysilicon market.

The recent supply shortage in polysilicon has caused the component's prices to soar. According to industry sources, polysilicon spot prices reached $400 per kilogram in December 2007, from about $30 per kilogram in 2004.

MEMC uses polysilicon to manufacture its own wafers and also sells the material to other semiconductor companies including Samsung Electronics Co. Ltd., Texas Instruments Inc. and STMicroelectronics N.V. So, the soaring Polysilicon prices have only impacted MEMC positively, unlike other wafer makers that are suffering from increased materials costs.

Polysilicon prices are expected to go up by another 20% into the first half of 2008, boosting MEMC's top and bottom lines. Analysts estimate Polysilicon supply tightness to continue beyond 2009.

MEMC plans to achieve over 6,000 metric tons of Poly production in 2007, and about 8,000 metric tons by the end of next year, and 15,000 metric tons by the end of the decade.

B. Booming Demand For Solar cells

The solar industry across the globe relies on polysilicon, the same raw material used in semiconductors. As the making of chips or solar wafers requires similar equipment and technology, making the transition to the solar industry appears to be deceptively smooth for semiconductor makers. However, in reality, prohibitive Polysilicon prices are the party poopers.

Polysilicon price represents about 80% of the cost of a solar panel. Companies with weak cash flow may not be able to afford a seamless transition, while top players like Intel Corp. are focusing resources on advancing microprocessors. So, only a selective few companies like Applied Materials, which have the resources and global presence, have entered the solar business.

MEMC's polysilicon assets give it an edge and solar wafers now make up 25 to 30% of MEMC's revenue, according to JMP Securities. S&P equity analyst Jim Yin expects the demand for solar cells to increase by 30% annually through 2010. Solar wafers are expected to constitute 38% of the overall silicon wafer market by the end of 2010, up from 23% in 2005.

C. Long-Term Solar-Wafer Supply Contracts

At October end, MEMC agreed to supply solar grade silicon wafers to renewable energy company Conergy, over a 10-year period, starting July 2008. The contract is expected to generate total revenues between $7 billion and $8 billion for MEMC.

Late October, MEMC also amended an existing agreement to supply additional solar wafers to Taiwan-based solar cell manufacturer - Gintech - starting in 2008, resulting in incremental revenue of $700-$800 million for MEMC. The amended deal is now worth $3-$4 billion in revenue to MEMC through 2017. With the new deals, MEMC says it has solar wafer agreements worth $15-$18 billion in place over the next 10 years.

D. The quest for energy alternatives

Oil prices are on a boil and it is getting increasingly difficult to locate oil and coal reserves. Further, most of the oil supply is from the politically unstable countries, pushing the world nations to seek energy alternatives to break free of dependence on geopolitically turbulent nations.

Solar energy's appeal lies in the fact that it is a resource with virtually no boundaries and also free of greenhouse gas emissions that are seen as major reasons for global warming.

Governments round the globe are offering tax subsidies for solar energy firms. Germany and Japan offer significant tax incentives, and China has pledged to spend about $200 billion on renewable energy, including solar energy, over the next 15 years.

An article published by the Scientific American magazine says solar power plants could supply 69% of the U.S.' electricity and 35% of the nation's total energy by 2050, provided the government offers $420 billion in subsidies from 2011 to 2050 to fund the infrastructure and make the power generation cost-effective.

E. Demand for 300-mm Wafer line

MEMC gets premium prices for its 300-mm silicon wafers that are large and about a foot in diameter. Customers pay the premium, as more chips can be sliced from large wafers. The total silicon surface of a 300-mm wafer is more than twice that of the 200-mm wafer, the next biggest size.

Bigger wafers also dramatically improve the ability to produce semiconductors at a lower cost and reduce the overall use of resources. The 300-mm wafers command a higher price than 200-mm wafers, in terms of price per unit area. MEMC is one of the four companies that make 300-mm wafers.

F. High entry Barriers

Polysilicon and wafer production require huge investment in equipment and scientific processes. To build a plant that can produce polysilicon in economically feasible quantities, it takes a minimum period of about two years.

Expansion of present capacity also requires heavy investments in infrastructure. The transition of semiconductor companies into the solar business is not as easy as it seems, because of surging Polysilicon prices. Entry into manufacturing of 300-mm wafers also involves heavy start-up and ramping costs. At present, there are only 4 companies including MEMC to make 300-mm wafers.

G. Strong Balance sheet

MEMC has a strong balance sheet. With current ratio of 3.54% in the most recent quarter, it can more than fund its current liabilities with current assets. A cash to debt ratio of about 36%, up from 32% in the second quarter, 24% in the first quarter and 17% in the fourth quarter of 2006, indicates growing cash and short term investments. The company has maintained a very low debt-to-equity ratio of 0.2% in the last three quarters. All these factors are reflections of a strong balance sheet.

G-1. Current Ratio, a measure of short-term liquidity risk, is 3.54% for the most recent quarter. This means that current liabilities are covered by current assets 3.54 times. A current ratio of over 2 means the company is piling up cash, which it can use for further investments or to return to shareholders in the form of dividends or share buybacks.

Q3 Q2 Q1 Q4-06
Current ratio 3.54% 3.95% 3.44% 3.49%


(G-2) Cash to debt ratio of about 36%, up from 17% in the fourth quarter of 2006, indicates growing cash and short-term investments.
Q3 Q2 Q1 Q4-06
Cash-To-Debt Ratio 36.8% 32.33% 24.15% 17.02%

Cash Per Share - For the most recent third quarter, the company posted cash per share of $5.29 that constitutes about 7.57% of the latest stock price.


(G-3) Low debt-to-equity ratio
Q3 Q2 Q1 Q4-06
Debt-to-Equity ratio 0.02 0.02 0.02 0.03


H. High Margins

For the trailing twelve months, the company's gross margin is 50.38%, above the Industry's 43.19%. MEMC's operating margin for the trailing twelve months is 42.27%, way above the Industry's 1.51%.

The company has converted about 40 cents of each dollar in sales into operating profit in the last four quarters.
Q3 Q2 Q1 Q4-06
Revenues (in mln) $472.8 $472.7 $440.4 $420.55
Operating Profit (In Mln) $200.1 $207.3 $187.7 $168.6
Conversion of Revenues into Operating Profit For Each Dollar of Sales $0.42 $0.44 $0.43 $0.40


I. Attractive Valuation

The company's Price-to-Earnings or P/E ratio for the trailing twelve months is 27.96, compared to the Industry P/E of 23.20. MEMC has a P/E to earnings growth or PEG of 0.72 compared to the Industry's PEG of 0.93. Generally, a PEG ratio of 1.0 means a stock is fairly priced. A PEG ratio below 1.0 means a stock is attractive and a PEG ratio above 1.0 suggests that a stock is too expensive, although there are exceptions.

J. High Institutional ownership

Institutional investors hold about 84.5% of MEMC's outstanding float.

Slightly bearish…

A. Low Insider Ownership - Insiders own just about 2.09% of the company's float.

B. Lack of Solar Incentives in U.S. energy bill - The U.S. energy tax bill signed in late December lacks provision for renewable energy credits that are the cornerstones in the operating philosophy of solar companies - Most of the existing tax credits for installers of wind and solar power equipment are due for expiry at the end of 2008.

The lack of such credits may discourage new entrants in the U.S. solar business and in turn may reduce U.S. Polysilicon demand in the long term. However, MEMC, which has safely lined up long-term contracts for its Polysilicon inventory, may not feel the pinch much. Also MEMC supplies to International players and not just U.S. clients.

C. Conergy's earnings warning - Conergy, a Germany based solar company with which MEMC struck a 10-year deal worth $7 to $8 billion to supply wafers, issued a strong profit warning recently. The warning led to a 30% drop in Conergy stock that trades in Germany.

Some bloggers raised questions about the viability of the Conergy-MEMC deal, but Conergy quelled the uncertainty, by announcing a restructuring plan to axe 500 jobs and put its bio-energy and solar-heating operations on the sale block to focus on its core solar-panels business.

To concentrate on its solar panels business the company needs wafers from MEMC, which signals that the deal may not be in jeopardy. But if the deal falls apart, MEMC would be losing roughly about 44% of the currently estimated revenues for the next decade.

D. Development of Silicon alternatives - Solar companies in the U.S. and elsewhere are developing alternative solar-power technologies like thin-film applications that rely less on silicon, which is very expensive. However, it is still not cost-effective to mass-produce thin-film solar panels because of the difficulty in coating large areas of glass. So, experts believe that crystalline- silicon technologies will rule the market for at least the next five years.

Stock movement

After hitting an all-time low of $1.05 in September of 2001, when the company was a stone's throw away from bankruptcy, the stock rebounded and traded in a range between $5 and $13 until early 2005. Since then, the stock steadily rallied on increased volume and touched an all time high of $96.08 in late December of 2007. Later, it retreated rapidly along with the broader markets, giving back around 25% of it value, and is currently trading near the $70 support level.

Expert Opinion

December 18, Lehman analysts Vishal Shah and Tim Luke raised their target prices on MEMC Electronic Materials to $110, from $90. The analysts expect Polysilicon tightness to continue into 2009 and expect Poly prices to rise by another 20% in the second half of this year, boosting MEMC's revenues and earnings per share.

Dec 3, J.P. Morgan's Christopher Blansett maintained his Overweight rating on the stock.

Conclusion

Polysilicon supply constraints, soaring poly prices, booming demand for solar cells and 300-mm wafers, and lucrative long-term solar wafer contracts are perceived as positive catalysts for MEMC stock. The company's healthy margins, strong balance sheet and the upbeat long-term outlook for the solar sector add gloss to the bull story. The risks include the lack of solar Incentives in the U.S. energy bill and a slowing U.S. economy.

MEMC is set to release its fourth quarter results today, after market close. Analysts expect the company to post earnings of 96 cents a share, on revenues of $543.92 million.

[meinolf67]

Suntech-Warrant!!!

[DerStarlet]

Antwort auf Beitrag Nr.: 33.171.972 von meinolf67 am 25.01.08 18:13:39

Was willst du damit sagen?

[Maxom]

Tendenz klar: Richtung Norden und dann immer geradeaus.

[DerStarlet]

MEMC Electronic Materials "overweight"

Monday, January 28, 2008 9:55:27 AM ET
Lehman Brothers

NEW YORK, January 28 (newratings.com) - In a research note published on January 27, analysts at Lehman Brothers maintain their "overweight" rating on MEMC Electronic Materials (WFR.NYS). The target price is set to $110.

[DerStarlet]

MEMC Electronic Materials "overweight"

Monday, January 28, 2008 9:55:27 AM ET
Lehman Brothers

NEW YORK, January 28 (newratings.com) - In a research note published on January 27, analysts at Lehman Brothers maintain their "overweight" rating on MEMC Electronic Materials (WFR.NYS). The target price is set to $110.

[Maxom]

Hurra!!! Was ist los?? Schaue grade mal rein - 30-Prozent-Sprung.

[Highnoon120]

Wasn los, keiner mehr drin hier????

[Highnoon120]

Wird mit jedem Tag Attraktiver das Papier

[Dr. Alban]

Antwort auf Beitrag Nr.: 33.523.530 von Highnoon120 am 01.03.08 12:00:07

Tja! Overload. Man sieht sich bei 30 Euro wieder!

[rassti]

27.03.2008 19:40
MEMC Electronics shares dragged down by rival co.'s supply deal

NEW YORK (Thomson Financial) - Shares of MEMC (News) Electronics Materials fell Thursday after rival Timminco said it was in a deal to supply solar grade silicon to Q-Cells AG.

American Technology Research wrote that it believed recent underperformance in the company 'may be partially attributable to potential capacity announcements next week in Munich from incumbents and new entrants.' The firm noted that on Wednesday, all solar stocks did well except for MEMC.

'We view any weakness as the result of such announcements as a buying opportunity given these targets do not translate into actual production for several years in many cases,' the broker wrote.

MEMC shares were down 7.1% to $75.25 while Timminco shares soared more than 20% to C$25.25 on Thursday, hitting an all-time high of C$27.49 in intraday trading.

MEMC was not immediately available for comment.

Timminco's deal was announced Wednesday after the bell. Under the terms of the agreement, it will supply Q-Cells with 410 metric tons of supplies in 2008 and 3,000 metric tons in 2009. The price per ton will be negotiated based on market conditions, the company said.

Ryan Vlastelica

[meinolf67]

Q-Cells puts the pedal to the metal
By Mark Osborne
28 March 2008
Popular Articles
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Solarfun ramped capacity to 240MW in 2007: plans 360MW by mid-year 2008. - 27 March 2008
Q-Cells to use non-blended metallurgical silicon at new Malaysian fab - 28 March 2008
Solar & PV Tech jobs
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Silicon solar cell producers should forget about the polysilicon shortages, while thin-film companies need not worry about silane supplies. Not because constrained supply issues are expected to ease and material costs to finally lower over the next two years, but because a potentially bigger concern is looming!

Metallurgical-grade silicon is vastly cheaper to produce and ramp than polysilicon. Granted, the purity levels are lower and efficiencies suffer, but development work at Becancour Silicon has shown that impurity levels have been reduced dramatically in only a few years, especially in relation to boron, carbon and oxygen levels.

Q-Cells have worked closely with Becancour Silicon, among others, and the company now feels extremely confident in using the material for a 300MW solar cell facility being built in Malaysia. Importantly, it will be used directly rather than blended with polysilicon.

Should polysilicon prices come down dramatically from 2010 onwards, the fear is that margins throughout the PV supply chain will suffer. Manufacturing scale becomes a key buffer to such pressures, which could see a consolidation in the market develop as smaller players get squeezed.

However, there is another buffer to margin declines - metallurgical grade silicon. Q-Cells is grabbing a significant supply of the stuff on long-term contracts just as polysilicon prices are expected to fall.

The simpler and less costly production process can also be ramped significantly faster, so expect Q-Cells to take advantage of that abundant potential supply for years to come. Others will obviously get on that bandwagon; Becancour Silicon has signed four supply deals so far and more are expected to follow.

How this impacts the established polysilicon suppliers and the 20-plus new entrants is not yet known, though it was no surprise that shares in MEMC, for example, declined on the Q-Cells new deal.

Thin-film suppliers may also find that their low-cost-per-watt approach and unshackled ramp ability may not be as strong a business approach as it has thus far proved. Silicon solar cells are fighting back and Q-Cells has the pedal to the metal in more ways than one.

[rassti]

Jetzt gibt es noch mal Druck!!

Memc Elec Materials Cuts 1Q Revenue View To $500 Million From 560 Million4-3-08 7:32 AM EDT | E-mail Article | Print Article

DOW JONES NEWSWIRES

MEMC Electronic Materials Inc. (WFR) reduced its first-quarter revenue forecast to $500 million from $560 million, due in part to extended downtime and maintenance issues at its Pasadena, Texas, facility.
Click to learn more...
Analysts polled by Thomson Financial expect, on average, revenue of $560 million.

The St. Peters, Mo., silicon products maker also said it expects first-quarter operating expenses of $42 million and reduced its gross margin projection to 52% from 54.8%.

MEMC Electronic said its expansion is proceeding better than previously announced, which should allow the company to recover most of the revenue lost due to downtime at the Pasadena facility to be recovered in the second half.

MEMC Electronic changed hands at $68.60 a share in pre-market trading, down from its 4 p.m. close of $76.39 on Wednesday.

[sensolight]

und nochmal etwas ausführlicher...

http://aktien.wallstreet-online.de/informer/community/thread…

[meinolf67]

Mr. Sunshine
News from LexisNexis
Peter C. Beller -- Forbes, April 21, 2008


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Nabeel Gareeb is muscling silicon wafer maker MEMC into the solar business.

To private equity Nabeel Gareeb is a hero. Tapped in 2002 by Texas Pacific Group (now TPG) to run MEMC Electronic Materials, Gareeb turned the down-at-the-heels maker of silicon wafers into an astonishing success: Last year the St. Peters, Mo. company netted $830 million on sales of $1.9 billion, up from a $518 million loss on revenue of $618 million when he took over. Now, hoping to cash in on green-tech mania, he's signing multibillion-dollar, decadelong deals to supply wafers to makers of solar panels.

To many business associates Nabeel Gareeb is a villain. Exploiting the company's lock on much of the world's polysilicon, the key ingredient in microchips and photovoltaic cells, he has used the poly as a cudgel to dictate terms to solar panel makers starving for raw material. Former customers have sued him for reneging on contracts; current ones hint they've been mistreated. That's fine with Gareeb. "It's not a popularity contest," he says. "In the end, it is a war."

Gareeb was born in 1964 in Karachi, Pakistan. His father was an importer of textiles, his mother a gynecologist. When his parents left for jobs in Saudi Arabia, Gareeb, then 14, stayed in Pakistan on his own, graduated from high school at 15 and worked as a factory manager while studying for the SATs. After bombing twice, he did well enough to pack himself off to Harvey Mudd College in Claremont, Calif. There he struggled to learn computer code and quantum physics while working full-time at a software unit of Lockheed. He forced himself to stop speaking with a British accent because people had trouble understanding him. In five years he earned a B.S. in electrical engineering and an M.S. in engineering management.

After graduating he did consulting for Andersen, then took over a troubled factory for client International Rectifier, a chipmaker. He was chief operating officer when a headhunter called in 2001. MEMC had been gravely wounded by the collapse of the tech bubble. Started by chemical manufacturer Monsanto in 1959 and later spun off, the company turns ultrapure polysilicon, made at its huge refineries in Texas and Italy, into flat, crystalline wafers onto which chipmakers etch integrated circuits. In the 1990s the company ran up huge debts to its then parent, German utility E.ON, and by 2000 was losing money and borrowing to meet its payroll. TPG bought MEMC from the Germans for $6 in cash (a dollar for each legal entity) and $200 million in assumed debt, giving the private equity firm a 90% stake. The move diluted public shareholders from 25% to 10% but kept MEMC in business.

John Marren, the TPG partner in charge of the deal, went to meet the young executive the search firm had raved about. Gareeb's intensity impressed him. "On Dec. 20, when his kids get out of school, he sends them on vacation so he can work straight through the end of quarter," says Marren, now MEMC's chairman. A week after the meeting Gareeb brought Marren a turnaround plan, scribbled on three sheets of computer paper. Marren chose him over another candidate who had been a chief executive.

Gareeb describes MEMC as a shambles when he arrived. Eight regional presidents set their own prices and relied on their own marketing and financing people. Because the company's entire research budget was devoted to shaving pennies off the manufacturing process, MEMC was missing out on new technologies like silicon-on-insulator, which lets chips run faster and cooler. With 30% of revenue going to plant and equipment, the company needed a 50% gross margin to break even, and it wasn't even close. "We were technically brilliant," says Gareeb, who sports a trim moustache and dark hair combed back from frameless eyeglasses. "We didn't know how to make money."

Marren visited their biggest customers to beg for another chance. As part of his pitch, recalls Marren, he hinted that letting MEMC go bankrupt might endanger trade secrets (wafer specifications tell a lot about what's going on at a particular chip fab, Marren explains). Gareeb sacked half of the most senior 100 people and quintupled production at a factory in Japan by reconfiguring machinery and getting rid of some bathrooms and hallways. In St. Peters workers braced for the worst. E.ON and TPG had already fired a third of them--2,000 people--frozen the pension plan, and cut pay by 20%.

Gareeb managed to inflame them further. Shortly after taking over, he drove his 1995 Dodge Viper to work, drawing a crowd. When workers later met him to protest the freeze on their already vested pensions, he told them, "Contracts are meant to be broken," recalls former maintenance electrician Jeffrey Ivy, sipping beer at a nearby bar. Gareeb says he doesn't recall saying that, but adds: "People had been sheltered from how close MEMC was to bankruptcy."

Still, Gareeb returned MEMC to profitability in just two quarters and showed himself a gifted, if uncompromising, leader. He doesn't spare higher-ups, either. If a presentation is half-baked, Gareeb will curse and walk out, says Kenneth Hannah, chief financial officer. "It's kinda like Tourette's," says Hannah. "If you don't have a lot of confidence in your ability, you'll get your feelings hurt."

TPG felt no pain. By 2007, when it finished selling off the last of its 90% stake to the public markets, it had reaped $4 billion before taxes. MEMC was on its way to earning 30% on its invested capital, way ahead of market leaders Sumco and Shin-Etsu, says Gareeb.

That same year government subsidies in California, Germany and Japan sparked a frenzy in solar power, which relies on the same polysilicon as microchips. When poly capacity couldn't keep up, prices jumped tenfold. Only a few companies worldwide produce large quantities of the hard black mineral, and adding equipment costs hundreds of millions of dollars and takes months or years.

Gareeb found new opportunities for profit--and conflict--by selling to solar-device makers the poly left over after serving his chip customers. In separate lawsuits last year two customers accused MEMC of reneging on contracts once Gareeb found a customer willing to pay more. asi, a German wafermaker, says it had a $2 million agreement to buy polysilicon, but MEMC kept coming up with excuses for why it couldn't deliver, eventually telling asi that its sales rep had never signed the purchase contract. MEMC, in turn, accused asi of violating its patents. Semi-Materials, a South Korean chip supplier, says it signed a $2.7 million contract to buy poly at $85 a pound for the first shipments, and $18 a pound for the rest, and also agreed to buy $20 million of crystal ingots in another high-low deal. Yet, Semi-Materials claims in a suit, MEMC delivered the high-priced initial shipments but never came through with all the lower-priced poly and refused to refund it $5 million in overpayments. The pair settled last year for that amount plus some poly, but Semi-Materials now says MEMC never coughed that up either.

In court documents MEMC insists its contracts always included a standard opt-out clause. Finance Chief Hannah says poly supplies were so tight at the time that desperate customers would fax purchase orders to MEMC and later claim they had a deal. But he adds: "Some of these lawsuits that you read about are [Gareeb's] style, which says, 'Listen, there's no contractual obligation here and I don't really give a [hoot] about our relationship. I'm not selling you that poly.'" (An MEMC spokesman disputes that characterization.) In a November deposition the company's sales chief admitted that MEMC booked poly sales at the higher prices but not at the lower ones. Those high-low contracts, along with other financial irregularities, eventually got MEMC in trouble with its auditors at kpmg, which forced the company to restate its 2005 earnings by $38 million and put an end to the unusual pricing scheme.

Meantime, Gareeb found a new edge. He noticed that rival poly suppliers were striking years-long contracts with established European solarmakers. What about exploiting younger players elsewhere? With 14% of the world's supply of a scarce commodity, MEMC could lord over solar fledglings that desperately needed poly to stay alive. China and Taiwan were full of young solar producers that had little access to wafers and were aiming to go public or badly needed a deal to boost their stock. Gareeb guessed they'd be pretty good risks: Since their costs were lower than those of rivals in Europe or Japan, they might one day prevail in a commoditized solar market.

Gareeb received would-be customers at his office in a leafy industrial park 30 miles northwest of St. Louis. For taking on extra risk, Gareeb was rewarded with two solar wafer contracts worth $8 billion over ten years. While the specific terms are secret, a source familiar with the pricing says the two customers, China's Suntech and Gintech of Taiwan, are paying MEMC 30% to 40% more than the Europeans would have. (The company also signed a $7 billion deal with German firm Conergy in October.) In addition, MEMC received a 10% equity stake in Gintech and 5% of Suntech. The customers must make huge down payments that will finance a tripling of MEMC's poly capacity at no cost to Gareeb's balance sheet or his investors. Eager Chinese wafermakers will process his poly, giving MEMC the upper hand when it eventually buys wafer plants in the Far East.

There are hazards. MEMC's long-term contracts include annual price declines for poly in line with anticipated price drops in solar cells. If polysilicon falls faster, though, Gareeb's customers might walk away. Wafer suppliers will proliferate, too. Stuart Bush, an analyst at rbc Capital Markets, predicts there will be 30-plus new companies or investor groups making poly in the next two years and a worldwide doubling of capacity by 2009, leading prices to collapse.

Misfortune has whacked some of Gareeb's customers. In November Conergy canned its chief after announcing it would lose money in 2007 and needed $160 million in capital to stay afloat. Gintech's shares have lost 40% of their value since January. At least one MEMC subcontractor and a prospective customer decided they had a better shot competing against Gareeb than agreeing to his strict terms.

For now, however, MEMC looks prosperous. Its shares trade at $81, up 30% over the last 12 months. Last year Gareeb walked away with $14 million in total compensation.

[meinolf67]

MEMC shares fall after lackluster 2nd-quarter forecast
April 25, 2008 12:13 PM ET


Associated PressAll Associated Press news

ST. PETERS, Mo. (AP) - Shares of MEMC Electronic Materials Inc. fell Friday after the maker of semiconductor wafers offered a second-quarter revenue guidance range that was largely below analyst expectations.

The company cited manufacturing problems at one of its plants.

In midday trading, the stock lost $4.45, or 5.9 percent, to $70.90. Shares have traded in a 52-week range of $49.70 to $96.08.

Late Thursday, the company said it expects second-quarter sales of approximately $540 million to $570 million, compared with $472.7 million in the same quarter last year.

On average, analysts polled by Thomson Financial expect sales of $565.8 million.

MEMC said that demand is "a bit weaker than typical" and it said it was prudent to be "extra cautious" about its ability to produce polysilicon in the second quarter.

The company said its Pasadena, Texas, polysilicon plant has had to slow its output because of a chemical build-up in the production line.

For its fiscal first quarter, the company swung to a loss on a decline in the value of its stake in solar power equipment maker Suntech Power Holdings Co.

The company posted a loss of $41.8 million, or 18 cents per share, compared with a profit of $134.7 million, or 58 cents per share, in the first quarter of 2007.

Excluding one-time costs and gains, the company earned 84 cents per share compared with $1.72 per share in the year-ago quarter.

Sales rose to $501.4 million from $440.4 million.

Analysts polled by Thomson Financial expected profit of 85 cents per share and revenue of $500.8 million.

Lehman Brothers analyst Tim Luke said the first-quarter results were broadly in line with Wall Street estimates, but described the company's second-quarter outlook as "conservative".

MEMC shares may come under some near-term pressure because of concerns about chip demand and pricing, he wrote in a note to investors.

Luke said he aims to monitor the company's polysilicon supply and demand balance and said the company may secure an additional long-term contract in the second quarter.

Citigroup analyst Timothy M. Arcuri maintained his "Hold" rating on the shares and said it was difficult to see the supply/demand environment getting much better. "The window of opportunity for big blowouts is probably only another few quarters at best," he said.

[meinolf67]

Solar Market Keeps MEMC Hot
Monday June 9, 11:32 am ET
By Ken Nagy, CFA

We reiterate our Buy on MEMC Electronic Materials, Inc. (NYSE: WFR - News) shares. The company produces the raw material wafers used by semiconductor manufacturers in the production of integrated circuits (ICs).

The decision to supply wafers to the solar industry is paying huge rewards as demand for polysilicon has raced ahead of supply. The solar business and the 300mm business are both high margin products. In each of the past two quarters operational issues at the Pasadena facility have had a negative impact on revenues and earnings. While the situation bears watching, we believe it may have created an attractive entry point for patient investors.

MEMC signed two solar wafer agreements worth between $8 billion and $9 billion over the next 10 years. The 300-mm wafer-size is the preferred wafer size headed into 2008. According to the Semiconductor Industry Association's (SIA) annual forecast for 2007-2010, semiconductor sales are expected to grow at a compound annual growth rate (CAGR) of 7.7% to $321.5 billion in 2010.

MEMC trades at a multiple of 12.3x our estimate of 2009 earnings (P/E).We expect the firm to outgrow the general semiconductor industry. The firm's $1 billion-plus balance sheet should pave the way for future share buybacks and potential mergers in the solar industry.

The company's margins continue to improve. We feel the weaker TSMC capital expenditure numbers are not a sign of weakness, but the situation bears watching. We value the company based on the average of our P/E multiple (26.0x 2008 estimated EPS) and our two stage intrinsic model. The semiconductor group average P/E is between 25x-26x. We feel MEMR should trade at a premium to its peers. We have arrived at a target price of $105.00.

[meinolf67]

MEMC Electronic Materials: Climbing the Wall of Worry
by: Tobin Farrand posted on: June 29, 2008 | about stocks: WFR

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With the explosion of oil prices and implosion in the value of the dollar, a perfect storm is brewing for U.S.-based, export-oriented providers of alternative energy related products. MEMC Electronic Materials (WFR) fits that description nicely, though investors will have to climb a “wall of worry” to overcome some of the fears holding the stock back.

MEMC refines silicon, grows silicon ingots and slices wafers for electronics and solar applications. 80% of its revenues come from the semiconductor industry (projected 7.7% CAGR over the next 5 years) and 20% from solar applications (47-81% solar industry CAGR projections from Solarbuzz and Photon Consulting respectively). WFR’s revenues have grown at a 23% CAGR for the last five years and are projected to continue growing at that pace or better for the foreseeable future, according to its CEO Nabeel Gareeb.

