American Superconductor AMSC (Seite 25)
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ISIN: US0301112076 · WKN: A14QX0 · Symbol: AMS1
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Antwort auf Beitrag Nr.: 41.617.123 von Hoffnungstraeger am 07.06.11 23:50:43Mainstream in €1.5bn deal for Irish wind farm project
BUSINESSMAN EDDIE O’Connor’s Mainstream Renewable Energy is joining forces with a Chinese manufacturer and bank to invest up to €1.5 billion in Irish wind power projects.
Mr O’Connor, the company’s chief executive, confirmed yesterday that the company is planning to build wind farms in Ireland with a total capacity of 1,000 mega watts (MW), the equivalent of between two and three average-sized power plants, over the next five years.
He estimated this would involve a total investment of about €1.5 billion over the period. Mainstream has agreed a deal with Sinovel, China’s biggest manufacturer of wind turbines, to supply the hardware needed.
According to Mr O’Connor, the China Development Bank is likely to provide part of the funding, along with his company, which he said now has considerable cash resources, although he did not give any details.
Mainstream and its partners will target projects that already have planning permission and licensing, but which have stalled for want of finance or some other reason.
The company is not ruling out getting involved in new developments in the future.
Mr O’Connor founded Mainstream in 2008 with the €50 million that he made from the sale of independent energy company Airtricity to Scottish Southern Energy for €1 billion in early 2007.
The company has been active in Britain, western Europe and the US, but not in Ireland. Mr O’Connor said the company believes that the time is right to begin investing in Ireland, partly because the Government is committed to supporting renewable energy.
He said the British government recently said it would be willing to import wind-generated electricity from Ireland, which he said would help underpin demand here.
Mainstream has projects with a capacity of about 16,000MW under development around the world.
Mr O’Connor said that Chinese manufacturers such as Sinovel are looking to sell their products in countries in which the company is developing energy projects.
Sinovel is the world’s second biggest manufacturer of wind turbines after Spanish group Vestas.
Mr O’Connor founded Airtricity after leaving State company Bord na Móna, where he was chief executive. While he was there, he developed the country’s first commercial wind farm at Bellacorrig in Co Mayo.
Mainstream has operations in Britain, Europe and North and South America. The company frequently operates with partners such as Sinovel.
It is involved in the development of a number of large-scale offshore wind energy projects in Britain, which is planning to invest heavily in offshore energy over the coming decade.
Late last year, it and local partner Goldwind won a licence from the Illinois Power Agency to build a 100MW facility at Shady Oaks Illinois. It is also bidding for projects in South Africa.
The former Manchester United chairman and non-executive director and one-time chief executive of British utility Centrica, Sir Roy Gardner, was recently appointed chair of Mainstream’s board.
BUSINESSMAN EDDIE O’Connor’s Mainstream Renewable Energy is joining forces with a Chinese manufacturer and bank to invest up to €1.5 billion in Irish wind power projects.
Mr O’Connor, the company’s chief executive, confirmed yesterday that the company is planning to build wind farms in Ireland with a total capacity of 1,000 mega watts (MW), the equivalent of between two and three average-sized power plants, over the next five years.
He estimated this would involve a total investment of about €1.5 billion over the period. Mainstream has agreed a deal with Sinovel, China’s biggest manufacturer of wind turbines, to supply the hardware needed.
According to Mr O’Connor, the China Development Bank is likely to provide part of the funding, along with his company, which he said now has considerable cash resources, although he did not give any details.
Mainstream and its partners will target projects that already have planning permission and licensing, but which have stalled for want of finance or some other reason.
The company is not ruling out getting involved in new developments in the future.
Mr O’Connor founded Mainstream in 2008 with the €50 million that he made from the sale of independent energy company Airtricity to Scottish Southern Energy for €1 billion in early 2007.
The company has been active in Britain, western Europe and the US, but not in Ireland. Mr O’Connor said the company believes that the time is right to begin investing in Ireland, partly because the Government is committed to supporting renewable energy.
He said the British government recently said it would be willing to import wind-generated electricity from Ireland, which he said would help underpin demand here.
Mainstream has projects with a capacity of about 16,000MW under development around the world.
Mr O’Connor said that Chinese manufacturers such as Sinovel are looking to sell their products in countries in which the company is developing energy projects.
Sinovel is the world’s second biggest manufacturer of wind turbines after Spanish group Vestas.
Mr O’Connor founded Airtricity after leaving State company Bord na Móna, where he was chief executive. While he was there, he developed the country’s first commercial wind farm at Bellacorrig in Co Mayo.
Mainstream has operations in Britain, Europe and North and South America. The company frequently operates with partners such as Sinovel.
