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    Headwaters, kaufen? - 500 Beiträge pro Seite (Seite 2)

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      Avatar
      schrieb am 09.08.06 13:23:17
      Beitrag Nr. 501 ()
      Antwort auf Beitrag Nr.: 23.345.174 von Stoni_I am 07.08.06 19:55:20Should I catch this filling knife ?

      Gestern ging es in USA ja nochmals kräftig runter. So langsam geht es Richtung 52W-Tief. Der Dollarkurs tut sein übriges, so dass der Einstieg auf EUR-Basis optisch noch billiger erscheint. Freilich erkauft man sich dafür das Dollar-Abwertungsrisiko mit. Auch die Aktien der großen Kohleförderer fallen deutlich. Offensichtlich fängt man an, eine deutliche Verlangsamung des Energieverbrauchs aufgrund Abkühlung der Konjunktur einzupreisen.

      Für einen eher antizyklisch orientierten Anleger wie mich stellt sich jetzt die Frage, ob HW hierfür geeignet ist und ob der Zeitpunkt zum Einstieg schon da ist.

      Derzeit besteht bei den Anlegern wohl große Ungewissheit, auf welchen Geschäftsbereichen HW in Zukunft tätig sein wird. Haupttreiber für den enormen Kursanstieg im 5-Jahreschart war aber wohl der Bereich "alternative energy". Die Ungewissheit wird wohl bis zu den nächsten Quartalszahlen eher bestehen bleiben. Und beim Betrachten des Fünf-Jahres-Charts ist auch noch Platz nach unten. Man muss wohl derzeit fragen: was ist HW nur mit GB "construction materials" wert ?
      Avatar
      schrieb am 09.08.06 18:43:03
      Beitrag Nr. 502 ()
      Antwort auf Beitrag Nr.: 23.367.508 von SimplyRed am 09.08.06 13:23:17Tja, wenn man sich das KUV von Bilfinger&Berger oder Hochtief anschaut, müsste man sagen: Deutlich weniger als heute.

      Ich denke, ohne es nachgeprüft zu haben, das wird bei der Bewertung von amerikanischen Bau- oder auch Transportwerten wohl nicht viel anders sein. Werden wohl deutlich unter Technologiewerten bepreist sein.

      Unverständlich ist mir dabei aber die absolut hohe KGV-Bewertung von z.B. beiden o.g. Bauwerten. Und vom aktuellem KGV um die 11 - ohne Sec.29-Erträge! - her betrachtet, hätte Headwaters eigentlich nie soweit abstürzen dürfen, auch wenn die enormen Steigerungsraten der Vergangenheit wohl passé sind. Lt. Bilanz liegt das EK/Aktie bei rd. 15,80 Dollar - o.k., aufgrund der Aktivapositionen bei negativem Geschäftsverlauf (Impairment Tests Lieferbeziehungen etc.) vielleicht auch schnell erheblich drunter.

      Ich kann immer noch nicht nachvollziehen, warum die Aktie soweit runtergekommen ist. Und die Sache mit Sec. 29/Sec.45 habe ich zwar im Prinzip verstanden, aber das mit der Kohleverflüssigung und warum die HW-Kunden größtenteils den Betrieb einstellen, wo sich das Geschäft bei dem jetzigen Ölpreisniveau auch ohne Steuererstattung doch lohnen sollte, immer noch nicht. Vielleicht mache ich auch einen Fehler und gehe vom guten Brent-Öl-Preis aus, aber der Preis für (schwereres, schlechteres Öl) aus Kohle liegt doch noch zu tief.

      Ein zwingender Kauf ist die Aktie nach der Entwicklung in den letzten Monaten sicherlich nicht. Und wenn man sich den traurigen Chart ansieht, erst recht nicht.

      Dennoch:
      Der Bereich Construction Materials ist offenbar eher im Bereich Haus-Renovierung-/Aufwertung anzusiedeln. Von einem evtl. Abflauen der Immopreise in den USA mit einem evtl. Rückgang der Neubauprojekte dürfte er nicht so stark betroffen sein wie reine Hausbaufirmen, vielleicht profitiert er sogar. Die anderen Geschäftsbereiche haben viele Potentiale. Headwaters ist bei neuen, kommmerziell lohnenden Produkten sehr aktiv. Die Q3-Zahlen haben den Kursverfall (vorläufig) gestoppt.
      Avatar
      schrieb am 31.08.06 14:42:10
      Beitrag Nr. 503 ()
      Ist einsam geworden hier. Sind noch alle im Urlaub oder nur nicht mehr investiert. Wenn es nicht mit dem Teufel zu geht, muesste doch langsam mal der Boden gefunden sein. Gibt's noch Charttechniker hier? Kurze Analyse waere nett...

      Danke
      Lakshmi
      Avatar
      schrieb am 31.08.06 21:13:55
      Beitrag Nr. 504 ()
      Antwort auf Beitrag Nr.: 23.700.718 von Lakshmi23 am 31.08.06 14:42:10Nach der Auflösung meiner größeren Position nur mit 100 Stück mit etwa aktuell 14 % Verlust dabei.

      Charttechnisch gesehen ist seit der letzen Zahlenbekanntgabe eine Beruhigung eingetreten. Von einer abgeschlossenen Bodenbildung kann man noch nicht sprechen. Interessant bleibt, ob der Wert jetzt die 38 Tage-Linie überspringt oder nicht. Erst bei erfolgreich abgeschlossener Bodenbildung verdopple ich den Einsatz.

      Im Mehrjahresvergleich hat der Nasdaq Composite Headwaters wieder eingeholt. Ist halt verdammt schwierig, über Jahre einen großen Index zu schlagen. :(




      Avatar
      schrieb am 01.09.06 12:23:41
      Beitrag Nr. 505 ()
      Antwort auf Beitrag Nr.: 23.372.900 von Stoni_I am 09.08.06 18:43:03Ich kann immer noch nicht nachvollziehen, warum die Aktie soweit runtergekommen ist. Und die Sache mit Sec. 29/Sec.45 habe ich zwar im Prinzip verstanden, aber das mit der Kohleverflüssigung und warum die HW-Kunden größtenteils den Betrieb einstellen, wo sich das Geschäft bei dem jetzigen Ölpreisniveau auch ohne Steuererstattung doch lohnen sollte, immer noch nicht.

      lies diesen Artikel aus dem TIME-Magazin von 2003.

      http://www.freerepublic.com/focus/f-news/1002882/posts

      Diese Synfuel-Geschichte ist ein Scam, der einzig betrieben wird, um Steuervergünstigen zu bekommen.

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      Avatar
      schrieb am 01.09.06 12:35:01
      Beitrag Nr. 506 ()
      Antwort auf Beitrag Nr.: 23.709.450 von Stoni_I am 31.08.06 21:13:55Vielen Dank fuer das Update
      Avatar
      schrieb am 01.09.06 12:35:11
      Beitrag Nr. 507 ()
      Antwort auf Beitrag Nr.: 23.717.471 von Global_Strategy am 01.09.06 12:23:41Das war mal ein Posting von mir, bereits vor langer Zeit in einem anderen Thread:




      Vereinfacht ausgedrückt ist das Problem das Synfuel Business, wobei
      diese Sparte als ehemaliges Kerngeschäft von HW immer noch mehr als die
      Hälfte der operativen Erträge von HW ausmacht. Ich glaube, dass
      viele Investoren, gerade die Nano-Investoren, gar nicht wissen, was die
      Energiesparte von HW eigentlich macht, siehe beisp.
      die deutschen Empfehlungen.

      Beim Synfuel geht es nicht um die Herstellung von Benzin aus Kohle
      (Coal liquefaction), wie man auf den ersten Blick vermuten könnte,
      sondern nur darum, dass Kohle speziell aufbereitet wird, um beim
      Einsatz in klassischen Kraftwerken besseren Brennwert und weniger
      umweltschädliche Emission zu bewirken. Soweit sinngemäss die Behauptung
      von HW.

      HW verkauft dazu einen chemisches Reagenzstoff an lizensierte Betreiber
      von Synfuel Produktionsanlagen, die dann das produzierte Synfuel
      offenbar an normale Kohlekraftwerke verkaufen.

      Das Problem ist, dass es möglicherweise gar keinen chemischen Nutzen
      von Synfuel gegenüber normaler Kohle gibt. Kritiker, auch die
      US-Steuerbehörde (IRS), bezweifeln es jedenfalls.

      Warum wird dieses Synfuel dann trotzdem produziert und an
      Kraftwerksbetreiber verkauft? Weil diese Synfuel-Produktion seit Jahren
      in ein steuerliches Schlupfloch fällt und noch grosszügig mit Tax
      Credits gefördert wird. Diese Förderung läuft aber Ende 2007 aus. Sie
      kann zudem bereits früher reduziert oder eingestellt werden, wenn der
      Ölpreis im Jahresmittel einen gewissen Schwellwert übersteigt. M.E.
      der Einflussfaktor für den Kursrückgang bei HW, als der Ölpreis im
      August explodierte. Weil die Sache auf Jahres-Durchschnittspreisen
      basiert, besteht m.E. für 2005 jedoch diesbezüglich keine Gefahr mehr,
      weil dazu noch ein deutlicher Ölpreisanstieg benötigt werden würde.

      Wenn man jetzt davon ausgeht, dass Synfuel vermutlich kaum echten
      chemischen Nutzen gegenüber Normalkohle bringt und nur aus
      Steuertrickgründen produziert wird, bedeutet das bei Wegfall der Tax
      Credits dann das komplette Aus der Synfuel-Produktion. Somit
      auch das Ende von HW's Reagenzstoffverkäufen. Eine bisherige
      Hauptertragsquelle von HW bricht dann komplett weg.

      Das erklärt auch die (weitgehend kreditfinanzierten) Akquisitionen von
      HW im Building Materials Bereich, um ein Ersatzgeschäft zu schaffen.
      Avatar
      schrieb am 01.09.06 16:02:06
      Beitrag Nr. 508 ()
      Antwort auf Beitrag Nr.: 23.717.623 von Global_Strategy am 01.09.06 12:35:11Danke für die Postings.

      Vollkommen richtig - anders kann es nicht sein. Z.B. hat der Effecten-Spiegel Headwaters seit langer Zeit in seinem Musterdepot unter der "prestigeträchtigen" Klasse "Nanotechnologie" drin.

      Bevor ich mich da selbst näher mit beschäftigt habe, hatte ich das anfangs auch geglaubt. Klingt erstmal gut. Sieht man dann genauer hin, wie ich es im Posting 495 veröffentlicht habe, müsste es eigentlich "Baubranche" heissen.

      Das ändert aber nichts an den Tatsachen,
      o das die sich frühzeitig ein anderes Betätigungsfeld gesucht haben, in dem jetzt der Großteil des Umsatzes und der Gewinne anfallen
      o so wie ich es verstanden habe, die diesjährigen Sec. 29/45 Gewinnanteile zwar genannt, in den offiziellen Zahlen aber nicht enthalten sind.
      o weiterhin vielfache Chancen auf neue Produkte außerhalb des Baubereiches bestehen.

      Aber auch nichts an den Tatsachen
      o das der Goodwill etc. auf der Aktiva-Seite schon enorm ist
      o das bei vollständiger Rausrechnung des o.g. Bereichs vielleicht aus heutiger Sicht so 30 % bei Umsatz und Ertrag wegfallen.

      Ob das dann heisst, das der Kurs auch jetzt nochmals um 30 % nachgibt, mag ich nicht vorauszusagen. Sicherlich nicht nur mich würde daher Deine Einschätzung der aktuellen Lage und des Kurses sehr interessieren.
      Avatar
      schrieb am 01.09.06 17:03:28
      Beitrag Nr. 509 ()
      Antwort auf Beitrag Nr.: 23.721.100 von Stoni_I am 01.09.06 16:02:06Ob das dann heisst, das der Kurs auch jetzt nochmals um 30 % nachgibt, mag ich nicht vorauszusagen. Sicherlich nicht nur mich würde daher Deine Einschätzung der aktuellen Lage und des Kurses sehr interessieren.

      ob der Kurs nochmals um 30% nachgeben wird, kann ich auch nicht vorhersagen. Denn das hängt ja nicht von mir, sondern den Entscheidungen der investierten Instis/Fonds ab.

      Die Aktivitäten im Building Materials-Bereich sehe ich grundsätzlich nicht negativ. Sie sprechen natürlich einen anderen Anlegertyp als den auf Nanotech fokussierten Spekulanten an. Ich selber muss klar sagen, dass mir ein solides Bauzuliefergeschäft, wenn in diesem gutes Geld verdient wird, viel lieber ist als die die meisten Nano-Buden, die hier in den anderen Threads diskutiert weden.

      Problematisch bei HW finde ich jedoch, dass im letzten Quartal noch 44% des Gross Profits aus der "Alternative Energy"-Sparte kam (also Synfuel-bezogen; die Erträge der neueren Aktivitäten wie die echte Kohlverflüssigung oder das JV mit Degussa werden wohl noch keine nennenswerten Erträge liefern; wenn nicht derzeit sogar noch Anlaufverluste).

      Und auch die langfristige Verschuldung (~ $600 Mio) ist noch recht hoch. Zudem ist die Baumaterialiensparte (wie z.B. Eldorado Stone, Tapco) stark auf den Residential Construction/Housing Bereich ausgerichtet, wo unklar ist, wie stark sich dieser angesichts der Zinserhöhungen in US abschwächen könnte.


      Tja, als ehrliches Fazit vielleicht: Als Investment drängt sich mir die HW derzeit nicht auf, den bisherigen Kursverfall fand ich recht logisch; geshorted habe ich aber nicht.
      Avatar
      schrieb am 01.09.06 18:10:32
      Beitrag Nr. 510 ()
      Antwort auf Beitrag Nr.: 23.722.189 von Global_Strategy am 01.09.06 17:03:28Nochmals Danke.

      Zeigt sich halt immer wieder: Eigene Recherche ist bei Einzelinvestments durch nichts zu ersetzen. Bloss sich nicht durch Analysten, Musterdepots, optimistische Unternehmensvertreter etc. blenden lassen. Und selbst, wenn es so ein seriöseres Blatt wie der Effecten-Spiegel ist, das den Neue-Markt-Hype überstanden hat. Dann lieber ein Indexpapier kaufen und schlafen legen.

      Wenn man sich im Ausland nicht gut auskennt - sprich Sprache, Kultur - Politik - Web-Sites - Hintergründe - lässt man von Einzelinvestment besser gleich die Finger. Habe ich bei Headwaters aber ausnahmsweise nicht gemacht. Naja, Verlust hält sich bei mir vergleichsweise in Grenzen. ;)

      Ich habe dann noch ebenfalls im Kleinumfang eine Art Vietnam-Fond im Depot. Ich hoffe, das es da auf 10 Jahressicht besser läuft.
      Avatar
      schrieb am 06.09.06 18:35:54
      Beitrag Nr. 511 ()
      Endlich mal ein WO-Thread den es sich durchzulesen lohnt.
      Dickes Lob an Global_Strategy, SimplyRed und Stoni für eure Recherchen, Meinungen und Thesen.

      Durch diese Infos drängt sich bei mir kein Kauf von Headwaters mehr auf, werde aber mal die Kohlegruben abchecken.

      PS. habe mir eine Anfangsposition an der Masterflex AG zugelegt; sieht vom Chartverlauf ähnlich aus wie Headwaters und ist unter antizyklischen Gesichtspunkten ebenfalls sehr interessant.
      Avatar
      schrieb am 08.09.06 16:57:50
      Beitrag Nr. 512 ()
      Antwort auf Beitrag Nr.: 23.717.623 von Global_Strategy am 01.09.06 12:35:11Herzlichen Dank für den sehr informativen Beitrag. Es handelt sich ja offensichtlich um ein Steuerparadoxum wie aus dem Lehrbuch. Warum die staatliche Förderung aber mit zunehmendem Ölpreis abnimmt (statt zu steigen), das verstehe ich immer noch nicht. Dient denn die Förderung nicht dazu, Öl durch alternative Energieträger zu substituieren ? Und ich dachte, nur die Deutschen machen schwachsinnige Steuergesetze.

      Was HW anbelangt, gilt im Moment bei mir die Devise : erst mal Finger weg und weiter beobachten.
      Avatar
      schrieb am 08.09.06 21:16:36
      Beitrag Nr. 513 ()
      Antwort auf Beitrag Nr.: 23.826.766 von SimplyRed am 08.09.06 16:57:50Ich verstehe das so:
      Steht der Ölpreis über 60$, verdient man an der Kohleverflüssigung.
      Liegt der Ölpreis unter 60$ werden Subventionen gezahlt, damit sich sich die Sache auch rechnet. Das wird wohl ähnlich so sein wie bei den Deutschen Kohlesubventionen.
      Bitte berichtigt mich falls ich einen Gedankenfehler mache.
      Avatar
      schrieb am 11.09.06 16:59:04
      Beitrag Nr. 514 ()
      Antwort auf Beitrag Nr.: 23.833.380 von Chris54 am 08.09.06 21:16:36HW nimmt Kurs auf ihr 52-W-Tief. Gleichzeitig purzeln die Kohle-Aktien. Seht Euch mal den Chart von Peabody der letzten Tage an. Ursprünglich hatte ich ja mal die Frage in den Ring geworfen, ob man eher mit HW oder eher den reinen Kohle-Playern am erwarteten Kohle-Boom partizipieren kann. Und jetzt fällt erst mal alles:

      Öl, Gold, Kohle etc.

      Hmm, was ist jetzt die richtige Strategie ?
      Avatar
      schrieb am 14.09.06 18:22:15
      Beitrag Nr. 515 ()
      Was ist denn nun los? USA & GER + 11 Prozent und 1,6 Mio Stk. gehandelt in US.

      Weiss jemand mehr?:confused:
      Avatar
      schrieb am 14.09.06 18:36:40
      Beitrag Nr. 516 ()
      Avatar
      schrieb am 14.09.06 18:45:29
      Beitrag Nr. 517 ()
      Antwort auf Beitrag Nr.: 23.935.946 von Stoni_I am 14.09.06 18:36:40Man achte im Handelsblatt-Artikel auf die Autoren:

      Zitat: " ... Robin Batchelor und Poppy Allonby sind Co-Fondsmanager des MLIIF New Energy Fund bei Merrill Lynch Investment Managers." ;)
      Avatar
      schrieb am 15.09.06 22:00:00
      Beitrag Nr. 518 ()
      Antwort auf Beitrag Nr.: 23.935.658 von Lakshmi23 am 14.09.06 18:22:15Aha, das hier

      http://biz.yahoo.com/ap/060914/headwaters_mover.html?.v=1

      Wahrscheinlich schaut aber sowieso jeder Interessierte bei dem unten genannten yahoo-Link nach. Tenor jedenfalls:

      "NEW YORK (AP) -- Shares of Headwaters Inc., which licenses technology and sells chemicals to synthetic fuel facilities, rose Thursday after one of its largest customers announced plans to restart its synfuel operations. ...."

      So verrückt wie es klingen mag, aber Headwaters scheint aufgrund der Steuergeschichte im Moment eine der Aktien zu sein, die von einem fallenden Ölpreis enorm profitieren würden, weil dann die Wahrscheinlichtkeit für die Zahlung der Steuergutschriften steigt. Wenn's mit der Steuergutschriftenregelung 2007 (?)aber vorbei sein sollte, sieht es diesbezüglich wohl wieder total anders aus. :rolleyes:
      Avatar
      schrieb am 15.09.06 22:48:42
      Beitrag Nr. 519 ()
      Antwort auf Beitrag Nr.: 23.935.658 von Lakshmi23 am 14.09.06 18:22:15Was ist denn nun los? USA & GER + 11 Prozent und 1,6 Mio Stk. gehandelt in US. Weiss jemand mehr?

      Na, die Headwaters-Aktie ist bis Ende 2007 gewissermassen eine Put-Option auf den Ölpreis, und unlängst hat letzterer wieder nachgegeben.

      Bei niedrigerem Ölpreis könnte es in 2007 noch letztmalig die Section 29 Steuerförderung für die Synfuel-Kohlebesprühanlagen geben.

      Und zusätzlich wurde die Aktie in USA empfohlen, allerdings mit der Nebenbemerkung drin, dass der Empfehler noch gar nicht viel über das Geschäft von Headwaters weiss:


      It might even be possible to see some of the coal technology companies climb, too, if coal gasification or newer clean coal technologies might get a boost from this renewed focus on emissions. That could perhaps be folks like Sasol (NYSE: SSL - News) with their coal liquefication system, or Headwaters (NYSE: HW - News) with their various coal technologies, for example, though I can't claim to know much about that business.
      Avatar
      schrieb am 15.09.06 22:58:03
      Beitrag Nr. 520 ()
      Antwort auf Beitrag Nr.: 23.960.335 von Stoni_I am 15.09.06 22:00:00So verrückt wie es klingen mag, aber Headwaters scheint aufgrund der Steuergeschichte im Moment eine der Aktien zu sein, die von einem fallenden Ölpreis enorm profitieren würden, weil dann die Wahrscheinlichtkeit für die Zahlung der Steuergutschriften steigt. Wenn\'s mit der Steuergutschriftenregelung 2007 (?)aber vorbei sein sollte, sieht es diesbezüglich wohl wieder total anders aus

      richtig! Genau so sieht's aus.


      Bei der Sasol ist es hingegen umgekehrt. Die machen in Südafrika echte coal liquefication; ein fallender Ölpreis ist insofern für dieses Geschäft negativ.
      Avatar
      schrieb am 15.09.06 23:03:58
      Beitrag Nr. 521 ()
      ohnehin ist das völlig unsinnig, Kohleverflüssigung a la Sasol mit niedrigeren Emissionen in Verbidung zu setzen.

      Gerade die Herstellung von Treibstoff aus Kohle ist mit erheblichen CO2-Emissionen verbunden.

      http://www.rwe.com/generator.aspx/templateId=renderPage/id=7…
      Avatar
      schrieb am 18.09.06 13:56:50
      Beitrag Nr. 522 ()
      Antwort auf Beitrag Nr.: 23.961.929 von Global_Strategy am 15.09.06 23:03:58Wenn Geld zu verdienen ist, fallen alle Skrupel. Da interessieren CO2-Emissionen offenbar überhaupt nicht, siehe Ölsand-Aktivitäten in Kanada.

      Wehe, wenn der Ami nicht mehr mit seinem Pickup die unendlichen Weiten der Prärie überbrücken kann. ;)
      Avatar
      schrieb am 18.09.06 17:32:27
      Beitrag Nr. 523 ()
      Antwort auf Beitrag Nr.: 24.018.414 von Stoni_I am 18.09.06 13:56:50So ist das halt Stoni: Wenn man Geld sparen kann, fallen sonst vertretene Ideale. Oder hast Du schon mal eine Mutter darüber nachdenken sehen, dass Kinder in China oder Vietnam 17 Stunden am Tag an der Nähmaschine sitzen und giftigen Kleber einatmen, damit das T-Shirt beim deutschen Discounter nur 3 EURO und der Rucksack nur 6 EURO kosten. Komischerweise ist in dem von Dir eingestellten Handelsblatt-Artikel davon die Rede, dass die Kohleverflüssigung umweltfreundlich sei.

      Zurück zu Headwaters:

      Oute mich hiermit als neuer HW-Aktionär. Hatte in der verganenen Woche mich mal intensiver mit HW beschäftigt. Im Yahoo-Board hat jemand eine sehr detaillierte Zusammenfassung des letzten ConCalls eingestellt. HW's CEO geht dabei von kompletten Wegfall der Sec-29-revenues aus.