While MEMC can count on steadily growing profits from its position as one of the top providers of silicon wafers for the semiconductor industry, growth is fueled by the solar sector which is expected to grow to dominate its revenue and profits over the next decade. MEMC has four main outlets for its silicon and wafers in the solar industry. In the last two years MEMC has signed long-term (typically 10 year) take-or-pay contracts with Gintech (Taiwan), SunTech Power (STP) (China) and Conergy (Germany) totaling over $15B. These contracts give MEMC excellent revenue visibility and guaranteed growth at very profitable pricing.

All three companies provided MEMC with up-front cash and stock warrants to secure their silicon supply. That type of pricing power is only strengthened when one considers the contracts were signed at a time when the dollar was significantly stronger than it is now. MEMC’s cost competitiveness has only strengthened since these contracts were signed. The fourth outlet for MEMC is the spot market for silicon which has seen prices explode from under $100/Kg to over $400/Kg last quarter (vs. typical contract prices of below $100/Kg). MEMC sells into the spot market, though it is increasingly shifting its capacity to serve long term contracts.

The case for MEMC seems overwhelming. Their gross margins are excellent (52% in the most recent quarter, with the solar and spot silicon margins being significantly higher still), operating margins are an impressive 43%. Operating cash flow is 39% of sales. No other solar-related company can boast those kinds of numbers (not even the much favored First Solar). In aggregate these numbers will improve as MEMC shifts revenues from being 80/20 semiconductor to a much higher solar mix.

The case for MEMC is further strengthened when one considers the barriers to competition it has erected. Refining electronic or solar grade silicon is a capital-intensive, complicated and even dangerous business. Two processes are employed in the industry. The Siemens process is the more widely used and readily licensable process. Literally dozens of players, especially in China, are scrambling to erect refineries using the Siemens process to satisfy demand for silicon that is expected to grow at a rapid rate for many years to come. The second process used employs a fluidized bed reactor [FBR] to provide a more continuous process for producing silicon. MEMC has the longest experience and greatest success with FBR of any company in the industry.

While they are very tight-lipped about the advantage that FBR gives them, indications are that FBR, while finicky to control, consumes a fraction of the energy and materials of the Siemens process. MEMC knows the differences first-hand as they operate both processes (FBR is the process they are spending capital on for their expansion). FBR is a key element in MEMC’s extraordinary margins. MEMC’s competitive position is further enhanced by the fact that it produces its own feedstock gases required for both the FBR and Siemens process. MEMC’s CEO has speculated that even if the China-based silicon refiners are successful in perfecting the Siemens process (which itself is complicated albeit not as challenging to control as the FBR process), those new players will quickly run into difficulty securing the raw materials required to feed their new plants.

According to management, the higher purity of MEMC silicon relative to its other solar competitors leads to higher solar conversion efficiency (more on that later). Often MEMC’s virgin silicon is used by MEMC’s customers to mix with less-pure silicon to stretch supplies. This puts MEMC in the enviable position of being the quality leader in addition to being the lowest cost (though not price) provider. Comparisons to Intel (INTC) in the 1990s are not unwarranted. Intel was the premium provider of semiconductor devices, with the lowest costs (owing to scale) serving a market with a long term growth rate not quite as high as solar’s is today. MEMC has a 5 year track record of growth, excellent visibility to sustained growth in the future in one of the fastest growing industries anywhere, fantastic financial performance, an impeccable balance sheet and sustainable competitive advantage.

With so much going for it, why is MEMC trading at a paltry PE of 15 times forward earnings and 30% off its highs of December? The case against MEMC is composed of a half-dozen or so fears. Each deserves careful analysis, but instead tends to elicit emotional reaction (and wild volatility in MEMC’s stock price). When the dust settles, reality should win out. So does the analysis of the risks justify the current stock price? The main risk factors are:

(1) Operational execution problems

MEMC has missed their earnings estimates twice in the last year (though they were near misses, off 1.2% from estimates last quarter). Both times were attributable to temporary factory shutdowns due to accidents. The sensitive nature of the refining process makes even a temporary power loss a catastrophic event resulting in days or weeks of lost production. This vulnerability is exacerbated by MEMC’s very lean production processes and practices which lead to very little inventory being available to cushion the blow of any production loss. With just over 1 week of inventory of all kinds on hand, MEMC is very cash efficient, but not resilient in the face of any unexpected event in production.

In the last conference call (which came following one of these earnings misses) the CEO was asked several times about the extremely lean inventory position MEMC maintains. Hopefully the message sunk in that while it is nice to save a few dollars in inventory carrying costs, it comes at the price of literally billions of dollars in market cap owning to the uncertainty that results in MEMC’s ability to make its earnings forecasts. An extra week of inventory would cost MEMC around $15M in shifting cash to inventory on the balance sheet, but would be a welcomed insurance policy against future production glitches (MEMC’s customers would probably appreciate it as well). It will be interesting to see if in the July earnings report MEMC takes some steps in this regard to shore up investor confidence. This will be a rare case where an increase in inventory on the balance sheet should be seen as a strong positive.

(2) The potential for a silicon glut

As stated above, dozens of companies such as LDK (LDK) and Hoku Scientific (HOKU) are scrambling to build plants to satisfy the exploding demand for solar-grade silicon. There are natural fears that this will result in over-capacity. There are two mitigating factors. The first is that many of the announced plans for new plants are likely to fail due to an inability to raise the required capital, failure to solve the technical hurdles to achieve cost-effective mass production or failure to secure the raw materials (which are also in short supply) required to feed the new plants.

Already some companies (e.g. Trina Solar (TSL)) have shelved their plans to build silicon refining capability. The second mitigating factor is that consumption of silicon is projected to increase at a 39% CAGR through 2012 (source: Renewable Energy Corporation). That requires a fivefold increase in supply from 2007 to 2012 to satisfy demand growth. If the industry achieves that, MEMC will still be in a favorable position owing to its lower costs, superior product quality and strong financial position.

While China (where most of these new silicon plants are going up) has an inherent advantage for labor-intensive products, silicon and silicon wafers are not labor intensive. In 2005 it was argued that by 2008 there will be a silicon glut. Now the argument is made that 2010 or 2012 may see a silicon glut. With solar expanding so fast, we can expect continuous fears of shortage or glut as the market responds to massive growth.

With a range of growth rates projected to be between 47% and 81% for solar modules, any silicon price decline will likely stimulate demand to come closer to the 81% figure. MEMC has insulated itself against these swings by securing 10-year take-or-pay contracts for the bulk of its production. While MEMC may see its occasional sales of silicon on the spot market decline in the event of a silicon glut, its core business is secure with 25% annual growth practically locked in for the better part of 10 years to come.

(3) Substitution of metallurgical silicon for refined silicon

Related to fears of silicon glut are fears of solar module manufacturers substituting metallurgical silicon for refined silicon. Metallurgical silicon (a much less pure form of silicon derived from a continuous purification process) is much less expensive than refined silicon.

However it has several drawbacks, mainly lower efficiency and a shorter product life. Conversion efficiency is a critical metric for solar panels. While a panel may cost $4 per watt, the end customer may pay an additional $4 for the rest of the installation. If a panel is 15% less efficient because it uses cheaper metallurgical grade silicon, then the non-silicon cost of the installation will increase by more than 17% (because more panels must be installed to produce the same amount of electricity). Decreasing the cost of the silicon, if it results in lower efficiency, could lead to an increase in the cost of the complete solution.

Some real numbers can help illustrate the point. In Trina Solar’s latest earnings call, they stated that their silicon cost is $1.75 per watt to produce a solar module. The installed cost per watt for a residential PV system is approximately $7.50 per watt. If metallurgical silicon is half the cost of refined silicon (a claim one company has made), but results in a 15% lower efficiency module, then the value chain has saved $0.88 on the module, but must increase the balance of system costs by $1.01 to make up for the reduced efficiency. In addition, the impurities of the metallurgical grade silicon cut the life of the module from 25 years to as little as 10 years. If the efficiency loss can be reduced to 10% or the cost can be reduced to much less than half that of refined silicon, then metallurgical silicon may have a role to play, but only if customers don’t mind seeing their warranties reduced from 25 years to 10 or 15 years.

Nevertheless, MEMC tumbled when Q-Cells (not a customer of MEMC’s) announced that they will be using some metallurgical silicon in some of their modules. This area bares watching, but is not a significant immediate threat to MEMC.

(4) Uncertainty in government incentives

Anyone familiar with the solar energy industry is familiar with the fickle approach Congress has taken to tax incentives for alternative energy. Federal incentives are scheduled to end after this year. Extending them has been a political football as both sides claim to support alternative energy, but the bills so far presented are weighed down with many provisions having nothing to do with alternative energy and which offend one side or the other. Likewise in Europe the generous subsidies provided to solar are on a path for reduction. Solar stocks (including MEMC) tumbled as speculation rose that subsidies in Germany might be cut by 30%.

The eventual outcome seems to be a much tamer 10% cut. This past week, similar rumors were spread that Spain was going to cut subsidies by more than was previously expected. The ultimate outcome in Spain is yet to be determined. Fortunately, with rising retail electricity prices falling solar costs, price parity without incentives has already happened in many areas and will be the norm across most of the world by 2012.

The likelihood of a complete end to U.S. solar and wind subsidies starting in January 2009 is already priced into MEMC’s stock. Any new government action is likely to be a positive for MEMC.

(5) Competition from thin-film based solar

Companies like First Solar (FSLR), Energy Conversion Devices (ENER) and soon SunTech Power (STP) are pursuing thin-film based solar modules and building integrated photovoltaics [BIPV]. These solutions don’t use MEMC wafers (the silicon they may use in making the films is not a meaningful market opportunity for MEMC).

The question is how fast will thin film based PV grow, and will it come to supplant polycrystalline-based PV. Once again the question here revolves around efficiency. The best thin film PV today achieves approximately 10% efficiency at a cost of around $2.50 per watt. The best silicon PV achieves 22% efficiency at around $4 per watt. Both technologies are seeing improved efficiency and lowered costs, however it is unlikely that thin film can make up the efficiency difference in the foreseeable future (the best thin film PV in a lab setting achieved 19% efficiency).

Because the efficiency leverages the balance of system costs as described above, thin film is most applicable in centralized PV plants or in BIPV applications where the balance of system costs are much lower or absorbed by other functions. So long as silicon-based PV maintains a significant efficiency advantage over thin film, MEMC will thrive. If you own a home and can make a 25% ROI installing thin film PV or a 20% ROI installing silicon-based PV, but you can install twice as much capacity with the 20% ROI investment (because your roof area is of fixed size), you are better off with the larger investment at the lower return assuming you have accessible capital.

Longer term, several improved thin film approaches are in development. One direction is to dramatically lower costs without significantly increasing efficiency. Startups NanoSolar and Konarka are applying films to plastic substrates to achieve claimed costs below $1 per watt. Thin film approaches will continue to appeal to centralized PV installations where space and efficiency are less important than per-watt cost.

For distributed solar (on rooftops), higher efficiency remains most important because of limitations on the physical area of the deployment. While thin film approaches are being researched for these applications, many thin film approaches involve applying thin films to bulk silicon substrates. Each film layer is designed to convert electricity from a particular segment of the spectrum which the bulk silicon does not utilize efficiently.

These approaches would continue to be served by MEMC as the provider of the bulk substrate silicon. Intel’s spinout Spectrawatt will be one to watch as speculation is that their technology is based on thin films layered on silicon wafers.

Any investor in MEMC can expect the occasional panic as announcements come from various thin film players, but in reality thin film addresses a different segment of the market from wafer-based PV modules.

(6) Margin sustainability

A common theme in MEMC’s conference calls is whether its 50-55% gross margins can be sustained in the face of contracted price declines in the solar segment. MEMC has several opportunities to expand margins even as their contracted ASPs decline. In the semiconductor market, MEMC’s volumes are steadily shifting toward higher margin 300mm wafers and wafers with advanced features to improve device performance and yield. As MEMC’s overall volumes shift from being 20% solar to a much higher percentage being solar, gross margins will expand.

Aside from spot silicon sales, in the solar market MEMC sells wafers on a cost per watt basis. This means MEMC keeps all the benefit it derives from optimizing the ingot growth and wafer slicing operation. Today MEMC outsources wafer slicing for the solar market. Margins will expand as this function is brought in house (which is expected to begin in 2009). MEMC’s track record is strong in the area of continuous incremental margin improvement.

(7) Uncertain prospects for the semiconductor market

The slow growth of the semiconductor market has been a drag on MEMC recently. It appears, however, that the semiconductor market is near the bottom of its cycle and the accelerating solar market has more than made up for the general softness of the semiconductor market.

For the short-term trader, these risk factors make MEMC attractive as news on any of these fronts tends to move the stock price disproportionately making option risk premiums large and making possible swing trades. For the long-term investor these risk factors appear to be a “wall of worry” which will have to be climbed. MEMC’s management has shown good transparency in addressing these risk areas.

With its recent stock price hitting the low $60s, now may be a good time to move in to WFR and start climbing. There are several possible triggers for rapid appreciation in MEMC’s stock price going forward:

* July earnings report - The market is looking for confirmation the MEMC’s Q1 production snag has been corrected. A modest build up of inventory will also be hoped for to guard against future earnings misses. The current stock price doesn’t seem to anticipate much if any upside to the estimates, however several factors could make Q1 exceptional:o Faster than expected capacity expansion – management has given cautious guidance that capacity expansion is ahead of its original schedule.o Resumption of growth in the semiconductor sector – results and guidance for the semiconductor sector are hard to predict.
* A fourth long-term contract - MEMC’s CEO has indicated that capacity exists for a fourth long term solar contract probably in the $2-3B range (spread over 10 years). This could be a catalyst for the stock but could also signal that the next shoe to drop is a further capacity expansion facilitating more growth. MEMC’s great return on invested capital and strong balance sheet make it all but certain that growth can be sustained without resorting to any dilutive actions.
* Stock buyback - So far MEMC has not been very creative with its stock buyback plan. Given the stocks’ volatility, liquidity and large option premiums MEMC could be using its $500M stock buyback program to collect millions of dollars of premiums each quarter while putting a floor under the stock. Instead they seem to be executing a fairly pedestrian plan. With the cash being generated by the business and strong balance sheet, investors can expect another buyback program in the not too distant future. The CEO has not indicated much interest in acquisitions as he recognizes that there aren’t many companies in the industry selling at bargain prices as compared to what it would cost for MEMC to build the capability from scratch. MEMC’s financial strength could open the door for them to take more radical steps however.

When considering the risks to MEMC, it is perhaps helpful to keep in mind that at current growth rates the solar industry will be larger than the entire semiconductor industry within 10-15 years. Though the solar industry generated over $20-30B in revenue last year, it still generated less than 0.1% of world electricity demand (according to Photon Consulting). Solar is nowhere near its limits for growth and MEMC appears well positioned to ride that growth for a long time to come.

[meinolf67]

MEMC and Conergy Announce Amended Solar Wafer Supply Contract

ST. PETERS, Mo. and HAMBURG, Germany, July 10 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, Inc. (NYSE: WFR) and Conergy (CGY.DE) today announced the amendment of their 10-year wafer supply contract. The sales volume of the contract has been adjusted to approximately $4 billion compared to $7-$8 billion in the original agreement. This amendment provides more operational and financial flexibility for Conergy and allows MEMC to reallocate wafer volumes to other customers, primarily in the later years of the contract.

Under the terms of the amendment, MEMC will reduce the volume of solar wafers supplied to Conergy, primarily in the later years of the contract, in consideration for slightly higher prices. Conergy will continue to advance funds to MEMC in the form of a refundable capacity reservation deposit, commensurate with the volumes in each year. All other terms and conditions remain unchanged, including that MEMC will supply solar wafers to Conergy over a 10-year period, with pre-determined pricing, on a take or pay basis beginning in the third quarter of 2008, and will participate in 5% of the increase in value of Conergy's solar subsidiary in Frankfurt (Oder).

"Conergy has taken several steps to restructure its business and create a sustainable business model for the future," commented Nabeel Gareeb, MEMC's Chief Executive Officer. "This new agreement supports Conergy's move to a profitable business model, and will create a stronger partner for MEMC. Our amended contract fits in with Conergy's new vision and allows MEMC to reallocate the remaining portion of the wafer volume and further diversify our customer mix."

Conergy CEO Dieter Ammer commented: "We appreciate MEMC's flexibility in allowing us to adjust the agreement to our revised business model. We view MEMC as a key strategic partner for Conergy's long-term growth. The amendment gives us much more operational and financial flexibility as we move the company to be a profitable downstream specialist with one of the most international sales and distribution networks in our industry. We anticipate making the requisite deposits in the next few weeks which will allow deliveries to commence as agreed in the third quarter of 2008."

[meinolf67]

MEMC and Tainergy Announce $3 Billion+ Solar Wafer Supply Contract

ST. PETERS, Mo., July 10 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, Inc. (NYSE: WFR) and Tainergy Tech Co., Ltd. of Taiwan announced today that they have executed a definitive agreement for MEMC to supply solar wafers to Tainergy.

Under the terms of the definitive agreement, MEMC will supply solar wafers to Tainergy over a 10-year period, with pre-determined pricing, on a take or pay basis beginning in the third quarter of 2008. Sales of the wafers over the 10-year period would generate between $3-$3.5 billion in revenue for MEMC. As part of the definitive agreement, Tainergy will advance funds to MEMC in the form of a refundable capacity reservation deposit. In addition, MEMC will be eligible to purchase a 10% interest in Tainergy.

Commenting on the signing of the wafer supply agreement, Nabeel Gareeb, MEMC's Chief Executive Officer, said "We are pleased to have entered this long-term agreement to provide solar wafers to Tainergy. The company's roots in equipment manufacturing and factory automation systems combined with a solid management team and geographic position should allow them to achieve success in the solar market. Today's announcement marks the fourth strategic partner for MEMC in the solar arena, and the second in Taiwan, as MEMC continues to expand its customer list in solar applications and increase its geographic diversity."

Frank Hsieh, Chairman of Tainergy, said "A secure supply of high quality wafers from MEMC will increase our ability to achieve the fast growth and market share gains that we strive for, while providing high quality solar cells to our customers at competitive prices. MEMC is an integrated, asset-efficient leader in the industry with the products, scale, innovation and cost which makes MEMC the right partner for Tainergy."

About Tainergy

Tainergy is a solar cell manufacturer based in Taiwan. Tainergy was formed in 2007 as a subsidiary of Kenmec Mechanical Engineering (TSE 6125), a leading supplier of automated factory equipment and thin-film-transistor panel manufacturing equipment. Tainergy aims to leverage its process automation roots to become a leading, low-cost producer of high quality cells to the PV industry.

[meinolf67]

MEMC signs $3 billion solar wafer supply agreement with Tainergy
14 July 2008 | Materials: News

MEMC Electronic Materials, Inc. has announced the signing of an agreement for the supply of solar wafers to the value of over $3 billion to Tainergy Tech Co., Ltd., a Taiwan-based solar cell manufacturer. The agreement, which will see MEMC provide Tainergy with solar wafers for the next ten years, will commence in the third quarter of 2008.

The price of the wafers has been pre-determined, allowing for an estimate of the value of the deal. Tainergy and MEMC have agreed an advance in funds to MEMC via a refundable capacity reservation deposit. MEMC has also been presented with the opportunity to purchase a 10% interest in Tainergy.

"We are pleased to have entered this long-term agreement to provide solar wafers to Tainergy,” said Nabeel Gareeb, MEMC's CEO. “The company's roots in equipment manufacturing and factory automation systems combined with a solid management team and geographic position should allow them to achieve success in the solar market. Today's announcement marks the fourth strategic partner for MEMC in the solar arena, and the second in Taiwan, as MEMC continues to expand its customer list in solar applications and increase its geographic diversity."

[Maxom]

Antwort auf Beitrag Nr.: 34.507.324 von meinolf67 am 15.07.08 08:02:17

good news

[DerStarlet]

Mhh jetzt nachlegen?

[meinolf67]

MEMC Reports Second Quarter Results
Wednesday July 23, 4:01 pm ET

ST. PETERS, Mo., July 23 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, Inc. (NYSE: WFR - News) today reported financial results for the quarter ended June 30, 2008.

Highlights:

-- Net sales of $531.4 million
-- Gross margin of $282.8 million (53.2% of net sales)
-- Operating income of $242.5 million (45.6% of net sales)
-- Cash and investment balances grow to approximately $1.5 billion
-- MEMC amends Conergy agreement and signs new wafer agreement with
Tainergy
-- Board authorizes $500 million increase in share repurchase program


The company reported second quarter 2008 net sales of $531.4 million, which represents an increase of 6.0% from first quarter 2008 net sales of $501.4 million, and an increase of 12.4% from second quarter 2007 net sales of $472.7 million. The increase in net sales was primarily the result of higher product volumes.

Gross margin in the quarter was $282.8 million, or 53.2% of net sales, compared to $259.3 million, or 51.7% of sales, in the 2008 first quarter and $245.6 million, or 52.0% of sales, in the 2007 second quarter. Compared to the 2008 first quarter, gross margin improved by 9.1% in dollar terms, and 150 basis points as a percentage of net sales. Compared to the 2007 second quarter, gross margin improved by 15.1% in dollar terms, and 126 basis points as a percentage of net sales.

The company reported operating income during the quarter of $242.5 million, or 45.6% of net sales. This compares to $218.4 million, or 43.6% of net sales, for the 2008 first quarter and $207.3 million, or 43.9% of net sales, for the 2007 second quarter. Operating expenses were $40.3 million, or 7.6% of sales, compared to $40.9 million, or 8.2% of sales, in the 2008 first quarter, and $38.3 million, or 8.1% of sales, in the 2007 second quarter.

Using an estimated effective cash tax rate of 15%, non-GAAP net income for the second quarter of 2008, excluding the non-cash effects of the quarterly valuation of the Suntech warrants, was $212.0 million and non-GAAP diluted EPS, excluding warrants, was $0.92 per share. See non-GAAP reconciliation information at the end of this press release following the financial statement tables. GAAP net income for the second quarter, using a GAAP tax rate of 25.6%, was $176.1 million or $0.76 per share, which includes a $0.05 per share non-cash impact relating to a decrease in the valuation of the Suntech warrants.

During the second quarter, the company generated operating cash flow of $205.0 million, or 38.6% of sales, compared to $197.2 million, or 39.3% of sales, in the 2008 first quarter. Capital expenditures for the second quarter totaled $87.3 million, or 16.4% of sales. Free cash flow (operating cash flow minus capital expenditures) was $117.7 million or 22.1% of sales. MEMC ended the second quarter with cash and investments of $1.5 billion, compared to $1.4 billion at the end of the 2008 first quarter.

"MEMC grew sales by 6% sequentially, expanded gross and operating margins by 150 and 200 basis points, respectively, continued to generate industry- leading levels of free cash flow at 22% of sales, and further expanded our cash and investment balances to approximately $1.5 billion," said Nabeel Gareeb, MEMC's chief executive officer. "However, our financial results were a bit below the bottom end of our targeted range as the company encountered unanticipated events towards the tail end of the quarter."

The premature failure of a relatively new heat-exchanger at the company's Merano, Italy facility in June reduced the company's second quarter polysilicon output by just under five percent. The output from the company's Pasadena, Texas facility during the month of May and early part of June (shown on the attached silane and polysilicon output charts) had positioned the company on a trajectory to exceed the upper end of the company's targeted second quarter revenue range. Unfortunately, a loose pipe fitting caused a fire at the company's Pasadena facility that required a shut down of half the silane production commencing on Friday June 13. Even though the complications lasted for approximately a week, the Pasadena facility recovered and managed to produce enough silane and polysilicon during the remainder of the quarter to be in the middle of that facility's targeted range for second quarter production, but there was not enough Pasadena production to completely offset the Merano shortfall.

Continued Gareeb, "While we are disappointed that we experienced an uncharacteristic event at our Merano facility, we are pleased that we were able to limit the impact to a few percent below the targeted revenue range. This was primarily a result of the accomplishments in the second quarter that helped to offset the Merano shortfall. Specifically, we:

-- Achieved strong output from Unit 3 in Pasadena, overcoming most of the
issues that held us back in the first quarter. While output was
limited by the fire incident and its associated complications, the unit
has recovered well.
-- Completed and ramped Unit 4 in Pasadena over a month prior to the end
of the quarter, with the unit running at good rates save for the
interruption of the fire incident.
-- Completed this technically and operationally challenging phase of
silane expansion and established a high level of confidence in the
longer-term performance of Units 3 and 4 based on actual output. We
expect that this should eliminate silane production as a constraining
element for polysilicon production.


In addition, so far in the third quarter we have:

-- Mechanically completed two additional poly reactors in Pasadena, with
ramps scheduled to begin next week. As a result of these
installations, the company is now at 7,500MT of annualized capacity and
we have demonstrated good output in July as shown in the charts.
-- Replaced and restarted the Merano heat exchanger and commenced the
Merano expansion several weeks ago, which will get the company to the
targeted level of 8,000MT of annualized polysilicon capacity before the
end of the third quarter."


"While the last six months of this expansion and ramp have been difficult, our accomplishments in the second quarter and early part of the third should allow us to demonstrate significant growth in the second half of the year compared to the first half, as mentioned in the April earnings call."

Third Quarter 2008 Outlook

"Solar application demand continues to be strong, however, semiconductor application demand seems to be uncertain, primarily due to macroeconomic conditions. In addition, although we have made significant progress as a result of the accomplishments mentioned earlier, we did not achieve the targeted level of results for the second quarter, and that continues to warrant a degree of caution. Based on these considerations, we are targeting revenues of approximately $560 to $620 million for the third quarter. In addition, we are targeting gross margin of approximately 54%-55%, with operating expenses of approximately $41 million," added Gareeb.

"Given the number of unanticipated events associated with our expansion and ramp during the last few quarters as well as our cautious view, we are planning on providing an interim update this quarter via a conference call on September 2. In this update call we intend to review the status of the company's production rate and provide an update to the quarterly financial targets, if appropriate."

Full Year 2008 Update

"For the full year 2008, based on market indicators, customer indications and our projected expansion plans, we are currently targeting:

-- Revenue of approximately $2.25 to $2.35 billion.
-- Non-GAAP EPS of approximately $4-$4.30 based on a cash tax rate of
approximately 15%, and excluding the non-cash effects of the Suntech
warrant valuation.
-- Capital expenditures of approximately 15% of sales.
-- Operating expenses of approximately $163-$165 million.


These targets would represent 2008 sales growth of 20%-25% and non-GAAP EPS growth (excluding the Suntech warrants) of 23%-33% compared to 2007," concluded Gareeb.

Other Events

The company also announced that the Board of Directors today approved an increase to the company's existing share repurchase plan. The Board has authorized the repurchase of up to an additional $500 million of the company's common stock, bringing the total authorization to $1 billion. Since the initial $500 million authorization was approved in May 2007, the company has repurchased approximately 4 million shares for a total of $270 million through June 30, 2008.

On July 10, the company announced an amendment to the 10-year solar wafer agreement with Conergy, which amendment adjusts the sales volume to approximately $4 billion from $7-$8 billion, providing more financial flexibility for Conergy and allowing MEMC to reallocate solar wafer volumes to other customers. MEMC concurrently announced that it had signed a $3-$3.5 billion solar wafer agreement with Tainergy Tech Co. Ltd. Under the terms of the Tainergy agreement, MEMC will supply solar wafers to Tainergy over a 10- year period, on a take or pay basis, beginning in the third quarter of 2008. In total, MEMC has signed solar wafer contracts worth between $15-$18 billion in revenue to MEMC.

In association with these agreements, the company today announced that the first set of deposits due from Tainergy have been received. The company anticipates that the final deposits from both Conergy and Tainergy will be received in the current quarter, with wafer deliveries commencing subsequent to receipt.

[meinolf67]

heute ins Tier-II Portfolio upgegradet.

Habe jetzt
MEMC
Wacker
REC
Timminco

[meinolf67]

Two tier-1 firms are out positive on MEMC Electronics (WFR) this morning:

- Citigroup notes that following through on their cautious call into the Q, they think this is finally the peak of the bad news with the stock, at ~$40 aftermarket, now possessing a unique combination of attributes: inexpensive, and finally set up to beat and raise headed into late '08/early '09.

While peers have tried to make this call for several Qs, they think three key things have changed that finally make this stock work going forward: 1) silane (an inherently difficult process to ramp and one in which very few companies around the world have deep expertise) is no longer the capacity bottleneck, 2) capacity to significantly beat is in the ground, and 3) valuation leaves significant margin for error. Even assuming $50/kg for all solar product, they estimate downside to ~$35 against upside to a $65 target (sum of parts). C'09 largely unchanged, C'10 from $5.63 to $6.14. Upgrades Hold to Buy and adds to Citi's Top Picks Live [TPL].

- JP Morgan upgraded WFR to Overweight from Neutral this morning.

[gagaga]

Antwort auf Beitrag Nr.: 34.578.212 von meinolf67 am 24.07.08 14:28:26

Hast Du eine Ahnung, was da los ist?

--> Antwort in den Conergy Thread wäre super.

[meinolf67]

MEMC Spells B-U-Y
By Rich Smith July 25, 2008 Comments (0)

0 Recommendations

Ultra-hyphenated semi-and-solar-wafer-maker MEMC Electronic Products (NYSE: WFR) (get it? WaFeR?) reported its Q2 results late Wednesday evening ... and paid the price dearly.