It is involved in the development of a number of large-scale offshore wind energy projects in Britain, which is planning to invest heavily in offshore energy over the coming decade.
Late last year, it and local partner Goldwind won a licence from the Illinois Power Agency to build a 100MW facility at Shady Oaks Illinois. It is also bidding for projects in South Africa.
The former Manchester United chairman and non-executive director and one-time chief executive of British utility Centrica, Sir Roy Gardner, was recently appointed chair of Mainstream’s board.
hier kann es nur noch aufwärts gehen
oder tiefer fallen
, as ist besser ich kaufe lieber billiger , also ab in die tiefe
oder tiefer fallen
, as ist besser ich kaufe lieber billiger , also ab in die tiefe
Wirklich lesenswert!
Quelle: Seeking alpha
On April 5, American Superconductor (AMSC) announced that its major customer, Sinovel Wind Group, refused a product shipment. With Sinovel accounting for 73% of AMSC revenues, the news sent AMSC shares diving from $24.88 to $14.47. Since then, the stock has fallen further, reaching $8.10 on June 1. While the price drop may be appropriate given the fundamentals of AMSC, which we examine later in this article, there is one curious circumstance that suggests there may be an opportunity here. AMSC has a large beneficial owner, Kevin Douglas, who has accumulated a 22.8% stake in the company, buying shares both before and after the bad news. Let's take a look at who Mr. Douglas is, and what we can learn about AMSC from his track record.
We examined ownership reports filed with the SEC for companies where Mr. Douglas was a 10% beneficial owner. We excluded Stamps.com (STMP), where Mr. Douglas was a director, and EnteroMedics (ETRM), which is a new investment. We found the following investments:
IMAX Corporation (IMAX): Between April 2007 and May 2008, Mr. Douglas acquired 8.6M shares at prices ranging from $4 to $7.22 per share. He sold 0.9M shares in November 2010 at $21.87 - $22.75. The current IMAX stock price is $34.24. We estimate the total return on this $50M investment at 6x within 3.5 years, or a CAGR of 67%.
Westport Innovations (WPRT): Between February and July 2010, Mr. Douglas acquired 7.5M shares at prices ranging from $12.95 to $19.36. The stock currently trades at $24.89. We estimate the total gain on this $112M investment at 60% in one year.
Rural Cellular Corp: Between July and September 2005, Mr. Douglas acquired 1.8M shares at prices ranging from $7.19 to $12.02 per share. Rural Cellular was acquired by Verizon (VZ) for $45 per share some two years later (announced in 2007, the acquisition closed in August 2008). We estimate Mr. Douglas' gain at 5.8x on this $14M investment, and CAGR at 25%.
Friendly Ice Cream Corp: Between July and November 2004, Mr. Douglas acquired 0.8M shares, at prices between $7.74 and $12.28. The company was acquired in June 2007 for $15.50 a share, translating into a 25% gain on the total investment of $10.5M over three years, leading to a sub-par CAGR of 8%.
Hansen Natural Corporation (HANS): Between June 2003 and January 2004, Mr. Douglas acquired 0.3M shares at an average price of $0.58. With HANS currently trading at $69.62, his relatively small investment of $190K has grown more than 100 fold, or a CAGR of some 80%.
We published detailed records of the Mr. Douglas' transactions in the following spreadsheet. Mr. Douglas had a number of wins. "Smart money" comes to mind. Mr. Douglas has now invested around $270M in AMSC at a weighted average price of $28.26, making the current price appear attractive. His latest purchase was of 3M shares at $14.47 on April 6, after the bad news came out.
AMSC is currently priced below the Book Value of its equity ($9.86). The company has been modestly profitable since 2009, most recently generating a return on equity (ROE) of 10%. We should note that the longer term history of AMSC is that of over a decade of consistent losses:
Click to enlarge
The company survived by repeatedly raising capital through stock offerings, indicated by (SO) markers on the chart below, leading to massive dilution of its common stock:
Click to enlarge
The brief period of profitability is now set to end. Why would a smart investor like Mr. Douglas be interested in AMSC? We can only speculate that the main value of this company may be in its IP portfolio and know-how in the booming markets for wind power generation and smart electrical grid infrastructure, making it essentially a venture investment.