      Der Constructions and fly ash-Geschäftsbereich soll sich nach den internen Planungen mit jährlichen Wachstumsraten von 12 % entwickeln (Fly-ash wird übrigens verwendet bei der Produktion von Beton anstelle des Luftverpesters Nr. 1 Portland-Zement und führt hier zu einer merklichen reduzierung der Emissionen).

      Es wurden vier neue aussichtsreiche Geschäftsbereiche vorgestellt:

      H202 (JV mit Degussa)

      Heavy Oil Upgrading

      Ethanol

      Coal Cleaning

      Wenn man sich mal näher mit den neuen Geschäftsbereichen beschäftigt (was zugegebenermaßen sehr aufwendig ist), erkennt man, oder besser gesagt habe ich geglaubt zu erkennen, dass HW eine große Innovationskraft besitzt. Auch der frühzeitige Aufbau eines cash-flow-stabilen neuen Geschäftsbereiches construction materials ob des zu erwartenden Wegfalls der Sec-29-revenues kann man durchaus auch als Weitsicht des Mgts interpretieren.

      Daneben ist HW mit diversen anderen Projekten zugange, bei welchen auch mehr oder weniger Nano-Know How einfließt.

      Ich war ja ursprünglich dank eines Welt-Artikels, der davon sprach, dass Kohle im Verhältnis zu Öl unterbewertet sei und dessen Anteil an der gesamten Energieerzeugung steigen soll, auf HJW gestoßen und hatte mir die Frage gestellt, ob es günstiger sei in Unternehmen zu investieren, die sich mit Optimierung des Rohstoffeinsatzes Kohle beschäftigen oder Kohleplayer a la Peabody. Eine Peabody hat dieses Jahr übrigens auch ihre 50% verloren. Da Kohlevorräte in ausreichender Zahl vorhanden sind, scheint einem Nachfrageüberhang in relativ kurzer Seit eine deutliche Ausweitung des Angebots zu folgen mit entsprechenden Auswirkungen auf den Kohlepreis. Dann werden eben die Kohleförderaktivitäten in China & Co wieder forciert mit entsprechenden Folgen für die Gesundheit der bergleute dort (womit wir wieder beim Eingangsthema wären).

      Der Staat Kalifornien hat neue Richtlinien zur Emissionsreduktion erlassen. Demzufolge ist davon auszugehen, dass die coal plants in den USA ihre Umweltstandards verbessern müssen, wenn sie nicht an die vermeintlichen sauberen Energien (natural gas & co.) verlieren wollen.

      Kurzum:
      Aus meiner Sicht scheint die Optmierung des Rohstoffeinsatzes Kohle und Optimierung rund um die Wertschöpfungskette das vielversprechendere Thema zu sein. HW scheint mir die innovativste Firma auf diesem Gebiet zu sein. Dass die Entwicklung des Ölpreises nun möglicherweise zu "windfalling profits" für HW führt, ist dabei ein angenehmer Nebeneffekt, aber nicht für den Kauf ausschlaggebend.

      Nachdem ich mich letzte Woche regelrecht überwinden musste, HW trotz der gewaltigen goodwills zu kaufen, wurde ich am gleichen Tag nachmittags mit einem 9%-Sprung der Aktie belohnt. Aber das sind eh nur Buchgewinne.

      Mal abwarten, wie falsch ich mit meiner Einschätzung liege.
      Avatar
      schrieb am 18.09.06 21:59:40
      Beitrag Nr. 524 ()
      Antwort auf Beitrag Nr.: 24.018.414 von Stoni_I am 18.09.06 13:56:50Wenn Geld zu verdienen ist, fallen alle Skrupel. Da interessieren CO2-Emissionen offenbar überhaupt nicht, siehe Ölsand-Aktivitäten in Kanada.

      das es klar. Beitrag #519 von mir zielte jedoch darauf ab, wie schlecht fundiert Aktienempfehlungen häufig sind.

      Immerhin hat der Empfehler jedoch eingeräumt, dass er noch gar nicht viel über das Geschäft von Headwaters weiss.
      Avatar
      schrieb am 18.09.06 22:00:20
      Beitrag Nr. 525 ()
      Antwort auf Beitrag Nr.: 24.028.917 von Global_Strategy am 18.09.06 21:59:40Korrektur: sollte heissen:

      "das ist klar", nicht "da es klar"
      Avatar
      schrieb am 03.10.06 18:10:20
      Beitrag Nr. 526 ()
      Haaaaaaaallllllllllllloooooooooooo,
      keiner mehr hier?
      Bei dem derzeitigen Ölpreisen sollte doch Headwaters wieder bessere Ergebnisse abliefern können (verweise auf die Subventionsproblematik die hier in letzter Zeit erörtert wurde).
      Der Absturz der Headwatersaktie war m.E. eh total übertrieben.
      Avatar
      schrieb am 13.10.06 09:08:33
      Beitrag Nr. 527 ()
      Antwort auf Beitrag Nr.: 24.382.516 von Moosmann21 am 03.10.06 18:10:20Headwaters profitiert derzeit von dem gesunkenen Ölpreis, da immer mehr plants wieder ihre synfuel-Produktion aufnehmen. Im Yahoo-Board gibt es die wildesten Rechnungen, wann denn nun welcher sec29-extra-profit zu erwarten ist für Headwaters. Zudem wird in einem aktuellen Barron's-Artikel spekuliert, dass die tax benefits möglicherweise verlängert werden, da die USA ihre Abhängigkeit von dem teuren "foreign oil" verringern wollen. Ich betrachte dies nur als I-Tüpfelchen zu den bestehenden hervorragenden Chancen aufgrund einer Vielzahl von neuen Projekten HW's (die sind aber hier alle schon ausreichend dargestellt worden). Warten wir mal ganz gelassen die weitere Entwicklung ab.
      Avatar
      schrieb am 01.11.06 16:18:28
      Beitrag Nr. 528 ()
      Headwaters Incorporated (NYSE:HW) will announce financial results for the fiscal fourth quarter and year-ended September 30, 2006, before the market opens on Tuesday, November 7, 2006. Following the release, Headwaters will host a conference call with a simultaneous webcast at 11 a.m. Eastern/9 a.m. Mountain to discuss the company's financial results and business outlook. The conference call will feature Chairman and Chief Executive Officer Kirk A. Benson and Chief Financial Officer Scott K. Sorensen. The call will be available live via the Internet by accessing the company's Web site at www.headwaters.com and clicking on the Investor Relations section. To listen to the live broadcast, please go to the Web site at least 15 minutes early to register, download and install any necessary audio software.

      For those who cannot listen to the live broadcast, an online replay will be available for 90 days on www.headwaters.com, or a phone replay will be available through November 14, 2006, by dialing 800-405-2236 or 303-590-3000 and entering the pass code 11075200

      ...

      Mal sehen, ob die Durststrecke endlich ein Ende hat...
      Avatar
      schrieb am 06.11.06 18:24:13
      Beitrag Nr. 529 ()
      SOUTH JORDAN, Utah, Nov 03, 2006 (BUSINESS WIRE) --
      Headwaters Incorporated (NYSE: HW) today announced that its Headwaters Heavy Oil unit has re-branded its breakthrough technology for improving the efficiency of refining heavy petroleum feedstocks.

      "HCAT(TM)" is the new trade name for the catalyst technology. The technology was previously known as (HC)3.

      "Following years of development and testing, our unique heavy oil upgrading technology is now entering full commercialization," said Craig Hickman, President of Headwaters Heavy Oil. "We believe HCAT has the potential to revolutionize heavy oil hydrocracking."

      Headwaters Heavy Oil anticipates that the upgrading technology represents a leap forward from current refining technologies that have been in use for over 50 years. The Headwaters process uses a liquid catalyst precursor to generate a highly active molecular catalyst to convert residual oil feedstocks into higher-value distillates that can be easily refined into gasoline, diesel and other fuel products.

      By improving the conversion of lower value and often difficult to process, bottom of the barrel oil, the Headwaters process is expected to create significant additional value for petroleum refiners. An international consulting firm estimates that the technology, if fully deployed, may create more than $50 billion of annual incremental value for the refining industry.

      (quelle. stockhouse.com)
      Avatar
      schrieb am 07.11.06 14:29:28
      Beitrag Nr. 530 ()
      Hallo Gemeinde,

      Zahlen und konkretisierter Ausblick sind da, mit dem Hinwies, dass bei niedrigerem ölpreis noch ein Subventionsaufschlag "droht".

      Headwaters Q4 Profit Falls; Guides FY07 EPS Above Consensus - Update



      (RTTNews) - Tuesday, Headwaters Inc. (HW), a construction materials supplier, reported that fourth quarter earnings fell from last year, yet was above Street estimates, on revenues that declined mainly due to the phase-out of Section 45k of the Internal Revenue Code. The company provided earnings guidance for year 2007 that has come above Street consensus.

      The company posted net income of $28 million or $0.61 per share, down 38% from $44.9 million or $0.95 per share for the same quarter last year.

      On average, 7 analysts polled by First Call/Thomson Financial expected earnings of $0.48 per share for the fourth quarter.

      Total revenue declined 13% to $275.2 million from $315.1 million for the corresponding quarter previous year. Coal combustion products segment revenue increased 10% to $83.5 million. Revenues from construction materials segment were essentially flat at $149.6 million versus $149.5 million for the year-ago quarter. Chemical reagent sales decreased 72% to $13.6 million, due to the phase-out of 45k business, the company said.

      Five Street analysts estimated revenues of $281.85 million for the quarter.

      Operating income decreased 36% to $44.6 million from $70.2 million in the quarter a year before.

      For the full year 2006, net income was $102.1 million or $2.19 per share, on revenues of $1.12 billion, compared to net income of $121.3 million or $2.79 per share, on revenues of $1.07 billion for the previous year.

      Seven Street analysts had an earnings consensus of $2.06 per share and six analysts had a revenue consensus of $1.13 billion for full year 2006.

      Looking forward, the company expects earnings for fiscal 2007 in the range of $1.60-$1.80 per share, above 7 Street analysts earnings view of $1.56 per share.

      HW closed on Tuesday at $25.25.
      Avatar
      schrieb am 07.11.06 19:19:18
      Beitrag Nr. 531 ()
      sieht so aus, als wenn wir die tiefststände nochmals testen werden
      Avatar
      schrieb am 07.11.06 22:18:59
      Beitrag Nr. 532 ()
      Antwort auf Beitrag Nr.: 25.199.188 von rebelfast am 07.11.06 19:19:18Nicht mit mir - ich hatte die Zwischenerholung Anfang Oktober zum Ausstieg mit begrenztem Verlust genutzt.

      Ich war nie in Amerika und kenne die Sprache und Mentalität nicht ausreichend genug, das ich das hier gleich durchschaut habe. Es ist mir nachwievor völlig unverständlich, wie man so komische Gesetze machen kann. Was man nicht kennt, soll man auch nicht handeln. :(
      Avatar
      schrieb am 08.11.06 15:28:15
      Beitrag Nr. 533 ()
      Und das meinen die clowns:

      By Tim Beyers (TMF Mile High)
      November 7, 2006

      On Election Day, Motley Fool Rule Breakers pick Headwaters (NYSE: HW) left investors uninspired. That's hardly surprising; sales fell 13% in the fourth quarter, while net profit collapsed by 38% over the same period. The shares are trading more than 14% lower as I write.

      Was the news really that bad? Well, yes and no. Yes, because the company's synfuel business, which depends entirely on an expiring tax credit, still accounts for 73% of earnings. No, because management has cut high-rate debt, reduced interest payments, and stabilized the balance sheet.

      In addition, the company is making progress on research into alternatives for synfuel. Take heavy oil, for example. Headwaters recently completed its second commercial run of the technology, which proposes to transform waste or other difficult-to-refine crude into usable product. Management says a meaningful breakthrough in this area could be worth $50 billion or more to the refining industry.

      But that's long-term. For now, Headwaters says that it will earn $1.60 to $1.80 per share during 2007, which, while down from $2.19 for fiscal 2006, is better than the $1.56 the Street had projected.

      Sadly, those estimates may not mean much. Headwaters has $30 million in deferred revenue from its synfuel business. If history persists, 35% to 40% of that will be phased out thanks to high oil prices. The rest, however, will likely be recognized as one-time 2007 revenue.

      That's $18 to $20 million, which could account for $0.27 to $0.30 a share in one-time 2007 gains. Why so much? Because synfuel licensing, at 100% margin, would be impeded only by taxes on the way to the bottom line. Headwaters' 26% historical tax rate doesn't make for much a barrier.

      Now, mix in the $1.00 to $1.05 per share that management expects the core business to generate next year, and we have a normalized per-share range of $1.30 to $1.53.

      Of course, that assumes that the synfuel business, which will contribute essentially nothing to 2008 income, is worth at least $0.30 a share. I'm not so sure it is. Perhaps it's best to simply value the construction business as a stand-alone entity?

      Fortunately, we have the figures to do exactly that. According to Yahoo! Finance, the cement industry -- including Lafarge (NYSE: LR) and Stock Advisor pick Cemex (NYSE: CX) -- has an average multiple to earnings of 17.9. Applying that to Headwaters' forward guidance of $1.00 to $1.05 a share puts fair value between $18 and $19 -- compared to the current price of $21.50.

      Does that mean Headwaters is still expensive? Maybe. A better question might be whether the firm's declining synfuel business, and the fuel-recycling alternatives it has in development, are worth at least $2 a share. I'm inclined to say yes, especially if there's any chance that Headwaters' work today could unlock a $50 billion market tomorrow.

      Ride a wave of related Foolishness:
      Avatar
      schrieb am 28.11.06 23:49:55
      Beitrag Nr. 534 ()
      Headwaters Incorporated Organizes Business Unit Focused on Its 'HCAT(TM)' Technology



      SOUTH JORDAN, Utah--(BUSINESS WIRE)--

      Headwaters Incorporated (NYSE: HW) today announced the creation of Headwaters Heavy Oil, a business unit devoted to the deployment of what the Company believes is a breakthrough technology for improving the efficiency of refining heavy petroleum feedstocks.

      "The completion of the commercial scale run at a European refinery late last year was a turning point for our heavy oil upgrading catalyst technology," said Kirk A. Benson, Headwaters' Chairman and CEO. "After years of development work and pilot scale testing, we believe that our HCAT technology will create value for day-to-day refinery operations worldwide. Our new Headwaters Heavy Oil company will focus entirely on speeding the adoption of this exciting technology."

      Headwaters Heavy Oil anticipates that the upgrading technology represents a leap forward from current refining technologies that have been in use for over 50 years. The Headwaters process uses the HCAT liquid catalyst precursor to generate a highly active molecular catalyst to convert residual oil feedstocks into higher-value distillates that can be refined into gasoline, diesel and other fuel products. By improving the conversion of lower value and often difficult to process, bottom of the barrel oil, the Headwaters process is expected to create significant additional value for petroleum refiners.

      "In response to the rapidly growing demand for transportation fuels, Headwaters Heavy Oil is expanding to capture the value added to low quality crude by our HCAT technology," said Craig Hickman, President of the Heavy Oil business unit. "In today's environment of increasing energy prices, we are pleased to be offering a technology that we believe creates improved value from feedstocks that were previously marginal contributors."

      Headwaters Heavy Oil will be based at the Headwaters corporate headquarters near Salt Lake City, with engineering and pilot plant support staff remaining at the company's existing research and development facility in Lawrenceville, New Jersey. The HCAT technology is used by HHO under an exclusive license from the Alberta Science and Research Authority and the Alberta Research Council Inc.

      About Headwaters Incorporated

      Headwaters Incorporated is a world leader in creating value through innovative advancements in the utilization of natural resources. Headwaters is a diversified growth company providing products, technologies and services to the energy, construction and home improvement industries. Through its alternative energy, coal combustion products, and building materials businesses, the Company earns a growing revenue stream that provides the capital needed to expand and acquire synergistic new business opportunities.

      Forward-Looking Statements

      Certain statements contained in this report are forward-looking statements within the meaning of federal securities laws and Headwaters intends that such forward-looking statements be subject to the safe harbor created thereby. Forward-looking statements include Headwaters' expectations as to the receipt of product sales, license fees and royalty revenues, the development, commercialization, and financing of new technologies and other strategic business opportunities and acquisitions, and other information about Headwaters' forward-looking statements often contain words such as "expects," "anticipates," believes," "estimates," and similar expressions intended to help identify statements related to future, not past, events. Statements that are not purely historical by nature, including those statements regarding Headwaters' future business plans, anticipated growth, financial performance, technology licensing, product sales and the value of our products and technologies to the operation of facilities, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding uncertain future events and our future results that are based on current expectations, estimates, forecasts, and projections about the industries in which we operate and the beliefs and assumptions of our management. Actual results may vary materially from such expectations.

      Source: Headwaters Incorporated
      Avatar
      schrieb am 30.11.06 16:49:19
      Beitrag Nr. 535 ()
      Auch wenn ich hier er letzte Mohikaner bin: Mal wieder eine Ankündigung der US - Regierung, die HW langfristig einige Aufträge bescheren könnte.

      Eine Milliarde Dollar für saubere US-KohlekraftwerkeSteuervergünstigungen. Die USA wollen die Errichtung sauberer Kohlekraftwerke vorantreiben. Die US-Regierung kündigte heute an, den Bau von neun der weltweit „saubersten und am weitesten fortgeschrittenen Energieprojekte“ mit rund einer Milliarde Dollar steuerlich zu fördern.

      Die USA haben eine Riesen-Steuergutschrift für die Entwicklung CO2-freier Kohlekraftwerke vergeben, Symbolbild: APDie Steuergutschriften wurden in einem Wettbewerbsverfahren vergeben, heißt es in der Mitteilung der US-Regierung. „Diese Projekte werden die Entwicklung von CO2-freien Kohletechnologien vorantreiben und sie wirtschaftlich nutzbar machen“, so die Aussendung. Konsumenten sollen dadurch weltweit Zugang zu „leistbarer, verlässlicher und sicherer Stromversorgung aus Kohle“ erhalten.

      Ziel der Initiative sei es, Technologien zu entwickeln, die einen hohen Energieausnutzungsgrad besitzen, sehr sauber und „letztlich emissionsfrei“ seien. Diese Technologien sollen dabei helfen, die Energieversorgung in den USA sicherzustellen, die Luftverschmutzung zu reduzieren, und die Klimaerwärmung einzudämmen.

      Energie
      »Erneuerbare Energien China baut größte Solaranlage der Welt
      »Energie In Europa wächst die Angst vor Gazprom
      »Fotovoltaik Solarzellen in Deutschland doppelt so teuer wie in Japan
      »Erderwärmung Führendes Wirtschaftsinstitut für längere AKW-Laufzeiten
      »Abstriche NRW genehmigt RWE höhere Strompreise nicht in vollem Umfang
      »Rekordhoch Übernahmegerüchte beflügeln RWE-Aktie
      »Medienbericht Gazprom will Gaspreise kräftig erhöhen
      »Atomausstieg Deutschland isoliert
      »Preissenkung nur vorübergehend E.On: Gaspreise steigen mittelfristig wieder
      »Gasnetz Regulierungsbehörde fördert Wettbewerb im Gasmarkt


      Die Ankündigung sei Teil einer energischen Strategie der US-Regierung. Man setze verstärkt auf Private-Public-Partnerships, die auf die wirtschaftliche Verwertbarkeit von emissionsarmen Kohletechnologien abzielen.

      Letztlich solle damit auch die Energiesicherheit der USA sichergestellt werden. Mit 27 Prozent der weltweiten Kohlereserven werde die USA „auf absehbare Zeit“ einer der größten Konsumenten von Kohle bleiben.

      Falls die Weltgemeinschaft keinen Durchbruch bei CO2-freien Kohlekraftwerken erziele, laufe der Fortschritt bei der Reduzierung der Treibhausgase Gefahr, von „großen Ausmaß der Kohlenutzung in der Welt überwältigt zu werden“.

      "Kohle muß kein schmutziges Wort sein", so die Aussendung. Länder mit großen Kohlevorräten würden diese weiter zu Energiegewinnung nutzen. Sie sollten ermutigt werden, dies so sauber wie möglich zu tun.
      Avatar
      schrieb am 30.11.06 16:53:26
      Beitrag Nr. 536 ()
      Halte auch noch ne kleine Position in der Hoffnung auf bessere Zeiten...
      Avatar
      schrieb am 05.01.07 11:27:29
      Beitrag Nr. 537 ()
      Hat hier jemand das Licht ausgemacht?
      Avatar
      schrieb am 07.01.07 10:11:20
      Beitrag Nr. 538 ()
      Hört sich doch ganz gut an:


      Headwaters Completes 3rd Commercial Demonstration of its Heavy Oil Catalyst Technology


      http://www.headwaters.com/data/upimages/press/Commercial%20R…
      Avatar
      schrieb am 31.01.07 17:35:12
      Beitrag Nr. 539 ()
      Die Analysten von Wedbush Morgan bewerten in ihrer Analyse vom Mittwoch, 31. Januar 2007 die Aktie von Headwaters Inc. nach wie vor mit dem Rating "Hold". Das Kursziel für die Aktie liegt momentan bei 27 $. :)
      Avatar
      schrieb am 07.02.07 22:14:39
      Beitrag Nr. 540 ()
      Antwort auf Beitrag Nr.: 27.325.907 von Abendbrot am 31.01.07 17:35:12Inzwischen hat auch Headwaters Zahlen für deren erstes Quartal vorgelegt.

      Auf die beiden Geschäftsbereiche construction materials and coal combustion products entfallen hiernach rund 70% der Umsätze, wobei HW bei den construction materials von der Immobilienflaute in USA getroffen wurde. Dem 70%igen Umsatzanteil dieser beiden business units steht ein Anteil von rund 56 % am operating income gegenüber. Der Bereich coal combustion products ist umsatzmäßig um rund 6% trotz niedrigerer abgesetzter Mengen gewachsen (Grund: bessere Preise wegen cement shortage in den USA). Deutlich verbessert hat sich die Profitabilität des GB coal combustion products.

      Der Bereich alternative energy trägt rund 30 % zum Gesamtumsatz bei, bringt aber 61,5 % des operating income.
      Zu dumm, dass dieser Geschäftsbereich vom Wegfall der tax credits für synfuel in den USA betroffen ist.

      In 2006 kommt es wegen des hohen Ölpreises zu einem teilweisen phase out bezüglich der tax credits. Vorsichtshalber hat HW hier noch keine tax credits gewinnerhöhend vereinnahmt, da bei "Redaktionsschluss" die phase-out-Zone noch nicht abschließend berechnet werden konnte. Man rechnet aber mit ca. 15 Mio USD in 2007 zu erwartenden tax credits. Das sind immerhin stolze 0,31 USD per share Einmalertrag.

      Aus meiner Sicht lässt sich sagen, dass der GB coal combustion products sich sehr positiv entwickelt. Da das fly-ash-basierte Produkt HW's Flexcrete und Syndecrete in direkter Konkurrenz zu Portland cement steht, bei der Produktion einer Tonne Portland-cements jedoch 1 to carbon in die Luft geblasen wird, sollte HW so richtig profitieren, wenn sich in den USA ein Umdenken in Sachen Umwelt einstellt und man vielleicht sogar dem Kyoto-Protokoll beitritt.