Although yesterday's pair of upgrades from Citigroup (NYSE: C) and JPMorgan (NYSE: JPM) (plus, one presumes, a bit of position-closing by the short-sellers) is helping to repair the damage, the stock still sits a good 16% below its pre-earnings heights. Yesterday, I explained why I believe Citi and JP are calling this one right -- basically, because MEMC has become too cheap not to own. Today, let's take a closer look at the earnings report that spooked the market into driving the shares down to these levels in the first place.

On its face, the news really wasn't that bad. Sales for the fiscal second quarter were up a respectable 12% over Q2 2007 levels. Profitability expansion magnified the sales gains, as MEMC added 120 basis points to its gross margin, and operating efficiencies tacked on another 50 b.p., leaving MEMC with an enviable operating margin of 45.6% for the quarter. By way of comparison, downstream chipmakers like Intel (Nasdaq: INTC) and Texas Instruments (NYSE: TXN) rake in operating margins in the mid-20s, while Motley Fool Rule Breakers recommendation and solar cell manufacturer Suntech Power (NYSE: STP) scores in the low teens, and the "solar maker with the funny name," Solarfun (Nasdaq: SOLF) makes do with a sub-10% operating margin.

What's more, unlike the solar shops named, MEMC actually makes free cash flow on its sales -- $118 million in the second quarter, bringing its trailing-12-month total to more than $560 million.

Comedy of errors
So what is it that has a stock, expected to grow in the upper-20s every year over the next half decade, selling for a little more than 18 times trailing free cash flow? Apparently, it boils down to the fact that MEMC got hit by a pair of freak events during the quarter: the failure of a heat-exchanger at MEMC's Merano facility in Italy, and a loose pipe fitting at a plant in Pasadena, which combined to crimp Q2 revenues slightly, disappointing the Street.

Having missed its mark once, management spoke cautiously of its plans for Q3, and walked back sales guidance to what will hopefully prove a conservative range of $560 million to $620 million, even as it guided to sequential growth in gross margins. For the year, management targets sales growth in the low-to-mid 20s.

That's less than investors were hoping for, sure. But we're still talking 20% plus growth rates on an 18 P/FCF stock. To this Fool, that spells "B-U-Y."

[stockwilhelm]

AKTIENperformer.de: Unberechtigter Kursabsturz

[meinolf67]

MEMC Provides Update on Tropical Storm Edouard
Tuesday August 5, 9:15 am ET

ST. PETERS, Mo., Aug. 5 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, Inc. (NYSE: WFR - News) today provided an update related to Tropical Storm Edouard, which is currently passing through Pasadena, Texas.

The company reported that it has taken safety precautions in preparation for heavy weather associated with Tropical Storm Edouard at its Pasadena, Texas facility. As part of these precautions, the company has moderated operations in various areas of the facility, which is currently anticipated to have approximately a two day effect on polysilicon production. Should circumstances cause a material change to this assessment, or a material impact to the company's financial targets, the company will issue another press release.

[meinolf67]

CHICAGO, Aug 26 (Reuters) - Many option investors on Tuesday indicated cautious sentiment on MEMC Electronic Materials Inc (WFR.N: Quote, Profile, Research, Stock Buzz) as they accumulated put options ahead of the company's mid-quarter update next week.

MEMC Electronic, which supplies silicon wafers to the chip and solar industries, will present a mid-quarter update for the third quarter on Sept. 2 after the market close.

Its shares fell 1.52 percent to $48.47 on the New York Stock Exchange on Tuesday. The stock had risen more than 16 percent after hitting a 52-week low of $41.58 on July 24, the day after the company reported disappointing quarterly results.

In the options market, a total of 9,114 contracts traded with put options outpacing call options by a factor of 2.27, according to option analytics firm Trade Alert.

The September $50 put strike, allowing investors to sell the company's shares at $50 apiece, was the most active with more than 5,600 contracts traded, Reuters data showed. The contracts fetched $3.50, up 55 cents on the day.

"We saw early put buying in MEMC Electronic Materials, notably the September $50 put strike," said Medora Lee, editor researcher at Web information site optionmonster.com.

"People are thinking that their shares would not go above $50 ahead of the company mid-quarter update. This might be a switch in sentiment because traders had been bullish prior to today."

Option sentiment was not totally bearish as 1,087 September $55 calls traded with 98 percent hitting the offer, said option strategist Frederic Ruffy at website WhatsTrading.com.

Friedman Billings analysts also said in a research note on Tuesday that recent industry checks suggest that MEMC solar wafer shipments to solar customers improved from June to July. August volume shipments have already exceeded July levels.

But they noted that there has been incremental weakness in demand from the semiconductor industry over the past six weeks particularly from foundries. In short, the strength in solar wafer shipments is expected to offset weakness in the semiconductor market, the note said. (Reporting by Doris Frankel; Editing by Leslie Adler)

[meinolf67]

MEMC Provides Mid-Quarter Update
Tuesday September 2, 4:01 pm ET

ST. PETERS, Mo., Sept. 2 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, Inc. (NYSE: WFR - News) today released its previously scheduled update for the third quarter of 2008 which ends on September 30.

ADVERTISEMENT
As part of this release, the company has provided an update to the silane and polysilicon output charts for its Pasadena, Texas facility, which were originally provided as part of the company's second quarter earnings release on July 23, 2008. The charts have been updated to include production rates through September 1.

"The attached charts indicate that the polysilicon production rates at our Pasadena facility have been at levels that, combined with the strength of demand from solar applications customers, could allow us to achieve results in the upper half of our targeted financial range," said Nabeel Gareeb, MEMC's chief executive officer. "However, there is increased softness in demand from semiconductor applications customers, primarily due to their inventory reduction initiatives. In addition, there continues to be the potential for unanticipated events to occur, which could affect our polysilicon production output, as we have experienced over the past year. These elements warrant a continued degree of caution in our outlook given the amount of time left in the quarter. As a result, we have not changed our previous targets for revenue of $560-$620 million and gross margin of 54%-55%. Operating expenses are targeted to be approximately $43 million, compared to the prior target of approximately $41 million, primarily due to one-time, non-cash severance related expenses. These revenue targets would represent growth of 5%-17% versus the previous quarter, and 18%-30% versus the year-ago quarter. The gross margin targets would represent expansion of up to 180 basis points versus the previous quarter and up to 450 basis points versus the year-ago quarter."

"We are also pleased to announce that all deposits due from Conergy and Tainergy for 2008 have been received. Consequently, MEMC has commenced wafer deliveries to both customers," concluded Gareeb.

Conference Call

MEMC will host a conference call today, September 2, 2008, at 5:00 p.m. ET to discuss this update. A live webcast will be available on the company's web site at www.memc.com. MEMC's original third quarter outlook was published in the company's second quarter earnings release on July 23, which is available at www.memc.com.

[meinolf67]

Sept 2 (Reuters) - MEMC Electronic Materials Inc (WFR.N: Quote, Profile, Research, Stock Buzz) reiterated its third-quarter revenue outlook, but said there was an increased softness in demand from semiconductor applications customers, mainly due to their inventory-reduction initiatives.

The company, which supplies silicon wafers to the chip and solar industries, said it may face "unanticipated events" which could affect its polysilicon production output.

MEMC, which competes with Japan's Sumco Corp (3436.T: Quote, Profile, Research, Stock Buzz) and Shin-Etsu Handotai, has been experiencing manufacturing issues for the past one year. Last quarter, it was hurt by disruptions at two of its facilities.

For the third quarter, the company still expects revenue of $560 million to $620 million and gross margin of 54 percent to 55 percent.

Analysts on average were expecting revenue of $601.3 million, according to Reuters Estimates.

Shares of the company, whose customers include South Korea's Samsung (005930.KS: Quote, Profile, Research, Stock Buzz) and China's Yingli Green Energy (YGE.N: Quote, Profile, Research, Stock Buzz), were down 3 percent at $45.60 in after-hours trading. They closed at $47.10 Tuesday on the New York Stock Exchange. (Reporting by Purwa Naveen Raman in Bangalore; Editing by Vinu Pilakkott)

[meinolf67]

nur mal fürs Protokoll:

man hat sich u.a. auch ordentlich Warrants von Suntech und Gintech für die Veträge geben lassen...

[meinolf67]

WFR Starting to Heat Up
Thursday September 4, 10:09 am ET
By Ken Nagy, CFA

We are reiterating our Buy rating on the shares of MEMC Electronic Materials, Inc. (NYSE: WFR - News). The company produces the raw material wafers used by semiconductor manufacturers in the production of integrated circuits (ICs).

WFR presently trades at a multiple of 8.9x our estimate of 2009 earnings (P/E). We expect the firm to outgrow the general semiconductor industry based on its 300 millimeter product line and its solar business. The firm's balance sheet has improved dramatically and cash now stands north of $1 billion. This should pave the way for future share buybacks and potential mergers in the solar industry.

Despite the past two quarters operational mishaps, margins continue to improve. We feel the weaker TSMC capital expenditure numbers are not a sign of weakness, but the situation bears watching. We value the company based on the average of our P/E multiple (26.0x 2009 estimated EPS) and our two stage intrinsic model. The semiconductor group average P/E is between 25x-26x. We feel WFR should trade at a premium to its peers, given the fact that the company has high growth/ high margin products.

The intrinsic value is essentially a sum of the company's future earnings, minus any long-term debt. Dividing the intrinsic value by the number of shares outstanding yields an intrinsic stock price. We used the following inputs: a 10-year period with an earnings growth rate of 20.0% (average forecast) and a discount rate of 15%; a continuing period assumed to go on forever, with earnings growing at 6% and a discount rate of 12%. With these inputs we arrive at a target price of $95.00.

[meinolf67]

MEMC Provides Update on Hurricane Ike
Thursday September 11, 11:36 am ET

ST. PETERS, Mo., Sept. 11 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, Inc. (NYSE: WFR - News) today provided an update related to Hurricane Ike.

The company reported that it has started taking safety precautions at its Pasadena, Texas facility in preparation for Hurricane Ike. As part of these precautions, the company has started shutting down operations in preparation for the heavy weather which is currently projected to impact the area. Operations are anticipated to resume early next week, potentially resulting in approximately a five day impact on polysilicon production at this facility. This degree of impact for unanticipated circumstances was contemplated in the range of financial targets provided in the mid-quarter update on September 2, 2008. Should circumstances change significantly, the company will issue another press release.

[Walther Sparbier]

4 Kaufempfehlungen in 2 Wochen. 48 - 56$.

Q3 ist um, fehlen noch die Zahlen.

Müssten jetzt so 6000 metric tonns produziert haben.

Gross margin 50%.

Chance.

[meinolf67]

Earnings Preview: MEMC Electronic Materials
by: theflyonthewall.com October 23, 2008 | about stocks: WFR
TheFlyOnTheWall


MEMC Electronic Materials (WFR) is expected to report Q3 earnings after market close Thursday, October 23, with a conference call scheduled for 5:00 pm ET.
Guidance

The consensus estimate is 88c for EPS and $530.01M for revenue, according to First Call. On Sept. 24 management provided an operational and financial update following Hurricane Ike. At that time, MEMC was targeting Q3 revenue to be approximately $530M, plus or minus $10M, with gross margin of approximately 51%, plus or minus 1%. Operating expenses were targeted to be approximately $43M.

Kaufman said that investors shouldn't be surprised if once again, management finds a way to bury some extra expenses in the quarter; thus the firm is looking for non-GAAP EPS of 77c. Kaufman's channel checks indicate a drop in business on the semiconductor side driven by excess inventory. The firm expects this to show up in Q4 guidance. Kaufman's Q4 revenue estimate currently shows 19.8% sequential uptick and it thinks this may be aggressive. Kaufman does not expect sales in the solar segment can make up for the shortfall on the semiconductor side and indeed investors could see flat sequential guidance. Kaufman said it seems that every conceivable negative has been priced into MEMC shares.

The company has $6 per share in cash, no debt, and there is a $1B stock buyback program in place. Soleil said the key item in the company's earnings release will be management's guidance for Q4. The company continues to struggle to achieve higher levels of output from their Pasadena, Texas polysilicon facility (10 months after the additional capacity started up), and now the downturn in the semiconductor industry is presenting significant headwinds.

[meinolf67]

MEMC Reports Third Quarter Results

ST. PETERS, Mo.--(BUSINESS WIRE)-- MEMC Electronic Materials, Inc. (NYSE: WFR) today reported financial results for the quarter ended September 30, 2008.

Highlights:

-- Net sales of $546.0 million

-- Gross profit of $269.7 million (49.4% of net sales)

-- Operating income of $227.5 million (41.7% of net sales)

-- Cash and investment balances of $1.4 billion

-- Repurchased 2.5 million shares under repurchase program

-- Commenced wafer deliveries to Conergy and Tainergy under long-term agreements

The company reported third quarter 2008 net sales of $546.0 million, which represents an increase of 2.7% from second quarter 2008 net sales of $531.4 million, and an increase of 15.5% from third quarter 2007 net sales of $472.8 million. The increase in net sales was primarily the result of higher product volumes.

Gross profit in the quarter was $269.7 million, or 49.4% of net sales, compared to $282.8 million, or 53.2% of sales, in the 2008 second quarter and $238.8 million, or 50.5% of sales, in the 2007 third quarter. Compared to the 2008 second quarter, gross profit declined primarily as a result of hurricane related impacts and a $9.0 million charge related to the potential shortfall to our annual purchase obligation associated with a take or pay agreement for raw material supply to our Pasadena facility. Discussions with the supplier are ongoing and a portion of this charge may be recoverable in the fourth quarter.

The company reported operating income during the quarter of $227.5 million, or 41.7% of net sales. This compares to $242.5 million, or 45.6% of net sales, for the 2008 second quarter and $200.1 million, or 42.3% of net sales, for the 2007 third quarter. Operating expenses were $42.2 million, or 7.7% of sales, compared to $40.3 million, or 7.6% of sales, in the 2008 second quarter, and $38.7 million, or 8.2% of sales, in the 2007 third quarter. The sequential increase in operating expenses was primarily due to one-time non-cash severance related expenses, as indicated in the company's mid-quarter update on September 2, 2008.

Using an estimated effective cash tax rate of 15%, non-GAAP net income for the third quarter of 2008, excluding the non-cash effects of the quarterly valuation of the Suntech warrants, was $195.8 million and non-GAAP diluted EPS, excluding warrants, was $0.86 per share. See non-GAAP reconciliation information at the end of this press release following the financial statement tables. GAAP net income for the third quarter, using a GAAP tax rate of 17.2%, was $182.8 million or $0.80 per share, which includes a $0.04 per share non-cash impact relating to a decrease in the valuation of the Suntech warrants. The third quarter book tax rate includes a $38.2 million favorable impact associated with the closure of the previously disclosed IRS examination of the 2004-2005 tax years. Both GAAP and Non-GAAP EPS figures include $5.8 million of other than temporary impairments of long-term investments ($0.02 per share) due to the company's holdings of certain Lehman Brothers Holdings, Inc. bonds and Sigma SIV bonds.

During the third quarter, the company generated operating cash flow of $115.3 million, or 21.1% of sales, compared to $205.0 million, or 38.6% of sales, in the 2008 second quarter. Capital expenditures for the third quarter totaled $73.1 million, or 13.4% of sales. Free cash flow (operating cash flow minus capital expenditures) was $42.2 million or 7.7% of sales. The company's operating and free cash flows were reduced by $65 million based on the company's election to further fund its U.S. pension plan and increase its after tax return on cash. MEMC ended the third quarter with cash and investments of $1.4 billion, compared to $1.5 billion at the end of the 2008 second quarter. The company did not maintain any significant debt in either period.

"MEMC grew sales by 3% sequentially, 15% year-over-year, and increased inventory by approximately $7 million, in spite of nearly three weeks of production impact due to hurricanes alone," said Nabeel Gareeb, MEMC's chief executive officer. "On the margin front, we posted gross and operating margins close to 50% and over 40%, respectively, even after absorbing the Pasadena shutdown, clean-up and start-up costs, the impact of underutilized facilities, lower wafer pricing, lower spot polysilicon sales volumes in the third quarter and a charge associated with the potential shortfall to a purchase obligation."

"Although we are disappointed that hurricanes prevented us from achieving our original targets in the third quarter, we are proud of the resolve and determination exhibited by our employees and suppliers in rapidly ramping back to pre-hurricane levels."

Fourth Quarter 2008 Outlook

"As we look at the current quarter, solar application demand continues to be healthy, while semiconductor application demand is weak, mostly due to customer inventory reduction efforts in light of uncertain macroeconomic conditions," continued Gareeb. "This is resulting in significant sequential reduction in semiconductor wafer demand. While it takes quite a bit more polysilicon to make up the equivalent revenue by producing wafers for solar applications, our increased polysilicon production capability demonstrated in the third quarter and our market positioning should allow us to show continued sequential revenue growth in the fourth quarter, while improving our margin profile. As a result of these offsets in the face of uncertain demand, we are targeting fourth quarter revenue to be approximately $540 to $600 million. In addition, we are targeting gross margin to be over 50% in spite of reduced utilization of our wafer manufacturing facilities and price reductions. Operating expenses are targeted to be approximately $41 million."

"This continued year over year growth, in spite of the sharp inventory corrections in the semiconductor application market in the second half of 2008, highlights the benefits of MEMC's unique positioning as a vertically integrated wafer supplier to multiple markets, especially as we achieve the significant milestone of having revenue generated by solar applications exceed $1 billion in 2008 in spite of our spot polysilicon revenue declining as a percentage of sales year over year."

"In this uncertain economic period, MEMC's unique asset-efficient model and cost efficient structure, which were evolved over the last 6 years, are allowing us to continue to invest in the future while simultaneously generating free cash flow. This should further separate our financial standing from our competitors, reinforce MEMC's competitive advantages, and position us for even greater success in the future," concluded Gareeb.

[meinolf67]

Interim MEMC chief to be paid $75K a month
St. Louis Business Journal

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* Local stocks rebound along with Wall Street
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* MEMC sales up 15% despite hurricane disruptions

Marshall Turner, who was named MEMC Electronic Materials Inc.’s interim chief executive after Nabeel Gareeb resigned last week, will be paid $75,000 per month, according to a regulatory filing.

Gareeb, who will remain with MEMC through the end of the year to help with the transition, will not receive severance pay or benefits, according to a filing Monday with the Securities and Exchange Commission. Gareeb's total compensation package in 2007 topped $14.3 million, including $850,000 in salary; a $931,600 bonus; and $68,104 in all other compensation, including company contributions to a retirement savings plan. The bulk of the package was option awards.

The board of directors also granted Turner, 67, a total of 40,000 options, which are exercisable at $16.99 per share and vest 20,000 shares Nov. 12, when he assumes the position, and 20,000 shares Feb. 10, 2009.

Turner has been an MEMC director since last year. He served as chairman and chief executive of Toppan Photomasks Inc., formerly DuPont Photomasks Inc., from 2003 through 2005, and president and chief executive of the company through 2006. Toppan Photomasks manufactures photomasks for semiconductor chip fabricators.

St. Peters, Mo.-based MEMC Electronic Materials Inc. (NYSE: WFR) manufactures wafers for the semiconductor industry.

[meinolf67]

MEMC Provides Fourth Quarter Financial Update
Monday November 17, 4:01 pm ET

ST. PETERS, Mo.--(BUSINESS WIRE)--MEMC Electronic Materials, Inc. (NYSE: WFR - News) today provided an update to its fourth quarter financial targets.

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The company now anticipates revenue for the 2008 fourth quarter to be approximately $500 million, plus or minus $25 million, with gross margin of approximately 48%, plus or minus two percentage points, and operating expenses of approximately $27 million. This compares to the company’s previously announced targets of $540-$600 million in revenue with gross margin of over 50% and operating expenses of approximately $41 million. The decrease in targeted operating expenses is due to the decrease in stock compensation expense resulting from the forfeiture of option grants in connection with the decision of the company’s former Chief Executive Officer, Nabeel Gareeb, to step down from his positions with the Company.

Marshall Turner, Interim Chief Executive Officer, commented, “The weak macroeconomic environment has continued to deteriorate, and has had an increasingly negative effect on the semiconductor and solar markets over the past few weeks. These effects are quickly cascading backward through global supply chains, and we cannot expect to be immune to the impact on our customers in all the markets we serve. This recent sequence of events has increased pricing pressure in the short term solar market and exacerbated the demand weakness in the semiconductor market. We expect to use our increased polysilicon production in the fourth quarter to offset some of the effects of this reduced pricing through increased wafer sales. Given these variables and the rapidly evolving macroeconomic environment, we are maintaining a wide range of financial targets to indicate our current understanding of these uncertain market conditions. Even in this type of environment, the business model MEMC has put in place over the past few years is enabling us to demonstrate healthy financial metrics relative to our peers.”

MEMC’s fourth quarter 2008 conference call is scheduled for January 22, 2009, at which time the company will discuss final financial results for the fourth quarter.

[meinolf67]

Citi: MEMC May Miss Lowered Guidance, But It's Still a 'Buy'
by: Eric Savitz December 16, 2008 | about stocks: DOW / GLW / WFR
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Could MEMC Electronic Materials (WFR) Q4 results whiff even their downwardly revised guidance?

Citigroup’s Timothy Arcuri thinks so. Tuesday morning, he asserted that the company could miss the low end of its guidance for revenue of $475 million to $525 million, due largely to ongoing weakness in the semiconductor business, particularly in Taiwan. He cut forecast for the quarter to $460 million in revenue and 68 cents a share, from $494 million and 79 cents. He also slashed his Q1 EPS forecast to 38 cents, from 68 cents, and now sees 2009 EPS of $2.69, down from $3.68, which by the way compares to his 2008 estimate of $3.29. For 2010, he goes to $3.65, from $4.64. (Note that for 2010 he is still way above the Street consensus at $3.41.)

He slashed his target on the stock to $30, from $50, but maintains a Buy rating, and asserts that Q1 should be the “worst of the bad news.”

Meanwhile, here’s something to think about for the long haul: Hemlock Semiconductor, a joint venture operated by Dow Corning (which itself is owned by Dow Chemical (DOW) and Corning (GLW)) and two Japanese firms, Shin-Etsu Handotai and Mitsubishi Materials, has unveiled plans to invest up to $3 billion to build new polysilicon production capacity in Hemlock, Michigan and Clarksville, Tennessee. Together, Hemlock intends to add up to 34,000 metric tons of polysilicon capacity. Hemlock said its capacity at the end of the current year will be about 19,000 metric tons. There are two ways to look at this added capacity, which is specifically targets at the solar market: on the one hand, it should provide a new source for the key raw ingredient in the production of silicon solar cells. And on the other hand, poly prices are currently in free fall due to excess capacity; for the moment, at least, more capacity is not what the market needs.

WFR today is up 17 cents, or 1.2%, to $14.92.

[Maxom]

Vielen Dank für Deine informativen Beiträge. Es wäre schön, wenn Du die Zitate zusätzlich mit einer eigenen Kommentierung versiehst, damit die Quintessenz nochmal deutlich wird. Besten Dank, Maxom.

[meinolf67]

=> der Dezember scheint furchtbar zu sein:

75-100 Mio weniger bei anteilig 167 Mio ursprünglicher Vorhersage;
heißt >50% Umsatzeinbruch...


17.12.2008 22:37
MEMC Updates Fourth Quarter Outlook

MEMC Electronic Materials, (News) Inc. (NYSE: WFR) today commented on market conditions impacting its business and provided an update to its fourth quarter financial targets.

Over the last few weeks, end demand for many industries, including semiconductor and solar, has continued to decline as a result of the global economic slowdown. In addition, the solar market has been impacted by the reduced availability of credit, which has limited the purchasing ability of some solar customers. Given these factors, combined with the continuing inventory reduction efforts by semiconductor device makers, the company has revised its fourth quarter outlook.

The company now anticipates that revenue for the 2008 fourth quarter will be approximately $400 to 425 million, with gross margin of approximately 46%, plus or minus one percentage point. This compares to the company's previously announced targets of $500 million in revenue, plus or minus $25 million, with gross margin of 48% plus or minus two percentage points. Expectations for operating expenses remain unchanged at approximately $27 million.

”The revised outlook is primarily a result of a continued deterioration in end demand for semiconductor products amid the weak macroeconomic environment,” commented Marshall Turner, MEMC's Interim Chief Executive Officer. ”In addition, we have reduced certainty that some remaining semiconductor orders that have been booked for delivery this quarter will be pulled by customers, and that some customers who have placed short-term orders for solar products will meet all of our purchase conditions, given their tight credit environment. We are revising our outlook to account for this uncertainty.”

[Maxom]

Antwort auf Beitrag Nr.: 36.228.046 von meinolf67 am 18.12.08 09:45:30

Ich hoffe, daß bald bessere Zeiten kommen. Ich bin bei 40 Euro eingestiegen, also ungefähr drei Viertel Verlust, wenn ich verkaufen müsste. Wenn die USA insgesamt wieder auf Trab kommen, dann wird auch MEMC wieder bessere Kurse sehen. Good luck, Maxom
:-)

[meinolf67]

08.01.2009 14:12
MEMC Schedules Fourth Quarter Conference Call

ST. PETERS, Mo., Jan. 8 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, (News) Inc. invites investors to listen to a broadcast of the Company's conference call to discuss fourth quarter and full year 2008 financial results. The live webcast will take place on Thursday, January 22, 2009 at 5:00 p.m. Eastern Time at http://www.memc.com/. Participating in the call will be Marshall Turner, Interim Chief Executive Officer, and Ken Hannah, Senior Vice President and Chief Financial Officer. A replay of the call will be available until 11:59 p.m. Eastern Time on January 29, 2009 on the Company's web site at http://www.memc.com/.

[meinolf67]

08.01.2009 19:00
UPDATE 1-RESEARCH ALERT-Friedman cuts MEMC to market perform

Jan 8 (Reuters) - Friedman Billings Ramsey downgraded MEMC Electronic Materials, (News) which makes silicon wafers for the semiconductor and solar industries, to 'market perform' from 'outperform,' citing pricing pressures, sending the company's shares down as much as 8 percent.

MEMC is under more pressure to reduce prices as some of the competitors are willing to sign long-term polysilicon contracts with solar energy-related customers at lower prices, analyst Mehdi Hosseini said in a note to clients.

Hosseini, who lowered his price target on the stock to $21 from $25, said the profit prospects for one to two of MEMC's solar and Asia-based customers have worsened to the point that they are postponing solar wafer shipments from MEMC.

'Thus, we are incrementally concerned over the earnings power expectations going forward,' the analyst said.

MEMC is nowhere near turning profits into losses, but as the financial health of its contracted customers deteriorate, it would need to continue to lower prices, putting more pressure on the consensus estimates, he said.

Shares of the company were down 4 percent at $16.43 in midday trade Thursday on the New York Stock Exchange. They had touched a low of $15.79 earlier in the session.

(Reporting by Shrutika Verma in Bangalore; Editing by Vinu Pilakkott)

[meinolf67]

January 21, 2009 9:50 AM EST

Citi downgrades MEMC Electronic Materials Inc (NYSE: WFR) from Buy to Hold. Price target lowered from $30 to $15.

Citi analyst says, "While the share price has fallen significantly, we can no longer justify our Buy here given three key fundamental developments. 1) WFR’s biggest solar contracts are being challenged and, based on our checks, now appear to have material risk in terms of pricing and, to a lesser degree, volume. With ~20% price concessions already offered to Gintech (albeit only temporarily), this puts revenue visibility in question until the dust settles. 2) The EPS run rate coming off CQ1:09 looks more like ~$1.00 versus the Street’s (and our former) F2009 of ~$2.00 making valuation less certain. 3) We see WFR losing money in semis in CQ1:09 and building significant amounts of inventory that could take 3-4Qs to fully unwind. While semi weakness is largely known, it is equally tough to see a Buy catalyst until the dust settles around these issues, particularly solar contracts."

MEMC Electronic Materials, Inc. is engaged in the design, manufacture and sale of silicon wafers. The Company provides wafers in sizes ranging from 100 millimeters (four inch) to 300 millimeters (12 inch).

[meinolf67]

MEMC has reported fourth quarter 2008 net sales of $425.7 million, which represents a decrease of 22.0% from third quarter 2008 net sales of $546.0 million, and a decrease of 20.6% from fourth quarter 2007 net sales of $535.9 million.

The sequential and year-over-year decrease in sales was primarily the result of lower wafer volumes for semiconductor applications and lower prices associated with short-term sales of solar products, partially offset by higher volumes of wafers for solar applications.

Gross profit in the quarter was $193.0 million, or 45.3% of net sales, compared to $269.7 million, or 49.4% of net sales, in the 2008 third quarter and $293.6 million, or 54.8% of net sales, in the 2007 fourth quarter. The decline in gross profit was primarily the result of the lower prices, reduced semiconductor product volumes and partial offset from solar product volumes mentioned above.