How big of a loss can one expect? AMSC announced that the annual revenue may drop from $430M to below $355M. The company has a gross margin of about 40%, so the $75M+ drop in revenue can translate into a $30M+ drop in operating income. The company is reviewing at least $56M of already recognized revenue, which is not surprising as its accounts receivable jumped to $114M as of December 31, 2010, from $49M a year earlier. A reduction in the income tax expense could partially offset the loss, perhaps by $10M or so. Overall, we guess that the net income could drop by anywhere from $20M to $50M. In fiscal 2010, the net income was $16M. A $4M to $34M loss in fiscal 2011 could reduce the book value by $0.09 to $0.75 per share. The company has delayed the 10-K filing due at the end of May, as it is reviewing revenue recognition, so it may be some time before we find out the extent of its problems.
We should note that AMSC has a strong balance sheet with $500M in equity out of $640M in total assets, and almost no debt. Goodwill and intangibles are small at $53M, and there is $240M is cash and securities. At the same time, the company is in the process of a $265M acquisition of The Switch Engineering company, expected to close in August, which is certain to result in further dilution at this difficult time.
To quote Warren Buffett, "Time is the friend of the wonderful company, the enemy of the mediocre." So, we normally prefer to invest in companies with strong records of long-term profitability and compounding, to have time on our side. AMSC is certainly not one of them. However, given the attractive price close to book value, a strong balance sheet, and a vote of confidence from Kevin Douglas, we see AMSC as an attractive speculative opportunity.
Disclosure: I am long AMSC.
Quelle: Seeking alpha
On April 5, American Superconductor (AMSC) announced that its major customer, Sinovel Wind Group, refused a product shipment. With Sinovel accounting for 73% of AMSC revenues, the news sent AMSC shares diving from $24.88 to $14.47. Since then, the stock has fallen further, reaching $8.10 on June 1. While the price drop may be appropriate given the fundamentals of AMSC, which we examine later in this article, there is one curious circumstance that suggests there may be an opportunity here. AMSC has a large beneficial owner, Kevin Douglas, who has accumulated a 22.8% stake in the company, buying shares both before and after the bad news. Let's take a look at who Mr. Douglas is, and what we can learn about AMSC from his track record.
We examined ownership reports filed with the SEC for companies where Mr. Douglas was a 10% beneficial owner. We excluded Stamps.com (STMP), where Mr. Douglas was a director, and EnteroMedics (ETRM), which is a new investment. We found the following investments:
IMAX Corporation (IMAX): Between April 2007 and May 2008, Mr. Douglas acquired 8.6M shares at prices ranging from $4 to $7.22 per share. He sold 0.9M shares in November 2010 at $21.87 - $22.75. The current IMAX stock price is $34.24. We estimate the total return on this $50M investment at 6x within 3.5 years, or a CAGR of 67%.
Westport Innovations (WPRT): Between February and July 2010, Mr. Douglas acquired 7.5M shares at prices ranging from $12.95 to $19.36. The stock currently trades at $24.89. We estimate the total gain on this $112M investment at 60% in one year.
Rural Cellular Corp: Between July and September 2005, Mr. Douglas acquired 1.8M shares at prices ranging from $7.19 to $12.02 per share. Rural Cellular was acquired by Verizon (VZ) for $45 per share some two years later (announced in 2007, the acquisition closed in August 2008). We estimate Mr. Douglas' gain at 5.8x on this $14M investment, and CAGR at 25%.
Friendly Ice Cream Corp: Between July and November 2004, Mr. Douglas acquired 0.8M shares, at prices between $7.74 and $12.28. The company was acquired in June 2007 for $15.50 a share, translating into a 25% gain on the total investment of $10.5M over three years, leading to a sub-par CAGR of 8%.
Hansen Natural Corporation (HANS): Between June 2003 and January 2004, Mr. Douglas acquired 0.3M shares at an average price of $0.58. With HANS currently trading at $69.62, his relatively small investment of $190K has grown more than 100 fold, or a CAGR of some 80%.
We published detailed records of the Mr. Douglas' transactions in the following spreadsheet. Mr. Douglas had a number of wins. "Smart money" comes to mind. Mr. Douglas has now invested around $270M in AMSC at a weighted average price of $28.26, making the current price appear attractive. His latest purchase was of 3M shares at $14.47 on April 6, after the bad news came out.
AMSC is currently priced below the Book Value of its equity ($9.86). The company has been modestly profitable since 2009, most recently generating a return on equity (ROE) of 10%. We should note that the longer term history of AMSC is that of over a decade of consistent losses:
Click to enlarge
The company survived by repeatedly raising capital through stock offerings, indicated by (SO) markers on the chart below, leading to massive dilution of its common stock:
Click to enlarge
The brief period of profitability is now set to end. Why would a smart investor like Mr. Douglas be interested in AMSC? We can only speculate that the main value of this company may be in its IP portfolio and know-how in the booming markets for wind power generation and smart electrical grid infrastructure, making it essentially a venture investment.