      Die wegbrechenden Erlöse im Bereich alternative energy wegen Auslaufen der tax credits Ende 2007 dürften zumindest teilweise aufgefangen werden durch die im Aufbau befindlichen Bereiche heavy oil upgrading und Ethanol. Hier ist es aber noch zu früh, zu sagen, wie erfolgreich diese sein werden. Auf den wegfallenden Geschäftsbereich entfallen lt. Segmentberichterstattung segment assets von 110,513 USD (verglichen mit 1,164,744 USD im construction material-Bereich). Allzu gewaltig sollten daher die notwendig werdenden goodwill-Abschreibungen nicht werden.

      Spannend ist auch, wie sich der construction materials-Bereich weiterentwickelt. Der hängt direkt an der US-Immobilienkonjunktur. Tragisch wäre es, wenn es hier zu einer echten Rezession kommen würde, die mit dem Wegfall der tax credits zusammenfiele. Ansonsten muss man anerkennen, dass sich HW ganz gut auf die neue Situation mit dem Wegfall der tax credits eingestellt hat (wenn man den neuen Geschäftsbereich construction materials auch teuer eingekauft hat).

      Kommt es nicht zu einer handfesten Immo-Rezession in USA, halten die Geschäftsbereiche construction materials and coal combustion products HW auch nach einem vollständigen Wegfall des Bereichs alternative energy über Wasser.

      Mein Fazit:
      Der nächste Quartalsbericht wird spannend. HW verfügt über zahlreiche vielversprechende neue Produkte, die das Potentail haben, richtig abzugehen (insbesondere coal combustion). Risiko ist aber auch nicht von Pappe. Liege mit meiner Position im Moment flat (nach zwischenzeitlichem 10%-Plus). Steige nicht aus - kaufe aber auch im Moment nix zu.
      Avatar
      schrieb am 09.02.07 10:46:11
      Beitrag Nr. 541 ()
      Antwort auf Beitrag Nr.: 27.497.531 von SimplyRed am 07.02.07 22:14:39:confused::confused::confused:

      Niemand mehr interessiert an HW ?
      Avatar
      schrieb am 09.02.07 10:52:49
      Beitrag Nr. 542 ()
      Doch,doch! in der ruhe liegt die Kraft! langfristig ist HW ein gutes invest!:lick:
      Avatar
      schrieb am 10.02.07 00:32:26
      Beitrag Nr. 543 ()
      Die Clowns drücken es mal wieder perfekt aus:

      I Love Headwaters
      By Jack Uldrich
      February 9, 2007
      Maybe it's because I live in Minnesota, home of the headwaters of the mighty Mississippi River, that I am so smitten with Headwaters (NYSE: HW). The river starts out small but quickly gains in size, and Headwaters has done the same. In 1999, the company had only $7 million in annual revenue; by 2005, that figure had swollen to more than $1 billion.

      Like the Mississippi, which gathers strength from alternative sources such as the Ohio, Missouri, and Arkansas rivers, I believe Headwaters will also begin tapping into some nice revenue flows from different sources and gathering similar strength.

      Over the past few years, company management has done an excellent job of diversifying itself away from its synfuel business, which has traditionally provided the bulk of its revenues.

      Its constructional materials business now accounts for 45% of its revenues. As I explained in this piece last week, I don't think that portion of its business will slow down anytime soon, as the environmental benefits of its products come to be better understood by the market. And even if there is a slowdown, Headwaters, which sports a very down-to-earth P/E ratio of a shade more than 11, should be able to remain competitive with the other large cement firms such as Cemex (NYSE: CX) and Lafarge (NYSE: LR).

      I also like Headwaters as an alternative energy play. Later this quarter, the company is expected to bring an ethanol plant online in partnership with Great River Energy. Ethanol is a risky play that has taken its toll on companies such as Archer Daniels Midland (NYSE: ADM) and MGP Ingredients (Nasdaq: MGPI) since last summer, but Headwaters has a slight advantage over these producers because its plant doesn't rely on natural gas. Instead, it uses excess heat generated from a neighboring coal-burning facility. This nifty little trick should allow Headwaters to maintain a leg up on those other ethanol producers.

      The real reason I am attracted to Headwaters, however, is because of its involvement with nanotechnology. Like a small tributary flowing into a big river, this emerging "science of the small" isn't yet contributing much in the way of revenue to the company, but I suspect this will soon change.

      According to company officials, a couple of major oil refineries are investigating its proprietary nanocatalysts to help them convert heavy bottom-of-the-barrel oil into lighter and more valuable crude. If the technology is successful, it will keep revenues and profits flowing for a good long time.

      What's sending Fools' hearts aflutter? Go back to our intro page to see what else we have a crush on.

      Fool contributor Jack Uldrich owns stock in Headwaters, which is a Motley Fool Rule Breakers recommendation. Cemex is a Stock Advisor pick. The Fool's disclosure policy wants to be your Valentine.
      Avatar
      schrieb am 20.02.07 22:58:20
      Beitrag Nr. 544 ()
      Antwort auf Beitrag Nr.: 27.562.098 von wiwifant am 10.02.07 00:32:26HEADWATERS INCORPORATED AND CONSOL ENERGY FORM ALLIANCE TO EXPLORE COAL-TO-LIQUIDS DEVELOPMENTS

      SOUTH JORDAN, UTAH – Headwaters Incorporated (NYSE:HW) announced today that it has formed an alliance with CONSOL Energy, Inc. (NYSE:CNX) to investigate development of coal-based liquid fuels refineries utilizing CONSOL Energy’s eastern and western coal reserves.
      Under the agreement, Headwaters and CONSOL Energy will work together to perform preliminary engineering, environmental and marketing activities related to potential development of several CONSOL Energy sites. These activities would support the construction of one or more coal-based facilities to produce ultra clean liquid transportation fuels such as diesel, gasoline, LPG, and jet fuel. The facilities will be carbon dioxide capture-ready and may produce certain petrochemical feedstocks.
      “Coal-to-liquids technologies represent an exciting new market for the American coal industry,” said Brett Harvey, President and Chief Executive officer of CONSOL Energy. “Using our most abundant domestic energy resource to reduce dependence on foreign oil can significantly increase our nation’s energy security. CONSOL Energy is proud to work with Headwaters to make that important vision become a reality.” “CONSOL has long been a world leader in coal production and energy technology development,” said Kirk Benson, Chairman and Chief Executive Officer of Headwaters. “We are pleased to combine our decades of coal-to-liquids experience with CONSOL Energy’s extensive coal reserve base to plan projects that will select the most appropriate technologies for the coal types and market opportunities presented by each site.”
      With 4.3 billion tons of proven and recoverable coal reserves in the United States, CONSOL Energy is the largest producer of high BTU bituminous coal in the nation. The company operates 15 mining complexes in six states.
      Headwaters has deep roots in coal-to-liquids technologies. The company’s proprietary Fischer- Tropsch catalyst can be used in an indirect coal liquefaction plant to convert coal-derived syngas into ultra clean diesel and other fuels. The company is also the owner of direct coal liquefaction technology that is currently being deployed or studied for deployment in China, India and the Philippines. Headwaters is also active in the traditional petroleum refining industry as it deploys its proprietary HCATTM heavy oil upgrading technology.

      About CONSOL Energy Inc.
      CONSOL Energy Inc., a high-Btu bituminous coal and coal bed methane company, is a member of the Standard & Poor’s 500 Equity Index and has annual revenues of $3.7 billion. It has 15 bituminous coal mining complexes in six states and reports proven and probable coal reserves of 4.3 billion tons. In addition, the company is a majority shareholder in one of the largest U.S. producers of coalbed methane gas, CNX Gas Corporation. CONSOL Energy was named one of America’s most admired companies in 2005 Fortune magazine. It received the U.S .Department of the Interior’s Office of Surface Mining National Award for Excellence in Surface Mining for the company’s innovative reclamation practices in 2002, 2003 and 2004. Also in 2003, the company was listed in Information Week magazine’s “Information Week 500” list for its information technology operations. In 2002, the company received a U.S. Environmental Protection Agency Climate Protection Award. Additional information about the company can be found at its web site: www.consolenergy.com.

      http://www.headwaters.com/data/upimages/press/Consol%20PR.pd…
      Avatar
      schrieb am 21.02.07 19:49:59
      Beitrag Nr. 545 ()
      Antwort auf Beitrag Nr.: 27.864.374 von mizuno am 20.02.07 22:58:20Headwaters Incorporated Announces Start-up of the Blue Flint Ethanol Facility - Wednesday February 21, 10:30 am ET


      SOUTH JORDAN, Utah--(BUSINESS WIRE)--Headwaters Incorporated (NYSE:HW - News) and Great River Energy, an energy provider headquartered in Elk River, Minnesota, announced today the start-up of Blue Flint Ethanol LLC in Underwood, ND. The ethanol plant is co-located with the 1,100 megawatt Coal Creek Station and will use excess heat from the adjacent power plant to process an estimated 18 million bushels of corn into 50 million gallons of fuel ethanol annually.

      Blue Flint is unique in the ethanol industry. "We believe this is the first ethanol plant in the world to be directly integrated with a major power producer like the Coal Creek Station," said Ken Frailey, president of Headwaters Energy Services. "It is a state-of-the-art facility and we expect Blue Flint to be one of the industry's lowest-cost producers of ethanol."

      "Great River Energy is pleased to see the much anticipated start-up of Blue Flint Ethanol. The unique integration with Coal Creek Station, and elimination of many costs associated with fuel, boilers and infrastructure, is significant in that it will help make Blue Flint a low-cost producer of ethanol," said John Weeda, plant manager, Great River Energy's Coal Creek Station.

      Headwaters and Great River Energy began discussions to develop the ethanol facility in early 2005. A subsidiary of Headwaters is a majority owner, and a Headwaters company will act as Blue Flint's operator, while Great River Energy, holding a minority position, will provide energy and related services to the plant.

      According to Headwaters CEO, Kirk Benson, "Headwaters has enjoyed a productive long-term relationship with Great River Energy. The Blue Flint project is an important example of working together to produce clean and cost-effective energy by optimizing domestic natural resources."

      About Headwaters Incorporated

      Headwaters Incorporated is a world leader in creating value through innovative advancements in the utilization of natural resources. Headwaters is a diversified growth company providing products, technologies and services to the energy, construction and home improvement industries. Through its alternative energy, coal combustion products, and building materials businesses, the Company earns a growing revenue stream that provides the capital needed to expand and acquire synergistic new business opportunities.

      About Great River Energy

      Great River Energy, Elk River, Minn. is a not-for-profit generation and transmission cooperative providing electricity to 28 distribution cooperatives in Minnesota and Wisconsin. It is the second largest power supplier in the state of Minnesota, and the fourth largest cooperative of its type in the nation. It owns and operates Coal Creek and Stanton stations in North Dakota.

      Links:
      http://www.blueflintethanol.com
      http://biz.yahoo.com/bw/070221/20070221005241.html?.v=1
      Avatar
      schrieb am 22.02.07 23:14:12
      Beitrag Nr. 546 ()
      Aus einem anderen Board............

      Headwaters Nanotechnology/Coal-to-Liquids/Ethanol/Heavy Oil

      I received a mystery stock promo a few weeks ago and knew they were discussing Headwaters (NYSE HW).

      Mystery stock promos are always fun to solve without forking over the $ 5,000 or other amount. I have purchased shares last couple weeks and even this morning. Stock is close to its book value and is closer to its low for the 52 weeks than the high. Price $ 25.10

      http://finance.yahoo.com/q?s=HW

      The mystery stock promo calls the key scientist “Jon Gerhard.” His real name is Dr. Bing Zhou. Do a google search. The promo does not use the right name for the technology. See http://www.nanotechwire.com/news.asp?nid=1654 for example.


      I am always on the outlook for nano investments and I have to admit that Headwaters (HW) is head and shoulders above the rest. Four refineries are investigating its proprietary nanocatalysts to help convert heavy bottom-of the barrel oil into lighter more valuable crude. Listen to the question and answer portion of the latest conference call. The real target here is the Canadian tar sands !! Headwaters expects revenues from this application this year.

      Today they announced the startup of an ethanol plant. See below. They have a slight advantage over other producers because its plant doesn't rely on natural gas. Instead, it uses excess heat generated from a neighboring coal-burning facility. This is a big advantage over ethanol producers.

      Headwaters has technology to produce clean liquid fuels from coal. This technology was evaluated during 2005 in a commercial pre-feasibility study commissioned by Oil India Limited, a Government of India enterprise. Oil India is a public sector company engaged in energy services in the Assam Region of northeastern India, an area rich in natural resources but distant from established oil refining operations. HES believes that its direct coal liquefaction (“DCL”) technology may assist Oil India in converting the Assam region’s abundant and soluble coal into transportation fuels.

      In addition Headwaters has entered into agreements with the government of the Philippines and with a private company in China, for feasibility and pilot plant studies related to site-specific applications of our coal-to-liquids technologies, including both direct and indirect coal liquefaction.

      Headwaters nano applications go on forever. It is mind boggling all the applications they are working on.

      Here are a few other summary comments copied:

      HEAVY OIL UPGRADING

      Headwaters; Benson call this “probably the most exciting opportunity that we have.” 10 to 15 million bpd (barrels per day) of heavy oil are produced globally. Currently the spread between light and heavy is $20 to $25 per barrel. Current technology converts heavy to .85 barrels of high value product. Headwaters technology converts to 1.15 to 1.17 barrels of high value product.

      The initial primary targets are ebullated bed refineries due to the low capital cost of installing Headwaters technology. This market is 500,000 bpd. Fixed bed refineries require higher capital cost to install Headwaters technology, but are still marketing targets. This market is larger at 2.2M bpd. Canadian tar sands are also a target.
      Comment:

      One refinery has completed testing the technology, another will start shortly, a third early next year, and a forth has open discussions with Headwaters. All four are ebullated bed refineries.

      According to Sharon Madden (investor relations) Headwaters will target the fixed bed market after the ebullated market, due to the fact that cap ex is much high to retrofit the fixed bed reactors. Ebullated bed involves between $1 and $2 million to modify and the fixed bed refineries will take between $20 and $30 million.

      Headwaters technology was originally invented for the Canadian tar sands market. They have a joint venture agreement with a Canadian company called Northwest Upgraders. Northwest is in the process of building their upgrader, which will become operational sometime closer to 2010.


      COAL CLEANING

      Coal cleaning to used to remove ash, sulfur and mercury from waste coal. Usable coal is produced. There is a large addressable market of 3 to 5 billion tons of waste coal primarily in the eastern United States. An additional 30 million tons is created annually.

      Headwaters currently has two plants operating and is in the process of building another 7 or 8 facilities to process their 150 million ton waste coal mineral lease. They are projecting 20% recovery, which should lead to 30 million tons of high quality coal. At $50 per ton their mineral lease is worth $1.5 billion once the waste coal is processed.

      The current mineral lease will get Headwaters to 30 to 40% of their 2010 coal cleaning EBIDA goal. They are currently negotiating for mineral leases on another 200 to 300 million tons of waste coal.



      H2O2 Hydrogen Peroxide

      The Degussa/Headwaters JV (joint venture) was formed to pursue joint development and commercialization of Headwaters DSHP (direct synthesis H2O2) technology. Degussa is a major H2O2 player and has the lead in the JV (although I believe it’s 50/50 financially). A demonstration plant is currently being constructed in Germany. The Headwaters technology offers cost savings, but cannot be used for bleaching applications. Never the less a large market exists for H2O2 used in the production of propylene oxide, caprolactam and epichlorohydrin. Benson believes that H2O2 has the potential to become a $500M to $700M business. He did not mention the time frame or whether that estimate was for the JV or for Headwaters.

      Degussa and Headwaters formed a new JV to buy a Korean H2O2 plant. The deal closes in 60 to 90 days and will produce revenue as soon as it closes. The plant uses the conventional H2O2 technology, but will be expanded using DSHP.


      ETHANOL

      Headwaters started investigating ethanol before its current popularity with the investment community when GRE approached them with the idea to utilize their power plant’s waste heat. This should make the Blue Flint (HW/GRE JV) ethanol a very low-cost producer of ethanol. Benson believes that Headwaters relationships with over 100 coal power plants could create additional ethanol opportunities.


      COAL COMBUSTION PRODUCTS (FLY ASH)

      Headwaters is the largest manager and marketer of fly ash in the U.S. with a 50% share under long term contracts.

      Each ton of Portland cement produced emits approximately one ton of CO2 (greenhouse gas). This makes Portland cement the third largest contributor of CO2 emissions in the world.

      Fly ash can replace Portland cement in concrete. Fly ash is less expensive than Portland cement (20 to 60%), but transportation costs mitigate that. For example, thanks to the dearth of coal power plants producing high quality fly ash in California, there is no cost advantage to Fly Ash in that state.

      One of Headwaters biggest advantages is that it has the infrastructure to get the fly ash where it needs to go (over 30 terminals, 90 plant site supply facilities, 150 trucks, and 1,400+ railcars).

      In addition Headwaters has a portfolio of technologies to improve fly ash. Two technologies that are ready now and two more they are doing final preparation for.


      CONSTRUCTION

      Headwaters has either a #1 or #2 market share in each of the building products it offers. Half are fly ash/concrete based, the other half are resin based.

      Benson said that Headwaters has economies of scale and strong distribution. Their niche oriented product line has afforded them pricing power and superior margins compared to industry standards.


      11/28/06- Announced that it has formed a new business unit, Headwaters Heavy oil, which will seek to commercialize the company’s HCAT technology for heavy oil upgrading. The process uses the HCAT liquid catalyst precursor to generate a highly active molecular catalyst that converts relatively low-value residual oil feedstock into distillates that can be refined into gasoline, diesel and other fuel products. "The completion of the commercial scale run at a European refinery late last year was a turning point for our heavy oil upgrading catalyst technology," said Kirk A. Benson, Headwaters' Chairman and CEO, in the release. "After years of development work and pilot scale testing, we believe that our HCAT technology will create value for day-to-day refinery operations worldwide. Our new Headwaters Heavy Oil company will focus entirely on speeding the adoption of this exciting technology."

      11/3/06- Announced that it had rebranded its heavy oil upgrading technology HCAT™, formerly known as (HC)3. The liquid molecular catalyst is used to convert bottom-of the-barrel petroleum into higher-value distillates, which can be further refined into gasoline, diesel and other fuels. The company sites an unnamed consulting firm’s estimate that, when fully deployed, HCAT could create more than $50 billion in incremental revenue for the refining industry.
      Avatar
      schrieb am 24.02.07 13:02:54
      Beitrag Nr. 547 ()
      Antwort auf Beitrag Nr.: 27.912.849 von mizuno am 22.02.07 23:14:12HEADWATERS TECHNOLOGY INNOVATION GROUP TEAMS UP WITH DREXEL
      UNIVERSITY’S NANOTECHNOLOGY INSTITUTE


      Lawrenceville, NJ – Headwaters Technology Innovation Group (HTIG) announced today that it has a working relationship with Drexel University’s Nanotechnology Institute (DNI). HTIG was drawn to DNI due to Professor Yuri Gogotsi who oversees all of the research at DNI and is one of the nations leading experts on carbon nanotubes and other carbon materials. HTIG hopes to leverage DNI’s knowledge and experience characterizing carbon nanotubes and to explore and compare unique properties of HTIG’s nanospheres and nanoshells. The goal is to develop low-cost materials that can replace nanotubes or find new applications for HTIG nanospheres. In the end, HTIG hopes to provide more cost-effective nanotechnology to the industry and the public.
      To strengthen relations with Drexel, Headwaters technology Innovation Group has also recently become a member of the Drexel University Nanotechnology Consortium, a division of DNI, which provides members access to a full range of expertise of its scientists and modern materials characterization facility. Professor Gogotsi says of the relationship, "Headwaters has developed an exciting new nanostructured carbon, which may have very interesting properties and applications in the fields where conventional carbon blacks cannot perform well enough.” Dr. Zhou leads HTIG’s nanotechnology initiatives, and is a leading scientist in the nanocatalyst field. “We are excited to begin working with DNI, they are consistently a leader within nanotechnology, and I am confident that we have much to learn from each other.”
      Dr. Zhou has more than 15 years experience in design and synthesis of catalysts at nanometer scale and his contribution to nanotechnology is recognized internationally. The American Chemical Society appointed him three times to organize and chair symposia on Nanotechnology in Catalysis, which were attended by well-known scholars from academic and researchers from industry around the world. If you have any further questions on the relationship between Headwaters Technology Innovation Group and DNI, please do not hesitate to contact HTIG at 801-984-9400, or visit
      http://www.htigrp.com/contactus.asp

      Link: http://www.bing-zhou.com/data/upfiles/HTIGDrexelPressRelease…
      Avatar
      schrieb am 25.02.07 11:33:56
      Beitrag Nr. 548 ()
      Coal liquefaction project proponent to sign 4 deals

      By Abigail L. Ho Inquirer Last updated 06:31am (Mla time) 02/16/2007

      MANILA, Philippines -- After committing to invest initially $6.6 million, American firm Headwaters Inc. will be signing four agreements with local partner H&WB Corp. to start the second of a three-phase project that will convert coal into liquid fuels, a project official said.

      The project is estimated to cost $2.8 billion. The first phase, preparation of a feasibility study, has been completed. The last phase will be construction of a commercial-size liquefaction plant.

      Antonio Ver, president of local development partner H&WB, said the four agreements to be signed in mid-March included the Phase 2 program contract, the Fischer-Tropsch co-development agreement, the technology-as-equity investment agreement, and the direct coal liquefaction and design/technical services agreement.

      The program contract covers the entire second stage of the project—the process engineering design of the preliminary front-end and engineering design, technology licensing and the construction of the Fischer-Tropsch Process Demonstration, the facility that turns coal into liquid fuels.

      The Fischer-Tropsch co-development agreement will ensure that all existing and future improvements, as well as new intellectual property rights, will belong to Headwaters.

      However, Headwaters and H&WB “are willing to share license revenue from the first 100,000 barrels per day commercial capacity at 25 percent of the cash value of the license revenue collected as return of investment to the FT-PDU program contributor/investor, excluding US government funding agency grants.”

      Link: http://business.inquirer.net/money/breakingnews/view_article…
      Avatar
      schrieb am 25.02.07 18:51:01
      Beitrag Nr. 549 ()
      Energy company signs agreement to put up coal-to-liquid plant

      H&WB Corp. has signed a long-term cooperation agreement with MG Mining and Energy Corp. and affiliate Sultan Energy Philippines Corp. that will pave the way for the establishment of Southeast Asia’s first coal-to-liquids plant.

      The project, estimated to cost $4.256 billion, will deploy the proprietary CTL technology of Headwaters Inc. to produce 50,000 barrels per day of ultra-clean fuels, including 11,100 barrels per day of liquefied petroleum gas using low-quality coal.

      H&WB and Headwaters earlier entered into an agreement to deploy the latter’s proprietary technology for the production of clean liquid transportation fuels from coal.

      The project aims to establish a CTL facility that will produce 50,000 barrels of transportation fuels utilizing Philippine coals. This coal liquefaction complex will be self-sufficient in power requirement and a net power output of 67 megawatts.

      Meanwhile, Sultan Energy vice chairman and president Rufino Bomasang said the company was interested in investing up to 30 percent of the available 15 percent equity stake in the project, in addition to entering into a long-term coal supply agreement with H&WB.

      “We may further look at being off-takers of the project’s products subject to a mutually acceptable agreement among the parties involved,” Bomasang said.