The company reported operating income during the quarter of $169.3 million, or 39.8% of net sales. This compares to $227.5 million, or 41.7% of net sales, for the 2008 third quarter and $254.8 million, or 47.5% of net sales, for the 2007 fourth quarter. Operating expenses were $23.7 million, or 5.6% of sales, compared to $42.2 million, or 7.7% of sales, in the 2008 third quarter, and $38.8 million, or 7.2% of sales, in the 2007 fourth quarter. The sequential decrease in operating expenses was primarily due to the decrease in stock compensation expense resulting from the resignation of the company's former CEO.

For the full year ended December 31, 2008, the company's net sales increased by 4.3% to $2.00 billion, compared to $1.92 billion in 2007. Gross profit increased by 0.4% to $1.0 billion, or 50.1% of net sales in 2008, and operating income increased by 0.9% to $857.7 million, or 42.8% of sales.

MEMC generated operating cash flow of $640.5 million in 2008, or 32.0% of net sales, and free cash flow of $337.3 million, or 16.8% of net sales. This enabled the company to grow cash and investment balances by $92.3 million to over $1.4 billion. Capital expenditures in 2008 totaled $303.2 million, or 15.1% of net sales, compared to $276.4 million, or 14.4% of sales in 2007.

"The fourth quarter of 2008 saw deteriorating semiconductor and solar market conditions, amid the rapidly weakening global macroeconomic environment," said Marshall Turner, MEMC's Interim Chief Executive Officer. "While this led to one of the steepest declines of semiconductor industry unit sales on record, and a significant reduction in our quarterly sales, MEMC was able to continue to achieve very strong profitability with gross and operating margins of approximately 45% and 40%, respectively, and continue its consistently high levels of free cash flow generation, at approximately 15% of sales. In addition, the company continued its focus on wafers, with 90% of the company's fourth quarter revenue coming from wafer sales, and 10% from sales of polysilicon and other products. MEMC's cost-efficient structure should continue to differentiate MEMC and our results from that of our competition."

"End market weakness and low order visibility across both semiconductor and solar applications continues in the first quarter, as reduced consumer spending, limited access to credit and other results of the macroeconomic environment weigh on both markets," continued Turner. "This environment is exacerbated by continued inventory reductions at semiconductor customers, the combination of which is resulting in a significant sequential reduction in semiconductor wafer demand which is, in turn, leading to the diversion of some polysilicon output from semiconductor to solar markets. This is having the effect of reducing pricing for polysilicon and wafers in the solar market. The unusually low levels of visibility that many of our customers have in the current environment reduces our ability to provide meaningful quarterly, annual or long term guidance at this time. Our current view of the markets we serve indicates that first quarter 2009 revenue could decline by as much as 50% from the fourth quarter of 2008. The reduced pricing and significantly lower factory utilization assumed in this view, the latter of which would result in significant underutilization charges, could result in gross margins declining to the 20 percent range."

[meinolf67]

January 22, 2009, 2:54 pm
MEMC: Will Customers Walk From Take-Or-Pay Deals?
Posted by Eric Savitz

Is MEMC Electronic Materials (WFR) playing chicken with its solar customers?

Kaufman Bros. analyst Theodore O’Neill raised that question in a research note this morning. He says that sources in the channel suggest that the company is trying to force solar customers Tainergy and Yingli Green Energy (YGE) to make good on take-or-pay polysilicon contracts despite a large drop in spot prices and an abundance of wafers in the scrap market. O’Neill thinks such a move would be unwise.

“In our experience, take-or-pay contracts never work if the economics of the contracts compare unfavorably to spot prices,” he writes. “Our model had assumed that these contracts would be renegotiated but now we are assuming that its solar customers will respond by neither taking nor paying.”

He says that management’s view is that they have plenty of cash on deposit from those customers and so should not have to budget. But he contends that this is not a good long-term business practice. “Polysilicon prices are on a long-term downward trend,” he writes. “Short-term adjustments to contracts will likely make for a larger and happier future customer base.”

MEMC will report Q4 results today after the close. Meanwhile, O’Neill cut his Q1 estimates to $319 million in revenue and profits of 38 cents a share, from $477 million and 63 cents. For all of ‘09, he goes to $1.56 billion and $2, from $2.14 billion and $2.92. He cut his target on the stock to $24 from $35, but maintains his Buy rating.

WFR today is down 38 cents, or 3%, to $12.41.

[stockwilhelm]

Antwort auf Beitrag Nr.: 36.461.515 von meinolf67 am 28.01.09 00:48:25

aktienperformer.de geht nach einer analyse vom 23.01.2009 von einem kursziel auf 12-monatssicht von 12,80 euro aus und einem eps= 2,37 euro

[Maxom]

Antwort auf Beitrag Nr.: 36.462.152 von stockwilhelm am 28.01.09 09:21:04

Prognosen sind uninteressant. Stimmen sowieso meistens nicht. WArum sollte der Kurs nicht auf 50 Euro steigen?

[stockwilhelm]

Antwort auf Beitrag Nr.: 36.468.499 von Maxom am 28.01.09 19:38:56

ja, warum?
sage es mir!

[Maxom]

Antwort auf Beitrag Nr.: 36.469.334 von stockwilhelm am 28.01.09 21:05:54

weil er da vor nicht allzu langer Zeit schon fast mal war. Und was hat sich groß geändert? Sobald in den USA die neue Energiepolitik anspringt ist MEMC als Zulieferer der Solar-Industrie mit im Boot.

[meinolf67]

Antwort auf Beitrag Nr.: 36.472.064 von Maxom am 29.01.09 10:49:20

na ja, der SI-Preis ist dramatisch abgerutscht, das hat schon Folgen...

[stockwilhelm]

Antwort auf Beitrag Nr.: 36.472.064 von Maxom am 29.01.09 10:49:20

man, oh man
das ist ja einfacher als ich dachte! das ich da noch nicht drauf gekommen bin!??

jetzt sehe ich erst mal nach welche aktien schon mal höher waren als jetzt. und dann kaufe ich ganz viele von denen die am stärksten nachgegeben haben.

ich freue mich schon auf den grossen gewinn!

kannst du mir denn auch noch sagen wie lange das so dauern wird bis der kurs wieder da ist wo er seinerzeit war?

[Maxom]

Antwort auf Beitrag Nr.: 36.473.323 von stockwilhelm am 29.01.09 13:21:55

Ich kann dir nur sagen, daß die sogenannten Experten, Chartanalysten, Bankfachleute und sonstige Börsengurus zu Beginn von 2008 nur Müll von sich gegeben haben. Alle sahen am Jahresende den DAX weit über 8000 Punkte (nachzulesen z.B. in der FAZ). Und genauso wie dieser Optimismus absurd war, genauso ist der jetzt verbreitete Pessimismus absurd. Wir werden m.M. nach ein gutes Börsenjahr haben, und MEMC ist nach allen Informationen, die ich habe, ein grundsolides Unternehmen. Ich sehe uns im Nov./Dez. bei deutlich über 40 Euro. Mit Verlaub, das ist meine unmaßgebliche Meinung.

[meinolf67]

MEMC Electronic names Ahmad Chatila chief executive
By Wallace Witkowski

MEMC said late Thursday it named Ahmad Chatila as president and chief executive, effective March 2. Chatila comes to MEMC from Cypress Semiconductor Corp., where has served as executive vice president of the chip maker's memory and imaging division. End of Story

[meinolf67]

Gintech jetzt auch:

Solar cell maker Gintech amends wafer contracts with MEMC


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Latest news
Nuying Huang, Taipei; Adam Hwang, DIGITIMES [Thursday 19 February 2009]

Gintech Energy, a Taiwan-based maker of crystalline silicon solar cells, has announced the amendment to two contracts it signed with US-based MEMC Electronic Materials in 2006 and 2007 for supply of solar-grade crystalline silicon wafers, with contract prices downward adjusted and total supply volume upward adjusted specifically for the year of 2009 to make the 2009 total shipment value the same as specified in the original contract.

Gintech and MEMC signed a 10-year supply contract worth NT$100 billion (about US$3.05 billion) in 2006 and another 10-year contract with total value of NT$25 billion in 2007, according to Gintech.

MEMC also amended a 10-year US$6 billion supply contract signed in 2006 with Suntech Power, a China-based maker of crystalline silicon photovoltaic modules, in the same model, according to industry sources in Taiwan. Because MEMC's shipments to Gintech and Suntech will increase in total volume in 2009, MEMC may increase outsourced production of solar-grade crystalline silicon wafers by its two Taiwan-based partners, Sino-American Silicon Products and Green Energy Technology, the sources pointed out.

[bossi1]

Antwort auf Beitrag Nr.: 36.611.055 von meinolf67 am 19.02.09 13:59:56

Spekulationen auf eine Übernahme des US-Wafer-Herstellers MEMC könnten BASF nach Ansicht eines Händlers unter Druck bringen. "Wer in diesen Zeiten Geld ausgibt, ist zuletzt immer wieder abgestraft worden", sagt der Marktteilnehmer. Noch dazu stelle der kolportierte Übernahmepreis von 27 USD je Aktie eine Prämie von 57% auf den Schlusskurs des Vortags dar. Auch halte er Wacker Chemie für das besser zu BASF passende Unternehmen. BASF sah sich zunächst nicht in der Lage, entsprechende Spekulationen zu kommentieren.

http://www.faz.net/d/invest/meldung.aspx?id=101138962

[Walther Sparbier]

MEMC sitzt dafür im Ami-Markt mit seinen Milliardensubventionen.

[R-BgO]

09.04.2009 22:16
MEMC Announces Preliminary First Quarter Results and Date of Earnings Conference Call

ST. PETERS, Mo., April 9 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, (News) Inc. today announced preliminary results for the quarter ended March 31, 2009.

The company expects to report first quarter revenues of approximately $214 million, consistent with the company's previous outlook that revenue could decline by as much as 50% from the fourth quarter of 2008. As a result of lower pricing and additional underutilization charges, gross margin for the quarter is now expected to be approximately 9% of sales, compared to the company's previous outlook of gross margins declining to the 20% range.

The company will release full first quarter 2009 financial results on April 23, 2009 after the close of the market and will host its regularly scheduled conference call at 5:00 p.m. Eastern Time, which will be broadcast on the Company's web site at .

[R-BgO]

MEMC Electronic Materials cuts 200 more jobs
Associated Press, 04.14.09, 05:55 PM EDT


MEMC Electronic Materials Inc., which supplies silicon wafers used in making chips and solar cells, said Tuesday it plans to lay off about 200 employees at its Korean subsidiary.

The layoffs are in addition to about 300 jobs already cut this year in the U.S. and Japan.

The latest work force reduction will result in one-time, severance-related charges of about $6.5 million during the second quarter, the company said in a filing with the Securities and Exchange Commission on Tuesday. The cuts will be completed by the end of the second quarter, the company said.

MEMC said the reductions made this year will result in annual cost savings of about $30 million.

Shares dropped 55 cents, or 3.4 percent, to close Tuesday at $15.63.

[R-BgO]

Gintech denies MEMC poly-Si supply termination rumor

Latest news
Nuying Huang; Adam Hwang, DIGITIMES [Wednesday 6 May 2009]

Gintech Energy, in response to a report going around the bourse that the company will terminate existing solar-grade polycrystalline silicon (poly-Si) supply contracts with US-based MEMC Electronic Materials, on May 5 emphasized this is absolutely a rumor.

With MEMC being a shareholder of Gintech, both sides have established long-term and good cooperation, the Taiwan-based solar cell maker emphasized. The request by Germany-based photovoltaic system provider Conergy AG for renegotiation of supply contracts with MEMC has nothing to do with Gintech, Gintech said.

[Maxom]

8 Prozent Plus

[R-BgO]

June 24, 2009, 9:58 am
MEMC: Poly Oversupply Inevitable, J.P. Morgan Warns
Posted by Eric Savitz

J.P. Morgan analyst Christopher Blansett turned bearish on MEMC Electronic Materials (WFR) this morning, cutting his rating on the stock to Underweight from Overweight, and setting a price target of $12, well below yesterday’s close at $17.86.

The downgrades, he writes in a research note, reflects “faster than expected ASP declines in all of the company’s product lines.” He says overall supply of polysilicon, which is used to make silicon wafers used in both the chip and solar industries, “will far exceed” demand for the rest of this year and into 2010, driving down spot market poly pricing as well as semi and solar wafer pricing.

Blansett previously had been expected the spot price to reach $60/kg by year end, but he notes that the market has already touched that level. He now says poly could drop to $35/kg by the end of 2009, “a price point lower than the manufacturing cost of many new poly makers” and relative cost parity for the large incumbent players.

The analyst writes that an over-supply is “inevitable” given the sheer volume that is expected to come on line this year. “Unfortunately, actual solar PV demand today is a lot lower than last year’s expectations which initially drove the aggressive capacity expansion,” he writes. “This is resulting in massive over-supply of polysilicon which could last for years if current announced capacity expansion plans are not scaled back.”

Blansett thinks MEMC may need to revised its solar wafer contracts (again) given the continued fall in spot poly pricing. He says a spot price below $50/kg would make the company’s current supply contracts “unpaltable” to solar wafer customers and could put them at a competitive disadvantage given that poly is usually more than 50% of the cost of a solar wafer.

For 2009, he cuts his EPS estimate to 19 cents, from 24 cents. For 2010, he goes to $1.06, from $1.15.

Meanwhile, Citigroup’s Timothy Arcuri points out in a research note that GCL Silicon, the leading Chinese poly manufacturer, is being acquried by its parent, Hong Kong-based GCL Poly Energy, in a deal worth about $3.4 billion. Given the deal was struck at a valuation of $160/kg of capacity, he says that this “highlights the value that in-the-ground polysilicon assets continue to command even in this tough demand environment.” Doing some back-of-the-envelope math, he concludes that WFR’s solar business is worth 3x the replacement value of its assets, adds back the value of the semiconductor business and cash, and comes up with a valuation of about $20 a share. But he maintains his Hold rating and $15 target.

WFR today is down 61 cents, or 3.4%, to $17.25.

[Maxom]

So langsam habe ich die Faxen auch hier dicke mit diesem Papier

[R-BgO]

13.07.2009 14:10
MEMC Schedules Second Quarter Conference Call

ST. PETERS, Mo., July 13 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, Inc. invites investors to listen to a broadcast of the Company's conference call to discuss second quarter 2009 financial results. The live webcast will take place on Thursday, July 23, 2009 at 5:30 p.m. Eastern Time at http://www.memc.com/. Participating in the call will be Ahmad Chatila, Chief Executive Officer, and Ken Hannah, Senior Vice President and Chief Financial Officer. A replay of the call will be available until 11:59 p.m. Eastern Time on July 30, 2009 on the Company's web site at http://www.memc.com/.

[R-BgO]

Antwort auf Beitrag Nr.: 37.534.860 von Maxom am 08.07.09 17:45:52

allemal besser als ESLR...

[Maxom]

Antwort auf Beitrag Nr.: 37.561.196 von R-BgO am 13.07.09 14:54:03

Wohl wahr . . .

[R-BgO]

Item 8.01. Other Events.



On July 20, 2009, MEMC Electronic Materials, Inc. (“MEMC” or the “Company”) reported that a jury trial will commence on Monday, July 20, 2009 in the Circuit Court for Frederick County, Maryland, in the case titled BP Solar International, Inc. vs. MEMC Electronic Materials, Inc. and MEMC Pasadena, Inc. (Civil Number 10-C-07-001240). The trial is expected to last two weeks. The case is a commercial dispute arising out of negotiations between the parties in the summer and fall of 2004 related to potential future sales of polysilicon powder by MEMC Pasadena to BP Solar.



A complaint was originally filed by the plaintiff in April 2007 alleging non-delivery of polysilicon powder for 2006. Plaintiff has since amended the complaint on four separate occasions, most recently on May 21, 2009. The Plaintiff now alleges that MEMC Pasadena failed to supply polysilicon powder to the Plaintiff in 2006 and 2007 under an alleged three year supply agreement. The Company has always maintained that no such long term supply agreement ever existed. BP Solar is claiming damages, based on its different theories of recovery in the case, of between $1 million and approximately $140 million.



MEMC and MEMC Pasadena believe that the lawsuit is without merit. The Company believed the case would be disposed of favorably to the Company pursuant to its motion for summary judgment. The court, however, found material facts were in dispute that would preclude summary judgment and so the case will now proceed to trial. The Company remains committed to a vigorous defense of the case and believes that it will ultimately be resolved in the Company’s favor. Due to the inherent uncertainties of jury trials, however, MEMC cannot predict the outcome or estimate the amount of loss with respect to this proceeding if the case is decided against the Company by the jury. An unfavorable outcome could have a material adverse impact on the Company’s results of operations and financial condition.

[R-BgO]

MEMC Reports Second Quarter Results

ST. PETERS, Mo., July 23 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, Inc. (NYSE: WFR - News) today reported financial results for the second quarter ended June 30, 2009.

Summary of second quarter results:

* Net sales of $282.9 million
* Gross profit of $34.9 million (12.3% of net sales)
* Earnings of $0.03 per share
* Cash and investment balances of $1.3 billion

The company reported second quarter 2009 net sales of $282.9 million, which represents an increase of 32.2% from first quarter 2009 net sales of $214.0 million, and a decrease of 46.8% from second quarter 2008 net sales of $531.4 million. The sequential increase in sales was primarily the result of significantly higher wafer volumes for semiconductor applications, partially offset by price reductions in wafers for semiconductor and solar applications.

Gross profit in the quarter was $34.9 million, or 12.3% of net sales, compared to $19.7 million, or 9.2% of net sales, in the 2009 first quarter and $282.8 million, or 53.2% of net sales, in the 2008 second quarter. The sequential increase in gross profit was primarily the result of higher product volumes. While the higher product volumes helped increase our factory utilization rates, our factories were still running at less than optimal manufacturing rates, resulting in higher per unit costs. The lower pricing for semiconductor and solar products also adversely impacted margins.

The company reported an operating loss of $14.3 million during the quarter, compared to an operating loss of $26.4 million in the 2009 first quarter and operating income of $242.5 million in the 2008 second quarter. Second quarter 2009 operating expenses, which include a charge of $5.6 million relating to the previously announced layoffs in the company's Korean manufacturing facility, as well as $3.0 million of cost associated with the startup of our Ipoh, Malaysia facility, were $49.2 million, or 17.4% of sales, compared to $46.1 million, or 21.5% of sales, in the 2009 first quarter, which included charges of $6.7 million relating to restructuring activities in three of the company's manufacturing facilities.

MEMC's net income for the second quarter was $6.5 million, or $0.03 per share, including a $10.1 million benefit relating to the increase in the value of the Suntech warrants, offset by partial deferral of profits related to a new solar joint venture. During the second quarter, MEMC entered into a binding letter of intent with a leading solar company to form a joint venture to develop, construct and sell photovoltaic projects. The projects will utilize MEMC wafers. During the second quarter, MEMC sold wafers to the solar company and has deferred its pro-rata share of the profit for the wafer sales until the project is sold to a third party.

During the second quarter, the company reported operating cash flow of $16.4 million, net of the payout of approximately $12.3 million in severance from the layoffs announced during the first and second quarters, and also included the offset of $44.1 million of customer deposits associated with long-term solar wafer agreements pursuant to their terms. This compares to $14.6 million of operating cash consumed in the first quarter. Capital expenditures for the second quarter totaled $45.5 million, or 16.1% of sales. Free cash consumed (operating cash flow minus capital expenditures) was $29.1 million. MEMC ended the second quarter with cash and investments of approximately $1.3 billion, and does not maintain any significant debt.

"While we saw a significant increase in sales compared with the first quarter, our overall results continue to reflect the generally weak macroeconomic conditions," said Ahmad Chatila, MEMC's President and Chief Executive Officer. "Semiconductor wafer volumes rose from severely depressed first quarter levels, primarily due to stronger demand from Asia and inventory replenishment, but continued to be significantly below historical levels. In solar, limited credit availability in the broader solar market continued to restrain demand while supply excesses remain visible across the solar value chain. On the positive side, MEMC continued to broaden its solar wafer customer base during the quarter, adding several new customers."

Third Quarter 2009 Outlook

"Based on current customer indications, we believe that demand should continue to improve in the semiconductor industry during the third quarter. Increasing demand should provide for some incremental improvement in our factory utilization rates and positively influence margins. In the solar industry, things are not as clear. While we have been expanding our customer base and increasing sales, the industry as a whole continues to be characterized by limited demand growth and excess material throughout the value chain. This condition has resulted in a continued weak pricing environment. Considering these factors, we are targeting third quarter revenue to be approximately $300-$350 million. In addition, we are targeting gross margin to be up slightly."

Business Priorities

Mr. Chatila continued, "MEMC has been a leader in silicon technology for 50 years. We are a company with excellent employees, technology and financial position. Current market conditions present significant opportunities for MEMC to further advance our industry leadership position. These opportunities require that we stay focused on our essential goals and maintain a long-term perspective. Our business priorities and key objectives include the following:

* Enable customer success, with quality products and timely delivery
* Manage our capacity and resources effectively
* Drive technology innovation
* Retain, develop and recruit the best talent in the industry
* Reduce product cost
* Expand our customer base
* Participate in downstream solar opportunities through potential investments or acquisitions."

"As I complete my first five months as CEO, it is clear to me that we are well positioned in all major aspects of our business," concluded Mr. Chatila. "We intend to build on our leadership position by leveraging our product technology and increasing our served market. Our goal is to enable customer success while expanding our customer base. We may also act on opportunities in the solar industry to unlock demand and leverage MEMC's brand, financial strength and market presence to obtain more value downstream. We have the right tools, talented employees and strong leadership, along with the positioning and opportunity. Our focus now is on executing these opportunities with all of the efficiency you would expect from MEMC."

Other Events

Earlier today the company announced that it had amended its long term solar wafer supply agreement with Suntech Power Holdings Co. Ltd. Similar to the amendment with Suntech executed in February 2009, the most recent amendment provides that aggregate revenues to MEMC over the ten year life of the agreement will remain unchanged, but an additional price reduction and volume increase for the second half of 2009 have been effectuated. The parties have also agreed in the amendment to provide a deferral mechanism for a potential 2009 purchase shortfall by Suntech (from the increased volume commitment), by allowing Suntech to make up the purchase shortfall in equal increments over the next five years. Such deferred volume amounts will be added to Suntech's minimum purchase requirements for future contract years.

The company is also negotiating an amendment to its long term solar wafer agreement with Gintech Energy Corporation, but has not yet reached a resolution on such amendment. The parties are discussing price reductions for future periods in exchange for greater volume commitments, with similar deferral mechanisms for Gintech as were agreed to with Suntech. There can be no assurance that such an amendment will be reached at all, or if one is reached, that such amendment will have similar terms to the Suntech amendment discussed above or that such terms will be favorable to the company.

Conference Call to Discuss Earnings Results and Business Review

MEMC will host a conference call today, July 23, 2009, at 5:30 p.m. ET to discuss the company's second quarter results, 180 day business review and other related business matters. A live webcast will be available on the company's web site at www.memc.com. Please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software.

A replay of the conference call will be available from 7:30 p.m. ET on July 23, 2009, until 11:59 p.m. ET on July 30, 2009. To access the replay, please dial [phone] at any time during that period, using passcode 107493. A replay will also be available until 11:59 p.m. ET on July 30, 2009 on the company's web site at www.memc.com.

[R-BgO]

Item 1.01. Entry into a Material Definitive Agreement.



On June 26, 2009, MEMC Electronic Materials, Inc. (“MEMC” or the “Company”) entered into a binding term sheet (the “Term Sheet”) with Q-Cells SE (“Q-Cells”) reflecting the parties’ agreement to form a joint venture for the purpose of building large scale solar plants. MEMC has agreed to invest up to approximately $100 million in the venture in three separate payments during the third and fourth quarters of 2009 upon formation of the joint venture entity. The joint venture company will contract with Q-Cells International to develop, acquire and build the plants. Q-Cells International will order the cells for the plants from Q-Cells and Q-Cells will purchase the necessary solar wafers from MEMC at set prices. Once the first project is fully constructed, the parties intend to sell it to a third party. The parties can then return the proceeds of that sale to the joint venture partners or leave the investment in the entity for one or more future solar plant projects. The Company and Q-Cells will each have two seats on the board of the joint venture company. The parties are currently negotiating final documents for the joint venture consistent with the terms of the Term Sheet while awaiting German antitrust approvals before proceeding further.



The joint venture will be accounted for under the equity method of accounting. As MEMC sells wafers to Q-Cells, the revenue from those sales will be recognized consistent with MEMC’s revenue recognition policy, and the costs associated with those wafers will be included in cost of goods sold. MEMC will defer its pro rata share (50%) of the net profit associated with the sale of the wafers, consistent with its ownership in the joint venture, until the project is sold to a third party, at which point all previously deferred amounts will be recognized as income, as well as any gain or loss on the sale of the project. The joint venture income elimination will be recorded in MEMC’s consolidated statements of income as “equity in earnings of joint venture, net of tax.”

[R-BgO]

Inventories unverändert nicht hoch...

[stockwilhelm]

24.07.2009 21:23
UPDATE 2-SunPower, LDK lead solar stock rally, MEMC slides
By Nichola Groom

LOS ANGELES, July 24 (Reuters) - The shares of solar companies surged on Friday after U.S. panel maker SunPower Corp posted better-than-expected earnings and China's LDK Solar Co raised its sales forecast.

SunPower shares rallied 27 percent to $31.52 after the U.S. company's earnings, announced late on Thursday, easily beat analysts' forecasts, while China's LDK saw its stock rise 12.2 percent to $11.56.

The shares of Chinese solar cell maker China Sunergy Co Ltd also rallied, jumping 11.5 percent to $5.53 after the company said quarterly shipments exceeded expectations and it expects to return to profitability in the second quarter.

Analysts at Citigroup, Canaccord Adams, Credit Suisse, FBR, and Collins Stewart all raised their price targets for SunPower shares. FBR and Collins Stewart also upgraded their ratings on the stock, FBR to 'outperform' from 'market perform' and Collins Stewart to 'hold' from 'sell.'

'Although we expect solar stocks to be volatile through (the second-quarter's) earnings season, our upgrade is more company-specific, driven by the increased business prospects in the 'rooftop' segment of the market, which is SunPower's sweet spot,' FBR analyst Mehdi Hosseini said in a note to clients.

Wedbush Morgan analyst Al Kaschalk, meanwhile, downgraded SunPower shares to 'neutral' from 'outperform,' saying price competition, high inventory levels and a continued lack of financing in the market continue to impact results, while the stock is fully valued following recent share gains.

Solar stocks have suffered in recent months as the credit crisis dried up financing to build new green-power systems and led to a glut of solar panels in the market.

But new incentives in China and the roll-out of fresh subsidies in the United States, as well as a modest improvement in credit availability, have helped trigger renewed investor interest in the sector.

Many solar stocks also have sizable short positions. About 15.5 million SunPower shares were held in short positions as of June 30, an increase of 9.6 percent from two weeks earlier. That's about 16 percent of the company's 98.4 million shares outstanding as of June 28.

About 18 million LDK shares are held in short positions as of June 30, or about 16 percent of the company's shares outstanding as of March 31. That was an increase of 14 percent in the company's short position from the previous two weeks.

The news from SunPower and LDK pushed up shares of U.S.-listed solar rivals including First Solar Inc, which climbed 7 percent to $169, Canadian Solar, up 7.2 percent at $15.39, Yingli Green Energy, up 9.4 percent at $14.84, and Energy Conversion Devices Inc, up 10.5 percent at $14.90.

The announcements also lifted European solar stocks including Germany's Q-Cells, which closed up 5.4 percent, and SolarWorld, which rose 2.7 percent. Norway's Renewable Energy Corp also rallied, closing up 4.1 percent.

Not every solar company enjoyed a bounce, however. Shares of U.S. silicon maker MEMC Electronic Materials Inc tumbled 10.4 percent to $18.69, despite the company's second-quarter earnings having surpassed quarterly earnings forecasts, as both Oppenheimer and RBC Capital Markets downgraded the stock.

MEMC late on Thursday reported higher-than-expected revenue and earnings, helped by improved demand from the semiconductor industry, but gross margins fell below estimates as prices on the key raw material in semiconductors and solar panels have collapsed in recent months.

'The company faces structural share deterioration and sustained margin pressure,' RBC analyst Stuart Bush said in a note. 'Our key concern is continued irrational silicon capacity additions from new entrants, who we believe will increasingly sell below cost to gain share.'

RBC downgraded MEMC to 'underperform' from 'sector perform,' while Oppenheimer cut its rating on the stock to 'perform' from 'outperform.'

In other less-than-stellar solar news, German solar equipment maker Singulus Technologies AG said it would slash 11 million to 12 million euros in costs by cutting about 190 jobs.

'The market for solar technology has virtually ground to a halt since last autumn,' Singulus said in a statement, adding that it expected the market to recover in 2010.

The company's stock closed down 10.6 percent following the announcement.

[R-BgO]

MEMC to appeal jury decision in BP Solar lawsuit
MEMC Electronics to appeal jury decision that awards BP Solar $8.8M in supply agreement suit

* On Monday August 3, 2009, 11:06 am EDT

o
Buzz up! 0
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*
Companies:
o MEMC Electronic Materials Inc.