How big of a loss can one expect? AMSC announced that the annual revenue may drop from $430M to below $355M. The company has a gross margin of about 40%, so the $75M+ drop in revenue can translate into a $30M+ drop in operating income. The company is reviewing at least $56M of already recognized revenue, which is not surprising as its accounts receivable jumped to $114M as of December 31, 2010, from $49M a year earlier. A reduction in the income tax expense could partially offset the loss, perhaps by $10M or so. Overall, we guess that the net income could drop by anywhere from $20M to $50M. In fiscal 2010, the net income was $16M. A $4M to $34M loss in fiscal 2011 could reduce the book value by $0.09 to $0.75 per share. The company has delayed the 10-K filing due at the end of May, as it is reviewing revenue recognition, so it may be some time before we find out the extent of its problems.
We should note that AMSC has a strong balance sheet with $500M in equity out of $640M in total assets, and almost no debt. Goodwill and intangibles are small at $53M, and there is $240M is cash and securities. At the same time, the company is in the process of a $265M acquisition of The Switch Engineering company, expected to close in August, which is certain to result in further dilution at this difficult time.
To quote Warren Buffett, "Time is the friend of the wonderful company, the enemy of the mediocre." So, we normally prefer to invest in companies with strong records of long-term profitability and compounding, to have time on our side. AMSC is certainly not one of them. However, given the attractive price close to book value, a strong balance sheet, and a vote of confidence from Kevin Douglas, we see AMSC as an attractive speculative opportunity.
Disclosure: I am long AMSC.
Trading Spotlight
during the first quarter
Erstens ist das kein Hammerinvestment, nicht fuer Soros und nicht fuer AMSC und zweitens war das in Q1/2011. Also bevor AMSC seine tollen Ansagen gemacht hat. Bedeutet, dass auch ein Soros am Ende ein ganz normaler Anleger ist.
Hat Soros den Mist noch? Weiss man nicht. Ist er bei einer der Sammelklagen eingestiegen? Weiss man auch nicht.
Ganz interessant ist, dass der gar so integere Vorstandsvorsitzende den Abgang gemacht hat. Ersetzt wurde er durch den COO. Eigentlich uebel, aber im Zweifel mal fuer den Angeklagten, denn der hatte seinen Job erst seit Dezember.
Erstens ist das kein Hammerinvestment, nicht fuer Soros und nicht fuer AMSC und zweitens war das in Q1/2011. Also bevor AMSC seine tollen Ansagen gemacht hat. Bedeutet, dass auch ein Soros am Ende ein ganz normaler Anleger ist.
Hat Soros den Mist noch? Weiss man nicht. Ist er bei einer der Sammelklagen eingestiegen? Weiss man auch nicht.
Ganz interessant ist, dass der gar so integere Vorstandsvorsitzende den Abgang gemacht hat. Ersetzt wurde er durch den COO. Eigentlich uebel, aber im Zweifel mal fuer den Angeklagten, denn der hatte seinen Job erst seit Dezember.
Soros hat gekauft!
14. American Superconductor (AMSC): American Superconductor provides wind turbine designs and electrical control systems. AMSC recently traded at $10.25. AMSC has lost 58.8% since the end of March. The stock has a market cap of $0.52 billion and P/E ratio of 11.9. Soros initiated a $13 million position in AMSC during the first quarter. Philip Hempleman’s Ardsley Partners initiated a new position in AMSC during the first quarter as well.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Quelle:
http://seekingalpha.com/article/271893-george-soros-top-new-…
14. American Superconductor (AMSC): American Superconductor provides wind turbine designs and electrical control systems. AMSC recently traded at $10.25. AMSC has lost 58.8% since the end of March. The stock has a market cap of $0.52 billion and P/E ratio of 11.9. Soros initiated a $13 million position in AMSC during the first quarter. Philip Hempleman’s Ardsley Partners initiated a new position in AMSC during the first quarter as well.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Quelle:
http://seekingalpha.com/article/271893-george-soros-top-new-…
Theswitch und Goldwind http://www.theswitch.com/press-releases/the-switch-full-powe…
Toshiba kauft Landis Gyr http://www.landisgyr.com/en/pub/media/press_releases.cfm?new…
Theswitch sieht sich längerfristig als Marktöffner Chinas nach Westen: East goes West
http://www.theswitch.com/blogs/east-goes-west/
man lese: ....Repower and Enercon have conquered Germany.... und damit meinen sie: market penetration is difficult for new entrants
http://www.theswitch.com/blogs/east-goes-west/
man lese: ....Repower and Enercon have conquered Germany.... und damit meinen sie: market penetration is difficult for new entrants
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