      MG Mining holds coal operating contracts for high-potential coal mines, one of which involves 7,000 hectares of coal blocks located in the Daguma Mountain range in the provinces of South Cotabato and Sultan Kudarat, Mindanao.

      “Daguma has a resource potential of at least 300 million metric tons of coal and there are strong indications of its capability to supply the quantities required by H&WB for the project,” Bomasang said.

      “However, a North America-based international energy, mining and environmental consultancy firm estimated that two blocks alone out of seven have a potential of 211 million mt,” he said.

      The Department of Energy estimates the country’s total coal resource potential at 2.4 billion mt.

      H&WB president Antonio Ver said that as oil prices went up due to diminishing reserves, coal would be tapped as the next source of fuel.

      “We’re optimistic that we’re taking solid steps at this initial stage of the project. In fact, other developments are encouraging like Sumitomo’s 100-percent off-take offer,” Ver said. Alena Mae S. Flores

      Link:http://www.manilastandardtoday.com/?page=business05_aug24_20…
      Avatar
      schrieb am 20.03.07 21:05:32
      Beitrag Nr. 550 ()
      Antwort auf Beitrag Nr.: 13.606.309 von mirox am 04.07.04 14:30:11:confused:
      Avatar
      schrieb am 28.03.07 20:41:30
      Beitrag Nr. 551 ()
      US, RP firms ink coal liquefaction project accords

      By Abigail L. Ho
      Inquirer
      Last updated 02:47am (Mla time) 03/27/2007

      MANILA, Philippines -- American firm Headwaters Inc. and local company H&WB Corp. have signed several agreements totaling almost $33 million that give the latter the necessary licenses to jumpstart its proposed $2.8-billion coal liquefaction project, H&WB president Antonio Ver said.

      Ver said the agreements signed Friday included a co-development funding contract, pre-front-end engineering and design (pre-FEED) study agreement, technology license agreements, basic engineering design services agreements, technical services agreements and catalyst supply agreements.

      A total of 10 agreements were signed, Ver said, with the technology license, basic engineering design services, technical services and catalyst supply agreements all divided into two separate agreements each: one for the direct coal liquefaction technology and indirect coal liquefaction technology, the licenses for which are held by Headwaters.

      The signing of the 10 agreements paves the way for the start of the second phase of the three-phase project that H&WB is working on, he said.

      Phase 2 contract involves process engineering design of the pre-FEED, technology licensing and the construction of the Fischer-Tropsch Process Demonstration Unit (FT-PDU) or a facility that turns coal into liquid fuels.

      The Fischer-Tropsch co-development agreement will ensure that all existing and future improvements as well as new intellectual property rights will belong to Headwaters.

      Headwaters and H&WB “are willing to share license revenue from the first 100,000-barrels-per-day commercial capacity at 25 percent of the cash value of the license revenue collected as return of investment to the FT-PDU program contributor/investor, excluding US government funding agency grants,” Ver said.

      Under their technology as equity investment agreement, Ver had earlier said that Headwaters would reinvest part of the license fee into the project. This involves a total investment of $32.85 million.

      The proposed coal liquefaction facility is expected to yield 61,200 barrels ultra-clean fuels a day: gasoline, diesel and liquefied petroleum gas. It is also envisioned to generate 67.2 megawatts of electricity that could be channeled to the power grid.

      http://business.inquirer.net/money/topstories/view_article.p…
      Avatar
      schrieb am 03.04.07 22:07:05
      Beitrag Nr. 552 ()
      Antwort auf Beitrag Nr.: 28.550.506 von mizuno am 28.03.07 20:41:30@ mizuno

      Vielen Dank für Deine informativen Postings.
      Avatar
      schrieb am 04.04.07 20:22:37
      Beitrag Nr. 553 ()
      Hallo Headwaters Forum,
      Welche Kursentwicklung seht Ihr für die Aktie - kennt jemand ein Kursziel? - würdet Ihr auf dem Niveau kaufen? Kennt jemand ein KGV? Was war eigentlich der Grund für den Kurssturz im März 2006?
      Besten Dank,
      LG
      Martin
      Avatar
      schrieb am 04.04.07 23:33:28
      Beitrag Nr. 554 ()
      @ mernstbrunner

      Wenn du Kennzahlen zum Unternehmen Headwaters suchst, kann ich dir folgenden Link empfehlen:

      http://www.goldmood.com/cosmos/hs/HW.html

      Gut ist auch:

      http://quotes.nasdaq.com/quote.dll?mode=stock&page=quick&sym…

      --> Scrolldown Menu benutzen.

      Dort findest du in regelmässigen Abständen aktualisierte Daten.

      Allgemeine Lage (Meine Meinung):

      Für mich ist es im Moment absolut schwierig einzuschätzen, in welche Richtung es kurzfristig gehen wird. Was HW derzeit unten hält sind sicher die grossen Unsicherheiten (Krise) am US-Immobilienmarkt mit entsprechender Wirkung auf den Geschäftsbereich Construction Materials. Nächste Zahlen, aber auch die weitere Entwicklung am Immobilienmarkt werden wohl die Richtung bestimmen. Interessant wird zu sehen sein, ob Headwaters trotz dieser Schwäche mit angekündigten, neuen Produkten gegen den Trend wachsen kann. --> Zahlen im April werden Aufschluss darüber geben.
      Weitere Unsicherheit und auch Hauptverantwortlich für den Kursverfall über das gesamte letzte Jahr ist sicher das wegbrechen von Sec. 29/45. HW hat zwar schon mehrfach erwähnt, dass mit einem kompletten Phase Out gerechnet wird. Entscheidung darüber ist aber von Seiten Regierung noch nicht gefallen. Im laufenden Q sollte eigentlich aufgrund des relativ tiefen Oelpreises wieder ein grösser Beitrag zum Gewinn drin sein. Ueberraschung wird dies allerdings keine sein und deshalb meine ich, werden vor allem die Zahlen im Geschäftsfeld Construction Materials von Bedeutung sein.

      Was langfristig Hoffnung macht sind X-verschiedene Projekte, die Headwaters am laufen hat (CTL, HCAT, Clean Coal, NxCAT, JV mit Degussa betreffend H2O2 usw.). Allerdings dauern diese Projekte noch einige Zeit, bis wirklich etwas zählbares dabei herauskommt. Ein Abschluss nach den langen und immer noch laufenden Tests betreffend HCAT könnte Potential nach oben freisetzen.

      Kurzfristig würde ich sagen überwiegen die Unsicherheiten und deshalb würde ich meinen Ball flach halte nund das ganze von der Seitenlinei beobachten.
      Avatar
      schrieb am 09.04.07 18:00:59
      Beitrag Nr. 555 ()
      Headwaters Incorporated Completes Refined Coal Facility



      SOUTH JORDAN, Utah--(BUSINESS WIRE)--

      HEADWATERS INCORPORATED (NYSE:HW) today announced that its wholly owned subsidiary, Covol Engineered Fuels, LC ("CEF"), has completed the refined coal facility located in Adger, Alabama at the Jim Walter Resources Mine number 3, and has placed the facility into operation. The business was obtained in an acquisition Headwaters announced in May of 2006 and was shut down in November to allow for the construction of a plant with improved ability to clean and recover waste coal fines. CEF, designed the process to allow for improved recovery and product quality. The recovered coal from this under-utilized resource base will be marketed for steam production in utility and industrial boilers.

      "We are pleased to have this facility in operation as we continue our goal to add to the resource base of one of our country's most utilized sources of energy - coal", said Ken Frailey, President of Headwaters Energy Resources, the parent company of CEF. Jim O'Neil, Sr. Vice President of CEF, continued, "Our partners in the Alabama area are pleased to have the additional coal resource to help meet current market needs."

      Commencing in the second calendar quarter of 2007, CEF anticipates that this facility will produce approximately 200,000 tons per year of high quality 11,000 - 12,000 btu coal.

      In addition to this facility, CEF currently anticipates the construction of two additional facilities in Alabama during 2007, along with the construction of its Chinook facility located near Terre Haute, Indiana.
      Avatar
      schrieb am 11.04.07 13:38:30
      Beitrag Nr. 556 ()
      @mizuno
      Danke für die ausführlichen Infos - habe bereits zuvor ein wenig gekauft - werde drin bleiben und langfristig positiv denken....
      Bei einem KGV von 12 kann nicht mehr soviel schief gehen hoffe ich.
      LG
      Martin
      Avatar
      schrieb am 13.04.07 16:40:09
      Beitrag Nr. 557 ()
      Antwort auf Beitrag Nr.: 28.756.595 von mernstbrunner am 11.04.07 13:38:30Tochtergesellschaft von HW gewinnt Rechtsstreit


      http://www.marketwatch.com/news/story/eldorado-stone-wins-bi…

      G ra369
      Avatar
      schrieb am 18.04.07 16:35:13
      Beitrag Nr. 558 ()
      Avatar
      schrieb am 22.04.07 13:15:10
      Beitrag Nr. 559 ()
      Mal schauen, ob von Seiten DegussaHeadwaters in Kürze News eintreffen werden.
      Die Parameter in der Versuchsanlage in Hanau sollten bis April 2007 abgesichert sein....

      http://www.peroxygen-chemicals.com/pdf/elements17_deu.pdf

      Gruss
      Avatar
      schrieb am 01.05.07 12:50:32
      Beitrag Nr. 560 ()
      Die Q2 Zahlen sind da!

      REV.: 274 Mio $
      EPS: 0.59 $ per share (guidance: 0.28 $ per share)

      Construction weiternhin sehr schwach. Sec. 29 Buisness stark und auch einen starken Ausblick für Q3 mit eventueller Erhöhung der Jahresprognose nach Q3.

      Aber lest selber unter: http://www.nasdaq.com (Symbol HW / Company News)

      Gruss
      Avatar
      schrieb am 01.05.07 16:33:01
      Beitrag Nr. 561 ()
      Lebt Ihr noch? Das Ding braucht Nerven und wie vorhergesagt stürzen sich alle auf den Construction Sector..., die paar Dollar aus Sec. 29 nehmen wir gerne mit, aber wahrscheinlich würde es auch abwärts gehen, wenn Sec. 29 10 $ per share eingebracht hätte.

      Mal sehen was der Tag und die darauffolgenden Tage bringen...
      Avatar
      schrieb am 01.05.07 21:06:27
      Beitrag Nr. 562 ()
      Paar Bemerkungen zum CC:

      HCAT:

      Verhandlungen für langfristige Verträge laufen, Headwaters geht davon aus, dass die 3 Raffinerien, die HCAT getestet haben zu langfristigen Kunden werden. Mit der dritten Raffinerie, die HCAT getestet hat rechnet man mit einem "kurzfristigen" Abschluss!

      Rechenbeispiel License Fee für HCAT:

      44'000 Barrel Raffinerie bringt einen License Fee von 700-1'000 $ / Barrel. Macht im besten Fall 44 Mio.$! + langfristiger Verkauf des Katalysators.

      Construction:

      Weiterhin sehr schwach, aber man sieht positive Tendenzen im Portfolio (Stone, neue Produkte). Man kann aber weiterhin noch nicht von einem Trend sprechen. Allerdings folgen die beiden stärksten Quartale für dieses Business.

      Clean Coal:

      In 2007 werden weitere Fabriken eröffnet und man will den Ausstoss auf 1,3 Mio. Tonnen erhöhen. Operative Marge von ca. 20% erwartet und man ist daran die Kriterien für SEC 45 zu erfüllen.

      Wasserstoffperoxide:

      Keine Aussage.

      CTL:

      Man hat in den Philippinen eine Lizenzvereinbarung unterzeichnet, also ist die Wahl betreffend Verfahren auf Headwaters gefallen.
      Weiter keine Aussage.

      Fly Ash:

      Nachfrage steigt stetig und man baut das Distributionsnetz weiter aus.

      Sonstiges:

      Langfristig ist eine Ausgliederung der Sparte Alternate Fuels denkbar.

      Fazit: Abwarten und Tee trinken.
      Avatar
      schrieb am 01.05.07 22:11:57
      Beitrag Nr. 563 ()
      Antwort auf Beitrag Nr.: 29.087.193 von mizuno am 01.05.07 21:06:27Hab mir mal die veröffentlichten Zahlen angesehen. So richtig detailliert sind sie ja noch nicht.

      Ich stell mal nen Vergleich zum letzten Quartal an:

      Q1/07 Q4/06

      Revenues
      CCP 62,1 69,1
      Construction materials 115,5 122,7
      Alternative Energy 96,5 83,0
      (davon 26 Einmalertrag ?)

      Gross profit
      CCP 15,3 19,6
      Constr. materials 28,3 32,1
      Alternative Energy 50,8 28,1

      Tja - was soll man sagen ? CCP und construction-Bereich bringen knapp 2/3 der Umsätze, aber nur 46% des gross profit. Mehr als die Hälfte des gross profit (50,8 Mio USD) kommen aus alternative energy, wobei ein beträchtlicher Teil nachgebuchte Section 45k-Erlöse sind (na gut, dafür sind für 07 noch keine eingebucht).

      Die CCP-Entwicklung von Quarter zu Quarter enttäuscht mich doch ein wenig (oder sind das saisonale Gründe ?). Ich dachte eigentlich, der Bereich könne wegen der Klimaphantasie die aus dem Wegfall der tax credits entstehende Lücke schließen. Bereich alternative energy ist mit dem derzeit vorliegenden dünnen Zahlenmaterial nur schwer zu analysieren. Schwer zu sagen, welchen Beitrag hier die nun produzierenden plants bereits bringen und in den nächsten Quartalen beitragen werden.
      Avatar
      schrieb am 02.05.07 00:05:33
      Beitrag Nr. 564 ()
      @ SimplyRed

      CCP ist saisonal abhängig und meiner Ansicht auch abhängig vom derzeitigen Durchhänger im Bereich Construction Materials (FlexCrete, Concrete usw.) und trotzdem hat man es geschafft, gegen den allgemeinen Trend organisch zu wachsen.

      Q2-06 = 58,5 Mio. $
      Q2-07 = 62,1 Mio. $

      + höhere operative Marge

      Q2-06 = 9,1 %
      Q2-07 = 13,2 %

      Klimaphantasie besteht weiterhin, zumal die USA am Wochenende Zugeständnisse in diese Richtung gemacht hat. Steckt durchaus Phantasie drin für die Zukunft, da die Verwendung von Fly Ash als Cement Ersatz einiges an Energieverbrauch und damit verbunden einiges an CO2-Ausstoss eliminiert. Entsprechend dürfte die Nachfrage weiter stetig steigen...

      Gruss
      Avatar
      schrieb am 14.05.07 13:21:28
      Beitrag Nr. 565 ()
      Headwaters Technology Innovation Announces Relationship with University of Pennsylvania’s Penn Regional Nanotechnology Facility


      April 23, 2007 - Headwaters Technology Innovation (HTI) has begun collaboration with the University of Pennsylvania through the Penn Regional Nanotechnology Facility (PRNTF). PRNTF has made available state-of-the-art electron microscopy instruments for characterization and analysis of nanocatalysts and nanomaterials. Within this relationship, HTI receives the full benefit of equipment and personnel that would be prohibitively expensive to maintain in-house, while PRNTF gets access to the industry and to work on projects and materials with near-term application and commercialization potential.

      Dr. Douglas Yates, who has over 20 years of experience in materials science and with the aforementioned techniques, is the technical director of PRNTF and also works as a consultant to HTI. “Every time HTI comes in with a sample I know I have to be at my best,” says Dr. Yates. “It can be anything from 1-2 nanometer bimetallic catalyst particles, a new nanocarbon material, or nanosized metaloxides. They’ve even brought in things I have never seen before!” Similarly Dr. Martin Fransson, who is responsible for characterization and technology evaluation at HTI says, “It has been crucial for both HTI and myself to rely on Dr. Yates for data generation and interpretation of our nanomaterials and catalysts.” The cutting edge nanoresearch that both HTI and PRNTF have begun would not be possible were it not for what each team brings to the table. The result is that both teams are pushed to the limit, driving innovation forward in this burgeoning field.

      If you have any further questions on the relationship between Headwaters Technology Innovation and PRNTF, please do not hesitate to contact HTI at 801-984-9400, or visit http://www.HTIrp.com/contactus.asp

      HTI makes every effort to leverage the expertise and resources in the academic community in order to maintain its leadership position in nanocatalysis and nanomaterial development. Once research is protected through patents and other means, the goal is to publish the work carried out at PRNTF for the benefit of the nanotechnology community.

      http://www.bing-zhou.com/pressRoom.asp
      Avatar
      schrieb am 25.05.07 18:13:32
      Beitrag Nr. 566 ()
      Und wieder ein Zukunftsprojekt, könnte für jeden Partner des Projektes (gleiche Beteiligung vorausgesetzt bei ca. 1Mrd Umsatz) bis zu $50 Mio Gewinn abwerfen.

      North Dakota Coal to Liquids Project Establishes 'American Lignite Energy' for Development Effort



      BISMARK, N.D.--(BUSINESS WIRE)--

      Three companies exploring development of a North Dakota coal-based refinery to produce ultra clean liquid transportation fuels and electricity have now established a single company, American Lignite Energy, to evaluate the project. Partners in American Lignite Energy include Headwaters Energy Services, Great River Energy, and The North American Coal Corporation.

      During the past several months, the American Lignite Energy partners have completed several preliminary engineering, environmental and market studies that indicate North Dakota could be an outstanding location for a coal-to-liquids facility. Although this is a very large development with many uncertainties, the partners are confident that the project warrants additional investigation because of its significant potential. Therefore, the partners are forming American Lignite Energy and are commencing more detailed engineering activities to further their analysis.

      American Lignite Energy will continue activities to determine if development of a coal-based refinery is viable. If constructed, the facility could play a positive role in helping the United States achieve energy independence by producing ultra clean liquid transportation fuels such as gasoline and LPG (both propane and butane). The facility will also produce electric power, certain petrochemical feedstocks, and carbon dioxide for enhanced oil recovery. All production would be done in an environmentally sensitive manner.

      The proposed coal-to-liquids project contemplates the development of a production facility that would produce approximately 32,000 barrels of fuel per day and utilize approximately 10 million tons of North Dakota lignite annually. Final site identification is under way. If the project were to move forward, engineering and permitting of the facility could take at least two years. Financing and construction of the facility would take at least four additional years.

      Engineering activities are being supported in part by the North Dakota's Lignite Research Fund. The North Dakota Industrial Commission has committed $10 million toward the project - $1.2 million of which is expected to be expended in the next phase of engineering, permitting, and site development. American Lignite Energy will provide matching funding in order to receive the state assistance.

      Headwaters Energy Services is a division of Headwaters Incorporated (NYSE:HW), a world leader in creating value through innovative advancements in the utilization of natural resources. Headwaters is a diversified growth company providing products, technologies and services to the energy, construction and home improvement industries. Through its alternative energy, coal combustion products, and building products businesses, the Company earns a growing revenue stream that provides the capital needed to expand and acquire synergistic new business opportunities.

      Great River Energy is a not-for-profit generation and transmission cooperative providing electricity to 28 distribution cooperatives in Minnesota and Wisconsin. It is the second largest power supplier in the state of Minnesota, and the fourth largest cooperative of its type in the nation.

      The North American Coal Corporation, a subsidiary of NACCO Industries, Inc. (NYSE: NC), mines and markets lignite coal primarily as fuel for power generation, and provides selected value-added mining services for other natural resources companies. Corporate headquarters are located in Dallas, Texas, with surface mining operations in Texas, North Dakota, Louisiana and Mississippi, and limerock mining operations in Florida.
      Avatar
      schrieb am 25.05.07 23:11:18
      Beitrag Nr. 567 ()
      Antwort auf Beitrag Nr.: 29.470.749 von wiwifant am 25.05.07 18:13:32Die sind nun wirklich auf zahlreichen vielversprechenden Geschäftsfeldern vertreten (wenn auch diese letzte Meldung noch sehr ferne Zukunftsmusik ist). Hochinnovativ das Unternehmen.

      Nur der Kurs dümpelt und dümpelt............Irgendwie hat sich aber auch alles gegen HW verschworen. Erst lässt der voraussichtliche Wegfall von Sec 29 einen Großteil des HW-Umsatzes verschwinden. Dann geht das als "Ersatz" gekaufte Baumaterial-Geschäft dank Immobilienabschwung in den Keller.

      Im Moment reicht die alternative energy - Phantasie nicht aus, den Kurs zu heben. Ich liege mit meiner Position rund 10% in den Miesen und es juckt immer wieder, den "Kaufen-Knopf" zu drücken, da ich irgendwie das Gefühl habe, dass wir nicht noch weiter abrutschen. Aber nein stop, wenigstens ein Quartalsbericht muss mal richtige Zuwächse bei den (nicht Sec29)alternative energy-Erlösen zeigen. Dann geht's ab !
      Avatar
      schrieb am 19.06.07 14:47:10
      Beitrag Nr. 568 ()
      :)

      Ich bin jetzt auch dabei, ich hoffe bald dreht sich die Kurve wieder nach oben.

      :):)
      Avatar
      schrieb am 19.06.07 21:48:40
      Beitrag Nr. 569 ()
      Antwort auf Beitrag Nr.: 29.474.162 von SimplyRed am 25.05.07 23:11:18

      Innovativ ist Headwater schon, wie du aber auch sagst...der Kurs dümpelt und dümpelt und kennt den Weg nach oben nicht. Habe Headwaters selber eine lange Zeit gehalten bis ich die Nase voll hatte. Bis jetzt habe ich den Ausstieg nicht bereut - was die Zukunft allerdings bringt steht natürlich in den Sternen.:rolleyes:
      Avatar
      schrieb am 19.06.07 22:48:59
      Beitrag Nr. 570 ()
      :)

      Man muss bei Technologie Aktien bischen mehr geduld haben. Ich denke solange es kein Zockerpapier ist, ich kann bischen warten. Ich denke irgendwann dreht sich die Kurve.

      :cool:
      Avatar
      schrieb am 20.06.07 15:02:15
      Beitrag Nr. 571 ()
      Antwort auf Beitrag Nr.: 30.029.839 von justfollowme am 19.06.07 22:48:59Schau Die mal den 5-Jahres-Chart an. M.E. wird das noch eine Weile dauern bis die Aktie dreht. Gute News können natürlich für einen anderen Verlauf sorgen, aber für wahrscheinlicher halte ich aktuell weitere Kursverluste. Interessant wird es charttechnisch m.E. erst wieder bei unter 10 €.

      G ra369

      PS: Habe HW schweren Herzens vor einiger Zeit mit Verlust verkauft.
      Avatar
      schrieb am 21.06.07 18:36:29
      Beitrag Nr. 572 ()
      Antwort auf Beitrag Nr.: 30.029.839 von justfollowme am 19.06.07 22:48:59
      Kann natürlich stimmen das hier noch mehr Geduld nötig ist. Habe aber selber Headwater mehrere Jahre gehalten...