NEW YORK (AP) -- MEMC Electronic Materials Inc., a maker of silicon wafers, on Monday said it intends to appeal the jury's decision that returned a verdict in favor of BP Solar International, in a lawsuit over a supply agreement between the two companies.

The verdict awards damages of $8.8 million to BP Solar, the company said.

In April BP Solar sued MEMC, alleging non-delivery of polysilicon powder under three-year supply agreement that MEMC said has never existed. BP claimed damages of up to $140 million.

Polysilicon is a key raw material used in the production of solar cells.

Shares of MEMC rose 50 cents, or 2.8 percent, to $18.12.

[R-BgO]

St. Peters, MO, September 8, 2009 – MEMC Electronic Materials, Inc. (NYSE: WFR) today provided an update on guidance for the current quarter in light of recent events, and also announced that it will cease production of silicon crystal ingots and wafers at facilities in Sherman, Texas and St. Peters, Missouri. These closings will occur in stages during 2010 and early 2011, as production shifts to other locations.



Business Update. The company disclosed that it experienced a disruption in production at its polysilicon facility in Pasadena, Texas due to an equipment failure on August 7, 2009, requiring a large portion of the facility to be shut-down. Initial reports indicated that the company’s silane and polysilicon inventory levels would cover the lost output caused by this disruption until normal production levels were achieved. Although the failed equipment has been replaced, subsequent rebuild and restart difficulties have delayed the resumption of normal operations at this facility. The company expects to be back to normal production levels before the end of September. The lost production and related costs are expected to negatively affect the company’s revenue and margins in the third quarter of 2009.



The company now anticipates revenue for the third quarter of 2009 to be approximately $285-$315 million, with gross margins expected to be in the mid to high single digits. This compares to the company’s second quarter of 2009 revenue of $282.9 with a gross margin of 12.3% and the previously announced third quarter targets of $300-$350 million in revenue with gross margin being up slightly from the second quarter level.



Plant Consolidations. The company also announced the planned closings of the Sherman, Texas plant and portions of the St. Peters, Missouri plant. Chief Executive Officer Ahmad Chatila stated, “We must continue to aggressively drive all unnecessary costs out of the business during these extraordinary times. We will be shifting this high-volume production closer to a number of our customers, who are located in lower cost regions. This will allow us to reduce manufacturing costs and to serve our customers effectively, with the right cost-competitive capacity – in the right places – to meet their needs.”



“We recognize that this decision will adversely affect many of our employees at these locations, and consequently these steps were not taken lightly or planned for any sooner than absolutely necessary to advance our strategic goals,” continued Chatila. “We are announcing our plans now to give affected employees a significant transition period, and we will be putting severance and assistance programs in place for those employees who will not continue with MEMC,” Chatila stated.



MEMC ELECTRONIC MATERIALS

PAGE 2



The actions at the two sites are expected to affect approximately 540 employees in the U.S. A small number of these affected employees will be offered positions at other MEMC locations. Severance packages and other benefits and assistance, including supplemental COBRA payments, one year of group medical and dental benefits, and supplemental educational assistance and retraining opportunities will be provided to those employees not taking positions at other facilities.



As production is transferred to other facilities, silicon wafering operations in St. Peters are expected to cease by the end of the second quarter of 2010. Epi and crystal operations at that location are expected to cease by the end of the first quarter of 2011. The MEMC corporate headquarters, as well as research and development and advanced Silicon on Insulator (SOI) manufacturing, are expected to continue at the St. Peters location.



The Sherman facility produces silicon crystal ingots and wafers. Production in Sherman will be phased out by the first quarter of 2011. The company intends to then sell the facility.



The company expects that the severance benefits provided to those employees who will be terminated will result in charges related to the terminations of approximately $18 million. The company expects to record $17 million of these charges in the third quarter of 2009 and to make the related severance payments at the time of the final production date at each facility through the second quarter of 2011. The company also anticipates charges of approximately $55-60 million for contract terminations and other related move costs associated with the closings. The company expects to expense these charges as incurred starting in the fourth quarter of 2009 until the final production date at the respective facilities. In total, the company expects to incur approximately $73-78 million in cash costs associated with these announcements. The company will complete the asset impairment analysis in connection with filing its third quarter Form 10-Q that could result in additional non-cash charges. The company expects that the facility closings will result in an annualized savings beginning in third quarter of 2010 of approximately $10 million, rising to approximately $55 million of annualized savings beginning in the second quarter of 2011.



Certain matters discussed in this news release are forward-looking statements, including that third quarter revenue is targeted to be approximately $285-315 million, with gross margins expected to be in the mid to high single digits; that the company expects to be back to normal production levels at its Pasadena facility before the end of September 2009; that the company plans to cease wafer and ingot production at facilities in Sherman, Texas and St. Peters, Missouri in stages during 2010 and early 2011;



-more-



MEMC ELECTRONIC MATERIALS

PAGE 3



that the company expects to incur charges related to the terminations of approximately $18 million, including recording $17 million of these charges in the third quarter of 2009 and to make the related severance payments at the time of the final production date through the second quarter of 2011; that the company anticipates charges of approximately $55-60 million for contract terminations and other related move costs associated with the closings; that the company expects to incur approximately $73-78 million in cash costs associated with these announcements; that the impairment analysis could result in additional non-cash charges; and that the company expects that the facility closings will result in an annualized savings beginning in third quarter of 2010 of approximately $10 million, rising to approximately $55 million of annualized savings beginning in the second quarter of 2011. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include market demand for semiconductors and silicon wafers, as well as polysilicon; changes in the pricing environment for both silicon wafers and polysilicon; assumptions underlying management’s financial estimates, both for the third quarter of 2009 and the expected restructuring costs and potential annualized savings from these site consolidations; any other charges we might incur to reduce manufacturing capacity or headcount; utilization of our manufacturing capacity; delays in capacity relocation or expansion; changes in the composition of worldwide taxable income; general economic conditions, including the ability of our customers to pay their debts as they become due; inventory levels of our customers; supply chain difficulties or problems; interruption of production; good working order of our manufacturing facilities; our ability to further reduce manufacturing and operating costs; the terms of any potential future amendments to our long-term agreements with our solar wafer customers; completion and sale of the power plant being constructed by our new solar joint venture; outcome of pending and future litigation matters; customer acceptance of our new products; actions by competitors, customers and suppliers; changes in product specifications and manufacturing processes; changes in financial market conditions; the impact of competitive products and technologies; changes in interest and currency exchange rates and other risks described in the company's filings with the Securities and Exchange Commission. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward-looking statements.

[R-BgO]

Solar cell maker Gintech to amend wafer supply contract with MEMC

Nuying Huang, Taipei; Adam Hwang, DIGITIMES [Friday 18 September 2009]

Taiwan-based solar cell maker Gintech Energy on September 17 announced it will amend a supply contract of solar-grade crystalline silicon wafers with MEMC Electronic Materials, with prices to be regularly renegotiated every quarter based on the changes in the spot market, and supply to account for 60-65% of Gintech's quarterly demand.

The price renegotiation may not follow the quarterly schedule in the case of fast fluctuations in the spot market, Gintech said. Gintech's board of directors on September 17 authorized the company chairman to sign the revised contract with MEMC soon.

The revisions will also extend the business relation between the two sides from silicon wafer supply to strategic alliance. Gintech will help MEMC seek a partner in Taiwan for outsourced afer production, and Gintech will reserve up to one-third of its total capacity to make solar cells for MEMC, the company said.

MEMC may invest in or form some kind of strategic partnership with the maker for the outsourced wafer production, Gintech said.

According to industry sources in Taiwan, a potential partner for outsourced wafer production is Eversol Corporation, Gintech's subsidiary with annual ingot capacity of 150MWp (megawatt-peak) and wafer capacity of 200MWp. Currently, China-based Glory Silicon Energy (Zhenjiang) is a major outsourced producer of solar-grade wafers for MEMC, the sources pointed out.

[R-BgO]

MEMC Electronic Materials, Inc. (NYSE:WFR) today announced three organizational changes to its corporate leadership team. The changes align the business around MEMC's primary end-markets, semiconductor and solar, placing operating responsibility with two senior executives as the company moves closer to a more formalized business unit structure in the future.

First, Ken Hannah, who has served as Senior Vice President and Chief Financial Officer since April 2006, has been promoted to the new position of Executive Vice President of MEMC and President of MEMC Solar Materials. In this role, Hannah will be responsible for all sales and manufacturing operations for polysilicon and solar wafers.

Second, semiconductor wafer sales and manufacturing operations will be led by Shaker Sadasivam in his new role as Executive Vice President of MEMC and President of MEMC Semiconductor. Sadasivam has been with MEMC for 19 years, most recently as Senior Vice President of Research & Development. Sadasivam will continue as head of Research and Development.

Third, Tim Oliver has been appointed Senior Vice President and Chief Financial Officer, effective November 2. Oliver was most recently employed by Metavante Technologies, where he was the Senior Vice President and Chief Financial Officer. Prior to joining Metavante in July 2007, he served as Vice President and Treasurer of Rockwell Automation since May 2004. Before Rockwell, Tim worked as Vice President of Investor Relations and Financial Planning for Raytheon Company. Tim also held positions in investment banking earlier in his career.

All three executives will report to President and Chief Executive Officer Ahmad Chatila.

"These changes will strengthen our corporate leadership team and allow us to enhance our customer focus and service," said Ahmad Chatila. "The semiconductor and solar industries are two separate markets with distinct customers. As our solar business continues to evolve, the time has come for us to establish executive leadership dedicated to addressing the needs of our solar and semiconductor customers individually, and Ken and Shaker are the right people to lead those efforts."

Chatila continued, "We are delighted to have Tim Oliver join our executive team. With his leadership skills, financial and business acumen and breadth of experience, we are confident that Tim will be a valuable contributor to MEMC in the months and years ahead."

MEMC is a global leader in the manufacture and sale of wafers and related intermediate products to the semiconductor and solar industries. MEMC has been a pioneer in the design and development of wafer technologies over the past fifty years. With R&D and manufacturing facilities in the U.S., Europe and Asia, MEMC enables the next generation of high performance semiconductor devices and solar cells. MEMC's common stock is listed on the New York Stock Exchange under the symbol 'WFR' and is included in the S&P 500 Index.

Posted October 9th, 2009

[Soulrider82]

MEMC Options Trading Increases on Buyout Speculation

Nov. 3 (Bloomberg) -- Trading of bullish MEMC Electronic Materials Inc. options jumped to a six-week high on renewed speculation that the maker of silicon wafers for solar modules and semiconductors may be acquired.

Almost 47,800 calls giving the right to buy the stock changed hands, seven times the four week average, as the shares climbed 2.4 percent to $12.60. The most-active contracts were the November $13 calls, which jumped 57 percent to 55 cents and accounted for about a third of today’s call volume. This month’s options expire Nov. 20.

“It’s been a takeover rumor before and it’s definitely a recurring theme,” said Mike Thurow, a senior options strategist at Susquehanna Financial Group LLP in Bala Cynwyd, Pennsylvania. “Typically when you see these kind of rumors people are going to focus on the shorter-term maturities because, if the company is taken over, those are the ones that give the most leverage.”

Today’s volume for the November $13 calls exceeded 14,800 contracts, more than 10 times the open interest, or number of existing contracts, before today. Through yesterday, January $20 calls had the greatest open interest of any option on the stock, at 13,896. Overall open interest for MEMC stands at 113,286 calls to 70,000 puts.

St. Peters, Missouri-based MEMC manufactures silicon wafers for use in semiconductors and solar power panels. Bill Michalek, MEMC’s director of investor relations, didn’t return a phone call seeking comment.

http://www.bloomberg.com/apps/news?pid=20601110&sid=aqFV9rHp…

[R-BgO]

22.10.2009 23:21
MEMC to Expand Scope of Solar Business with Acquisition of SunEdison

ST. PETERS, Mo. and BELTSVILLE, Md., Oct. 22 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, Inc. , a leading provider of silicon wafers to the semiconductor and solar industries, has reached a definitive agreement to acquire privately held SunEdison LLC, a developer of solar power projects and North America's largest solar energy services provider. The acquisition is expected to close by the end of 2009, subject to customary closing conditions and receipt of regulatory approvals.

The agreement calls for $200 million to be paid at closing to SunEdison security holders, which will be paid 70% in cash and 30% in MEMC stock. The agreement also includes an earn-out provision, should SunEdison meet certain performance targets in 2010, of up to an additional $89 million, consisting of cash and stock. In addition, the agreement calls for employee retention payments of $17 million in cash at closing, plus up to $34 million in stock which is subject to SunEdison meeting certain performance criteria and time vesting, the payment of certain transaction expenses and the assumption of net debt.

"This acquisition will provide a third engine of growth for MEMC," said Ahmad Chatila, Chief Executive Officer of MEMC. "MEMC will now participate in the actual development of solar power plants and commercialization of clean energy, in addition to supplying the solar and semiconductor industries with our traditional silicon wafer products."

"SunEdison has successfully built about 300 solar power plants representing approximately 80 MW of generating capacity on the rooftops and grounds of customers in the United States, Canada and Europe," said Carlos Domenech, Chief Operating Officer of SunEdison. "Our business is highly scalable and will be able to grow substantially, capitalizing on our more than 1.5 GW of pipeline, backlog and leads with a financially strong, technically sophisticated partner like MEMC, which also has a competitive cost structure in upstream materials. This combination will greatly accelerate our goal of making solar energy cost competitive with grid prices."

SunEdison is based in Beltsville, Maryland and employs approximately 300 people worldwide. It "simplifies solar" by managing the development, financing, operation and monitoring of solar power plants for commercial customers, including many national retail outlets, government agencies, and utilities. In a typical structure SunEdison arranges third-party, non-recourse financing for the facility and the customer has no up-front capital outlay.

With one of the strongest brands in solar, SunEdison will continue to operate with the SunEdison name, as a subsidiary of MEMC. Carlos Domenech will continue to lead SunEdison. After the acquisition is complete, he is expected to be named as Executive Vice President of MEMC and President of SunEdison, reporting to Ahmad Chatila.

"By making solar power more affordable and easy to obtain, we expect to tap into a large pent-up demand," added Mr. Chatila. "We believe this strategy will drive revenue growth for our wafer business while producing a recurring revenue stream from solar-generated electricity. This will also allow us to directly benefit from the technological and cost advances that we are helping to create in the solar industry."

Mr. Chatila concluded, "In short, we believe MEMC and SunEdison make a powerful combination, and we are excited about having their talented employees around the world join the MEMC team."

MEMC expects the acquisition to be accretive to earnings, subject to purchase accounting adjustments, by the second half of 2010.

Conference Call

MEMC will host a conference call today, October 22, at 5:30 p.m. ET to discuss the company's third quarter financial results, as well as the agreement to acquire SunEdison. A live webcast will be available on the company's web site at http://www.memc.com/. Please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software.

A replay of the conference call will be available from 7:30 p.m. ET today until 11:59 p.m. ET on October 29. To access the replay, please dial [phone] at any time during that period, using pass code 118827. A replay will also be available until 11:59 p.m. ET on October 29 on the company's web site at http://www.memc.com/.

[R-BgO]

SunEdison Activates PV System At Procter & Gamble Plant
in News Departments > Projects & Contracts
by SI Staff on Thursday 12 November 2009
email the content item print the content item Follow SolarIndustry On Twitter

SunEdison and Procter & Gamble (P&G) have inaugurated a 1.1 MW photovoltaic solar system at Procter & Gamble's paper products manufacturing plant in Oxnard, Calif.

The roof-mounted system is projected to produce more than 1.9 million kWh of solar energy during its first year of operation. P&G signed a 20-year solar power services agreement with SunEdison. Electricity from SunEdison will be purchased by P&G at long-term, predictably priced rates, the companies state.

[GelbeSeiten]

Antwort auf Beitrag Nr.: 38.380.506 von R-BgO am 13.11.09 11:08:29

Auf dem aktuellen Niveau und nicht nur angesichts des Kauf von SunEdison lohnt sich tatsächlich ein Blick auf MEMC.
Ich könnte mir gut vorstellen, dass die Lieferanten von SunEdison auch Ihre Geschäftsbeziehungen zu MEMC überprüfen sollten Die Wertschöpfungskette die MEMC anstrebt kann duchaus funktionieren..,

[R-BgO]

Solar cell maker Gintech to sell Eversol stake to MEMC

Nuying Huang, Taipei; Adam Hwang, DIGITIMES [Wednesday 9 December 2009]

Taiwan-based solar cell maker Gintech Energy will sell its stake of about 8% in fellow solar wafer maker Eversol Corporation to US-based MEMC Electronic Materials, its main supplier of solar wafers, according to Gintech.

Gintech's representative on Eversol's board of directors already resigned on December 8 to pave the way for MEMC to take over the stake, the solar cell maker said.

The takeover is a string attached to an amendment to a supply contract between Gintech and MEMC in September 2009, with the solar cell maker agreeing to sell the Eversol shares at the original acquisition price of about NT$15 (US$0.47) per unit, industry sources said.

Eversol's share price on Taiwan's emerging stock market closed at NT$50.91 on December 8, meaning that MEMC would book a large capital gain from the deal, the sources added.

MEMC is expected to outsource part of its solar wafer production to Eversol after becoming a shareholder, the sources said.

[R-BgO]

12/21/2009 12:50 PM ET

(RTTNews) - Solar energy services provider, MEMC Electronic Materials, Inc. (WFR: News ), announced Monday that it has taken an ownership interest in Eversol Corp., a solar wafer manufacturer in Taiwan.

MEMC said it has purchased Gintech's 8.36% interest in Eversol at original cost, through a contract amendment. Further, MEMC bought additional 5.1 million shares of Eversol through an investment of $5 million that brought the stake to approximately 10.6%.

Ken Hannah, president of MEMC Solar Materials said,"In addition to our plans to bring solar wafer manufacturing capability in-house, MEMC is identifying strategic partners for solar wafer manufacturing. With a mix of internal and external solar wafering capacity, we can minimize fixed costs and maintain the flexibility to satisfy growing levels of demand."

Eversol expects that MEMC's worldwide supply chain and engineering systems would help reduce wafer manufacturing costs. The acquisition would drive additional demand for solar projects and would also help improve solar-cell efficiency and manufacturing yields.

WFR is traded at $12.89 up $0.37 or 2.96% on the NYSE.

[R-BgO]

MEMC to build 5 solar facilities for Xcel Energy
MEMC Electronic reaches deal to build 5 solar power installations for New Mexico utility
ap

o
Buzz up! 0
o Print

*
Companies:
o Memc Electronic Materials Inc.

On Wednesday December 23, 2009, 2:31 pm EST

SANTA FE, N.M. (AP) -- A subsidiary of silicon wafer manufacturer MEMC Electronic Materials said Wednesday it reached a deal with power utility Xcel Energy to produce five solar power installations in New Mexico.

The five photovoltaic installations will produce 50 megawatts of generation capacity for Xcel Energy's regional utility, Southwestern Public Service Co.

The subsidiary, SunEdison, will build, finance and maintain the facilities under a 20-year agreement with Xcel Energy, the company said.

Financial terms of the deal were not disclosed.

Shares of MEMC rose 29 cents, or 2.2 percent, to $13.42 in afternoon trading.

[R-BgO]

29.12.2009 22:06
MEMC Announces New Corporate Credit Facility

ST. PETERS, Mo., Dec. 29 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, Inc. , a leading provider of silicon wafers and North America's largest solar energy services provider, has entered into a new revolving credit facility. The new $250 million agreement, which has a term of three years, replaces the Company's pre-existing $200 million revolving credit agreement that was scheduled to expire in June 2010. The new facility contains an accordion feature, allowing the company to request an increase in the size of the facility, up to an aggregate of $400 million, upon terms to be agreed upon by the parties. Bank of America acts as administrative agent as well as lender under the new agreement, which also includes PNC Bank, National Association and US Bank National Association, among other lenders.

Repayment of any amounts borrowed under the new facility is guaranteed by certain subsidiaries of the Company. The obligations of the Company and the guaranty obligations of the subsidiaries are secured by a pledge of the capital stock of certain domestic and foreign subsidiaries of the Company. The other assets of the Company are not pledged as security for the facility.

"MEMC possesses one of the strongest balance sheets in the industry and this new credit facility provides us with added flexibility toward enabling our strategic growth initiatives," said Tim Oliver, Senior Vice President and CFO of MEMC. "Given the challenging credit environment, we greatly appreciate the support of our banking partners and the confidence they have in MEMC as reflected by this facility."

[R-BgO]

MEMC was at $12.48 on Friday morning after its 7% spike. Recovering half way from Thursday's loss is not surprising, since analysts overall thought that the MEMC earnings included mixed signals, and a drop of 15% followed by a big upgrade will attract some investors to what they believe is a good entry point.

Paul Leming, an analyst with Soleil/Princeton Tech, is also optimistic about the MEMC story, particular due to current valuations. In fact, Leming said he had been pounding the table to get people to buy MEMC stock since it moved down to the $12 range, when he upgraded MEMC to a buy.

Leming noted that MEMC is a stock that had traded between $15 and $20 from March 2009 through October and only toward the very end of last year fell to its trough range between $11 and $12.

If MEMC has been a buy ever since it troughed, why did it sell off so severely after its earnings report on Thursday?

The Soleil/Princeton Tech analyst says that most of the selling on Thursday was done before MEMC management made its presentation in New York -- notably, this was the first time that MEMC has ever held an analyst day.

"There was a mindset among analysts that if they were doing their first-ever analyst day, they must have a good story to tell and will provide aggressive guidance. The MEMC shares were selling off sharply before they presented their core numbers on volume recovery in the semiconductor business, and that was the most bullish part of the presentation," Leming said.

Leming noted that MEMC was already down by 12% at 10 a.m. on Thursday, and that was just around the time that MEMC management started going through some of the semiconductor numbers.

[R-BgO]

Piper Jaffray analyst Jesse Pichel is reserving judgment on the aggressive semiconductor growth outlined by MEMC management. The Piper Jaffray analyst acknowledged that the semi business is recovering, but still thinks MEMC guidance for this segment may be overly ambitious.

The Piper Jaffray analyst wrote: "MEMC guided to 60-70% growth in semis, however, we would wait for better semi wafer pricing visibility before pricing in this level of growth ... They estimate some of their highest average sales price growth rates ever in 1Q10 and 2Q10. While ASP declines for several preceding quarters do not make this impossible, we continue to believe this recovery scenario is aggressive."

In its bullish call, Credit Suisse is estimating that the semi-segment of MEMC's business will provide 41 cents of 71 cents total earnings per share in 2010, with solar providing 28 cents and SunEdison 2 cents.

In 2011, Credit Suisse is estimating that $1.09 of MEMC earning per share will come from the semi business, while 33 cents comes from solar and 7 cents from SunEdison. Both the 71-cent earnings per share estimate for 2010 and the $1.49 for 2011 are a significantly more positive outlook on MEMC than Credit Suisse had posited previously -- its 2010 earnings per share estimate had been 42 cents until Thursday's MEMC management presentation.

Soleil/Princeton Tech's Leming says that the real story is the focus of the new MEMC management on the semiconductor business.

Leming had harsh words for the former management team of MEMC that had built its strategy around the short-term demand for polysilicon from the solar sector. "To say the prior CEO neglected the semiconductor business would be an astonishing understatement; he almost destroyed it," Leming said.

MEMC's market share steadily eroded from the second half of 2005 through 2008, and then plant problems in Pasadena in 2009 compounded the already difficult situation. Leming says the former management team treated its semiconductor customers as second fiddle, and thought nothing of missing a delivery to an Intel or a Samsung if it meant they could push more high-priced polysilicon on the solar sector for a quarter.

[R-BgO]

SunEdison completes phase one of its 16MW North Carolina solar farm
04 February 2010 | By Emma Hughes | News > Power Generation


SunEdison has activated the first phase of its 16MW solar farm in Davidson County, N.C. The first phase of the project represents 4MW of generation capacity and is comprised of more than 14,000 solar panels that will generate over 6 million kWh of electricity in the first year of operation. Duke Energy is buying the farm's entire output under a 20-year PPA.

The farm will generate 115 million kWh of electricity over 20 years and is one of several North American utility-scale power plants that SunEdison has financed and developed, and now operates.

"This first phase represents a major milestone in our overall plan to develop 16MW of solar energy at this site," said SunEdison president Carlos Domenech. "Having financed and completed this initial installation, we have mobilized resources for the next phase of the solar farm."

[R-BgO]

11.03.2010 12:32
UPDATE 1-MEMC unit SunEdison to build 72 MW solar plant in Italy

* Power generation to begin in second half of 2010

* SunEdison to jointly develop plant with Banco Santander

March 11 (Reuters) - SunEdison, a unit of silicon maker MEMC Electronic Materials Inc, said it received final approval from the Italian government to build a 72 megawatt (MW) photovoltaic solar power plant in Northeastern Italy, as it aims to expand in the country's booming solar market.

Demand in Italy, Europe's third-largest solar market, has been growing, and is expected to balloon briefly at the end of this year before the country cuts the payments that renewable energy generators receive from power distributors.

On Tuesday, Reuters had reported SunEdison's plan to build the plant, and said the project, which will use ground-mounted PV systems had obtained all necessary authorisations.

SunEdison said power generation at the plant -- expected to be the largest of its kind in Europe -- will begin in the second half of 2010 with final completion expected by the end of the year.

The company said it will jointly develop the project with Banco Santander, and that additional financial partners are expected to join the project for final ownership.

MEMC shares closed at $13.63 Wednesday on the New York Stock Exchange.

[R-BgO]

Sama Jaya solar wafer

by Chen Ai Shih
March 19, 2010, Friday

Plant to make blank silicon wafers for photovoltaic industry to make solar panels

KUCHING: MEMC Electronic Materials INC (MEMC) will be setting a Solar wafer manufacturing plant at Sama Jaya Free Industrial Zone, here with an investment to the tune of RM10 million.
SOLAR PROJECT: (From left) Sng, Dr Chan and Loddo at the project launch.

Deputy Chief Minister Datuk Patinggi Tan Sri Dr George Chan said the facility would be operational by 2011.

“This is to cater for the popular demand of solar cells around the globe,” said Dr Chan.

In general, MEMC solar wafer plant will manufacture blank silicon wafers that can be sold and used by the photovoltaic manufacturing industry to make solar panels.

Sarawak was selected as the investment location because Sarawak has the competitive advantages, political stability, conducive living environment, young and trainable workforce apart from good basic infrastructures, said Dr Chan who is Industrial Development Minister.

The project would benefit the state by generating 4,000 employment opportunities here.

“MEMC will employ 600 staff in the initial phase of the project. But the number will grow from time to time,” he said.

Dr Chan also said that the selection of Sama Jaya could attract other similar wafer slicing and crystal projects into Malaysia, particularly the state.

There will also be other kind of support services, he said.

“This will kick off the development of a new cluster of high value-adding and high technology crystal growing, wafer slicing and wafer polishing industries in Malaysia.”

Dr Chan said in general, MEMC project would augur well with the chief minister’s vision of attracting more trigger projects and foreign investments into Sarawak.

“This is in tandem with our efforts of developing Sarawak Corridor of Renewable Energy (SCORE) as the main hub for energy-intensive industries, while making Kuching the high-technology centre for downstream industries.

“The solar project signifies efforts to reduce our carbon footprint. Solar industry has the potential to create spin-off benefits for the state’s economy,” he said.

The economic growth would be helped through the production of high-value innovative products, the introduction of new and advanced solar technologies and the creation of potential downstream industries in lighting, green buildings, home applications and solar heating among other things.

MEMC from the United States of America (USA) is involved in the manufacturing of silicon wafers for the semi-conductor and solar industries.

In 1959, MEMC was the first merchant manufacturer of silicon wafers.

It has been a pioneer in the design and development of wafer technologies for the past 50 years and operates facilities in the United States, Europe and Asia Pacific.

It operates nine manufacturing facilities in every key semiconductor region in the world, including the United States, Europe, Malaysia, Taiwan, South Korea and Japan.

Its common stock is listed on the New York Stock Exchange under the symbol ‘WFR’ and is included in the S&P 500 index.

MEMC holds hundreds of worldwide patents on silicon products and processes and has hundreds more pending.

In 2008, after the second year of manufacturing solar wafer, MEMC sales of wafers and related products exceeded USD1 billion (around RM3.5 billion).

Dr Chan said today, MEMC is a global leader in the manufacture and sale of wafers and related intermediate products to both the semiconductor and solar industries. It continues to remain at forefront of technology innovation with advanced manufacturing capabilities around the world.

Assistant Minister of Industrial Development (Planning) Larry Sng; vice president of Solar Wafer Manufacturing Brian Wuebbles and Malaysia Solar Project Executive Claudio Loddo were also present at the press conference.

[R-BgO]

* April 19, 2010, 9:45 AM ET

MEMC Slides; Hapoalim Says Sell


By Eric Savitz

MEMC Electronic Materials (WFR) shares are coming under pressure this morning after Hapoalim Securities analyst Gordon Johnson cut his rating on the stock to Sell from Hold.

He contends the Street is over-estimating the first half profitability for the maker of silicon wafers; in particular he thinks his fellow analysts are “grossly over-estimating” margin leverage in the company’s SunEdison solar projects business. He also thinks the Street is too optimistic on growth in the company’s semiconductor wafer business.

WFR today is down 61 cents, or 3.8%, to $15.64.

[Maxom]

Kaufen, wenn die Vulkane donnern!

[R-BgO]

Project Focus: SunEdison to build 14 PV projects in Ontario
27 April 2010 | By Syanne Olson | News > Power Generation


SunEdison announced its intention to develop and build 14 roof-top PV projects that will total up to 3MW for The Remington Group. All of the PV systems will be located in the greater Toronto area and will commence a phased rollout this summer.

“We are excited to have been selected by Remington,” enthused Jason Gray, Canada country manager for SunEdison. “I’m pleased to see the momentum building in Ontario for clean, financially-rewarding solar energy. And, with respected companies like the Remington Group leading the way, others are sure to follow.”

SunEdison will build, own, operate, monitor and maintain the PV systems at Remington while the Ontario Power Authority will purchase the energy produced under the terms of Ontario’s Feed-in Tariff program.

[R-BgO]

aus dem CC von gestern:

Ahmad Chatila

I think the discussion has flipped from the price is not good enough to the volume that you're giving me is not good
enough. And I don't know if they have the long-range view required to tell us what's going to happen in the future.
Why do I say that? Because now we run SunEdison, so we have a clearer view of what's going on across the value
chain. And we’re not convinced how sustainable the demand is. I mean, I want to remind you what happened here.
So we walk into the year thinking that the market’s going to increase but not that much. Then Germany, there was
noise in there about reducing the feed and tariff rates. All of a sudden there was like an absolute anarchy in how
much we can build power plants in Germany across many, many, many, many, many installers. And in that situation,
then the demand for wafers skyrocketed. So then our subcons raised price. Our customers wanted more wafers.
And that's what's happening. But we don't know what's going to happen in Germany in the second half of the year.
We have no view of it. On the other plants, I would say, where we are very aggressive in terms of building our
pipeline, which is Italy, Spain, Greece, France, U.S., Canada, India, I think there's a lot of double ordering there and
we are worried about it. So we are very cautious about what's happening in the Solar Materials business. We will not
make short-term decisions. We know that right now the price on subcontractor’s high and the demand is high, but we
are not sure if it's going to stay like that forever. Just imagine if few gigawatts were built in Q1 in Germany, what do
you think the German government will do? I really don't know, but I don't think they’ll be pleased about it then and I
don't know their reaction’s going to be to the feed and tariff rates. So we are very cautious about that market.

[R-BgO]

MEMC Electronic To Acquire Privately-held Solaicx - Update
5/24/2010 10:17 AM ET


(RTTNews) - Monday, MEMC Electronic Materials, Inc. (WFR: News ), a manufacturer of wafers and related products for semiconductor and solar industry, said that it has reached a definitive deal to acquire privately held Solaicx, a manufacturer of silicon ingots for the solar industry.

Santa Clara, California headquartered Solaicx has developed proprietary continuous crystal growth manufacturing technology, which yields low-cost monocrystalline silicon wafers for the photovoltaic solar industry. It has about 80 employees and a production facility in Portland, Oregon.

MEMC will pay $66 million in cash at closing, plus an additional amount in cash equal to amounts that have been recently invested in, or which may be invested prior to closing in Solaicx, which is estimated to be about $10 million. Solaicx's debt for borrowed money will be extinguished at closing and is included in these amounts. The merger consideration is also subject to adjustment based on the net working capital of Solaicx at closing.

The deal also includes an earnout, should Solaicx meet certain performance targets in 2010 and 2011, of up to an additional $27.6 million, consisting of cash and MEMC common stock at the election of the Solaicx securityholder. The stock portion of the earnout consideration, if any, will be issued to Solaicx securityholders as a private placement.

The acquisition is expected to close by the end of June, subject to customary closing conditions, including Solaicx shareholder approval and the receipt of regulatory approvals. MEMC expects the deal to be accretive to earnings in 2011, subject to purchase accounting adjustments.


Ken Hannah, President of MEMC Solar Materials said, "The monocrystalline silicon market is forecast to grow at a compound annual growth rate of about 50 percent during the next three years. This transaction positions MEMC to significantly reduce the cost of monocrystalline silicon."

GCA Savvian Advisors, LLC acted as exclusive financial advisor to MEMC in connection with this transaction.

WFR is currently up $0.13 or 1.18% and trades at $11.15.

[R-BgO]

26.05.2010 14:34
MEMC Reinstates Share Repurchase Program

ST. PETERS, Mo., May 26 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, Inc. announced today that its Board of Directors reinstated an existing share repurchase program authorization that was suspended by the Board in April 2009. Approximately $550 million of repurchase capacity remains under this authorization. As originally authorized, the program allows the company to purchase common stock from time to time on the open market or through privately negotiated transactions using available cash. The specific timing and amount of repurchases will vary based on market conditions and other factors. The stock repurchase program may be modified, extended or terminated by the Board of Directors at any time.

Tim Oliver, MEMC's Chief Financial Officer, commented, "The company routinely reviews opportunities and priorities for the redeployment of cash and currently believes that investments in operations that catalyze future period growth offer the optimal return. That said, the share repurchase program reauthorization provides an alternative for cash redeployment should investment priorities change."

[R-BgO]

Thursday May 27, 2010
MEMC of US plans solar wafer plant
By JACK WONG
[e-mail]

KUCHING: US-based MEMC Electronic Material Corp will invest RM710mil in a plant in Samajaya Free Industrial Zone here to produce solar wafers.

‘“The plant on 20ha is expected to start operation by next year to cater for the rapid growth and demand for solar cells globally,’’ Sarawak Deputy Chief Minister and Industrial Development Minister Tan Sri Dr George Chan Hong Nam said at the state assembly session yesterday.

It is understood that MEMC had awarded the contract to build the plant.

Chan said MEMC, which has nine manufacturing facilities in United States, Europe and the Asia-Pacific, was a pioneer in the design and development of wafer technologies for over 50 years.

One of the plants is located in the Sungei Way Free Industrial Zone in Petaling Jaya, Selangor.

He said the company held hundreds of worldwide patents on silicon products and processes, and had hundreds more pending.

“The investment of MEMC will kick-start the development of a new cluster of high value-adding and high-technology industry. It marks the beginning of another new technological leap for Sarawak.

“Solar industry has the potential to create great spin-off benefits for the economy via the production of high-value innovative products, and the creation of potential downstream industries in lighting, green buildings, home applications and solar heating.

“The solar project signifies efforts to reduce carbon footprint,’’ Dr Chan added.

MEMC will recruit some 600 people for the Kuching plant, according to Dr Chan.

Besides MEMC, Sarawak had attracted two other foreign direct investments this year – RM1.12bil from Taiwan Food Park Sdn Bhd and RM360mil from Asia Minerals Ltd.

Dr Chan said 48 manufacturing projects had either been approved by the state industrial coordination committee or supported by it for approval by the international trade and industry ministry in the first five months of this year.

[dicki31785]

Antwort auf Beitrag Nr.: 39.591.807 von R-BgO am 27.05.10 11:46:54

Die jungs scheinen ja jetzt grosse dinge vor zu haben....muessen sie auch um ihre marge nach oben zu bringen - im solar segment - ich denke die uebernahme ist sehr positiv zu bewerten!!!

Dann noch das share repo programm, das wird auch dazu beitragen das die shorties sich bei WFR ein bisschen unwohler fuehlen...zwar wird debattiert ob sie das program ueberhaupt starten - in naechster zukunft....allerdings allein die chance das es passiert reicht schon aus...vielleicht ein schnaeppchen bei $11?!!! mfg CW

[R-BgO]

Press Release Source: SunEdison On Tuesday June 22, 2010, 8:00 am EDT

TORONTO, June 22 /PRNewswire-FirstCall/ -- SunEdison, a division of MEMC Electronic Materials, Inc. (NYSE:WFR - News), announced today that it will develop and build industrial and retail roof-top solar photovoltaic (PV) projects for LaSalle Investment Management, a leading global real estate investment manager based in Ontario.

Under the agreement, SunEdison will finance, build, own, operate, monitor and maintain photovoltaic solar energy systems with capacity totaling 2.1 Megawatts. They will be hosted at LaSalle Investment Management facilities, and the Ontario Power Authority (OPA) will purchase the energy produced under the terms of Ontario's Feed-in Tariff Program (FIT)*. LaSalle Investment Management will receive lease revenue for roof-top space allocated to the projects, without any upfront capital equipment costs.

The eight roof-top PV systems will be launched starting in the late summer of 2010, with the majority of installations completed by the end of 2010. Over 20 years, the systems will generate sufficient energy to avoid emitting an estimated 9.9 million kilograms of CO2 in the atmosphere. The majority of projects will be located in the Greater Toronto Area (GTA) including Burlington, Toronto and Woodbridge, with additional systems located in both Lindsay and Kanata.

LaSalle Investment Management said it is committed to sustainability and recognizes that buildings can have a significant impact on the environment. "The solar PV projects in Ontario represent an important step in meeting our goals," said Sam Barbieri, Vice President, Asset Management at LaSalle. "We are dedicated to helping establish responsible energy policy around the world, and doing all we can in our own operations to use resources wisely. We envision that this model for solar deployment can be successfully replicated in many other markets as well."

Added Barbieri, "The significance of the Ontario roof-top solar projects goes beyond the environmental benefit they'll bring. SunEdison has crafted a custom-solution that both optimizes solar energy output and maximizes lease revenue. After a careful due diligence process, SunEdison was the clear choice to manage our initiative given their track record of successful installations, and attention to detail before, during and after deployment. We have complete confidence that SunEdison will be careful stewards of our real estate assets."

Jason Gray, Canada Country Manager for SunEdison, said, "As a leader in installing and managing solar energy systems, we recognize that a sharp focus on best practices in the design, execution and continuous improvement of energy solutions is essential to maximizing revenue for our customers. With our proven ability to implement multiple-site systems, we look forward to completing this project on time and to delivering immediate value to our customer."

*About the Feed-in Tariff Program (FIT)

Ontario's Feed-In Tariff (FIT) program for renewable energy generation is a cornerstone of the province's Green Energy Act. Under the program, participants are paid a fixed-price for the electricity they generate over a 20 year contract period. For more information, visit http://fit.powerauthority.on.ca.

[R-BgO]

02.07.2010 14:32
MEMC Completes Acquisition of Solaicx

ST. PETERS, Mo., July 2 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, Inc. , a global leader in the manufacture and sale of wafers to the semiconductor and solar industries, announced today that it has completed the acquisition of privately held Solaicx.

At closing, MEMC paid the initial merger consideration of $66 million in cash, plus an additional amount in cash of approximately $10 million that is equal to amounts that have recently been invested in Solaicx by its existing security holders. The acquisition is expected to be accretive to earnings per share in 2011.

"We are delighted to complete this acquisition and to welcome the employees of Solaicx," said Ken Hannah, President of MEMC Solar Materials. "The acquisition brings to MEMC talented people and cost-effective, proprietary process and equipment that expand our served market in the solar industry."

Solaicx, headquartered in Santa Clara, California, has approximately 80 employees and a large-scale production facility in Portland, Oregon.

As a result of the acquisition, MEMC now has proprietary continuous crystal growth manufacturing technology that yields low-cost, high-efficiency monocrystalline silicon wafers for the photovoltaic solar industry. MEMC also has low-cost polysilicon and crystal operations in North America, with support offices around the world that provide customers with industry-leading customer service. The acquisition advances MEMC's ability to drive solar industry toward grid parity.

[R-BgO]

SunEdison awarded Solar PV projects for CanFirst Capital Management


Posted by Debasish Choudhury on 03 August 2010 at 07:45


SunEdison, a division of MEMC Electronic Materials, Inc., announced today that it will develop and build industrial and retail roof-top solar photovoltaic (PV) projects for CanFirst Capital Management, a private real estate company based in Toronto, Ontario.

With this agreement, SunEdison will finance, build, own, operate, monitor and maintain photovoltaic solar energy systems with capacity totaling 1.5-megawatts (MW). They will be hosted at CanFirst Capital Management facilities, and the Ontario Power Authority (OPA) will purchase the energy produced under the terms of Ontario's Feed-in Tariff Program (FIT)*. CanFirst Capital Management will receive lease revenue for roof-top space allocated to the projects, without any upfront capital equipment costs.

Construction of the seven roof-top PV systems will begin this fall, with the majority of installations completed by spring 2011. Over 20 years, the systems will generate sufficient energy to avoid emitting 6.2 million kilograms of CO2 into the atmosphere. The CanFirst Capital Management solar projects will be located in the Greater Toronto Area including Burlington, Markham, Mississauga, Richmond Hill, Oakville and Toronto.

"We are committed to supporting responsible energy initiatives for Ontario. Building sustainability is an important aspect of our operations. We see this as an excellent opportunity to increase the value of properties for our clients," said Paul Braun, Managing Director at CanFirst Capital Management. "SunEdison was our first choice in solar rooftop providers because of their proven record of successful installations and their in-depth understanding of the complexities involved in solar projects."

"With over 350 solar PV installations around the globe, SunEdison has the experience and know-how required to make solar projects a reality," said Jason Gray, Canada Country Manager for SunEdison. "Our goal is to ensure a seamless solar installation process for our customers. We look forward to helping CanFirst achieve their sustainability and green energy goals."

*About the Feed-in Tariff Program (FIT)

Ontario's Feed-In Tariff (FIT) program for renewable energy generation is a cornerstone of the province's Green Energy Act. Under the program, participants are paid a fixed-price for the electricity they generate over a 20 year contract period. For more information, visit http://fit.powerauthority.on.ca.

[GelbeSeiten]

Antwort auf Beitrag Nr.: 39.592.331 von dicki31785 am 27.05.10 12:47:47

..vielleicht ein schnaeppchen bei $11?!!! mfg CW
... Hätte ich zumindest gedacht, aber die kriegen anscheinend gar nix mehr auf die Reihe - Schade, für den Laden, denn so langsam stehen $ 7,xx im Raum.

[R-BgO]

On Friday September 10, 2010, 2:10 pm EDT

BELTSVILLE, Md. (AP) -- A unit of silicon wafer manufacturer MEMC Electronic Materials Inc. has signed a memorandum of understanding with a provincial government in South Korea to build solar power plants.

MEMC said Friday its subsidiary SunEdison entered into the nonbinding memorandum with the province of Gyeongsangnam-do, subject to negotiation and completion of definitive agreements.

Under the terms of the memorandum, SunEdison would use public land and building rooftops to build 400 megawatts of solar power plants.

The projects are expected to be completed by the end of 2013, MEMC said.

The provincial government anticipates the project will create 1,500 jobs and help the province achieve its renewable energy diffusion target of 15 percent by 2030.

Shares in St. Peters, Mo.-based MEMC slipped 3 cents to $10.66 in afternoon trading.

[R-BgO]

By Sarah McBride

LOS ANGELES, Oct 4 (Reuters) - Private equity firm First Reserve Corp is spending 276 million euros to buy a 70-megawatt solar plant in Italy from SunEdison, a unit of semiconductor maker MEMC Electronic Materials Inc.

SunEdison said the plant, Europe's largest of its kind, will generate enough energy to power 16,500 homes during peak sunlight hours.

The price of 3.94 euros, or $5.39, per watt is high compared to other countries like Germany where a similar plant might cost $3 a watt, said Gordon Johnson, an analyst at Axiom Capital.

Plants in Italy typically cost more because developers charge a premium for cutting through notorious Italian bureaucracy, he said. It will be ready by year-end, before key government subsidies are cut, Johnson added.

The returns in Italy 'are the best in all Europe,' said Michael Horwitz, an analyst at RW Baird.

First Reserve is buying the plant through a previously announced joint venture with minority stakeholder SunEdison. Partners Group AG and Perennius Capital Partners SGR are also expected to invest in the plant, SunEdison said.

FirstReserve has paid 46 million euros to SunEdison, and will pay the balance by the end of the fourth quarter, SunEdison said. It is working with banks to line up financing, it added.

The Rovigo, Italy plant will use photovoltaic technology, which uses panels to convert the sun's energy into electricity.

When it opens, it will be Europe's largest, but bigger plants are in development in the region. Last year, the Vatican said it would build a 100-megawatt plant that will be operational in 2014.

MEMC bought SunEdison for $200 million last year.

Acquisitions in the solar sector are heating up. Last month, Japan's Sharp Corp said it would buy U.S solar-power systems developer Recurrent Energy for up to $305 million.

Sharp's rivals, including U.S.-based solar-panel makers First Solar Inc and China's Suntech Power Holdings Co , have expanded into the project development business to supply utilities with solar power to make up for a fall in panel prices.

[R-BgO]

Thursday, October 7, 2010, 9:34am CDT
MEMC unit gets $60M in financing
St. Louis Business Journal


MEMC’s SunEdison unit said late Wednesday that JPMorgan Capital Corp. has agreed to provide an estimated $60 million to finance SunEdison’s solar projects in the U.S.

SunEdison is the solar energy services provider unit of St. Louis-based MEMC Electronic Materials.

JPMorgan Chase & Co. (NYSE:JPM) is a global financial services firm with assets of $2 trillion. It has offices in St. Louis. This is JPMorgan’s first distributed generation solar program.

JPMorgan’s commitment will be funded through SunE Solar Fund X and will help fund both commercial and government solar projects, SunEdison said.

Under SunE Solar Fund X, SunEdison will finance, construct, monitor and maintain photovoltaic power plants for clients who in turn will buy the energy produced.

Earlier this week, Beltsville, Md.-based SunEdison sold its 70 megawatt photovoltaic power plant near Rovigo, Italy, to First Reserve Corp. in a deal worth about $380 million. SunEdison is a minority investor in a joint venture with First Reserve.

SunEdison, led by President Carlos Domenech, develops and operates solar power plants for commercial clients, including government agencies and utilities.

St. Peters, Mo.-based MEMC (NYSE: WFR), led by CEO Ahmad Chatila, manufactures wafers for the semiconductor and solar industries. With the purchase a year ago of SunEdison in a deal worth more than $200 million, MEMC is also a developer of solar power projects and North America's largest solar energy services provider.


Read more: MEMC unit gets $60M in financing - St. Louis Business Journal

[R-BgO]

tät' passen:


Unconfirmed Rumors circulate that MEMC Electronic Materials Inc. (WFR) will be acquired by Samsung Corp at $19.00 a share


Read more: http://www.benzinga.com/news/10/12/675014/unconfirmed-rumors…

[R-BgO]

Antwort auf Beitrag Nr.: 40.665.544 von R-BgO am 07.12.10 18:10:33

war wohl nix; dafür das hier:

December 27, 2010 5:03 PM EST

MEMC Electronic Materials (NYSE: WFR) subsidiary, SunEdison, announced the receipt of a final milestone payment of €230 million from First Reserve for the sale of a 70 megawatt (MW) photovoltaic (PV) power plant located in Northeast Italy, near the town of Rovigo.

[R-BgO]

SunEdison to invest USD 100m in Indian solar projects - report


ADP News Asia/Pacific
January 24, 2011
US solar energy firm SunEdison plans to spend USD 100 million (EUR 74m) on solar power projects in India in a drive to expand its reach on the local market, company president Carlos Domenech said in an interview for Indian daily Business Line.

The company intends to fund developments with both debt and equity. According to Domenech, SunEdison has already attracted the interest of many private equity investors and an agreement may be signed in the next three months.

At present, SunEdison is building a 25-MW solar plant in Gujarat, a 5-MW one in Rajasthan and a 1-MW facility in Uttar Pradesh. The company is ready to invest in other Indian states as soon as they outline their solar policies.

Domenech projects that by 2014-2015 costs of solar power will equal the price of electricity sold by today's utilities, as the annual rate of decline of equipment costs is around 10% to 15%.

Earlier this month, market analyst Lux Research labelled India as a top target for solar power investments in 2011 on account of its heavily funded subsidy scheme, big electricity consumption prospects and "a grid in great need of distributed generation".

[flk]

Antwort auf Beitrag Nr.: 39.592.331 von dicki31785 am 27.05.10 12:47:47

yepp auf Wochensicht hat die MEMC viel zu viel Federn gelassen .
Und MEMC ist global gut aufgestellt.

Rund um den Globus zieht die Halbleiterindustrie kräftig an
selbst einen theoretischer Rückgang bei Solarwafern kann dabei
locker kompensiert werden ;-) der günstige Dollar sollte das
Exportgeschäft für MEMC zusätzlich ankurbeln
-Da kaufen Halbleiterfirmen sogar gelegentlich Wafer fürs Lager,da
die Waferpreise gelegentlich sehr hohe Preissprünge machen
und Naturalien hamstern is ja zur Zeit der Hit -
Fazit MEMC für < 11 US$ beim Eurokurs von
heute 1,3706 Hammer auf Wochensicht hab ich nun die
MEMC für unter 8,10 Eu bekommen Sachen gibts ...
Ich denke mal auf Sicht von 12 Monaten ein guter Einkaufspreis!-?



Wann kommen eigentlich die Quartalszahlen vom 1. Quartal bei MEMC ?
Datum, vor oder nach Börsenschluss? During the day ?


Gruss aus dem Schwabenländle
Fabian Leonard

[flk]

Antwort auf Beitrag Nr.: 40.920.006 von R-BgO am 25.01.11 13:20:29

Thanks for this information .

Ive already found that MEMC will present its results
at 1.Februar 2011 .I got that stock below 11 US$
-Do you think it was a fair price ?

I have to wait - Tuesday will come soon
Is there already some new information about Samsung?
Lot people think that Samsung will buy MEMC

[flk]

Antwort auf Beitrag Nr.: 40.954.343 von flk am 31.01.11 15:05:33

MEMC vorgestern für < 8 Eu gekauft und hoppala heute + 16 %
yeepejajey Schweinebackens ding ding ding Kasse bei 9.50 gemacht
alter Schwede nun gibts ein 5 Sterne Urlaub und für einen Kleinwagen
reichts auch -zumindestens für 1/4 von einem Kleinwagen

Gruss aus dem Schwabenländle

Fabian Lenard

[R-BgO]

Aufstieg in PPVX: http://www.cleanthinking.de/ppvx-februar-2011/8835/

[R-BgO]

Samsung and MEMC Establish Polysilicon Joint Venture

02.16.2011
Seoul, South Korea
Samsung Fine Chemicals (SFC) and MEMC have entered into a joint venture agreement between SFC and MEMC's affiliate, MEMC Singapore, to produce high purity polysilicon in Ulsan, Korea.

Through a 50/50 capital investment, the joint venture will build and operate a new facility on an existing SFC property in Ulsan. The facility, which is expected to begin production in 2013, will have an initial capacity of 10,000 metric tons (MT) of polysilicon annually, and have the potential to expand to satisfy rapidly growing demand over time.

The collaboration seeks to provide polysilicon to support growth initiatives as well as minimize business risk by ensuring cost and quality competitiveness through the combination of MEMC and SFC's advanced technology and processing infrastructure. SFC's core competence is in chlorination processes and high purity purification technology. MEMC is a world leader in semiconductor and solar technology, with over 50 years of expertise in polysilicon and wafers.

Commenting on the agreement, Hyun-min Hong, Executive Director of SFC's Strategic Planning Division, said, "This joint venture signals SFC's entry into the fast moving renewable energy market and establishes a new engine for long-term growth."

Ken Hannah, President of MEMC Solar Materials, added, "We are very excited about bringing MEMC's polysilicon technology to Korea. This partnership supports MEMC's internal growth commitments, and gives us yet another tool to support our customers in the region with some of the best products and services in the industry."

Further details about: Samsung Fine Chemicals, MEMC

[R-BgO]

JA Solar and MEMC Announce Solar Cell Production Joint Venture
JV Will Have Initial Solar Cell Capacity of 250MW

SHANGHAI and ST. PETERS, Mo., Mar 7, 2011 (GlobeNewswire via COMTEX) --
JA Solar Holdings Co., Ltd. (Nasdaq:JASO) ("JA Solar") and MEMC Electronic Materials, Inc. (NYSE:WFR) ("MEMC") today announced a joint venture agreement between JA Solar and MEMC's affiliate, MEMC Singapore, to build and operate a solar cell production facility in China. In Phase One of the project, the joint venture will build a production facility with a capacity of 250 megawatts (MW) of photovoltaic (PV) cells.

The Phase One production facility will be located at JA Solar's Yangzhou site, and is expected to begin commercial production in the second half of 2011. In later phases, total production capacity may be expanded up to 1GW. The joint venture will be a 50/50 partnership between JA Solar and MEMC Singapore.

"We are delighted to embark on this exciting initiative with MEMC, and to continue our successful approach to partnering with the world's leading solar companies," said Dr. Peng Fang, CEO of JA Solar. "This milestone agreement is further proof of the success of our focus on being the leading provider of value-added tolling technology and production solutions. By choosing to partner with JA Solar, we believe that MEMC recognizes the value we offer, and the support we provide to our partners' growth strategies. We expect that this alliance will further enhance the sustainability and profitability of our business over the long term."

Ken Hannah, President of MEMC Solar Materials, commented, "Building on our several years of successful strategic cooperation, JA Solar was an ideal choice as our partner for this project. With its manufacturing capability, industry-leading cost structure and clear understanding of MEMC's business objectives, I'm confident that JA Solar will play a vital role in the success of this joint-venture."

[R-BgO]

Chinese Silicon Wafer Producer Huantai Aims To Go Public In 2012
Apr. 10 2011 - 7:43 pm | 1,654 views | 1 recommendation | 1 comment
Chinese silicon wafer producer Jiangsu Huantai Group, a joint venture partner of MEMC Electronic Materials, aims to go public in 2012, Chairman Wang Lubao told Forbes.

Huantai would use funds from the offering for production expansion, Wang said. He didn’t say where he expects the company to list.

The outlook for the solar industry globally has improved with an increase in oil prices and concern about the safety of nuclear energy in the wake of last month’s disastrous earthquake in Japan. GE said last week that it plans to invest in a thin-film solar panel factory in the U.S. and hopes to turn solar into a major business.

Huantai expects revenues in 2012 to climb to about 10 billion yuan, or $1.5 billion, Wang said. That would be a big increase from about 3.3 billion yuan in 2010. It expects sales of about 6 billion yuan this year.

Huantai and MEMC jointly invest in Jiangsu Meike Silicon Energy, a wafer supplier in China.

Huantai until last year was a joint venture partner of U.S.-listed Chinese solar panel supplier Suntech Power in wafer supplier Glory Silicon. Suntech said last month that it had purchased the shares in a spinoff of Glory, Rietech Solar, that it didn’t already own.

Huantai, based in Yangzhong in China’s eastern Jiangsu Province, expects to begin manufacturing LED materials later this year.

Seven-year-old Zhenjiang Huantai Silicon Science and Technology, a subsidiary of Jiangsu Huantai Group, is China’s earliest wafer producer, according to the company’s website.

[OliverFFM]

Antwort auf Beitrag Nr.: 41.353.826 von R-BgO am 12.04.11 12:23:59

noch jemand da. Bin heute bei 8,36 USD eingestiegen long long long

[R-BgO]

warmer Regen?:

SAN FRANCISCO, and WUXI, China, July 1, 2011 /PRNewswire via COMTEX/ --

Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest producer of crystalline silicon solar panels, today announced that due to rapid changes in the market for silicon wafers, Suntech and MEMC have agreed to mutually terminate a solar wafer supply agreement originally entered into in 2006 with a term through 2016. Suntech also announced that it will incur a one-time expense related to the discontinuation of CSG Solar's research and development operations.

In connection with the termination, Suntech will relinquish $53 million in prepayments previously made to MEMC, and pay an additional $67 million in four equal installments to be made between July 2011 and April 2012. In addition, Suntech will take a non-cash accounting charge of approximately $92 million resulting from the write-off of unamortized cost associated with warrants previously issued concurrently with the supply agreement in 2006. In total, Suntech expects to incur $212 million of expenses related to the terminated supply agreement in the second quarter of 2011, of which $67 million will be additional cash outlay. As a result of the termination, Suntech is no longer required to purchase approximately 4.6GW of wafers between 2011 and 2016. This will allow Suntech to optimize its silicon sourcing strategy, including maximizing internal wafer production, and lead to estimated cost savings of over $400 million in the next five years.

Separately, Suntech will discontinue its investment in CSG Solar AG, a subsidiary of Suntech dedicated to the research and development of specialized crystalline silicon thin film technology, and incur a one-time, non-cash charge of approximately $24 million in the second quarter of 2011.

Dr. Zhengrong Shi, Suntech's Chairman and CEO, said, "The termination of this agreement with MEMC will bring greater flexibility to our sourcing strategy and help us benefit from the continuing drop in silicon and wafer prices. While we have brought closure to this legacy agreement, we look forward to continuing collaboration with MEMC in areas including mutually beneficial supply relationships that support the growth of both companies. The closure of CSG will allow us to better focus on what we do best - supplying high performance and reliable crystalline silicon solar panels to global markets. While these charges are significant, they are all non-recurring and our core operations continue to perform well. We are seeing growing opportunities for utility-scale solar projects throughout the world and we are on track to meet our shipment guidance of low single digit sequential growth in the second quarter of 2011."