      Ich kann mich nur ra369 anschließen - schaue dir den Lanfristchart an...:(
      Avatar
      schrieb am 21.06.07 23:30:59
      Beitrag Nr. 573 ()
      Antwort auf Beitrag Nr.: 30.098.386 von Ramses2I am 21.06.07 18:36:29Bekenne hiermit auch, dass ich beim Unterschreiten der 18 USD-Marke mit rund 20% Miesen erst mal verkauft habe. Der lahmende housing-Markt dürfte wohl auch im nächsten Quartalsbericht seine Spuren hinterlassen und dann fehlen die Sec 29-Gewinne zum Gegenrechnen wie beim letzten Mal. Hoffe aber auch, irgendwo um die 10 EUR wieder einsteigen zu können.
      Avatar
      schrieb am 21.06.07 23:31:49
      Beitrag Nr. 574 ()
      Ich bin kein Chartexperte, aber es sieht richtig scharf aus. Richtig mit scharfe Änderungen, in beide Richtungen, mehr nach unten. Ich denke es wird irgendwann nach oben gehen. Es ist vielleicht nicht die richtige Zeit. Deswegen habe ich erstmal eine kleine Position. Falls der Kurs plötzlich extrem fallen soll, kann man immer noch weiter zulegen.
      Avatar
      schrieb am 25.06.07 00:30:07
      Beitrag Nr. 575 ()
      :)

      Experten meinen auch das man Headwaters nicht kaufen soll! Wahrscheinlich bald dreht sich wieder.

      Headwaters downgraded by JP Morgan
      6/21/2007 6:37:31 AM - Briefing.com

      :D
      Avatar
      schrieb am 26.06.07 10:45:05
      Beitrag Nr. 576 ()
      Hallo,
      Naja - viel weiter runter kanns ja jetzt wohl nicht mehr gehen - das KGV muss ja schon etwa bei 10 liegen (was meint Ihr)- ich bin ebenfalls mit 23% im Minus - werde aber ausharren.
      Weiß jemand wann genau der Quartalsbericht veröffentlicht wird?
      LG
      Martin
      Avatar
      schrieb am 27.06.07 15:26:25
      Beitrag Nr. 577 ()
      Headwaters Technology Innovation Receives Highest Environmental Award Given in the U.S.
      Wednesday June 27, 8:00 am ET


      SOUTH JORDAN, Utah--(BUSINESS WIRE)--HEADWATERS INCORPORATED (NYSE:HW - News). The Environmental Protection Agency announced today that Dr. Bing Zhou and members of Headwaters Technology Innovation (HTI) have received the coveted Presidential Green Chemistry Award for their project, Direct Synthesis of Hydrogen Peroxide by Selective Nanocatalyst Technology. This award is the highest environmental award given in the US.

      EPA's Green Chemistry Program promotes the research, development, and implementation of innovative chemical technologies that accomplish pollution prevention in a scientifically sound and cost-effective manner. Dr. Zhou's team at HTI has achieved precisely these goals by developing a robust nanocatalyst technology that enables the synthesis of H2O2 directly from hydrogen and oxygen.

      Five Presidential Green Chemistry Awards are given annually to industry and government sponsors, an academic investigator, and a small business, and this is Dr. Zhou's first award through the program. Upon hearing of the win, Dr. Zhou responded, "We are delighted here at HTI to have won such a prestigious award, and feel that our innovative technology achieves the Green Chemistry Program's principle of designing syntheses that generate substances with little or no toxicity to humans and the environment."

      This breakthrough technology, called NxCat(TM), is a palladium-platinum catalyst that eliminates all the hazardous reaction conditions and chemicals of the existing process, along with its undesirable byproducts. It produces H2O2 more efficiently, cutting both energy use and costs. It uses innocuous, renewable feedstocks and generates no toxic waste.

      NxCat(TM) catalysts work because of their precisely controlled surface morphology. Except for its historically higher price, H2O2 is an excellent substitute for the more frequently used--and far more deleterious--chlorinated oxidants. The NxCat(TM) technology has the benefit of producing a cost effective, environmentally preferable oxidant (H2O2), and is expected to be the oxidant of choice for synthesis of major industrial chemicals.

      In partnership with Degussa AG, a major H2O2 manufacturer, HTI has demonstrated its technology and is preparing to begin commercial production in 2009.

      HTI is a subsidiary company of Headwaters Incorporated, a world leader in creating value through innovative advancements in the utilization of natural resources. HTI's research facilities are located in Lawrenceville, New Jersey. For additional information visit www.bing-zhou.com or http://www.htigrp.com/contactus.asp
      Avatar
      schrieb am 27.06.07 23:35:40
      Beitrag Nr. 578 ()
      Heute in USA in Plus, ob das der Trendwechsel ist?
      Avatar
      schrieb am 30.06.07 20:08:25
      Beitrag Nr. 579 ()
      Avatar
      schrieb am 02.07.07 18:24:35
      Beitrag Nr. 580 ()
      Super Danke - sind ja gar nicht so schlechte News - irgendwann wird auch der Kurs reagieren - zumindest bin ich davon überzeugt.
      LG
      Martin
      Avatar
      schrieb am 02.07.07 22:12:15
      Beitrag Nr. 581 ()
      Antwort auf Beitrag Nr.: 30.412.782 von mizuno am 30.06.07 20:08:25Wenn ich auf Seite 2 "market cap 1,5 b USD" lese, wird mir ganz komisch. Wann kommen die nächsten Zahlen ?
      Avatar
      schrieb am 03.07.07 21:23:22
      Beitrag Nr. 582 ()
      @ SimplyRed

      Das war einmal.....

      Zahlen kommen normalerweise gegen Ende Juli oder Anfang August.
      Ich erwarte mir keine grossen Impulse von den Zahlen (cor allem nicht positive). Wird wohl ablaufen wie immer. Zahlen im Plan oder besser, aber die Aktie taucht wieder nach einem kurzen Höhenflug.

      Wichtig wird der Ausblick sein und der kann meiner Ansicht mit dem heutigen Stand der Dinge nicht allzu rosig sein. Ich gehe davon aus, dass das Ergebnis für das vergangene Quartal zwar gut ausgefallen ist, eventuell sogar mit leicht positiven Tendenzen im Bereich Construction. Aber leider gehe ich auch davon aus, dass das ursprüngliche Ziel mit einem EPS aus dem Non Sec 45 Bereich von 1.00 - 1.05 $ deutlich reduziert wird. Entsprechend steht der Kurs da, wo er jetzt steht und ich bin mir nicht ganz sicher ob dies schon das Ende war.

      @ mernstbrunner

      Leider sind das keine News, aber es soll zeigen das ein grosses Potential im Bereich Nanotech stecken kann. Was fehlt ist ganz einfach der grosse Durchbruch.

      Wir haben zwar schöne Meldungen betreffend Testläufe HCAT - was fehlt ist ein Kunde, der sich für die Technik entscheidet.

      Wir haben zwar eine schöne Pilotanlage betreffend Wasserstoffperoxid - was fehlt ist die Meldung, dass der Durchbruch gelungen ist und die Technik nun in den grossen Massstab umgesetzt werden kann.

      Es ist einiges am laufen, aber es fehlt eben das richtig Handfeste, der Durchbruch in die eine oder andere Richtung, der die grosse Kohle bringt.

      Nach dem letzten CC und den Aussagen von Benson ist scheinabr auch im Bereich Reforming etwas in der Pipeline.

      Aber wie gesagt es fehlt der Durchbruch und der sollte besser früher als später kommen.

      Gruss
      Martin
      Avatar
      schrieb am 03.07.07 21:38:25
      Beitrag Nr. 583 ()
      Antwort auf Beitrag Nr.: 30.476.921 von mizuno am 03.07.07 21:23:22Exakt so sehe ich das auch. Halte die aus dem Verkauf freigewordene Kohle (allzuviel ist es nicht) bereit, um "at the bottom" (wo auch immer der ist) wieder einzusteigen.
      Avatar
      schrieb am 13.07.07 13:55:24
      Beitrag Nr. 584 ()
      Headwaters Incorporated Forms Strategic Partnership with Sumitomo Chemical to Commercialize Carbon Nanospheres



      SOUTH JORDAN, Utah--(BUSINESS WIRE)--

      HEADWATERS INCORPORATED (NYSE:HW), today announced the formation of a strategic partnership with the Sumitomo Chemical Co., Ltd. for the development and commercialization of carbon nanospheres, a new carbon nano-material.

      Sumitomo Chemical (TSE:4005) is one of Japan's leading chemical companies, with over 24,000 employees and global sales for 2006 exceeding $15 billion. The Company offers a diverse range of products in the fields of basic chemicals, petrochemicals, fine chemicals, IT-related chemicals, agricultural chemicals and pharmaceuticals.

      The carbon nanospheres (CNS) developed by Headwaters, are a new type of hollow, spherical carbon nano-material with a diameter of less than 100 nanometers. Their unique structure gives them many advantages compared to other carbon nano-materials like carbon nanotubes (CNT)(1) and high-performance carbon black (HPCB)(2).

      1. High conductivity

      CNS have a unique graphitized(3) multiwalled spherical structure, giving them high electrical conductivity. Therefore, they can be expected to find such applications as antistatic plastic fillers(4). In addition, because of its high conductivity, it can be used as an additive in smaller amounts than conventional HPCB, making it possible to take advantage of the intrinsic strength of plastics.

      2. Surface modification is possible without compromising strength

      Unlike CNT, the surface of CNS can be modified without deteriorating the basic structure of CNS or compromising strength or conductivity. This makes it possible to increase its affinity for all types of plastics, enabling plastics containing a uniform CNS composition to be easily obtained.

      3. Simple manufacturing process

      Compared with the complex process necessary to manufacture CNT, it is possible to manufacture CNS using a simple and efficient process.

      These special characteristics of CNS are expected to open the door to new applications that have until now been unachievable with HPCB and CNT.

      Sumitomo Chemical will collaborate with Headwaters to exploit the unique characteristics of CNS to develop applications for this new material. Based on the results of this development, the two companies will work together to launch a commercial business in CNS at the earliest opportunity.

      Headwaters Incorporated is a world leader in creating value through innovative advancements in the utilization of natural resources. Headwaters is a diversified growth company providing products, technologies and services to the energy, construction and home improvement industries. The Company, established in 1986 and headquartered in Salt Lake City, UT, has built a leadership position in the synthetic fuel industry by developing a proprietary chemical technology that transforms, coal, coal fines, and coal refuse into a chemically transformed fuel. Since 1999, under the leadership of Kirk A. Benson, Chairman and CEO, Headwaters has grown from a Company that employed approximately 50 people, and reported revenues of $6.7 million, to a Company with over 4,000 employees and revenues of $1.12 billion at the end of fiscal 2006.

      (Reference)

      Table 1 Comparison of CNS with other carbon nano-materials
      ----------------------------------------------------------------------
      CNS CNT HPCB
      ----------------------------------------------------------------------
      Conductivity ++ ++ -
      Affinity with Plastic ++ - +
      Mfg. Process ++ - ++

      Explanation of Technical Terms:

      (1)Carbon nanotube

      A type of carbon nano-material discovered in 1991 by Dr. Sumio Iijima of NEC. Their structure is formed from a graphite sheet (see note 3) rolled into an extremely fine cylinder with several nanometers in diameter and hundreds of nanometers to a few microns in length. Recently, other applications are being explored in such areas as field electron emission sources for displays and the storage of gasses such as hydrogen.

      (2)Carbon black

      A form of carbon created by the incomplete combustion of natural or hydrocarbon gasses. It is a fine powder with a spherical or chain-like structure. It is used as a filler to strengthen rubber, a pigment for printing ink and other products, a raw material for carbon-based materials, etc.

      (3)Graphite / graphitized

      Graphite is one of the allotropes of carbon. It is produced naturally, but may also be obtained by heat-treating amorphous carbon at up to 3000(degree)C. The carbon molecules are arranged in large hexagonal networks stacked on top of one another (graphite sheets). Transforming amorphous carbon into graphite is called graphitization, and carbon will exhibit different properties to the extent it is graphitized.

      (4)Antistatic filler

      Because plastic has a high electrical resistance, electrostatic charges can build up on its surface and cause a variety of problems. Giving the plastic a certain amount of conductivity prevents the build up of electrostatic charges, for which there are methods of mixing highly conductive fillers (additives) into plastic. Using a large amount of filler has an impact on the various properties of the plastic.

      About Headwaters Incorporated

      Headwaters Incorporated is a world leader in creating value through innovative advancements in the utilization of natural resources. Headwaters is a diversified growth company providing products, technologies and services to the energy, construction and home improvement industries. Through its alternative energy, coal combustion products, and building materials businesses, the Company earns a growing revenue stream that provides the capital needed to expand and acquire synergistic new business opportunities.

      Forward Looking Statements

      Certain statements contained in this report are forward-looking statements within the meaning of federal securities laws and Headwaters intends that such forward-looking statements be subject to the safe-harbor created thereby. Forward-looking statements include Headwaters' expectations as to the managing and marketing of coal combustion products, the production and marketing of building materials and products, the licensing of technology and chemical sales to alternative fuel facilities, the receipt of product sales, license fees and royalty revenues, which are subject to tax credit phase out risks, the development, commercialization, and financing of new technologies and other strategic business opportunities and acquisitions, and other information about Headwaters. Such statements that are not purely historical by nature, including those statements regarding Headwaters' future business plans, the operation of facilities, the availability of tax credits in an environment of high oil prices and potential tax credit phase out, the availability of feedstocks, and the marketability of the coal combustion products, building products, and synthetic fuel, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future events and our future results that are based on current expectations, estimates, forecasts, and projections about the industries in which we operate and the beliefs and assumptions of our management. Actual results may vary materially from such expectations. Words such as "expects," "anticipates," "targets," "goals," "projects," "believes," "seeks," "estimates," variations of such words, and similar expressions are intended to identify such forward-looking statements. Any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances, are forward-looking. In addition to matters affecting the coal combustion product, alternative fuel, and building products industries or the economy generally, factors which could cause actual results to differ from expectations stated in forward-looking statements include, among others, the factors described in the captions entitled "Forward-looking Statements" and "Risk Factors" in Item 7 in Headwaters' Annual Report on Form 10-K for the fiscal year ended September 30, 2006, Quarterly Reports on Form 10-Q, and other periodic filings and prospectuses.

      Although Headwaters believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that our results of operations will not be adversely affected by such factors. Unless legally required, we undertake no obligation to revise or update any forward-looking statements for any reason. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. Our internet address is www.headwaters.com. There we make available, free of charge, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Our reports can be accessed through the investor relations section of our web site.

      Source: HEADWATERS INCORPORATED

      12/07/2007 6:00 PM
      Avatar
      schrieb am 27.07.07 16:30:49
      Beitrag Nr. 585 ()
      ?? --> Verschreiber? fett

      Mayor anticipates continued growth in Lawrence
      Wednesday, July 25, 2007
      BY ALEX ZDAN
      Special to the Times
      LAWRENCE -- For some people, hearing about expansion at Quaker Bridge Mall means they may be able to finally have their favorite store located conveniently nearby. But Lawrence Mayor Greg Puliti looks at the expansion and thinks about new jobs, clean ratables and smart growth for the township.

      The mall expansion and other ventures where the township has sought alliances with businesses formed the majority of Puliti's state of the township address, delivered yesterday morning at the Greenacres Country Club.

      "The (Quaker Bridge) expansion is being anticipated at approximately 650,000 square feet, to include upscale retailers Nieman Marcus, Nordstrom's and a new J.C. Penney store along with additional retailers and an expanded food court and restaurants," Puliti said.

      Farther down Route 1, on the opposite end of town from the mall, Brunswick Circle has seen a full revival, he said.

      "For years this parcel of land that serves as the gateway to Lawrence from the city of Trenton was abandoned and forgotten," Puliti said. "But thanks to the Lawrence business community and Lawrence Township planners this parcel of land is now home to 30,500 square feet of retail."

      Tracing the major business developments across the township was perhaps a natural topic for an event hosted by the Lawrence chapter of the Mercer County Chamber of Commerce. In attendance were about 35 chapter members and non-members who paid between $20 and $30 for a ticket and a carbohydrate-heavy breakfast.

      One of the attendees, Bing Zhou of Headwaters Technology Innovation, was invited by Puliti in recognition of Headwaters receiving 2007 Presidential Green Chemistry Challenge honors from the Environmental Protection Agency.

      The company, which was originally begun to process uranium for the Manhattan Project, is located on New York Avenue near the township border with Trenton. Today, the French petroleum corporation that owns the company has put tens of millions of dollars into creating a leading research center there.

      "The research and development here is really the future for Headwaters," Zhou said. "We are doing research on cutting-edge technology."

      Headwaters was recognized for devising a process to create hydrogen peroxide using only hydrogen and oxygen atoms, thereby avoiding the creation of hazardous waste.

      "We are proud of that. We are also very proud to be in Lawrence Township," Zhou said.

      Puliti's speech was not all business, however. He trumpeted eight housing rehabilitations completed in the past 12 months, and said four homes were sold to income-eligible households.

      "This is very important because this is where your work force comes from -- the affordable housing," Puliti said.

      He also talked about open space, confessing it is his favorite topic.

      Lawrence recently hit a milestone in the acquisition of open space, he said, citing the preservation of the 45-acre Loveless tract at Eggerts Crossing Road, which brings the dedicated open space total in the township to 25 percent.

      Puliti previously served three one-year terms as mayor, in 1998, 2000 and 2003. He has said this term will be both his last as mayor and in local politics.

      http://www.nj.com/news/times/regional/index.ssf?/base/news-1…

      Sind ab und zu Berichte zu HTI zu finden.
      Avatar
      schrieb am 29.07.07 20:36:30
      Beitrag Nr. 586 ()
      Wird Zeit das hier mal wieder was passiert!! Seid ihr wirklich noch investiert??? Wenn ich mir den Chart ansehe kann ich das kaum glauben!



      http://www.worldofinvestment.com/wkn/909698/

      Ich bin zufällig auf diesen Wert gestoßen, kann mir aber auf Grund des Charts zur zeit keinen Einstieg vorstellen. Ging ja kontinuierlich nach unten!! :rolleyes:
      Avatar
      schrieb am 31.07.07 00:26:50
      Beitrag Nr. 587 ()
      Antwort auf Beitrag Nr.: 30.925.696 von Patient07 am 29.07.07 20:36:30"... Seid ihr wirklich noch investiert ..."

      Nö, gottseidank schon länger nicht mehr :p

      Und die Entscheidung war wohl richtig, wenn ich mir diesen grauenhaften Chart so ansehe ...

      GH
      Avatar
      schrieb am 31.07.07 12:14:17
      Beitrag Nr. 588 ()
      Starke Zahlen - auch Construction...
      Avatar
      schrieb am 31.07.07 12:16:02
      Beitrag Nr. 589 ()
      Headwaters Incorporated Announces Results for Its Fiscal 2007 Third Quarter


      -- Revenue of $336 Million, up 14% from June 2006 quarter
      -- Operating Income of $70 Million, up 42% from June 2006 quarter
      -- Diluted EPS of $0.98, up 69% from June 2006 quarter


      SOUTH JORDAN, Utah--(BUSINESS WIRE)--

      HEADWATERS INCORPORATED (NYSE:HW) today announced results for the quarter ended June 30, 2007, the third quarter of its 2007 fiscal year.

      Highlights for the quarter included:

      -- Record results from coal combustion products - both revenue
      and operating income

      -- Cash operating margins for our construction materials business
      of 25.0% in the quarter versus 25.4% in the June 2006 quarter,
      despite a 4% decline in revenue

      -- Signing of joint research agreement with Sumitomo to
      commercialize carbon nanospheres

      -- Construction of additional coal cleaning facilities creates
      path to more than $50 million in expected revenue for 2008

      Headwaters' total revenue for the June 2007 quarter was $336.3 million, up 14% from $295.9 million reported for the June 2006 quarter. Operating income increased 42% to $69.8 million in the June 2007 quarter compared to $49.2 million in the June 2006 quarter. Net income for the June 2007 quarter was $46.4 million or $0.98 of diluted earnings per share, up 69% from the June 2006 quarter of $27.4 million or $0.58 of diluted earnings per share.

      Total revenue for the nine months ended June 30, 2007 was $885.4 million, up 5% from $846.2 million reported for the nine months ended June 30, 2006. Operating income increased 9%, to $149.1 million for the nine months ended June 30, 2007 compared to $137.3 million in the prior year period. Net income for the nine months ended June 30, 2007 was $90.6 million or $1.94 of earnings per diluted share. Net income for the nine months ended June 30, 2006 was $74.1 million or $1.58 of earnings per diluted share.

      Operating Performance

      Building Materials.

      Revenues from coal combustion products ("CCPs") during the June 2007 quarter increased $9.1 million or 12%, from $74.1 million to $83.2 million, versus the June 2006 quarter. Operating margin increased to 21.6% compared to 19.1% in the June 2006 quarter. The increases in revenue and operating margin resulted from strong product demand and upward pricing trends in several markets. As demand for CCPs remains strong, we are continuing to expand our distribution and storage system to meet the increased interest in substituting fly ash for portland cement. We expect continued strength in this segment in the foreseeable future.

      Revenues from our construction materials business for the June 2007 quarter declined 4%, to $155.6 million, compared to $162.1 million for the June 2006 quarter. The June 2006 quarter was the all time record sales quarter for this business unit. U.S. Census Bureau data shows new single family residential construction housing starts declined by 21.6% comparing June 2006 to June 2007. We believe our performance is better than industry trends because of our product and geographic diversification and strong product categories. Headwaters' new product offerings continue to have strong sales growth even in a down market.

      While we face significant market headwind in our products most exposed to new home construction, we believe we are making operating improvements to align operations to this new environment. In our remodeling and commercial products, we are starting to show year over year favorable revenue and earnings comparisons. Operating margins decreased to 15.6% for the June 2007 quarter compared to 17.9% in the prior year quarter, primarily caused by higher depreciation, lower volume to absorb fixed costs, and increased raw material costs. On a cash operating margin basis, our margins in the quarter were 25.0% versus 25.4% in the prior year quarter. Our strong margin performance is in the face of the negative market cycle and the impact of lower sales. We continue to aggressively manage our cost structure, while investing to maintain and build our strong market positions.

      Alternative Energy Segment.

      We now have under construction or plan to commence construction during the September quarter four additional coal cleaning facilities, for a total of six facilities that are either operational or under construction. Subject to completion of the facilities, effective startup, and stable market conditions for coal, we forecast $50 million or more revenue in 2008 from our coal cleaning activities. The Alabama coal cleaning facility is increasing its output and selling its improved coal through the start up period and is cash flow positive as we approach our long term production and financial goals.

      The expansion of our South Korean hydrogen peroxide plant is on schedule and on budget. We expect to supply hydrogen peroxide to SKC Chemical under a long term take or pay contract for the manufacture of propylene oxide beginning in the 2008 fiscal year.

      We have completed three HCAT commercial runs at two refineries. We understand that both refineries consider the introduction of HCAT as an additive into their ebullated bed reactors as a factor that enabled them to increase the conversion of heavy oil and provide other economic benefits. HCAT facilitates the exothermic reactions associated with improvement in the upgrading process, and in one of the commercial runs demonstrated value even without increasing the temperature of the reactor. We believe there continues to be interest from both refineries to become long term customers of HCAT.

      In addition, we have completed the construction of the mixing skid for a third refinery to run HCAT commercially. The skid is currently undergoing final regulatory approvals before installation at the refinery. All licensing and sales agreements have been completed for the use of HCAT. Arrangements are underway for the manufacture and shipment of our catalyst precursor materials in order to have the planned commercial run commence in the September time frame, although it is possible there may be delays.

      Blue Flint Ethanol produced over 13 million gallons of ethanol in the quarter, and is currently running at a rate in excess of its name plate production capacity. Total revenues in the quarter from sales of ethanol and distillers grains exceeded $30 million. The rapid decline in corn prices to slightly above $3.00 per bushel has improved the spread between our ethanol sales price and the cost of corn, resulting in an improved outlook for our fourth quarter.