[R-BgO]

Jusung Engineering, MEMC Enter Solar Cell Production Partnership
in News Departments > New & Noteworthy
by SI Staff on Thursday 07 July 2011

comments: 0

Jusung Engineering Co. Ltd., a supplier of technology and tools for cell production, and MEMC Singapore Pte. Ltd., an affiliate of MEMC Electronic Materials Inc., have entered into a partnership agreement to build and operate a high-efficiency solar cell production facility.

The strategic partnership will be a 50/50 joint venture between Jusung and MEMC. The initial 100 MW of capacity is expected to begin commercial production in the first half of 2012. The partnership will combine MEMC's proprietary Solaicx CCZ (Continuous Czockhralski) monocrystalline wafers with Jusung's cell manufacturing equipment.

According to the companies, the partnership is expected to require upfront capital of $16 million per partner.

[OliverFFM]

schöne Analyse

http://seekingalpha.com/article/283122-memc-electronics-unlo…

[OliverFFM]

Antwort auf Beitrag Nr.: 41.871.933 von OliverFFM am 01.08.11 09:07:48

hilft nix - wir sind bei 7,25 USD

Bitter Bitter - jetzt müsses die Zahlen schon extrem positiv sein, um etwas nach oben zu bewegen.

[OliverFFM]

Wunderlich Securities Reiterates Buy and PT of $16 on MEMC Electronic Materials
By Emily Austin
Benzinga Staff Writer
August 02, 2011 3:35 AM
Symbols: WFR
Tags: Wunderlich

Posted in: Reiteration, Analyst Ratings

Wunderlich Securities reiterated its Buy rating on MEMC Electronic Materials (NYSE: WFR). At the same time, the rating agency left its price target on the company's stock unchanged at $16. On Monday, WFR lost 0.94% of its value to finish the day at $7.35. Its shares rebounded in today's pre-market trading, rising 0.41% to stand around $7.38.

[R-BgO]

...und es wird immer billiger; den CC fand ich nicht schlecht, sie entwickeln sich stetig zu einem integrierten Konzern mit starker downstream-pipeline.

Bewertung ist schwer.

[R-BgO]

BELTSVILLE, Md., Oct. 10, 2011 /PRNewswire via COMTEX/ --

SunEdison, a leading worldwide solar energy services provider and subsidiary of MEMC Electronic Materials (NYSE: WFR), announced today that KGAL GmbH & Co. has recently acquired 33 megawatts (MW) of solar photovoltaic (PV) systems located in Italy and Spain from SunEdison. The recently acquired projects follow the acquisition of 20 MW from SunEdison in the second quarter. The total of 12 projects with a total installed capacity of 53 MW, will be monitored, maintained and operated by SunEdison under long-term agreements.

SunEdison is one of the world's leading solar photovoltaic energy providers, with more than 500 solar photovoltaic power plants under management. KGAL is a German investment company owned by Commerzbank, BayernLB, HASPA Finanzholding and Sal. Oppenheim.

The solar portfolio acquired by KGAL has been developed by SunEdison's utility scale projects division. The company is also present in other two strategic business areas in the European market, including Commercial Rooftops and Residential solutions.

Pancho Perez, General Manager of SunEdison for Europe, Middle East, North Africa and Latin America commented, "This transaction demonstrates SunEdison's ability to create attractive solar investments with innovative financing and proven cost structures. It also proves our commitment toward the Italian and Spanish solar markets, where we continue to develop and build outstanding projects, as well as support top local developers. We are very pleased to partner with KGAL, one of Europe's leading investors in Renewable Energy and look forward to expanding our relationship with future projects."

"Investing in these projects developed by SunEdison enables us to add new valuable assets to our renewable energy portfolio, utilizing mature technologies, in one of the fastest growing segments of energy infrastructure," said Dr. Klaus Wolf, Managing Director of KGAL. "We believe this new investment and the whole portfolio of our renewable energy assets will generate a predictable long-term cash flow suitable to our focus on long-term infrastructure market. We have found a best-in class partner in SunEdison with a proven track record of developing, building, financing and operating solar photovoltaic power plants for our European investments."

[sunfever]

MEMC-Umstrukturierung: 1.300 Entlassungen, Schließung der italienischen Polysilizium-Fabrik, Zusammenlegung von Solar Materials und SunEdison

MEMC schließt seine Polysiliziumfabrik in Meran (Italien) möglicherweise für immerAm 08.12.2011 gab MEMC Electronic Materials Inc. (St. Peters, Missouri, USA) dramatische Umstrukturierungspläne bekannt: Das Unternehmen beabsichtigt unter anderem, 20 % seiner Arbeitskräfte zu entlassen, eine Polysilizium-Fabrik in Italien vorübergehend zu schließen und seine Geschäftsbereiche Solar-Materialien und SunEdison ab 01.01.2012 zusammenzulegen.

Das Unternehmen werde außerdem seine Silizium-Produktion im Werk Oregon (USA) herunterfahren und die Produktionsleistung seiner Waferfabrik in Kuching (Malaysia) auf 300 MW einschränken. Angesichts der neuen Marktbedingungen 2011 seien derartige Veränderungen notwendig, so MEMC.

“Wir glauben, dass diese Maßnahmen MEMC kurzfristig stärken, wir dadurch wieder besser in unserem Kerngeschäft (Halbleiter-Wafer und solare Energiesysteme) aufgestellt sind und dort weiter wachsen können“, sagte MEMC-Geschäftsführer Ahmad Chatila.

„Veränderte Marktbedingungen erfordern, dass wir unsere Produktivität in allen Segmenten verbessern. Im Solar-Geschäft müssen wir zu einem ausgewogeneren Produktionsmodell übergehen, das zu unserem Vertrieb passt.“



MEMC entlässt 1.300 Mitarbeiter, davon 250 in den USA

MEMC wird weltweit 1.300 Mitarbeiter entlassen, also fast jeden fünften Arbeitsplatz streichen. 47 % der Entlassungen betreffen den Geschäftsbereich Solarmaterialien. Von den gestrichenen Stellen entfallen etwa 250 auf die USA.



MEMC könnte Polysiliziumfabrik dauerhaft schließen

MEMC hat vor, seine Polysiliziumfabrik in Meran (Italien) vorübergehend ruhen zu lassen. Dadurch reduziert sich die gesamte jährliche Polysilizium-Produktion auf 6.000 metrische Tonnen.

Das Unternehmen könnte das Werk auch vollständig schließen, wenn es ihm nicht gelingt, die Kosten für Rohstoffe, Strom usw. dramatisch zu senken. MEMC arbeitet mit italienischen Behörden auf Provinzebene und großen Herstellern zusammen, um die Machbarkeit solcher Kostensenkungen zu prüfen.

Die Polysiliziumpreise sind im zweiten Halbjahr 2011 dramatisch eingebrochen. Das hat weniger profitable Hersteller unter Druck gesetzt.

Eine geringere Produktionsleistung in Portland (Oregon) erlaube es MEMC, die Technologie in diesem Werk zu optimieren.



Umstrukturierung kostet 700 Millionen US-Dollar

MEMC geht davon aus, dass diese Veränderungen 700 Millionen US-Dollar (523 Millionen Euro) kosten werden. Davon sind 180 Millionen US-Dollar (135 Millionen Euro) unmittelbar wirksam, von denen der Großteil noch 2012 beglichen werden soll.

Das Unternehmen rechnet mit Goodwill-Abschreibungen in Höhe von 200-400 Millionen US-Dollar (149-299 Millionen Euro) und Steuerabgrenzungsposten zwischen 225-275 Millionen US-Dollar (168-205 Millionen Euro.

Infolge der Umstrukturierung rechnet das Unternehmen jedoch damit, dass der Cashflow bis Ende 2012 über 200 Millionen US-Dollar (149 Millionen Euro) beträgt. Das liege an der Arbeitsproduktivität, Einsparungen bei der Materialbeschaffung und einer ergiebigeren Kapitalbasis.



MEMC korrigiert Wirtschaftsplan des vierten Quartals

MEMC hat seinen Wirtschaftsplan für das vierte Quartal 2011 überarbeitet. Das Unternehmen rechnet nun mit Umsätzen zwischen 523 und 585 Millionen US-Dollar (391-437 Millionen Euro); Der Verlust pro Aktie liegt nun zwischen 5,20 und 6,38 US-Dollar (3,89-4,77 Euro).

Der Kapitalmarkt und die unsichere Finanzlage in Europa könnten sich nach Angaben des Unternehmens in diesem Quartal auf Verkäufe und Preise von SunEdison-Projekten auswirken. Dadurch könnten sich die Photovoltaik-Projektverkäufe in das kommende Jahr verschieben.

[OliverFFM]

Antwort auf Beitrag Nr.: 42.467.187 von sunfever am 12.12.11 11:08:25

MEMC: Vorläufige Ergebnisse für das vierte Quartal übersteigen Prognosen; Unternehmen reagiert auf starke Verluste mit Umstrukturierung

Im Rahmen der Umstrukturierung hat MEMC die Abteilung Solar-Materialien mit SunEdison zusammengelegtAm 18.01.2012 veröffentlichte MEMC Electronic Materials Inc. (St. Peters, Missouri) vorläufige Geschäftsergebnisse für das vierte Quartal 2011. Das Unternehmen rechnet mit Einnahmen zwischen 698 Millionen US-Dollar (etwa 546 Millionen Euro) und 733 Millionen US-Dollar (etwa 573 Millionen Euro).

Dies ist bedeutend höher als die eigene Prognose vom Dezember, die noch von 523 Millionen US-Dollar (etwa 409 Millionen Euro) bis 585 Millionen US-Dollar (etwa 457 Millionen Euro) ausging.

Für das Quartal rechnet das Unternehmen mit einem Nettoverlust zwischen 1,33 Milliarden US-Dollar (etwa 1 Milliarde Euro) und 1,50 Milliarden US-Dollar (etwa 1,2 Milliarden Euro). Am 08.12.2011 hatte MEMC angekündigt, im Rahmen einer Umstrukturierung die Belegschaft um 20 Prozent zu reduzieren, einzelne Abteilungen zusammenzulegen und eine Polysilizium-Fabrik zeitweise zu schließen.

“Wir haben auf die fortschreitende Abwärtsspirale in der Halbleiter-Industrie sowie auf den Zusammenbruch des Solar-Marktes mit einer erheblichen Umstrukturierung reagiert. Diese wird unser Geschäft stärken”, sagte MEMC Geschäftsführer Ahmad Chatila.

“Obwohl unser Solar-Geschäft 2011 gewachsen ist, blieben die Hochspannungsleitungen mit über 100 Megawatt hinter unseren Erwartungen zurück. Anfang des neuen Jahres wollen wir unsere Umstrukturierung abschließen und mit unserem Solar- sowie dem Halbleitergeschäft in die Gewinnzone zurückkehren.



Endgültige Geschäftsergebnisse werden am 15.02.2012 veröffentlicht

Wie viele große Wafer-Produzenten hatte auch MEMC unter einem anhaltenden und einschneidenden Preisverfall bei Silizium-Wafern zu leiden.

Für das vierte Quartal 2011 rechnet das Unternehmen mit Verlusten zwischen 6,50 US-Dollar (zirka 5,1 Euro) und 5,78 US-Dollar (zirka 4,5 Euro) pro Aktie. MEMC beendet das Quartal mit frei verfügbaren Mitteln von etwa 586 Millionen US-Dollar (zirka 458 Millionen Euro) und einem Gesamtvermögen von mehr als 800 Millionen US-Dollar (zirka 625 Millionen Euro).

Das Unternehmen will die endgültigen Geschäftsergebnisse für das vierte Quartal 2011 am 15.02.2012 veröffentlichen.







20.01.2012 | Quelle: MEMC Electronic Materials Inc. | solarserver.de © Heindl Server GmbH

[R-BgO]

GTAT wins Silane order from Samsung and MEMC JV polysilicon plant
2012-1-9 11:10:18 Source:Simuch.com

The joint venture polysilicon plant between Samsung Fine Chemicals and MEMC (SMP) has placed equipment and technology orders with GT Advanced Technologies (GTAT) for silane equipment and technology that would be used in the production of fluidized bed polysilicon using MEMC fluidized bed reactor technology. GTAT also noted it received an order for its trichlorosilane (TCS) technology and equipment from a new, unidentified polysilicon customer. The orders are valued at a total of US$65.5 million.

“We have a strong record of helping to develop highly productive and low-cost TCS and now Silane production plants around the world and we are excited to be working with SMP Ltd. on this important project,” said Dave Keck, vice president and general manager of GT’s polysilicon business. “The SMP project is an important step in our continued support of the renewable energy industry in Korea and we are proud to be associated with this project and working with Samsung Fine Chemicals and incumbent MEMC.”

[micelli]

kann jemand etwas positives berichten? bin ca. 20% im minus und frag mich, ob es sich auszahlt noch laenger zu warten

[R-BgO]

Antwort auf Beitrag Nr.: 42.774.355 von micelli am 19.02.12 18:21:23

Was war denn Dein Investitionskalkül?

[R-BgO]

Q1 war böse, meine Langfristposi ist inzwischen >90% im Minus.

Habe wohl -mal wieder- den Verkaufszeitpunkt verpasst

[takeProfit]

so, heute ging es doch schön hoch... hoffe es bleibt der aufwärts Trend!

[mrcxyz]

Hallo zusammen,

MEMC wurde ja jetzt zu SUNEDISON,...wo bekomme ich einen Kurs?

[R-BgO]

und nu' wird Semi abgespalten:

http://www.greentechmedia.com/articles/read/sunedison-to-sep…

[R-BgO]

Antwort auf Beitrag Nr.: 43.153.938 von R-BgO am 11.05.12 16:57:55

nachdem sich die Aktie soweit erholt hat, dass sie nur noch rund 50% unter meinem Einstand war, habe ich sie eben zu 10,87 Euro verkauft;

im Gegenzug bin ich über ungefähr die gleiche Stückzahl einen short-put mit Strike $10 bis Jan15 eingegangen; dafür gab's eine Prämie von $1,21

wenn ich also "Pech" habe und die Aktie fällt wieder, bin ich bis $10 fein raus und wenn ich "Pech" habe und die Aktie steigt weiter, habe ich zumindest die Prämie von fast 10% für 1 Jahr...


wobei ich mir nicht recht vorstellen kann, aus welchem fundamentalen Grund die Bude weiter steigen sollte: ist inzwischen ein reiner Projektbauer und teilweise -halter

[R-BgO]

By Ben Willis - 18 July 2014, 10:52I
SunEdison yield co poised for IPO


The company has bundled over 800MW of its projects into the TerraForm yield co, which begins public trading today.

US PV energy provider SunEdison’s yield co vehicle, TerraForm, will begin trading on the NASDAQ stock exchange today.


The IPO of SunEdison’s spin-off project company has already been underwritten to the tune of a little over US$500 million, some of which will be ploughed back into SunEdison’s future project pipeline.

Interest in the yield co has been sufficient to ensure that the 20 million shares available in the IPO be offered at US$25 each, the top end of the range quoted when the stock market launch was first announced.

TerraForm has also increased the size of the initial portfolio that it will hold on behalf of SunEdison from its original 524MW to 807MW in an updated SEC filing submitted on 16 July.

Projects in the portfolio include 134.8MW of distributed generation plants in the US and Canada, and a further 673MW of utility plants in the US, Canada, Chile and the UK.

According to investment analysis website, Seeking Alpha, the success of recent yield co stocks means the IPO could result in TerraForm’s enterprise value exceeding US$4 billion.

That would mean the market values the projects in its portfolio at around US$5 per watt, the site said – around US$2-3 per watt more than the going rate for such assets, and therefore a significant boon to parent company SunEdison, whose stocks accordingly rose yesterday ahead of the IPO.

Yield co vehicles are becoming increasingly popular among renewable developers as they offer access to low-cost capital for future projects, as well as attractive dividend payouts to investors.

An IPO of US developer NextEra's yield co earlier this month netted around US$400 million.

[R-BgO]

da war der IPO:


SUNEDISON, INC. AND TERRAFORM POWER, INC. ANNOUNCE CLOSING OF INITIAL PUBLIC OFFERING OF TERRAFORM POWER, INC. AND RELATED TRANSACTIONS AND EXERCISE OF UNDERWRITERS' OPTION TO PURCHASE ADDITIONAL SHARES

MARYLAND HEIGHTS, Mo. and BELTSVILLE, Md., July 23, 2014 /PRNewswire/ --

SunEdison, Inc. ("SunEdison") (NYSE: SUNE) and TerraForm Power, Inc. ("TerraForm Power") (NASDAQ: TERP) announced today that TerraForm Power, a subsidiary of SunEdison, has closed its previously announced initial public offering of 20,065,000 shares of its Class A common stock at a price to the public of $25.00 per share. In addition, the underwriters exercised in full their option to purchase an additional 3,009,750 shares of Class A common stock at the initial public offering price.

Concurrently with the closing of the initial public offering, TerraForm Power and its subsidiaries also closed (1) the two previously announced concurrent private placement transactions of $65.0 million in the aggregate at a price per share equal to the initial public offering price, (2) the acquisition of the Mt. Signal solar project and (3) a new $300 million term loan facility and $140 million revolving credit facility.

TerraForm Power received proceeds from the initial public offering, net of underwriting discounts and commissions and a structuring fee, of approximately $533.5 million. TerraForm Power also received gross proceeds of $65.0 million from the sale of the Class A common stock in the private placement transactions. TerraForm Power used $436.2 million of the net proceeds from this offering and the private placements to acquire newly-issued Class A units of TerraForm Power, LLC ("Terra LLC") directly from Terra LLC, and used all remaining net proceeds to purchase Class B units (and Class B common stock) from SunEdison at a price equal to the price per share in this offering, less underwriting discounts and commissions and a pro rata portion of the structuring fee, which securities will be immediately cancelled contemporaneously with Terra LLC issuing additional Class A units to TerraForm Power.

Terra LLC used the net proceeds of $436.2 million, together with borrowings under its new term loan facility, to repay all outstanding indebtedness (including accrued interest) under its bridge facility, to pay fees and expenses related to the new term loan and revolving credit facility and to repay $47.0 million of project-level indebtedness. In addition, Terra LLC will use $86.0 million of the net proceeds to pay for the acquisition and related milestone payments of certain projects included in TerraForm Power's initial portfolio from SunEdison. The $194.4 million of net proceeds remaining with Terra LLC after the foregoing will be used for general corporate purposes, which may include future acquisitions of solar assets from SunEdison or from unaffiliated third parties.

[R-BgO]

Antwort auf Beitrag Nr.: 47.837.750 von R-BgO am 21.09.14 20:14:51

spezifische Infos können wir ja hier sammeln

Thread: SunEdison And TerraForm Power Announce Interconnection Of 50 Megawatts DC Of Utility-Scale Solar Pro

[R-BgO]

Antwort auf Beitrag Nr.: 46.281.215 von R-BgO am 22.01.14 19:57:11

tja, selten so falsch gelegen...

ich hätte am Ende sogar noch Gewinn machen können

[R-BgO]

jetzt wird das Terraform-Ding nochmal mit international wiederholt: http://www.sec.gov/Archives/edgar/data/1620702/0001193125151…

[fmhbolero]

Elliott Wave Prognose

.
http://www.hamiltonewave.com/2015/05/sune-sunedison-inc-z-zi…

[R-BgO]

SunEdison To Review Strategic Alternatives In Moving To A General Partner Structure

MARYLAND HEIGHTS, Mo., May 11, 2015 /PRNewswire/ -- SunEdison, Inc. (the "Company") (NYSE: SUNE), announced today that it is reviewing strategic alternatives to more effectively align the Company structure as a sponsor in a long term asset ownership platform, through its TerraForm platform. The most efficient and commonly utilized structure by sponsors of yield vehicles is the general partnership ("GP") structure in a master limited partnership ("MLP"). The Company is considering a range of alternatives that will drive greater value and enable the efficient return of capital to shareholders, while maximizing its growth opportunities.

"Given the transformative activities that we have undertaken over the past year, including accelerating the value of SunEdison's IDRs in TerraForm Power and progress growing the TerraForm platform, a thorough review of the Company structure is deemed prudent given our transition into a sponsor of long-term asset ownership vehicles," said Ahmad Chatila, President and Chief Executive Officer of SunEdison. "This review is part of our strategic effort to more effectively position the company to maximize shareholder value."

The Company's Board authorized this strategic review. SunEdison expects to conclude its strategic review before the end of the year. However, no specific timetable has been set, and there can be no assurance that any transaction will take place. Likewise, no decision has been made on the timing or terms of any such transaction if one were to occur.

[R-BgO]

coming back to earth: Kurs halbiert

[fmhbolero]

Antwort auf Beitrag Nr.: 50.384.295 von R-BgO am 12.08.15 13:36:14

Dann könnte es ja nun ordentlich raufgehen, wenn man den Elliott-Wellen glaubt.
Welle 2 so gut wie fertig, siehe:

http://www.hamiltonewave.com/2015/05/sune-sunedison-inc-z-zi…

[fmhbolero]

SunEdison Announces Dominion Partnership in 420 Megawatt, Four Brothers Solar Project in Utah

.
Reuters-Meldung

[fmhbolero]

Gestern bis unter die 12 USD geprügelt und jetzt bei Eröffnung über 16 USD.

[fmhbolero]

Chart von Reuters

- scheinbar Unterstützung an der 200-WMA gefunden
- Aufwärtsdruck scharf, wenn über $16.25, nächster Widerstand im $20.00 Bereich
- Unter dem Tief von $11.79 weitere Abwärtsgefahr

[winhel]

Antwort auf Beitrag Nr.: 50.394.993 von fmhbolero am 13.08.15 15:38:34

Leider gestern bei ca. 11 Euro nicht zugeschlagen. Die Frage ist jetzt, haben die Shorties genügend Stücke eingesammelt, oder gibt es nochmals eine große Delle nach unten, indem sämtliche SL eingesammelt werden?
Ich hatte mir zuvor ein paar wenige Stücke zu 13,60 geholt, bin zumindest jetzt im Plus. Mal schaun, wo die Reise hingeht.

[winhel]

Antwort auf Beitrag Nr.: 50.395.296 von winhel am 13.08.15 16:03:06

Ruhig hier, ist hier niemand investiert??

Heute geht es in den USA ja richtig zur Sache. Ca. 30 Millionen Umsatz in 1,5 Stunden. Könnte es sein, dass sich die Shorties wieder eindecken, imdem sie sämtliche SL mit nehmen?

[checkpointuk]

Antwort auf Beitrag Nr.: 50.426.853 von winhel am 18.08.15 17:01:18

sehr, sehr ruhig hier...hoffe es war nicht ein Griff ins Klo hier jetzt einzusteigen

[winhel]

Antwort auf Beitrag Nr.: 50.484.663 von checkpointuk am 25.08.15 16:22:49

Ja, ja, es ist nicht so einfach, den richtigen Zeitpunkt zu finden. Immerhin war Sune die größte US-SolarFirma (z. Zt. hinter First Solar, Sunpower und Solar City bezüglich der MK zurück gefallen). Und die Amis halten ja immer was von Masse und von den Analen werden sie ja immer noch von den meisten mit kaufen eingestuft.
Schwer zu beurteilen, wo die Reise hingeht. Das kann extrem nach beiden Seiten ausschlagen, auch bezüglich der großen Börsen. Ich warte noch ab, aber so langsam kribbelt es in den Fingern.

Hier ein interessanter Artikel, Vergleich Sune und FSLR.

http://marketrealist.com/2015/08/sunedison-firstsolar-publis…

[checkpointuk]

Antwort auf Beitrag Nr.: 50.493.675 von winhel am 26.08.15 16:39:01

das wird wieder mit der MK
Indikatoren drehen auch langsam auf POSITIV

[fmhbolero]

Reuters Insider - Point72 takes stake in SunEdison

Quelle: CNBC
Steven Cohen's Point72 Asset Management discloses 5.1% stake in SunEdison.

VIDEO

[Grid-Party]

Antwort auf Beitrag Nr.: 50.535.320 von fmhbolero am 01.09.15 19:24:23

http://www.ecoreporter.de/index.php?id=129&tx_ttnews[tt_news…

[R-BgO]

cooler Absturz; vielleicht Zeit, wieder einzusteigen?

von John Hempton/Bronte Capital(http://brontecapital.blogspot.de/2015/10/sun-edison-some-com…):


Friday, October 2, 2015

Sun Edison - some comments and a way forward


Bronte has taken a long position in Sun Edison. We did this after the first and indeed second stages of the collapse in that stock. The stock decline here is spectacular. First Solar and Solar City have had issues - but nothing like this.

Until about a week ago we were showing (small) profits on the position. Then it took yet another leg down. I know the cliche about trying to catch falling knives - but we think this is a quite good bet - and would be a better bet if the board took decisive action to fix immediate and pressing problems.

Background

Sun Edison develops huge and highly capital intensive solar and wind project where the power is largely pre-sold and where separate financing is developed for each project. These projects are then sold to [“dropped down to”] semi-captive yield companies sold to mostly to yield sensitive investors.

There are several issues. Big solar projects are massively capital intensive – think of utility scale power generation where you have to pay for the next 25 years of fuel upfront. The projects have huge debt but also reliable high margin cash flow.

Secondly there is a pretty obvious conflict of interest in the “yield co” drop-downs. We have successfully shorted a few companies where we think that overpriced assets were being sold to captive vehicles. In the end they these were good shorts - if you can't treat the investors in the drop-down vehicle fairly you will eventually wind up with fewer investors, less access to capital and less underlying profitability.

Thirdly, because of the related parties and the copious amounts of different types of debt these companies have complex and even scary accounts. At Bronte we are quite good at getting to the bottom of complex accounts. But we have a problem with these.

In a meaningful fashion Sun Edison is a “trust me” story.

Whatever, the problems Sun Edison and its yield cos have been smashed. Once fairly obscure solar developers have become a major topic of discussion on Wall Street.

It took us a while to understand why they have fallen so hard. The argument comes down to complex accounts, lots of debt and a peculiar acquisition of door to door marketing company(Vivint).

But there is also more than the usual amount of rumour and innuendo. On Twitter there are arguments we know to be wrong and arguments that are simple fear-mongering (calling Sun Edison “Sun Enron” is one such appeal). Sure the company is highly levered and complex but it is almost certain that the past deals have been good deals. Any solar farm deal you put in place 3-5 years ago has worked out. Both solar panel prices and interest rates are lower than you would have baked into your cash flow models. We would be enormously surprised if the past deals of Sun Edison did not work out.

Whether the future deals work out is however an open question. Low solar panel prices and low interest rates are not exactly a secret – and the funding cost for solar panel farms has risen with this panic. Bluntly we think unless the company repairs its relationship with capital markets it is unlikely to be able to generate good deals in the future and it will wind up in run-off.

There is a deeper problem with the way these companies [yield cos and their parents] see themselves and communicate with investors. That comes down to the fact that many have their roots in semiconductors where operating leverage is everything. You disclose your costs, your variable versus fixed, capacity expansion and so forth because if you make solar modules, wafers or chips that stuff matters a very great deal to your business. Investors use and demand that information because simply put, it matters and drives the profitability of the business.

A yield-co is a completely different business – it is a non-bank financial company.

Non-bank financials “blow up” for one of three reasons, (i) credit risk, (ii) duration mismatches and (iii) and unstable funding. If you want to assess TerraForm Power (Sun Edison’s yield co) you need to assess whether the credit risk on the projects (the counter-party) is okay, how the contract and funding is (eg floating/fixed etc) and all the ways in which project development funding is able
to roll into long-dated funding.

A friend put this to a yieldco and the management balked at providing that level of project detail. My friend's response: “well, are you Northern Rock?”

And that is the guts of the issue and the market fear. We have gone to considerable effort to convince ourselves Sun Edison is not Northern Rock with solar panels. We have talked to several people who have organised funding for these things and it seems okay to us. Specifically all construction finance automatically can be termed out as project finance (over the life of the project and linked to the project) when the construction is done.

If this is true the market fear for this company cannot cause insolvency. Given that the company is priced as if insolvency is likely this stock should produce a good return from here.

Alas we could be wrong here. We can’t see all the funding (the disclosure is complex) but the bits we have seen have this character. We checked through several sources and we don't think the company can’t have a “run on the bank”. The Northern Rock outcome is unlikely.

Now of course we have not seen and understood all of the finance deals. Only the ones we can find. But that is sufficient to know we are probably right. And that is the case for buying. The old projects are good and they should run off at an attractive clip.

The Vivint Acquisition

That said this company does not behave like a financial institution, they have been rash and callous in their treatment of capital markets. This is dumb. Capital (not solar equipment) is the main input in this business. And capital is cheaper if people trust you.

Moreover management did a really foolhardy acquisition and explained it badly.

Vivint (the target) is a door to door marketing scheme selling solar systems. Some suggest multi-level marketing scheme characteristics but I cannot find the contractual terms that indicate it is an MLM. [Contra: friends have done research on the numbers of complaints at State agencies concerning Vivint.]

Moreover the product it is selling door-to-door (financed solar systems) is not a bad deal for customers. Customers put the solar panels on their roof and their power bills go down. Whether the solar system is owned by the household or some corporate structure what is effectively going on is a loan to the householder where the householder will repay the loan by splitting the utility bill saving with the solar company. Things can go wrong in this deal – but those things are not very likely.

That said, there are good reasons why roof top solar is less attractive than utility scale solar farms. The main one is that rooftop solar gets under-priced use of the grid. The grid is essential here – unwanted solar is sold to the grid and the grid provides electricity when the sun doesn’t shine. My business partner was once a utility CEO. He has an instinctive skepticism of rooftop solar. He thinks – correctly – that people with rooftop solar underpay for grid services.

In Northern California this is becoming explicit. Pacific Gas and Electric is proposing changes which explicitly charge households with solar panels more to access the grid. Whilst we have no view on the size of the charge the direction is probably right. This will become a trend and make roof top solar less attractive in the future.

The Vivint acquisition - which looks strange - was poorly explained and was bundled with a few details that indicated that the margins on projects dropped down to the captive yeild-cos are declining caused a run on the stock. Moreover there were lots of hedge funds who had oversized positions in Sun Edison before the collapse. There clearly was a rush to the exits.

And it capital market terms those can be self-fulfilling. The equity and debt cost for Sun Edison has risen substantially and this seriously impedes the economics of the company. Its that strange thing about financials that lower prices for equity and debt reduce the future cash flows.

The current situation and the way forward

Sun Edison has lost about 80 percent of its value without the slightest hint from the management team that there is a problem. The credit default swaps have moved against them and it will be far more difficult to grow whilst the situation is like this.

There really is one issue here. Can they find and develop new solar plants and drop them down into project financed bankruptcy remote vehicles and (a) make a profit and (b) ensure the new owners of those vehicles make enough return to keep them coming back for the next vehicle? [At the moment there is a fairly strong private market for solar projects - people like large pension plans - but the same concern applies to them too. They got to trust you.]

If they can't develop and sell either growth stops dead or the company becomes a ponzi.

Alas with market distrust it becomes unlikely that future projects can meet the required return hurdles. The private market for completed projects will also have the same concerns about the management.

The best case here is that the company has become a melting ice-cube. It is worth something (I think a fair bit more than the current price) but every drip of cash that comes off in the end goes either for debt repayment or is returned to shareholders.

The whole project development team - the raison d'être of the company - ceases to have any use. They should all be fired. Yes - all of them. [If you work for Sun Edison it is your job too. And that will eventually include the board. Them are the stakes. If the current board doesn't do something about this it is eventually your job.]

There is an alternative - an alternative I think the company should take. They should pay their contrition to the market - and give the market what the market wants.

What the market wants here is a clear vision of financial control and responsibility. They want to know that Sun Edison is not Sun Enron.

Stocks don't just fall 80 percent in a vacuum. Someone has to be held responsible - and the board needs to ensure that happens to ensure Sun Edison has a future.

That person is the CEO.

Ahmad R. Chatila

Ahmad R. Chatila (Sun Edison's CEO) is a visionary. Indeed Mr Chatila is the reason for Sun Edison's success to date. I have heard managers describe him in glowing terms - amongst the best CEOs in America.

And I don't disagree.

Except that he should be fired. Pronto. Now.

Sun Edison - through the vision and drive of Mr Chatila has become a financial institution. One with a lot of run-off value. One which I think has improved the world a great deal.

Vision, drive and competence are usually great things for a CEO.

Not in this case.

I am an old fashioned kind of guy. I do not think visionaries should run financial institutions.

Visionaries running financial institutions end in disaster.

Mr Chatila has built an institution for which he is profoundly unsuitable to run. The market has made that abundantly clear.

Pay him out

I have mostly been unsympathetic to firing executives and leaving them with a big payout. Mr Chatila is an exception.

Mr Chatila has not done much that is wrong. He has created - from very little - a worthwhile, valid and large business. He has achieved much.

He has not done very much that is wrong except create a business which he personally is a woefully inadequate CEO for. For this he should be rewarded: as recognition of (a) what he has truly created and (b) for going quietly and constructively.

Calculate his payout, add thirty percent and fire him.

Who to appoint?

There is a core criteria on picking the new CEO.

They need to be boring and from a control culture. The idea CEO would be someone from (say) the risk management department of Goldman Sachs. What you want is a dull suit occupied by someone whose job it is to pull wings off butterflies. Someone whose job it is to ensure - and be seen to ensure - that bad projects are not funded.

The market wants someone who will get on an earnings call and talk about asset liability matching, FX risk mitigation and basically sounds like the CEO of a mortgage REIT, not a semiconductor visionary.

You want risk aversion above all other things.

And you want it for another reason. Mr Chatila has populated the senior ranks of Sun Edison with people like himself. Ambitious go-getters - people who get things done. It is notable that all of the ex Goldman hires at Sun Edison come from the banking and advisory side. They are deal people. Deal people do deals and are not happy if they are not doing deals.

The people Mr Chatila have hired have got things done. Alas if you are going to have people like this in a financial institution (and Goldman Sachs is full of such people) then you need a counter-balance. Someone who stops you doing silly things and has the intellectual horsepower to work out what is silly and what is not. There are plenty of such people around and if Sunedison can poach deal centric Goldmanites then perhaps it can pick up a few slighly more salty risk managers too.

There is an alternative of course. But that is harder. You could keep Mr Chatila. Have a visionary running your financial institution - but then you need to beef up the risk management culture of the place to an extraordinary degree. You need to sack the CFO, half the board need to resign (and be replaced by hard-headed financial types) and you need to remove about half the go-getters that Mr Chatila has installed.

Easy and difficult routes to dullness

This company has got to become dull and predictable and it has to get there fast. Anything short of dull and predictable will end badly.

There is a fast route to dull and predictable (the one I prefer). Start at the top. Sack Mr Chatila. Appoint someone who will embody the new (and boring) Sun Edison. And this guy is going to give the market the sort of information they need - that is

(a). Power purchase agreements and their counter-parties (the analog of credit risk for a non-bank financial institution),

(b). Contract terms for the above PPAs - eg fixed, floating, renewal terms and also for the debt for the projects (the analog of whether there are mismatches in funding), and

(c). The funding details (to ensure that there are not mismatches in the duration of funding).

There is the second route to dull and predictable. That is to leave Mr Chatila in place but sack half the people around him and replace them with people who will control his ambition. This is - in this case - a worthwhile option as Mr Chatila really is a visionary - someone who really has created value.

Whether you can keep the good parts of Mr Chatila (vision, drive) and also keep the market happy has yet to be seen. I have my doubts.

The third way to dull and predictable - and one which will be forced upon the company shortly if the board does not react sensibly is just to put this into a form of run-off. Fire everyone in project development. Just do it. My guess is that they have to start firing now - but a few is not going to do. In runoff they have to fire al the interesting people, leave a skeleton maintenance staff and send us (now suffering) shareholders lots of cash.

My guess is that the board will settle on the first option or Carl Icahn or some equivalently effective activist investor will buy a big stake and force the third option on them.

[R-BgO]

Antwort auf Beitrag Nr.: 50.759.052 von R-BgO am 02.10.15 10:54:07

wie bestellt:

Layoffs at SunEdison as Investors Question the Renewable Energy Developer’s Strategy

With its stock price taking a hit, SunEdison is planning a deep cut to its workforce, according to a memo obtained by GTM.

by Stephen Lacey
October 04, 2015



In mid-September, SunEdison rented out the House of Blues in Disneyland and held a private party for hundreds of solar professionals at the industry's biggest U.S. conference, Solar Power International.

It started off as a normal gathering. People mingled at multiple bars. A house band played on a small stage upstairs. Waiters handed out meat on sticks.

Suddenly, all the televisions throughout the bar displayed a mysterious countdown clock. When it hit zero, the party transformed. In a blur of multi-colored lights and electronic music, go-go dancers, and men in yellow body suits carrying giant glow sticks filled a multi-level stage in the back of the building. Balloons rained down on the dancing crowd. People sported body paint, fake mustaches and oversized sunglasses.

It was a celebration that a company at the top of its game would throw. Except SunEdison was not at the top of its game.

At the time of the party, the company’s stock had tumbled from a 52-week high of $33.45 down to $11.50. And the stock price of its YieldCo, TerraForm Power, had fallen from $42.15 to $21.61 over the summer. In July, SunEdison had a market cap of more than $9 billion. Today, its market cap is $2.6 billion.

In retrospect, the countdown clock could be interpreted as an ominous sign.


Investor confidence had been wavering for some time. Many were having a hard time understanding SunEdison's acquisition spree -- specifically, the $2.2 billion purchase of the residential installation company Vivint Solar in July.

Executives called the Vivint acquisition a big step toward creating the first renewable energy supermajor. The street wasn't fully convinced of the plan.

With its stock still under pressure, SunEdison is now culling its workforce. According to a company-wide memo from CEO Ahmad Chatila released on September 30, SunEdison will be laying off around 10 percent of its 7,300 employees. Many employees received notices on Friday.

"Overall, the proposed changes result in an overall reduction of about 30%, 20% being from non-labor expenses and about 10% from headcount reduction. And this process will take some time to complete. Most of the changes will be announced during the fourth quarter with some final steps expected in the first quarter of 2016," reads the memo.

The staff reduction will come through integrating acquired companies and "eliminating redundancy." It will also come from simplifying management structures in different areas of the business, and focusing on a smaller range of geographic regions.

The cuts have reached all the way to the VP level, but not the executive level. Sources within the company expressed worry and surprise that the cuts didn't impact the architects of the Vivint acquisition.

When asked for comment, SunEdison would not address the cuts specifically.

"We are proposing to take several actions around the world to optimize our business, align with current and expected market opportunities and position ourselves for long-term growth. In October we plan to provide investors with a more comprehensive view of our business structure and go-forward strategic growth plan in a conference call," wrote spokesperson Gordon Handelsman in an email.

The company is expected to inform investors of its new strategy sometime this week.

"Now it is time to take the next step in optimizing our business. Over the next six months, we are going to optimize our platform to take advantage of efficiencies, enhance cost savings, increase gross margins, and target investment areas with the greatest opportunity," wrote Chatila in the memo.


Chris Cook, a founder of SunEdison who recently went back to the company after Solar Grid Storage was acquired, was told on Friday morning that he was no longer employed. "The only remaining Solar Grid Storage personnel that had joined SunEdison are in solar sales and are no longer in the SE Advanced Solutions storage group," said Cook.

"As a founder of Solar Grid Storage, which SunEdison acquired in part in January, I believe storage has a very strong future, especially when mated with renewable technologies, so the cuts in this area seem shortsighted," he said. "I continue to believe the best value proposition for storage is to combine with solar to provide customer benefits like backup power, plus services to the grid. Now that the SunEdison team has seemingly lost interest in those types of projects, it might be a good time to start developing them again."

Teams within SunEdison are already looking to sell off portfolios of projects, say other sources within the company.

What is behind SunEdison's recent troubles and coming cutbacks?

The company has been hit by a confluence of factors. Recent acquisitions have nearly doubled SunEdison's debt load and increased negative operating cash flow. The Vivint acquisition, which wasn't an obvious fit with SunEdison's culture and traditional business of building large solar-power plants, added to investor skepticism.

Some investors have dumped the stock due to low oil prices and turmoil in commodity markets -- a problem for other public solar companies as well. However, short sellers have targeted SunEdison more than its competitors. The stock has become a playground for hedge funds.

Most importantly, some worry that SunEdison has morphed from a project developer into a financial engineering firm that is too complicated for executives to manage.

In a long blog post this week, John Hempton of Bronte Capital provided his take on the company.

It took us a while to understand why they have fallen so hard. The argument comes down to complex accounts, lots of debt and a peculiar acquisition of door to door marketing company (Vivint). The Vivint acquisition -- which looks strange -- was poorly explained and was bundled with a few details that indicated that the margins on projects dropped down to the captive [YieldCos] are declining caused a run on the stock. Moreover, there were lots of hedge funds [that] had oversized positions in SunEdison before the collapse. There clearly was a rush to the exits.

The equity and debt cost for SunEdison has risen substantially, and this seriously impedes the economics of the company. It's that strange thing about financials that lower prices for equity and debt reduce the future cash flows.

Just this week, analysts from CreditSights said they believe SunEdison now faces a margin call on a $410 million loan that it closed using stock from the TerraForm YieldCo.

Although Hempton was critical of SunEdison, he said he was long on the stock. "Given that the company is priced as if insolvency is likely, this stock should produce a good return from here," he wrote.

The company, he believes, is not on the verge of collapse, as many have speculated. Rather, it needs to be more disciplined and risk-averse. The round of job cuts will signal to investors that SunEdison is ready to make changes.

Stockholders and analysts have wondered why executives have been silent about recent turmoil.

During an earnings call just two months ago, Chatila talked about the company's leadership and growth: "Our business continues to accelerate, and you can see the confidence we have not only in the team's ability to execute, but in our ongoing shift in the energy market, which shows the continued move toward solar and wind energies and their growing importance around the world."

In a vote of confidence in the company, Chatila purchased 9,700 shares of stock in August and an additional 4,800 in September. He now owns 850,472 shares in the company. Chief Financial Officer Brian Wuebbels also purchased 50,000 shares in August.

Those running SunEdison talk passionately about their mission to become the most powerful renewable energy developer in the world. They want to transform the energy business through building large power plants, installing home solar systems, deploying battery storage and electrifying developing countries with microgrids. They want to do it in a way that's equitable and supports women and minorities in the workforce. And they want to do it all with ferocious speed.

That is part of the problem. Critics think SunEdison's expansion into too many areas is expensive and complicated.

Leadership now has to make some hard decisions. Laying off hundreds of people is just one. Some believe the company should abandon the Vivint Solar deal, sell off projects, or bring in new executives to monitor and limit the company's complex financial deals with its YieldCo. Others think the company should be sold and taken private. It will certainly mean cutting back on development or project acquisition plans.

More details on SunEdison's plans to "align with current and expected market opportunities" will be forthcoming this week.

A slowdown in project construction or constraints on capital would be a blow to SunEdison's YieldCo, which was built on the promise that an unending volume of projects will bring ever-higher dividends to investors. Whatever the course of action, SunEdison's plans to become a renewable energy supermajor are getting more complicated.

Hempton thinks Ahmad Chatila, the man behind SunEdison's recent business strategy, should be replaced. He praised Chatila's visionary approach to building the company ("He has created -- from very little -- a worthwhile, valid and large business"), but said SunEdison would be better suited to a "boring" executive.

"The ideal CEO would be someone from [for example] the risk management department of Goldman Sachs. What you want is a dull suit occupied by someone whose job it is to pull wings off butterflies. Someone whose job it is to ensure -- and be seen to ensure -- that bad projects are not funded," Hempton wrote.

In conversations with people inside SunEdison, no one called for Chatila's resignation. One senior official described "tremendous respect" for leadership, but also said that they had a "rocket-ship attitude" toward growth. That aggressive strategy commanded awe within the company -- but less so among investors.

"This company has got to become dull and predictable, and it has to get there fast. Anything short of dull and predictable will end badly," concluded Hempton.

In its most recent earnings declaration, SunEdison targeted 2,100 to 2,300 megawatts of completed renewable energy projects for all of 2015. The company has 1.9 gigawatts of projects under construction -- a number that could change on the next earnings call.

Listen to a detailed conversation about SunEdison's recent acquisition bonanza below:

[R-BgO]

das Ding notiert derzeit bei 65%:

http://www.wallstreet-online.de/aktien/sunedison-6-3-4-conv-…

und rentiert damit bei über 10%; der umgerechnete Wandlungspreis ist $17,62x65% = $11,45

Geld verlieren kann man also praktisch nur, wenn sie die Zinsen dauerhaft nicht zahlen und/oder pleitegehen...


SunEdison Announces Pricing Of $650 Million Of Perpetual Convertible Preferred Stock

MARYLAND HEIGHTS, Mo., Aug. 18, 2015 /PRNewswire/ -- SunEdison, Inc. (the "Company") (NYSE: SUNE) announced today the pricing of its public offering of 650,000 shares of 6.75% Series A Perpetual Convertible Preferred Stock, par value $0.01 per share (the "Perpetual Convertible Preferred Stock"), at a price of $1,000 per share. The offering is expected to close on August 21, 2015, subject to customary closing conditions.

Dividends on the shares of the Perpetual Convertible Preferred Stock will be payable on a cumulative basis when, as and if declared by the Company's board of directors, or an authorized committee thereof, at the rate per annum of 6.75% on the liquidation preference of $1,000 per share of the Perpetual Convertible Preferred Stock. The dividends may be paid in cash, by delivery of shares of the Company's common stock or through any combination of cash and shares of the Company's common stock, as determined by the Company. Declared dividends will be payable quarterly on March 1, June 1, September 1 and December 1 of each year, commencing December 1, 2015. The Perpetual Convertible Preferred Stock has no maturity date, unless earlier converted or purchased. The Perpetual Convertible Preferred Stock will not be redeemable.

Holders of the Perpetual Convertible Preferred Stock will have the right to convert their shares of the Perpetual Convertible Preferred Stock into shares of common stock of the Company at any time. The initial conversion rate will be 56.7666 shares of common stock for each share of Perpetual Convertible Preferred Stock (subject to adjustment in certain circumstances), which is equal to an initial conversion price of approximately $17.62 per share of common stock. In addition, on or after September 6, 2020, the Company may cause all or any portion of the Perpetual Convertible Preferred Stock to be converted, at its option, into shares of common stock of the Company at the then-prevailing conversion rate, subject to certain conditions.

[R-BgO]

http://www.valuewalk.com/2015/10/sunedison-may-have-experien…

[winhel]

Antwort auf Beitrag Nr.: 50.778.873 von R-BgO am 05.10.15 17:25:53

Könntest du das mal näher erläutern, da fehlt mit der Durchblick.

Danke im voraus.

[R-BgO]

Antwort auf Beitrag Nr.: 50.779.695 von winhel am 05.10.15 19:10:19

sehr viel zu erläutern gibt es da m.E. eigentlich nicht,

es ist -für mich- mehr eine Impression: das SUNE finanziell extrem knapp unterwegs ist, z.B. indem sie möglicherweise erhaltene Kredite mit Aktien von gelisteten Töchtern besichern;

und wenn die dann im Kurs sinken, können Liquidierungen und/oder Fälligstellungen folgen;


zweiter Datenpunkt sind die Angaben zu den ausstehenden Anleihen und deren Renditen (leider alle nicht für mich handelbar)

[winhel]

Antwort auf Beitrag Nr.: 50.781.426 von R-BgO am 05.10.15 23:27:49

Danke! Ich lasse mal einen kleinen Betrag laufen.

[R-BgO]

Sun Edison disclosure practice

Tuesday, November 17, 2015

http://brontecapital.blogspot.de/2015/11/sun-edison-disclosu…

I have - on the grapevine - been sent a research report from Credit Sights on Sun Edison. "The title: Sun Edison and Terraform: Dual 10Q cut. Recourse?"

It is complete with the usual suggestion that there is debt at Sun Edison that is both (a) recourse to the parent company and (b) does not have sufficient and allocated cash left to settle it.

That is the central question with Sun Edison. Bears suggest that Sun Edison has parent company debt that they do not have the wherewithal to pay. The company has steadfastly denied this. They state all debt is either (a) non-recourse or (b) has well determined cash flows that will be used to pay it. Alas certain debts have shifted from the non-recourse to the recourse column.*

I confess I am concerned with the Credit Sights note. I own Sun Edison stock which I purchased in distress (about $9). This was after it lost two thirds of its value.

Proving my ability to pick stocks that halve it halved again.

The line in the Credit Sights report that concerns me most however is not assertions about recourse versus non-recourse. That is the bet I have taken.

My concern is this:

SUNE stopped returning our emails and phone calls over a month ago so we are unable to confirm this new recourse status with the company as the missing one letter footnote could just be a typo.

Sun Edison is a financial institution. It requires the trust of financial markets to do business.

Credit Sights is a highly reputable (if somewhat bearish) debt research shop.

Not returning their calls is simply unacceptable. The management of Sun Edison (as this blog has stated) have to start sounding like and behaving like the management of a mortgage REIT.

They are not doing so. Financial institutions do not ignore the people who analyse their debt.

So Mr Ahmad Chatila (CEO Sun Edison), how about you return Credit Sights' phone call?

Or, failing that, will the board of Sun Edison please fire the CEO now.


John Hempton
Disclosure: Long Sun Edison (unfortunately)

* One reclassified debt: a margin loan on Terraform stock was once classified as non-recourse and is now classified as recourse.

[Seefuerst]

Antwort auf Beitrag Nr.: 50.783.337 von winhel am 06.10.15 10:31:28

Moin,Moin
die Küste schließt sich an,mal schauen wie es läuft.
Hierbscheint ja die Sonne fast soviel wie schwäbischen Meer.

[Seefuerst]

Antwort auf Beitrag Nr.: 50.783.337 von winhel am 06.10.15 10:31:28

Nochmal nachlegen oder Finger weg?
Sind die Hedgefonds rein oder raus?
Gibt es aus US Kaufempfehlung?

Viele Grüße von Heini?

[winhel]

Antwort auf Beitrag Nr.: 51.114.216 von Seefuerst am 18.11.15 06:02:43

Finger weg, keine Nachkäufe, das kann noch weiter runter gehen. Hedgefonds haben teilweise groß geschmissen bzw. sind ganz raus.

""""""Am Dienstag werden die Anteile verkauft ab, weil jüngsten SEC-Unterlagen von Hedgefonds ergeben, dass Third Point, LLC, Greenlight Capital, Lone Pine Capital Glenview Capital Management und Omega Advisors alle verkauft Anteile an SunEdison im dritten Quartal. Sie gehörten zu den größten Aktionären der Aktie, und jetzt, dass sie springen Schiff.
http://www.fool.com/investing/general/2015/11/17/after-hedge… """"""""



Bis Mitte/Ende 2016 schein noch Cash vorhanden zu sein, spätestens ab 2017 wird es sich wohl zeigen, ob Sune überlebt.

Ratings, habe ich das gefunden:
Analyst Kursziel* Abstand Datum
Deutsche Bank AG 16,00$ - 17.11.15
UBS AG 6,00$ - 11.11.15
Needham & Company, LLC 10,00$ -11.11.15
http://www.finanzen.net/Kursziele/SunEdison

Viele andere Ratings in den USA sind aber negativ und man befürchtet, dass Sune nicht überleben wird.

Ich hatte nur einen kleinen Betrag investiert, der nicht so weh tut. Den lasse ich einfach laufen, mal sehn, wie sich das entwickelt.

[Seefuerst]

Antwort auf Beitrag Nr.: 51.116.706 von winhel am 18.11.15 11:28:58

Prima Antwort,mache ich dann auch so.Bin nicht mit viel drin
Gruß S.

[Andrew6466]

Heute viele gute Nachrichten, die Aktie hebt ab!

Andrew

[R-BgO]

Antwort auf Beitrag Nr.: 51.116.706 von winhel am 18.11.15 11:28:58

Zitat von winhel: Finger weg, keine Nachkäufe, das kann noch weiter runter gehen. Hedgefonds haben teilweise groß geschmissen bzw. sind ganz raus.

""""""Am Dienstag werden die Anteile verkauft ab, weil jüngsten SEC-Unterlagen von Hedgefonds ergeben, dass Third Point, LLC, Greenlight Capital, Lone Pine Capital Glenview Capital Management und Omega Advisors alle verkauft Anteile an SunEdison im dritten Quartal. Sie gehörten zu den größten Aktionären der Aktie, und jetzt, dass sie springen Schiff.
http://www.fool.com/investing/general/2015/11/17/after-hedge… """"""""


Bis Mitte/Ende 2016 schein noch Cash vorhanden zu sein, spätestens ab 2017 wird es sich wohl zeigen, ob Sune überlebt.

Ratings, habe ich das gefunden:
Analyst Kursziel* Abstand Datum
Deutsche Bank AG 16,00$ - 17.11.15
UBS AG 6,00$ - 11.11.15
Needham & Company, LLC 10,00$ -11.11.15
http://www.finanzen.net/Kursziele/SunEdison

Viele andere Ratings in den USA sind aber negativ und man befürchtet, dass Sune nicht überleben wird.

Ich hatte nur einen kleinen Betrag investiert, der nicht so weh tut. Den lasse ich einfach laufen, mal sehn, wie sich das entwickelt.

=> genau das ist eher ein Argument GEGEN weitere Rückgänge und FÜR einen Anstieg: die Hedgies sind raus und fallen als Verkäufer weg

[Seefuerst]

Antwort auf Beitrag Nr.: 51.168.102 von R-BgO am 24.11.15 22:22:08

Dachte heute früh bin auf der falschen Seite .
Nicht schlecht.

[R-BgO]

Verstehen tue ich das nicht:

beide Meldungen von gestern waren morgens, der Ausbruch erfolgte aber erst after-hours...


=> irgendwas wirft seine Schatten voraus?

[Circle_Jerk]

Antwort auf Beitrag Nr.: 51.171.552 von R-BgO am 25.11.15 11:34:57

Der "Ausbruch" erfolgte gestern nicht "after hours", sondern in den letzten Handelsstunden. Ein Short-Squeeze ausgelöst durch die Fehlinterpretation schlechter Nachrichten.

SunEdison braucht dringend Liquidität zur Rückführung von Margin Loans und greift dafür auf die YieldCos durch. Dafür mussten sie erstmal das dortige Management entsorgen, dass bei der Nummer offensichtlich nicht mitmachen wollte. Bei Terraform Global wurde am nächsten Tag dann gleich ordentlich abgezapft und ein großer Teil des Margin Loans von SunEdision zurückgeführt. Nächste Station wird der Cash von Terraform Power sein.

Umgekehrt wäre dieses Stühlerücken im Management sicher besser gewesen. SUNE-Management raus, TERP & GLBL- Management rein. So sitzen nach wie vor die Verursacher des ganzen Elends im Sattel.

Die Nachrichten dieser Woche sind im Prinzip erschütternd und zeigen vor allem, wie verzweifelt die Lage im Konzern ist. Bin mir mittlerweile nicht mehr sicher, ob das noch korrigiert werden kann.

[Seefuerst]

Antwort auf Beitrag Nr.: 51.171.552 von R-BgO am 25.11.15 11:34:57

Da gab es wohl Infos über bevorstehende Entwicklungen ala Gates auf dem klimagipfel in Paris.Es steht u.a. Indien im Fokus und lukrative Aufträge mit wahrscheinlich gesicherten Finanzierungen in den nächsten Jahren für nachhaltige Energiegewinnung an.
Energiespeicher der Zukunft sind interessant inwieweit Kernkraft eine Rolle spielt ,wäre zu ergründen.
Einfache Verbrennungstechnologien bei der Energieerzeugung sind bald out.
Da wird es in einigen Kohlefördergebieten bald "Aufstände" geben ,wenn tausende Arbeitsplätze in Gefahr geraten,siehe Wattenfall !

[Circle_Jerk]

Antwort auf Beitrag Nr.: 51.209.337 von Seefuerst am 01.12.15 03:33:32

Das hilft SunEdison jetzt auch nicht wirklich bei der Überwindung ihrer akuten Liquiditätsprobleme. Falls sich hier nicht bald ein starker institutioneller Investor engagiert, wird das Unternehmen voraussichtlich Chapter 11 beantragen müssen in naher Zukunft.

[Seefuerst]

Antwort auf Beitrag Nr.: 51.223.572 von Circle_Jerk am 02.12.15 15:27:36

Obwohl die DB kaufen einstuft ?
Das ist ja dann wie bei Molycorp.Hab aber nur eine überschaubare Anzahl.
Danke.

[Circle_Jerk]

Antwort auf Beitrag Nr.: 51.223.806 von Seefuerst am 02.12.15 15:54:13

Die Deutsche Bank ist in Bezug auf SunEdison wohl die letzte, die noch die Fahne hochhält - alle anderen haben sich schon verabschiedet.

Kann durchaus enden wie bei Molycorp, ja.

[R-BgO]

jetzt hamses' auch offiziell hinter sich:

SunEdison halted on report it has filed for bankruptcy

Apr 21 2016, 09:42 ET | By: Jason Aycock, SA News Editor Contact this editor with comments or a news tip

SunEdison (SUNE +0.8%) has been halted as it's filed for bankruptcy protection.

The company listed liabilities of up to $50B in the filing.

SunEdison has commitments for new capital of up to $300M of debtor-in-possession financing, which will support day-to-day operations during a reorganization, CNBC says.

Updated 9:57 a.m.: It's a Chapter 11 filing made in Manhattan bankruptcy court today. In yieldcos: TerraForm Power (NASDAQ:TERP) is up 4.6%, while TerraForm Global (NASDAQ:GLBL) is up 8.1%.

[R-BgO]

Antwort auf Beitrag Nr.: 52.246.792 von R-BgO am 21.04.16 16:37:47

aus meinem Excel rausgeworfen

over-and--out