      Headwaters NxCat technology is a proprietary process to control nano particle size, composition, surface structure, dispersion and anchoring. The development agreement with Sumitomo announced during the quarter is another example of NxCat's technological flexibility. We are able to create carbon nanospheres which have the potential to replace carbon nanotubes and other high tech carbon products in many different applications. Our partner, Sumitomo Chemical, has already filed multiple patents for specific applications of our technology. We are continuing the development of nano catalysts for reforming, hydrogen peroxide, waste fuel oil, desulphurization of heavy oil, and multiple other applications.

      All of Headwaters' licensees and customers operated their synfuel facilities during the quarter. Chemical reagent sales in the June 2007 quarter of $50.6 million were 45% higher than in the June 2006 quarter, primarily as a result of less concern about phase-out this year. Due primarily to reagent cost increases, the gross margin on chemical reagent sales in the June 2007 quarter was 22%, compared to 24% in the prior year quarter, and somewhat higher than we expect for the full year.

      License fees increased by $21.2 million from $12.4 million in the June 2006 quarter to $33.6 million in the June 2007 quarter. The increase in license fee revenues in the June 2007 quarter resulted primarily from $19.4 million of earned license fees for both the March and June 2007 quarters meeting the "fixed or determinable" accounting standard for revenue recognition. No tax credit-based license fees were recognized in the June 2006 quarter due to substantial uncertainty regarding phase-out at that time. Ongoing uncertainty surrounding the phase-out of Section 45K tax credits in calendar 2007 will continue to affect the recognition of tax credit-based license fee revenue earned for the remainder of fiscal 2007 and in early fiscal 2008.

      Using available information as of June 30, 2007, and consistent with the methodology used since early fiscal 2006, Headwaters estimates the phase-out percentage for Section 45K tax credits for calendar year 2007 to be approximately 25%. Using information available on June 30, the NYMEX futures rate that was used in the calculation averaged approximately $71 per barrel. Oil prices would have to average $79 per barrel for the six months ending December 31 in order to have approximately a 50% phase out of the credit. For the period January 1, 2007 - June 30, 2007, we estimate the phase-out percent to be zero.

      Headwaters' effective income tax rate for the June 2007 quarter was 23%, which is also the estimated effective tax rate for fiscal 2007. Headwaters used the estimated phase-out percentage for calendar 2007 of approximately 25% in calculating expected Section 45K tax credits for 2007, resulting in an effective tax rate lower than the statutory rate.
      Avatar
      schrieb am 31.07.07 13:09:41
      Beitrag Nr. 590 ()
      Antwort auf Beitrag Nr.: 30.948.809 von mizuno am 31.07.07 12:16:02 :D Besser gehts nichts!!!

      Das wird heute in Amiland ein einziges Schlachtfest werden :laugh:

      Heute werden(müssen) massenweise Shorties eindecken...
      Avatar
      schrieb am 31.07.07 16:32:19
      Beitrag Nr. 591 ()
      Antwort auf Beitrag Nr.: 30.949.632 von TeddyKGB am 31.07.07 13:09:41

      Wer aber schon länger dabei ist, kann sich nicht wirklich über diesen kleinen Anstieg freuen...:(
      Avatar
      schrieb am 31.07.07 16:38:26
      Beitrag Nr. 592 ()
      Antwort auf Beitrag Nr.: 30.953.131 von Ramses2I am 31.07.07 16:32:19natürlich kann man/ich das :D
      Avatar
      schrieb am 31.07.07 16:50:57
      Beitrag Nr. 593 ()
      Antwort auf Beitrag Nr.: 30.953.226 von spiritrob am 31.07.07 16:38:26

      Es kommt natürlich immer auf den Einstiegskurs an.
      Da ich allerdings derzeit keine Shares von Headwaters
      halte sehe ich sowieso nur von der Seitenlinie zu.

      Wenn du bei einem Kurs von 6 eingestiegen bist ist natürlich
      ein Kurs von 12 sehr schön. Anderst sieht es allerdings aus, wenn der Einstiegskurs sagen wir mal bei 20, 25 oder 30 steht.
      Avatar
      schrieb am 31.07.07 16:59:06
      Beitrag Nr. 594 ()
      Antwort auf Beitrag Nr.: 30.953.424 von Ramses2I am 31.07.07 16:50:57mein einstieg war bei 27 € (und hab heute mit limit 12,20 noch mal geordert), und ich freu mich trotzdem über den anstieg :D
      Avatar
      schrieb am 31.07.07 17:43:37
      Beitrag Nr. 595 ()
      Antwort auf Beitrag Nr.: 30.953.560 von spiritrob am 31.07.07 16:59:06
      Da könnte ich mich nicht drüber freuen.:rolleyes:
      Aber wie gesagt, ich stehe an der Seitenlinie
      und schaue gespannt zu...:)
      Avatar
      schrieb am 31.07.07 19:15:16
      Beitrag Nr. 596 ()
      auf das gute Ergebnis wurde soeben in der n-tv telebörse hingewiesen, das Unternehmen dürfte an Interesse gewinnen und an Kurs hoffentlich auch.

      Gruß
      DW
      Avatar
      schrieb am 31.07.07 22:05:45
      Beitrag Nr. 597 ()
      Ich hoffe ab jetzt haben wir steigende Kurse hier, mit diesen Zahlen dürfte weiter nach oben gehen!
      :)
      Avatar
      schrieb am 01.08.07 10:51:20
      Beitrag Nr. 598 ()
      Antwort auf Beitrag Nr.: 30.958.764 von justfollowme am 31.07.07 22:05:45Hallo,

      beobachte seit Jahresanfang HW. Konnte mich nie entschließen einzusteigen, was ja angesichts des Kursverlaufs gut war.

      Die Zahlen gestern waren ja super.
      Wenn sich der gegebene Ausblick von 2,35-2,50$ / Aktie bewahrheitet, dann ist HW mit einem KGV von um die 7 und dem vorgelegten Wachstum kraß unterbewertet.

      Nur leider konnte ich nicht finden wie hoch denn nun der Anteil aus dem Sec45-Bereich an dem aktuellen Ergebnis war.

      Kann mir jemand bitte nachhelfen?
      Danke.
      :lick:
      Avatar
      schrieb am 01.08.07 14:07:11
      Beitrag Nr. 599 ()
      Antwort auf Beitrag Nr.: 30.963.707 von fishandchips am 01.08.07 10:51:20Hab's gefunden: etwa 25%

      d.h. für das Ergebnis 2008e ohne Wachstum ca 1,75-2$ / Aktie

      + natürlich leichte Unsicherheit wegen der Consturction und dem schwachen Baumarkt...

      trotzdem unterbewertet.

      CCP ist eine langanhaltende Wachstumsstory und wird nicht von morgen einbrechen.
      Avatar
      schrieb am 01.08.07 14:28:02
      Beitrag Nr. 600 ()
      Antwort auf Beitrag Nr.: 30.966.515 von fishandchips am 01.08.07 14:07:11hallo,
      vielen dank für die beantwortungen deiner frage :)
      ich habe jedenfalls jetzt mal meinen bestand an hw verdoppelt
      schau ma mal
      Avatar
      schrieb am 01.08.07 15:02:59
      Beitrag Nr. 601 ()
      Antwort auf Beitrag Nr.: 30.966.766 von spiritrob am 01.08.07 14:28:02Habe hier einen sehr interessanten Report/Analyse über HW gefunden. Ist von Anfang Februar 07.

      Darin wird z.B. gesagt, dass HW Construction nur zu etwa 1/3 von Neubauten abhängig ist. In Q1 gab es in dem Segment ca. 6% Rückgang zum VJ-Q und es wurde erwartet, dass der Rückgang sich weite abflachen würde im Laufe der kommenden Quartale - was mit nur noch -4% im Q3 ja auch geschehen ist. Im Laufe des JAhres werden stabile Erträge und evtl. sogar wieder leichter Anstieg dort erwartet.

      Lest mal rein.

      http://www.valuestockreports.com/Headwaters.pdf
      Avatar
      schrieb am 01.08.07 17:27:12
      Beitrag Nr. 602 ()
      Antwort auf Beitrag Nr.: 30.966.766 von spiritrob am 01.08.07 14:28:02
      Dann wünsche ich dir schon mal viel Erfolg.:rolleyes:
      Avatar
      schrieb am 01.08.07 17:31:14
      Beitrag Nr. 603 ()
      Antwort auf Beitrag Nr.: 30.969.788 von Ramses2I am 01.08.07 17:27:12vielen dank, ramses.
      aber deine rollenden augen zeugen ja ein wenig davon, dass du nicht so richtig an der erfolg glaubst? :rolleyes:
      Avatar
      schrieb am 03.08.07 09:45:24
      Beitrag Nr. 604 ()
      Gestern Abend auf der NYSE die 17 $ genommen nachdem der Kurs lange drunterhergelaufen ist...

      läßt sich ja bisher gut an.
      :)
      Avatar
      schrieb am 06.08.07 17:16:14
      Beitrag Nr. 605 ()
      Für Interessierte - WO-Kolumne "Kohle ins Depot!" v. 03.08.07
      HW wird erwähnt.

      http://www.wallstreet-online.de/nachrichten/nachricht/212692…
      Avatar
      schrieb am 07.08.07 22:07:30
      Beitrag Nr. 606 ()
      Antwort auf Beitrag Nr.: 30.999.316 von fishandchips am 03.08.07 09:45:24Was ist denn da passiert? :eek: :eek:
      Kurs in USA 15,40 USD = - 9,14 %

      Ich habe keine Erklärung für diesen Einbruch!
      Avatar
      schrieb am 08.08.07 12:52:12
      Beitrag Nr. 607 ()
      Antwort auf Beitrag Nr.: 31.071.444 von KarlBlock am 07.08.07 22:07:30Gestern kam dieses Text. Vielleicht haben manche eine Zinssenkung erwartet, was die Gewinne für 2007 bei HW laut folgende Text beeinflussen könnte!?

      Form 10-Q for HEADWATERS INC


      --------------------------------------------------------------------------------

      7-Aug-2007

      Quarterly Report



      ITEM 2. MANAGEMENT\'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
      RESULTS OF OPERATIONS
      The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes included in this Form 10-Q. Our fiscal year ends on September 30 and unless otherwise noted, references to 2006 refer to our fiscal quarter and/or nine month period ended June 30, 2006 and references to 2007 refer to our fiscal quarter and/or nine month period ended June 30, 2007. Other references to years refer to our fiscal years, unless otherwise noted.

      Overview

      Consolidation and Segments. The consolidated financial statements include the accounts of Headwaters, all of our subsidiaries and other entities in which we have a controlling interest. All significant intercompany transactions and accounts are eliminated in consolidation. As described in more detail in our December 31, 2006 Form 10-Q, during that quarter, we acquired 100% of the ownership interests of a privately-held company in the construction materials business. Operating results for the acquired business subsequent to the acquisition date have been included in our consolidated results for 2007 and were not material.

      We currently operate in two industries and report three business segments, the construction materials and CCPs segments in the building materials industry, and the alternative energy segment in the energy industry. In the construction materials segment, we design, manufacture, and sell architectural stone and resin-based exterior siding accessories (such as shutters, mounting blocks, and vents) and related products. Revenues consist of sales to wholesale and retail distributors, contractors and other users of building products. We are also a nationwide leader in the management and marketing of CCPs. Revenues in the CCP segment consist primarily of fly ash and other product sales. In the alternative energy segment, we are focused on reducing waste and increasing the value of energy feedstocks, primarily in the areas of low-value coal and oil. Revenue for the alternative energy segment consists primarily of sales of chemical reagents and license fees.

      Operations and Strategy. During the past several years, we have executed our two-fold plan of maximizing cash flow from our existing operating business units and diversifying from over-reliance on the legacy alternative energy segment
      Section 45K (formerly Section 29) business. With the addition and expansion of our CCP management and marketing business through acquisitions in 2002 and in 2004, and the growth of our construction materials business, through several large and small acquisitions in 2004, 2006 and 2007, we have achieved revenue growth and diversification in three business segments. Because we also incurred increased indebtedness to make strategic acquisitions, one of our ongoing financial objectives is to continue to focus on increased cash flows to reduce debt.

      A material amount of our 2007 and prior fiscal year consolidated revenue and net income has been derived from license fees and sales of chemical reagents, both of which depend on the ability of licensees and other customers to manufacture and sell qualified synthetic fuel that generates tax credits under Section 45K (formerly Section 29) of the Internal Revenue Code. We have also claimed Section 45K tax credits for synthetic fuel sales from facilities in which we own an interest. From time to time, issues arise as to the availability of tax credits and, with the increased price of oil, the phase-out of credits.

      By law, Section 45K tax credits for synthetic fuel produced from coal expire on December 31, 2007. In addition, Section 45K tax credits are subject to phase-out after the average annual U.S. wellhead oil price (\"reference price\") reaches a beginning phase-out threshold price, and are eliminated entirely if the reference price reaches the full phase-out price. There was no phase-out of tax credits for calendar 2005; however, as a result of high oil prices in calendar 2006, there was a partial phase-out of tax credits for calendar 2006 of approximately 33%. In addition, phase-out of Section 45K for calendar 2007 is also possible. As of June 30, 2007, all of our licensees are producing synthetic fuel, but most licensees stopped production for a period of time in calendar 2006. These events have materially adversely affected both the amount and timing of recognition of our revenue, net income and cash flow, and will likely have a material adverse effect in future periods as well. Reference is made to notes 7 and 9 to the consolidated financial statements where there is more information on phase-out and other uncertainties related to Section 45K tax credits that have affected our business in 2007 and that will continue to affect our business for the remainder of calendar 2007.

      Our acquisition strategy targets businesses that are leading players in their respective industries and that enjoy healthy operating margins, thus providing additional cash flow that complements the financial performance of our existing businesses. In addition, in fiscal 2006, we began to acquire small companies with innovative products that can be marketed using our existing distribution channels. We are also committed to continuing to invest in research and development activities that are focused on energy-related technologies and nanotechnology. We participate in a joint venture which operates an ethanol plant located in North Dakota, and we are also investing in other alternative energy projects such as coal cleaning and



      --------------------------------------------------------------------------------

      the use of nanocatalysts to engineer coal for emissions reduction and to enhance the refining of heavy crude oils into lighter transportation fuels.

      As a result of our CCPs and construction materials businesses, we are affected by seasonality, with the highest revenue and profitability produced in the June and September quarters. With CCPs, our strategy is to continue to negotiate long-term contracts so that we can invest in transportation and storage infrastructure for the marketing and sale of CCPs. We also intend to continue our efforts to expand usage of high-value CCPs and develop uses for lower-value CCPs, including the expanded use of CCPs in our construction materials businesses and the industry in general.

      In fiscal 2005 and 2006, we focused on the integration of our large 2004 acquisitions, including the marketing of diverse construction materials products through our national distribution network. We became highly leveraged as a result of those acquisitions, but have reduced our outstanding debt since that time through cash generated from operations, from an underwritten public offering of common stock and from proceeds from settlement of litigation. We intend to continue to focus on repaying long-term debt while continuing to look for diversification opportunities within prescribed parameters.

      Three Months Ended June 30, 2007 Compared to Three Months Ended June 30, 2006

      The information set forth below compares our operating results for the quarter ended June 30, 2007 (\"2007\") with operating results for the quarter ended June 30, 2006 (\"2006\").

      Revenue. Total revenue for 2007 increased by $40.4 million or 14% to $336.3 million as compared to $295.9 million for 2006. The major components of revenue are discussed in the sections below.

      Construction Materials Segment. Sales of construction materials during 2007 were $155.6 million with a corresponding direct cost of $103.3 million. Sales of construction materials during 2006 were $162.1 million with a corresponding direct cost of $107.3 million. The decrease in sales of construction materials during 2007 was due primarily to the effects of a depressed residential housing and remodeling market which impacted sales across most of our product lines. We believe that the impact of the general industry slowdown has been significantly mitigated by our product categories, geographic diversification, product diversification and the introduction of new products. Despite the depressed market, gross margin percentage did not change significantly from 2006 to 2007, due primarily to operational efficiencies that have been achieved during the past year. Nevertheless, because a substantial amount of our revenues in this segment are dependent on the housing market, we anticipate some impact from market conditions in future periods until the cycle reverses.

      CCP Segment. CCP revenues for 2007 were $83.2 million with a corresponding direct cost of $58.4 million. CCP revenues for 2006 were $74.1 million with a corresponding direct cost of $53.7 million. The increase in CCP revenues and in the gross margin percentage during 2007 were due primarily to a combination of continued strong demand for CCPs and upward pricing trends in most concrete markets. The growth in demand for CCPs is due in part to certain regional shortages of portland cement for which CCPs are a substitute, which can result in an increased percentage of CCPs being used in concrete. The cement shortages also resulted in increased prices for CCPs in several markets.

      Alternative Energy Segment. Our alternative energy segment revenue consists primarily of chemical reagent sales, license fee revenue related to our solid alternative fuel technologies, and to a lesser extent, sales of synthetic fuel from two solid alternative fuel production facilities that we own. The major components of revenue for the alternative energy segment are discussed in the sections below.

      Sales of Chemical Reagents. Chemical reagent sales during 2007 were $50.6 million with a corresponding direct cost of $39.3 million. Chemical reagent sales during 2006 were $34.9 million with a corresponding direct cost of $26.5 million. Chemical reagent sales in 2007 were higher than in 2006 primarily due to increased synthetic fuel production by nearly all of our licensees and other customers. We believe there has been less concern in 2007 over phase-out of
      Section 45K tax credits than existed in 2006, which has resulted in increased synthetic fuel production. Nevertheless, it is not possible to predict the trend for sales of chemical reagents in future periods because synfuel production by our licensees and other customers is subject to decisions based on future oil prices and other customer-specific factors. The gross margin percentage for 2007 of 22% was lower than the 2006 gross margin percentage of 24% due primarily to increases in the cost of product, which in turn was related to increases in the costs of petroleum-based materials. Subject to crude oil prices and other factors, we currently believe reagent margins in fiscal 2007 will be lower than in 2006.

      License Fees. During 2007, we recognized license fee revenue totaling $33.6 million, an increase of $21.2 million from $12.4 million of license fee revenue recognized during 2006. Certain accounting rules limit revenue recognition to amounts that are \"fixed or determinable.\" The amount of license fee revenue recognized in 2006 and 2007 was negatively affected for certain licensees whose license agreements call for us to be paid a portion of the tax credits earned by the licensee. Due to uncertainties related to phase-out for calendar 2006 and 2007 and other licensee-specific factors, revenue



      --------------------------------------------------------------------------------

      recognition was deferred for certain licensees during 2006. A portion of such revenue is also currently being deferred for certain licensees in fiscal 2007.

      Due to the publication of the calendar 2006 reference price and the phase-out range for that year, finalization of calendar 2006 phase-out was made possible during the quarter ended June 30, 2007. As a result of the availability of this information and the clarification of other licensee-specific factors, certain calendar 2006 and prior year license fee revenue totaling approximately $26.5 million and $3.3 million was recognized during the quarters ended March 31 and June 30, 2007, respectively. These amounts related to periods ending on or prior to December 31, 2006 and were recognized in 2007 when they met the \"fixed or determinable\" recognition criterion and it was remote that any negative adjustment would be required in the future. Additionally, applying the same policy, approximately $19.4 million of license fee revenue was recognized during the quarter ended June 30, 2007 for calendar 2007 tax credit-based license fees, approximately $9.7 million of which related to the quarter ended March 31, 2007. As of June 30, 2007, most license fee revenue that has not been recognized relates to the quarters ended March 31 and June 30, 2007. This unrecognized revenue, which as of June 30, 2007 could total approximately $5.5 million (calculated based on licensee-reported data and assuming 25% phase-out of
      Section 45K tax credits for calendar 2007), will not be recognized until such time as the amounts become \"fixed or determinable.\" Reference is made to our policy disclosures contained in Note 2 to the consolidated financial statements and in \"Management\'s Discussion and Analysis\" in our Form 10-K, as well as information in Note 9 to the consolidated financial statements in this Form 10-Q and in the overview above.

      Other Alternative Energy Segment Revenues. The majority of other alternative energy segment revenue is comprised of sales of synthetic fuel, which during 2007 were $10.7 million with a corresponding direct cost of $14.6 million. Sales of synthetic fuel during 2006 were $10.5 million with a corresponding direct cost of $12.3 million. Revenue from the sale of synthetic fuel has a negative gross margin, which is more than compensated for by the income tax credits expected to be earned from the sales of the synthetic fuel.

      Amortization and Research and Development Expenses. The decrease in amortization expense ($0.5 million) from 2006 to 2007 was due primarily to intangible assets that have been fully amortized. Research and development expense increased by $1.0 million from 2006 to 2007 primarily because of increased spending in our joint research efforts with Degussa related to hydrogen peroxide (see Note 9) and in developmental efforts related to our nanotechnologies.

      Selling, General and Administrative Expenses. These expenses increased $2.8 million, or 8% to $38.7 million for 2007 from $35.9 million for 2006. Most of the increase represented payroll costs related to growth initiatives at the operating business unit level.

      Other Income and Expense. During 2007, we reported net other expense of $9.5 million compared to net other expense of $7.6 million during 2006. The change of $1.9 million was comprised of a decrease in net interest expense of $1.5 million and an increase in other expenses of $3.4 million. Net interest expense decreased from $8.2 million in 2006 to $6.7 million in 2007, due primarily to a lower interest rate (2.50%) on the $160.0 million of convertible senior subordinated notes issued in January 2007, the proceeds of which were used primarily to make early repayments of higher-rate debt.

      The increase in other expenses of $3.4 million consisted primarily of a $3.0 million increase in costs related to our investment in the coal-based solid alternative fuel production facility described in Note 7 to the consolidated financial statements.

      Income Tax Provision. Our estimated effective income tax rate for the fiscal year ending September 30, 2007, exclusive of discrete items (none of which affected the quarter ended June 30, 2007), is 23.0%, which rate was applied to income before income taxes for the nine months ended June 30, 2007. The income tax rates for the three months ended June 30, 2006 and 2007 were 34.2% and 23.0%, respectively. The effective tax rates for 2006 and 2007 are lower than statutory rates primarily due to tax credits related to the alternative fuel facilities that we own or have an interest in, all as described in Note 7 to the consolidated financial statements. Excluding the effect of the tax credits, our estimated effective tax rate for 2007 would be approximately 37.5%.

      Also, as described in Notes 7 and 9 to the consolidated financial statements, while we have estimated a phase-out percentage for Section 45K tax credits for calendar 2007 using available information as of June 30, 2007, it is certain that our estimated phase-out percentage will change during the year. The effect on income taxes of changes in the estimated phase-out percentage for calendar 2007 will be recorded to income tax expense in subsequent periods, when the calendar 2007 actual oil prices are known. Any such effect could be material to our 2007 and 2008 income tax expense.

      The calculation of tax liabilities involves uncertainties in the application of complex tax regulations in multiple jurisdictions. For example, we are currently under IRS audit for the years 2003 through 2006. We recognize potential liabilities for anticipated tax audit issues in the U.S. and state tax jurisdictions based on estimates of whether, and the extent to which, additional taxes and interest will be due. If events occur and the payment of these amounts ultimately proves to be



      --------------------------------------------------------------------------------

      unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when it is determined the liabilities are no longer probable or necessary. If the estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result.

      Nine Months Ended June 30, 2007 Compared to Nine Months Ended June 30, 2006

      The information set forth below compares our operating results for the nine months ended June 30, 2007 (\"2007\") with operating results for the nine months ended June 30, 2006 (\"2006\").

      Revenue. Total revenue for 2007 increased by $39.2 million or 5% to $885.4 million as compared to $846.2 million for 2006. The major components of revenue are discussed in the sections below.

      Construction Materials Segment. Sales of construction materials during 2007 were $393.9 million with a corresponding direct cost of $281.1 million. Sales of construction materials during 2006 were $423.7 million with a corresponding direct cost of $288.2 million. The decrease in sales of construction materials during 2007 was due primarily to the effects of a depressed residential housing and remodeling market which impacted sales across most of our product lines. The housing market slowdown also was the primary reason for the decline in gross margin percentage from 2006 to 2007.

      CCP Segment. CCP revenues for 2007 were $214.5 million with a corresponding direct cost of $154.6 million. CCP revenues for 2006 were $197.7 million with a corresponding direct cost of $149.0 million. The increase in CCP revenues and in the gross margin percentage during 2007 were due primarily to a combination of continued strong demand for CCPs and upward pricing trends in most concrete markets. The growth in demand for CCPs is due in part to certain regional shortages of portland cement for which CCPs are a substitute. The cement shortages also resulted in increased prices for CCPs in several markets.

      Alternative Energy Segment. Our alternative energy segment revenue consists primarily of chemical reagent sales, license fee revenue related to our solid alternative fuel technologies, and to a lesser extent, sales of synthetic fuel from two solid alternative fuel production facilities that we own. The major components of revenue for the alternative energy segment are discussed in the sections below.

      Sales of Chemical Reagents. Chemical reagent sales during 2007 were $141.1 million with a corresponding direct cost of $112.1 million. Chemical reagent sales during 2006 were $129.4 million with a corresponding direct cost of $97.5 million. Chemical reagent sales in 2007 were higher than in 2006 primarily due to increased synthetic fuel production by most of our licensees and other customers. We believe there has been less concern in 2007 over phase-out of
      Section 45K tax credits than existed in 2006, which has resulted in increased synthetic fuel production. The gross margin percentage for 2007 of 21% was lower than the 2006 gross margin percentage of 25% due primarily to increases in the cost of product, which in turn was related to increases in the costs of petroleum-based materials.

      License Fees. During 2007, we recognized license fee revenue totaling $98.1 million, an increase of $41.2 million from $56.9 million of license fee revenue recognized during 2006. The amount of license fee revenue recognized in 2006 and 2007 was negatively affected for certain licensees whose license agreements call for us to be paid a portion of the tax credits earned by the licensee. Due to uncertainties related to phase-out for calendar 2006 and 2007 and other licensee-specific factors, revenue recognition was deferred for certain licensees during 2006. A portion of such revenue is also currently being deferred for certain licensees in fiscal 2007.

      Due to the publication of the calendar 2006 reference price and the phase-out range for that year, finalization of calendar 2006 phase-out was made possible during the quarter ended June 30, 2007. As a result of the availability of this information and the clarification of other licensee-specific factors, certain calendar 2006 and prior year license fee revenue totaling approximately $26.5 million and $3.3 million was recognized during the quarters ended March 31 and June 30, 2007, respectively. These amounts related to periods ending on or prior to December 31, 2006 and were recognized in 2007 when they met the \"fixed or determinable\" recognition criterion and it was remote that any negative adjustment would be required in the future. Additionally, applying this same policy, approximately $19.4 million of license fee revenue was recognized during 2007 for calendar 2007 tax credit-based license fees.

      Other Alternative Energy Segment Revenues. The majority of other alternative energy segment revenue is comprised of sales of synthetic fuel, which during 2007 were $32.2 million with a corresponding direct cost of $39.2 million. Sales of synthetic fuel during 2006 were $33.9 million with a corresponding direct cost of $39.3 million. Revenue from the sale of synthetic fuel has a negative gross margin, which is more than compensated for by the income tax credits expected to be earned from the sales of the synthetic fuel.

      Amortization and Research and Development Expenses. The decrease in amortization expense ($1.0 million) from 2006 to 2007 was due primarily to intangible assets that have been fully amortized. Research and development expense



      --------------------------------------------------------------------------------

      increased by $3.8 million from 2006 to 2007 primarily because of increased spending in our joint research efforts with Degussa related to hydrogen peroxide and in developmental efforts related to our nanotechnologies.

      Selling, General and Administrative Expenses. These expenses increased $9.9 million, or 10% to $113.1 million for 2007 from $103.2 million for 2006. The increase in 2007 was due primarily to an $8.6 million increase in payroll and long-term incentive pay at the operating business unit level, a $3.4 million increase in litigation-related costs, and a $2.0 million decrease in marketing and sales-related expenses. A majority of the increase in payroll costs relates to growth initiatives at the operating business unit level, and the increased long-term incentive pay relates to improved performance at certain operating business units. The increase in litigation costs was due to a net credit recorded in 2006 because of positive developments in certain legal matters. Those developments resulted in reduced likelihood of ultimate legal liability and the reversal of previously expensed litigation costs. The lower marketing and sales-related expenses were a result of lower sales at certain operating business units.

      Other Income and Expense. During 2007, we reported net other expense of $33.0 million compared to net other expense of $30.8 million during 2006. The change of $2.2 million was comprised of a decrease in net interest expense of $1.8 million and an increase in other expenses of $4.0 million. Net interest expense decreased from $25.8 million in 2006 to $24.0 million in 2007, due primarily to the lower interest rate (2.50%) on the $160.0 million of convertible senior subordinated notes issued in January 2007, and lower average levels of long-term debt in 2007 as compared to 2006. The decrease in interest expense caused by those factors was partially offset by $2.0 million of accelerated amortization of debt issue costs related to early repayments of senior debt in 2007, which early repayments were funded primarily by net proceeds from the new lower-rate convertible notes.

      The increase in other expenses of $4.0 million consisted primarily of a $4.2 million increase in costs related to our investment in the coal-based solid alternative fuel production facility described in Note 7 to the consolidated financial statements.

      Income Tax Provision. Our estimated effective income tax rate for the fiscal year ending September 30, 2007 is 23.0%, which rate was applied to income before income taxes for the nine months ended June 30, 2007. We also recognized a net $1.2 million income tax benefit in 2007 for discrete items that did not affect the calculation of the estimated effective income tax rate for the fiscal year. The discrete items primarily consisted of additional tax credits for fiscal 2006 and changes in estimated tax liabilities and in reserves related to an IRS examination. The additional tax credits for fiscal 2006 resulted from actual phase-out of Section 45K tax credits for calendar 2006 being lower than previously estimated. After consideration of the effect of the discrete items, income tax expense totaled approximately 22.0% of income before income taxes for 2007, compared to 30.4% for 2006. The effective tax rates for 2006 and 2007 are lower than statutory rates primarily due to tax credits related to the alternative fuel facilities that we own or have an interest in, all as described in Note 7 to the consolidated financial statements.

      Impact of Inflation and Related Matters

      Our operations have been impacted by i) increased cement, polypropylene and poly-vinyl chloride costs in the construction materials segment; ii) rising costs for chemical reagents in the alternative energy segment; iii) increased fuel costs that have affected transportation costs in most of our business units; and iv) certain regional shortages of cement and aggregate materials. The increased costs of polypropylene, poly-vinyl chloride, chemical reagents and fuel are directly related to the increase in prices of natural gas, oil and other petroleum-based materials. The increased costs of cement are caused primarily by a lack of adequate supplies in some regions of the U.S.

      We have been successful in passing on some, but not all, of the increased material and transportation costs to customers. It is not possible to predict the future trend of material and transportation costs, nor our ability to pass on any future price increases to customers. It is also not possible to predict the impact of potential future cement supply shortages on our ability to procure needed supplies in our construction materials business.

      Liquidity and Capital Resources

      Summary of Cash Flow Activities. Net cash provided by operating activities during the nine months ended June 30, 2007 (\"2007\") was $75.8 million compared to $172.7 million during the nine months ended June 30, 2006 (\"2006\").The primary reason for the change in cash provided by operations from 2006 to 2007 was the collection in 2006 of a $70.0 million receivable related to the litigation settlement reached with AJG in 2005, along with other changes in working capital. In 2006 and 2007, the primary investing activities consisted of payments for acquisitions and the purchase of property, plant and equipment. In 2007 financing activities consisted primarily of the issuance of a new series of convertible senior subordinated notes and the early repayment of a portion of our senior debt. In 2006, the primary financing activity consisted of repayments of long-term debt. More details about our investing and financing activities are provided in the following paragraphs.

      . . .
      Avatar
      schrieb am 09.08.07 14:16:01
      Beitrag Nr. 608 ()
      nun schon der zweite Tag mit hohen Umsätzen und negativem Ausgang an der NYSE.
      Anscheinend werden nun die Momentum-Trader rausgeschüttelt, die nach den Q3-Zahlen auf den schnellen $ gehofft haben. Oder sie haben verstanden, dass die Ertragslage für FY 2008 ziemlich unklar ist. :confused:

      Ich glaube wir sind auf dem Wege ein schönes W zwischen 15 und 17$ zu machen.
      Mal sehen wie es nachher weitergeht.
      Wünsche allen Geduld.
      Avatar
      schrieb am 14.08.07 20:47:38
      Beitrag Nr. 609 ()
      Antwort auf Beitrag Nr.: 31.077.756 von justfollowme am 08.08.07 12:52:12Anscheinend gute Nachrichten: :)

      Companies Plan Fuel-From-Coal Plants
      Tuesday August 14, 10:58 am ET
      By Tim Huber, AP Business Writer
      Coal-To-Liquids Quietly Becoming a Reality in U.S.


      CHARLESTON, W.Va. (AP) -- While the energy industry has been focused on alternative fuels and new sources of oil, the coal industry is going forward with plants to turn coal into liquid fuels such as diesel and gasoline.
      ADVERTISEMENT


      Supporters say at least some plans are a certainty, even if Congress doesn't approve incentives sought by coal-to-liquids supporters. But they argue some form of subsidy is vital to build enough plants to dent the nation's reliance on foreign oil.

      "You're going to have a coal-to-liquids industry in the United States," said John Ward, vice president for marketing and government relations for Headwaters Inc. "The question is how fast will it happen."

      The National Mining Association's Coal-To-Liquids Coalition is hosting a conference this week in Beckley, W.Va. The event's agenda includes speeches by Rep. John Murtha, D-Pa., Sen. Jay Rockefeller, D-W.Va., and other politicians and updates on various coal-to-liquids projects by representatives of the U.S. Air Force and Rentech Inc., which is working to develop proposed plants around the country.

      South Jordan, Utah-based Headwaters is working on a coal-to-gasoline plant proposed for North Dakota and researching the feasibility of coal-to-liquid plants for Pittsburgh-based Consol Energy.

      While most plants are years away from construction, Los Angeles-based Rentech hopes to convert a natural gas-fed fertilizer plant in East Dubuque, Ill., by the end of 2009 or 2010. Production would start low -- 920 tons of fertilizer and 1,800 barrels of diesel a day.

      That's at once a drop in the bucket compared with the nation's energy use and, to the industry's way of thinking, a big step in the right direction. Rentech Chief Executive Hunt Ramsbottom and others figure at least one of several larger proposed plants will be built.

      The coal industry and coal-state politicians in particular say the nation can't afford to patiently wait for small developers to build plants on their own or in conjunction with coal companies.

      But so far the notion hasn't gotten very far in Washington.

      "There's not a concerted effort to be truly energy independent," said West Virginia Gov. Joe Manchin. "How are you going to get us from A to B and still be a world superpower?"

      Supporters argue using domestic coal would reduce dependence on imported oil from unstable parts of the world.

      "It has the potential to be a meaningful supply of fuel that would take the price off of gasoline and diesel fuel and would take the dependence down on the Mideast," said Don Blankenship, chief executive of Massey Energy Co., the nation's fourth-largest coal producer by revenue.

      Environmentalists contend conservation and energy efficiency would do the same thing. And they argue coal to liquids plants double the greenhouse gases of oil refining, consume of vast quantities of water and increase coal production.

      "Why in heaven's name would we be subsidizing anything that's giving double the greenhouse gases?" said Vivian Stockman of the Ohio Valley Environmental Coalition. "It's basically a way to prop up the coal industry and give them more subsidies and hold people economic hostage."

      Ramsbottom and others contend they'll be able to reduce overall carbon dioxide emissions by capturing the gas and selling it to oil producers to extend the life of aging wells, among other things. If several plants get off the ground quickly, they can actually cut down carbon emissions, he said.

      "It actually increases your pollution and decreases safety not to do coal to liquids," he said, explaining that oil producing countries "don't care anything about the environment. ... It's so backwards I don't really know how to describe it."


      ............................................

      Kurs heute 20.47h + 4,3 % und das bei diesem blöden Gesamtmarkt!
      Avatar
      schrieb am 15.08.07 23:04:16
      Beitrag Nr. 610 ()
      Die clowns sprechen mir mal wieder aus der Seele, traue mich aber noch nicht nachzukaufen.

      Headwaters Will Reverse Course
      By Jack Uldrich August 15, 2007

      13 Recommendations

      Investing can be a difficult and sometimes painful pursuit. For example, earlier this spring I penned a piece explaining why I loved Headwaters (NYSE: HW). At the time, I argued that the company was a solid investment because it was trading for around $20 a share, and with 2007 earnings expected to come in between $1.60-$1.80, it had a price-to-earnings ratio of 11.

      Since then, the company's stock has lost 25% of its value -- even though in this past quarter, management boosted its 2007 expected earnings to between $2.35-$2.50 a share. It now has a P/E ratio of less than 7.

      So does this mean that I now love Headwaters even more? In a word: absolutely. Here's why.

      A market overreaction?
      I don't claim to understand the mind of the marketplace, but I figure that investors have soured on Headwaters for two reasons. First, because its coal synfuel business -- which for years was the company's primary source of revenue -- will be adversely affected by the expiration at the end of this year of Section 45 of the U.S. tax code. As a result, coal producers will no longer receive a tax credit for producing synthetic fuel from coal.

      The second potential reason for the price decline is because growth is slowing in the construction industry. This caused revenues from Headwaters' construction materials division to drop $6.5 million from the previous year's quarter.

      At first glance, the two issues offer legitimate cause for concern, but in both instances, I believe the market overreacted. Headwaters has been planning for the expiration of the Section 45 tax credit for years, and it's done a solid job of diversifying its business away from its former reliance on synfuel. Secondly, in spite of the phase-out of the tax credit and high oil prices (which trigger a reduction in the tax credit), synfuel producers have still been purchasing Headwaters' chemical reagents.

      As to the reduction of revenue from its construction material division, again, this isn't a positive development. Still, it's hard to argue that a 4% reduction in quarterly sales (from $162 million to $156 million) is much cause for concern -- especially when the company's other divisions more than made up for the slack by driving up total revenue more than $40 million -- or 14% -- in the past quarter.

      An even closer review of its construction material business offers another reason to believe that the division will soon return to positive growth. At the present time, the type of fly ash concrete that Headwaters helps manufacture makes up only 11% of the U.S. market for concrete. However, as fly ash's advantages of strength, durability, and resistance to corrosion become better known in the construction industry, this number should increase and provide the company with a solid platform to build upon. Given that large Portland cement users such as Cemex (NYSE: CX) and Lafarge (NYSE: LR) both sport a P/E ratio of 11.5, this portion of Headwater's business would appear to be trading a substantial discount.

      Picking up energy
      Its construction material division is not the only aspect of its business that appears undervalued. The company's Energy Services Division also appears to offer a bargain. In particular, three areas appear ripe for growth. For starters, the company now operates (in partnership with Great River Energy) a 50-million-gallon ethanol facility which has the capacity to expand to 65 million gallons.

      Second, the business is now generating revenue from cleaning waste coal. There are an estimated 5 billion tons of waste coal still in the ground in this country, and Headwaters has yet to scratch the surface of this vast market opportunity.

      The third area the company is poised to benefit from is from coal drying. Coal from the western parts of the United States and Canada contains more water than Eastern coal, thus requiring coal companies to expend more energy (and money) drying it. Headwaters is now commercializing a new technology that not only increases burning efficiency by up to 15%, but also helps reduce mercury, sulfur, and nitrogen oxide emissions of the coal it dries. With the demand for Western coal expected to increase, and with tighter environmental restriction likely in the years ahead, this portion of the business could also grow.

      A tiny catalyst
      Finally, I continue to believe that the market isn't placing any value on Headwaters Technology Innovation Group, which is seeking to perfect a variety of new nanocatalysts. Perhaps this is as it should be, because this division isn't yet producing any meaningful revenue for the company. From my perspective, though, if even one of its nanocatalysts works as promised, the result could be a massive windfall for the company and its investors.

      For instance, one catalyst currently under development might transform low-grade gas into higher-octane fuel. With a price differential of $0.20 per gallon between higher- and lower-octane fuel, and with more than 50 million gallons of premium gas sold a day, a strong financial incentive exists for oil companies such as ExxonMobil (NYSE: XOM), BP (NYSE: BP) and ConocoPhillips (NYSE: COP) to actively explore Headwaters' nanocatalyst technology.

      An even bigger opportunity lies in the fields of upgrading heavy, bottom-of-the-barrel oil into lighter crude. Here the difference between a barrel of heavy oil and lighter oil is about $20, and the potential market opportunity for Headwaters is billions of dollars.

      Making headway
      To reiterate, although none of its nanocatalyst technologies has yet yielded a commercial breakthrough, they remain under active consideration by a handful of undisclosed oil and refining companies. As such, the technology would seem to hold at least some potential value. However, even if it isn't worth a penny, I am of the opinion that Headwaters' other two divisions -- which are generating better-than-expected profits -- are undervalued. Eventually, investors will come to understand that the sum total of Headwaters various parts exceeds its present value. As such, I am even more confident that the company represents an even more extraordinary value than when I first recommended it back in February.
      Avatar
      schrieb am 16.08.07 11:21:43
      Beitrag Nr. 611 ()
      Schade die schönen Anstiege der letzten Tage weg.

      Sollten wir aber unter die 15 $ fallen werde ich nochmals nachkaufen!

      Der obige Bericht sagt es ganz richtig - selbst die Construction wirft immer noch guten Gewinn ab -trotz Krise. Der Umsatzrückgang beträgt nur wenige %. Und in den letzten drei Quartalen hat sich der Rückgang von 6-7% auf 4% verlangsamt. Das Management rechnet für das Q4 und das folgende Q1/08 sogar mit ner schwarzen Null in dem Bereich.

      Wenn man die Schätzungen des erwarteten Gewinns für FJ 2008 liest, könnte man glauben HW würde mehr als die Hälfte seines Gewinns verlieren. Mittelwert des erwarteten Gewinns 2008 ist 1,18$ - ziemlich unrealistisch.
      Avatar
      schrieb am 16.08.07 14:39:16
      Beitrag Nr. 612 ()
      Hier noch ein Personalmeldung von HW

      Der CFO Sorensen geht, der Vorgänger springt ein!
      Der hat anscheinend genug von der Börse ud Quartalsdenke.
      Auch interessant/witzig die Meinung des JPM Analysten etwas weiter unten.


      Meldung
      By Sharangdhar Limaye

      BANGALORE, Aug 15 (Reuters) - Headwaters Inc. (HW.N: Quote, Profile , Research) said Chief Financial Officer Scott Sorensen was resigning and it would bring his predecessor Steven Stewart back from retirement to be the new CFO.

      The maker of building materials and alternative energy products said Sorensen was resigning to become the finance head of a privately held company.

      \"It should be reassuring for the investors that the old CFO is coming out of retirement to help run the company again,\" Canaccord Adams analyst John Quealy said by phone.

      Headwaters\' spokeswoman Sharon Madden said by phone that Stewart, who was the CFO from July 1998 to October 2005, was instrumental in bringing the company back from the verge of bankruptcy.

      J.P. Morgan Securities analyst John Bridges said Sorensen\'s resignation highlighted the tough outlook for Headwaters for the next year.

      Bridges added that he continued to rate the South Jordan, Utah-based company \"underweight\", given the very uncertain construction business, which is the company\'s mainstay.

      Construction materials business accounted for about 46 percent of Headwaters\' third-quarter revenue of $336.3 million.

      Shares of the company were trading down more than 4 percent at $15.07 in afternoon trade on the New York Stock Exchange. They had touched a low of $14.81 earlier in the session.
      Avatar
      schrieb am 22.08.07 16:32:24
      Beitrag Nr. 613 ()
      :) Hört sich nicht schlecht an!


      Headwaters Will Reverse Course
      By Jack Uldrich August 15, 2007

      http://www.fool.com/investing/high-growth/2007/08/15/headwat…
      Avatar
      schrieb am 27.08.07 17:27:36
      Beitrag Nr. 614 ()
      Antwort auf Beitrag Nr.: 31.181.395 von fishandchips am 16.08.07 11:21:43
      Sag ich doch. Hier geht es mal sehr schon rauf und entsprechend wieder runter.:(
      Avatar
      schrieb am 29.08.07 13:17:17
      Beitrag Nr. 615 ()
      Headwaters ist meiner Meinung eine gute Firma, welche ein gutes Konzept hat und gutes Geld verdient nur für die Börse scheint die Aktie nicht gemacht zu sein...:kiss:
      Avatar
      schrieb am 29.08.07 14:44:44
      Beitrag Nr. 616 ()
      Antwort auf Beitrag Nr.: 31.327.826 von Ramses2I am 29.08.07 13:17:17Hallo Ramses,

      bin mit Dir einer Meinung. Der Rückgang ist wohl allein der Unsicherheit für das nächste Geschäftsjahr geschuldet. Keiner kann einschätzen wie sich die Gewinne von HW entwickeln werden, wenn die Steuervergünstigung wegfällt.
      Die Analysten tun so als würde das Geschäft vollkommen wegbrechen. Und mit der Immokrise zusammen (HW: Baumaterial ist das wichtigste Geschäft) wird HW in den Keller geschickt.
      Dabei hat das Unternehmen in drei der letzten vier Quartale deutlcih höhere Ergebnisse vorgelegt als prognostiziert. Ich denke, dass HW noch für so manche Überraschung gut ist.
      Abwarten... unter 15$ werde ich nochmal zuschlagen, falls es soweit kommt.
      Avatar
      schrieb am 29.08.07 14:57:18
      Beitrag Nr. 617 ()
      Antwort auf Beitrag Nr.: 31.328.944 von fishandchips am 29.08.07 14:44:44
      Hatte selber mehrere Jahre Headwaters im Depot und habe
      diese aber vor einiger Zeit verkauft. Und ehrlich gesagt
      habe ich es bis jetzt keine einzige Sekunde bereut.
      :keks:
      Avatar
      schrieb am 11.09.07 01:01:48
      Beitrag Nr. 618 ()
      Klarster Verkauf - immer noch.

      Haben die auch Abnahmeverpflichtungen aus dem Kohlesektor und können das Zeugs ggf. nicht mehr so verwerten wie zuletzt? - Vorsicht!
      Avatar
      schrieb am 11.09.07 15:11:32
      Beitrag Nr. 619 ()
      Antwort auf Beitrag Nr.: 31.517.122 von Stoni_I am 11.09.07 01:01:48Charttechnisch wird es bald interessant.
      Avatar
      schrieb am 06.10.07 18:46:29
      Beitrag Nr. 620 ()
      Seit ein paar Wochen schlingert der Kurs nun zwischen 14,5 und 16,5 $.
      Es scheint hier den Boden gefunden zu haben - bin gespannt wie es weitergeht.

      News gab es in letzter Zeit ja nicht - man muss wohl warten bis in vier Wochen, wenn die Ergbenisse zu Q4 veröffentlicht werden.
      Avatar
      schrieb am 24.10.07 23:22:54
      Beitrag Nr. 621 ()
      50 % Kursverlust seit Jahresanfang - ein Trauerspiel.
      Avatar
      schrieb am 25.10.07 09:00:32
      Beitrag Nr. 622 ()
      Öfters kann man zum Börsenschluss ein hohes Volumen bei fallendem Kurs feststellen, so auch gestern:
      Uhrzeit 16:06 (NY) Kurs 13.48 Volumen 12100
      Über den ganzen Tag erreicht das Volumen einer Transaktion meist nur unter 500 Stück?
      Hat einer eine Erklärung dafür?
      Avatar
      schrieb am 30.10.07 18:06:04
      Beitrag Nr. 623 ()
      am 06.11.2007 vor Börsenbeginn (New York) kommen die Q-Zahlen von Headwaters.

      Hoffen wir mal das es endlich auch mal wieder mit dem Kurs gen Norden geht.

      Schöne Grüsse (falls überhaupt noch jemand hier ist)

      Moosmann21
      Avatar
      schrieb am 01.11.07 19:04:24
      Beitrag Nr. 624 ()
      Ja, auf die warte ich auch schon länger.

      Nur kann mir einer erklären warum der Ölpreis steigt und steigt - HW sich aber nicht anschließt!?
      Ich weiß dass die Sec45 Zahlungen an den Ölpreis gekoppelt sind - hoher Ölpreis bedeutet geringe Subventionen. Inzwischen ist der Preis aber so hoch, dass die Ethanol-Produktion doch auch so profitabel zu betreiben sein sollte. Weiß jemand wie hoch die Profit-Schwelle in Bezug zum Ölpreis liegt?

      Außerdem versucht HW doch auch mit den Katalysatoren im Ölsand-Geschäft mitzumischen....
      Avatar
      schrieb am 05.11.07 21:37:57
      Beitrag Nr. 625 ()
      Antwort auf Beitrag Nr.: 32.239.192 von fishandchips am 01.11.07 19:04:24Nur kann mir einer erklären warum der Ölpreis steigt und steigt - HW sich aber nicht anschließt!?

      Sec45 hattest Du geschrieben.

      Und dann ist HW eben zum Großteil ein Unternehmen, das zumeist im Bau- und Transportbereich aktiv ist. HW ist z.B. der grösste Transporteur von Flugasche in den USA. Und in der größten Sparte "Construction materials" werden Steine, Spritzmauerwerk, Schieferdächer etc. hergestellt. Allerdings mehr für den Bereich Hausinstandsetzung als im Bereich Neubau - so war jedenfall mein letzter Stand.

      Und Bauwerte werden neben den Bankenwerten in den USA eben von der Immokrise besonders erfasst. Warum der Wert immer noch unter "HighTech/Nano-Technologie" läuft, ist mir schleierhaft. :confused:

      Wenn mal wieder ein Hurricane über die USA fegt, könnte der Wert ggf. davon profitieren. Ansonsten wie bei Banken: Im Moment Finger weg!
      Avatar
      schrieb am 06.11.07 12:22:27
      Beitrag Nr. 626 ()
      Antwort auf Beitrag Nr.: 32.299.891 von Stoni_I am 05.11.07 21:37:57
      Bei Headwaters ist jeder Tag ein guter Tag...zum verkaufen!:(
      Avatar
      schrieb am 06.11.07 14:50:06
      Beitrag Nr. 627 ()
      Ergebnis Q4 ist da!

      "
      Nov 6 (Reuters) - Headwaters Inc (HW.N: Quote, Profile , Research), which makes building materials, coal combustion products and alternative energy, posted better-than-expected adjusted quarterly earnings on improved performance across all its business segments.

      After adjusting to exclude a goodwill impairment charge of $98 million, the company reported fourth-quarter earnings of $27.5 million or 59 cents a share, which beat analysts' estimates by 7 cents.

      Total revenue rose 17 percent to $322.5 million. Analysts were expecting revenue of $302.5 million, according to Reuters Estimates.

      However, including the charge, Headwaters posted a net loss of $70.5 million, or $1.67 a share, compared with a net income of $28 million, or 61 cents a share, a year ago.

      Construction materials business, which accounts for about half of the company's revenue, showed some improvement with revenue rising 0.4 percent to $150.2 million, after having declined for the first three quarters of fiscal 2007.

      The alternative energy segment continued its strong performance with revenue almost doubling to $80.4 million.

      Revenue from coal combustion products rose 10 percent to $91.9 million, on strong demand and upward pricing trends in several markets, the company said. (Reporting by Hezron Selvi in Bangalore; Editing by Himani Sarkar) "


      2007 war ein sehr gutes Jahr für HW - aber nicht für den Kurs. In allen Quartalen hat HW den Markt positiv überrascht. Ich glaube dass dies auch die kommenden Quartale so sein wird. Die sehr pessimistischen Schätzungen für FY08 sind meiner Meinung nach stark übertrieben.
      Ohne die Abschreibung letzten Monat wären wir bei 2,56$ EPS für FY07 - so leider nur 0,89$.
      Avatar
      schrieb am 06.11.07 17:26:23
      Beitrag Nr. 628 ()
      Sorry - hatte ein paar Zahlen falsch.
      EPS FY07: 0,47$ ohne goodwill charge: 2,53$


      und hier die ganze Meldung



      Headwaters Incorporated Announces Results for Fourth Quarter and Fiscal 2007

      Last Update: 5:00 AM ET Nov 6, 2007

      HW 13.73, +0.58, +4.4%)
      -- Revenue of $1.2 Billion
      -- Cash Flow from Operations of $150 Million
      -- 20% Reduction in Senior Debt
      HEADWATERS INCORPORATED

      HW 13.73, +0.58, +4.4%) today announced results for the fourth quarter and fiscal year ended September 30, 2007.
      Highlights for the quarter included:
      -- Record results from coal combustion products - both revenue and operating income
      -- Building products margins continue to improve
      -- Strong results from our legacy Section 29/45K business
      -- Start-up of our third coal cleaning facility
      -- Early repayment of $52.5 million of our senior debt
      September 2007 Quarter
      Headwaters' total revenue for the September 2007 quarter was $322.5 million, up 17% from $275.2 million for the September 2006 quarter. Gross profit increased 14%, from $89.0 million in the September 2006 quarter to $101.5 million in the September 2007 quarter. Operating income before the previously announced goodwill impairment increased 10% from $44.6 million to $49.2 million. Net income before goodwill impairment was $27.5 million and diluted earnings per share was $0.59. Taking into account the goodwill operating charge of $98 million, there was an operating loss of $(48.8) million and a net loss of $(70.5) million, or $(1.67) per diluted share, compared to net income of $28.0 million, or $0.61 per diluted share, in the September 2006 quarter.
      Full Fiscal Year 2007
      Total revenue for the year ended September 30, 2007 was $1.21 billion, up 8% from $1.12 billion for the year ended September 30, 2006. Gross profit increased 10%, from $357.5 million in 2006 to $394.6 million in 2007; however, operating income decreased from $181.8 million in 2006 to $100.3 million in 2007, due to the goodwill impairment charge of $98.0 million. Without the goodwill impairment charge, operating income would have increased 9% to $198.3 million. Net income of $20.1 million, or $0.47 per diluted share, was recorded in 2007, compared to net income of $102.1 million, or $2.19 per diluted share, in 2006. Without the goodwill impairment charge, earnings in fiscal 2007 would have increased 16% to $118.1 million with earnings per share of $2.53.
      Generally accepted accounting principles require Headwaters to annually test for goodwill impairment, or more frequently if evidence of possible impairment arises. As a result of the depressed residential housing and remodeling markets, and changes in valuation assumptions, Headwaters wrote down goodwill related to Tapco, a unit of our construction materials segment, by $98.0 million. A charge to goodwill is a balance sheet adjustment that does not affect Headwaters' cash position, cash flow from operating activities, senior debt covenants, or have any impact on future operations.

      Operating Performance
      Coal Combustion Products
      Revenues from coal combustion products ("CCPs") increased $8.4 million or 10%, from $83.5 million in the September 2006 quarter to $91.9 million in the September 2007 quarter. Both gross margin of 31.5% and operating margin of 23.3% in the September 2007 quarter were comparable to the September 2006 quarter. CCPs' performance was influenced by strong product demand and upward pricing trends in several markets. As demand for CCPs continues to grow, we are expanding our distribution and storage system to meet the increased interest in substituting fly ash for portland cement.

      Construction Materials
      Despite the severe downturn in the residential housing and remodeling markets, revenues from our construction materials business for the September 2007 quarter increased to $150.2 million, compared to $149.6 million for the September 2006 quarter. We believe our niche strategy tempers the impact of the severe slow down in new residential construction on our revenue.
      We are continuing to make operating improvements. Both gross margin of 31.8%, and operating margin of 13.2%, showed improvement over the September 2006 quarter of 29.2% and 12.9%, respectively, excluding the goodwill impairment charge. We will continue to aggressively manage our cost structure, while investing to maintain and build our strong market positions.

      Alternative Energy Segment
      All of Headwaters' synfuel licensees and customers operated their facilities through the quarter, but we understand that at least four facilities will discontinue operations early in the December quarter. Chemical reagent sales in the September 2007 quarter of $49.0 million were significantly higher than the $13.6 million of sales in the September 2006 quarter, primarily as a result of actions taken by licensees and customers to mitigate the risks of phase-out of Section 29/45K tax credits this year. Due primarily to reagent cost increases, the gross margin on chemical reagent sales in the September 2007 quarter was 19%, compared to 22% in the prior year quarter.
      License fees decreased by $3.4 million from $17.9 million in the September 2006 quarter to $14.5 million in the September 2007 quarter. Increasing oil prices continue to negatively influence the phase-out of Section 29/45K tax credits in calendar 2007, and specifically the tax credit-based license fee revenue associated with Section 29/45K anticipated for the remainder of calendar 2007.
      Using available information as of September 30, 2007, and consistent with the methodology used since early fiscal 2006, Headwaters estimates the phase-out percentage for Section 29/45K tax credits for calendar year 2007 to be approximately 60%. Oil prices would have to average approximately $110 per barrel for the three months ending December 31, 2007 to result in a 100% phase out of the credit.

      Headwaters' effective income tax rate for the fiscal 2007 year was 66% because of the goodwill impairment charge, which is not tax deductible. Absent this charge, the effective tax rate would have been 24.5%, which is lower than the statutory rate due to Section 29/45K tax credits earned.


      Outlook for 2008
      We anticipate continued growth in our coal combustion products business. Our efforts to expand our distribution system, new contracts, and other activities could result in as much as a 10% increase in our supply of fly ash. Slightly improved pricing opportunities, combined with increased fly ash supply, should result in continued growth through 2008.
      We do not anticipate improvement in new residential construction and remodeling markets in 2008. But our strategy of diversified end markets, national distribution and the introduction of new products/brands should mitigate the downward pressure on sales. In addition, we continue to benefit from process improvements and anticipate further improvement in operating margins in 2008.
      Importantly, our coal cleaning activities are developing critical mass. During the fourth quarter 2007, Headwaters completed construction and commenced operations of our third facility. We have four additional facilities under construction. We now have access to 240 million tons of waste and low value coal, and we are in various stages of contract negotiations for an additional 335 million tons. We are on track to have up to five facilities operating by the end of the December quarter and up to 10 facilities by the end of calendar 2008. We continue to believe that coal cleaning operations could generate $50 million of revenue in fiscal 2008. In addition, we believe that the clean coal may qualify for a tax credit under Section 45 of the Internal Revenue Code and thereby provide us the ability to manage our effective tax rate below statutory rates.
      HCAT(TM), Headwaters' resid hydrocracking technology, has been proven to increase conversion of heavy residual oils into lighter, more valuable products. Commercial test runs have been successfully completed at two refineries. A proprietary catalyst conditioning system and the catalyst precursor were shipped during the September quarter to a third refinery currently scheduled to commence a commercial test run in late November or early December of 2007. Headwaters executed agreements with the third refinery for extended use of our HCAT technology and long term sales of our catalyst precursor, subject to satisfactory results from the scheduled commercial test.
      The expansion of our hydrogen peroxide facility in Ulsan, South Korea is on schedule and on budget for completion in mid 2008. In addition, our hydrogen peroxide demonstration plant built by EvonikHeadwaters (formerly known as DegussaHeadwaters) has started operations and data necessary to complete the engineering and design for a world scale direct hydrogen peroxide plant will be developed.
      Our estimate of earnings from non-Section 29/45K business for 2007 was approximately $0.30 per diluted share without taking into account the goodwill impairment charge. Our 2008 forecast anticipates strong performance from our coal combustion products segment, continued improvement in margins from our building products division, and most importantly, the development of coal cleaning from start up to full commercial operations at numerous sites. In addition, we anticipate revenue from HCAT operations. Our reduced debt levels will lower interest expense and the expected new refined coal Section 45 credits should reduce our effective tax rate. Our forecast for 2008 earnings is $0.95 to $1.35 per diluted share, including approximately $0.30 from Section 29/45K operations.
      Headwaters' revenues are very seasonal. In 2008, the Company estimates approximately 20 percent of our operating income will be generated in the December and March quarters and 80 percent will be generated in the June and September quarters.
      Capital Structure / Indebtedness
      The components of Headwaters' debt structure as of September 30, 2007 are shown in the following table.

      Amount
      (in millions) Outstanding Interest Rate Maturity
      ----------------------------------------------------------------------
      Senior secured first lien term $210.0 LIBOR + April 2011
      loan 2.0%
      ----------------------------------------------------------------------
      Senior revolving credit facility $0 Prime + September
      ($60.0 million available less 0.75% 2009
      outstanding letters of credit
      of approximately $6.0 million)
      ----------------------------------------------------------------------
      Convertible senior subordinated $332.5 2.50% and June 2011
      notes 2.875% and
      February
      2014
      ----------------------------------------------------------------------
      Total $542.5
      ----------------------------------------------------------------------



      Headwaters has no debt repayment requirements until 2011. We are in compliance with all debt covenants and anticipate full compliance with all debt covenants in fiscal 2008 following the termination of the Section 29/45K business.
      The following table highlights certain debt coverage and balance sheet ratios using period end balances and the trailing twelve months ("TTM") EBITDA:

      9/30/05 9/30/06 9/30/07
      ----------------------------------------------------------------------
      Current Ratio 1.49 1.88 1.88
      ----------------------------------------------------------------------
      Total Debt to Equity 0.95 0.74 0.65
      ----------------------------------------------------------------------
      Total Indebtedness to TTM EBITDA 2.36 2.53 2.09
      ----------------------------------------------------------------------
      TTM EBITDA (in millions) $277.6 $235.5 $259.6
      ----------------------------------------------------------------------



      EBITDA is used to make computations of the required debt leverage ratios. Headwaters' EBITDA, as defined in our senior debt agreement, is calculated as follows:

      (in millions) 9/30/05 9/30/06 6/30/07
      ----------------------------------------------------------------------
      Net Income $121.3 $102.1 $20.0
      ----------------------------------------------------------------------
      Net Interest Expense 57.4 34.0 31.1
      ----------------------------------------------------------------------
      Income Taxes 42.5 35.7 38.3
      ----------------------------------------------------------------------
      Depreciation and Amortization 56.4 63.7 72.2
      ----------------------------------------------------------------------
      Goodwill Impairment -- -- 98.0
      ----------------------------------------------------------------------
      TTM EBITDA $277.6 $235.5 $259.6
      ----------------------------------------------------------------------



      Commentary and Outlook
      Steven G. Stewart, Headwaters' Chief Financial Officer, stated, "We have always known that the transition to a non-Section 29/45K business would be difficult. Current high oil prices and the continued slowing of new home and remodeling construction made the transition more difficult than anticipated. However, our balance sheet is strong and our senior secured debt level was significantly reduced in 2007 through early prepayments and restructuring. Headwaters continues to have a strong cash generating ability and we anticipate improving operating performance from our non-Section 29/45K businesses as we move into 2008."
      "Over the past five years we have been preparing for the transition away from Section 29/45K activities. We have built great businesses that we expect will produce substantial cash flow from operations in 2008," said Kirk A. Benson, Chairman and Chief Executive Officer. "The cash flow generated should provide us with ample capital to insure the continued implementation of our strategy. We are excited about the growth and the fundamentally sound businesses at Headwaters."
      Management will host a conference call with a simultaneous web cast today at 11:00 a.m. Eastern, 9:00 a.m. Mountain Time to discuss the Company's financial results and business outlook. The call will be available live via the Internet by accessing Headwaters' web site at www.headwaters.com and clicking on the Investor Relations section. To listen to the live broadcast, please go to the web site at least fifteen minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, an online replay will be available for 90 days on www.headwaters.com, or a phone replay will be available through November 13, 2007, by dialing 800-405-2236 or 303-590-3000 and entering code 11101352.
      About Headwaters Incorporated
      Headwaters Incorporated is a world leader in creating value through innovative advancements in the utilization of natural resources. Headwaters is a diversified growth company providing products, technologies and services to the energy, construction and home improvement industries. Through its alternative energy, coal combustion products, and building materials businesses, the Company earns a growing revenue stream that provides the capital needed to expand and acquire synergistic new business opportunities.
      Avatar
      schrieb am 09.11.07 14:04:08
      Beitrag Nr. 629 ()
      Headwaters Hits Headwinds
      By Rich Smith (TMFDitty) November 8, 2007

      My mama always told me: Life's not fair. I suspect that right about now, Headwaters (NYSE: HW) investors would agree.

      After reporting a fiscal fourth quarter far better than the one Wall Street was expecting on Tuesday, the alternative energy-cum-construction materials company saw its shares rocket nearly 8% in value -- only to execute a U-turn-cum-swan dive as the market imploded yesterday. By the close of trading on Wednesday, the shares had given up all their Tuesday gains and more, with a 10% drop. Market sentiment aside, the latter development seems as inexplicable as the former was rational.

      For the fourth quarter, Headwaters reported:

      17% sales growth, year over year, to $322.5 million.
      a $1.67-per-share loss that, but for the one-time goodwill impairment charge we discussed on Monday, would have been an estimate-trouncing $0.59-per-share profit.

      For the year, the respective numbers were:

      8% sales growth to $1.2 billion.
      $0.47 per share after the charge, or $2.53 before it wrecked the year's net.

      While no one likes to see losses -- investors least of all -- most of us presumably factored the goodwill charge into our valuation of the company, and were prepared for the Q4 loss. Hence, the charge cannot be blamed for yesterday's share-price collapse. Was there any reason for it at all?

      None that I can see
      While everyone else in the world of construction materials seems to be flailing -- witness the troubles at Home Depot (NYSE: HD) and Builders FirstSource (Nasdaq: BLDR), and the losses at Lennar (NYSE: LEN), Ryland (NYSE: RYL), and Centex (NYSE: CTX) -- Headwaters' niche alterna-cement business is coping relatively well. Revenues from coal-combustion products (fly ash used in Portland cement) grew 10% year over year in Q4, with further growth predicted through 2008.

      Sales of construction materials grew ever so slightly -- and while "downward pressure on sales" is forecast for the coming year, so is "further improvement in operating margins." When the rest of the construction industry seems to be undergoing an uncontrolled demolition, even these modest successes deserve a standing ovation.

      Or, rather, they would ... if life were fair.
      Avatar
      schrieb am 09.11.07 15:51:31
      Beitrag Nr. 630 ()
      Antwort auf Beitrag Nr.: 32.361.005 von HovenBeet am 09.11.07 14:04:08Das ist das, was ich hier im Thread schon 2006 festgestellt habe: Die Aktie fällt - nur keiner weiss angeblich so richtig warum.

      Ich gestehe mir ein, das ich der englischen Fachsprache nicht wirklich gewachsen bin und vor allem die amerikanische Gesetzgebung nicht durchblicke.

      Trittin mit seinem EEG habe ich verstanden. Auch wohl viele andere europäische Staaten, die das nachmachen. Den tieferen Sinn der unkalkulierbaren Sec. 45 dingsbums aber bis heute nicht.

      Das HW damals verdammt teuer den Bereich Contruction Materials gekauft hat, kann man in der Bilanz sehen. Reicht eigentlich zusammen mit dem schwachen US-Dollar auch so, um hier via Euro nicht zu investieren.
      Avatar
      schrieb am 26.11.07 23:14:49
      Beitrag Nr. 631 ()
      Häuslebauer in den USA werden von den Analysten reihenweise abgestuft. Kann auch für HW nicht gut sein.
      Avatar
      schrieb am 05.12.07 22:47:05
      Beitrag Nr. 632 ()
      Antwort auf Beitrag Nr.: 32.576.633 von Stoni_I am 26.11.07 23:14:49
      Eines ist klar...der Kurs von HW geht seit längerem in die Knie.
      Avatar
      schrieb am 27.01.08 12:22:00
      Beitrag Nr. 633 ()
      Antwort auf Beitrag Nr.: 32.362.925 von Stoni_I am 09.11.07 15:51:31Was ist eigentlich aus den Vorhaben geworden mit den Chinesen
      zusammen das Crac-Verfahren =Kohle zu Öl zu starten.
      Da lag doch auch eine Phantasie früher,daß HW exelente
      Technologien zur Kohleumwandlung hat und bedeutende Kooperationen
      mit China plant.

      BF
      Avatar
      schrieb am 22.05.08 10:55:00
      Beitrag Nr. 634 ()
      Headwater betreibt bereits 4 Kohleumwandlungsanlagen in Amerika.
      Laut Vorstand sollen heuer noch zwei weitere in Betrieb gehen.
      Der Kohlepreis steigt, somit steigen die Gewinne von HW.

      arriba1
      Avatar
      schrieb am 27.05.08 08:13:18
      Beitrag Nr. 635 ()
      Antwort auf Beitrag Nr.: 34.149.389 von arriba1 am 22.05.08 10:55:00
      Der Kohlepreis steigt, somit steigen die Gewinne von HW.


      Fakt bei HW ist, dass der Kurs seit vielen Jahren fällt...Woche für Woche, Monat für Monat und Jahr für Jahr.

      :keks:
      Avatar
      schrieb am 29.07.08 20:50:45
      Beitrag Nr. 636 ()
      Ein Gruss an alle, die so lange durchgehalten haben !

      Wünsche Euch allen viel Erfolg mit dieser Aktie !
      Avatar
      schrieb am 15.08.08 13:31:37
      Beitrag Nr. 637 ()
      Antwort auf Beitrag Nr.: 34.609.534 von e64 am 29.07.08 20:50:45Ich glaube da tut sich wirklich was.

      Umbedingt beobachten!

      arriba1
      Avatar
      schrieb am 15.08.08 21:35:33
      Beitrag Nr. 638 ()
      Antwort auf Beitrag Nr.: 34.609.534 von e64 am 29.07.08 20:50:45Ein Gruss an alle, die so lange durchgehalten haben !

      Ob das wirklich viele sind wage ich mal zu bezweifeln:

      HEADWATERS INC

      Avatar
      schrieb am 18.08.08 09:13:54
      Beitrag Nr. 639 ()
      Antwort auf Beitrag Nr.: 34.740.467 von Ramses2I am 15.08.08 21:35:33"Die Mehrheit irrt sich" und nicht nur an der Börse...
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