Executive Summary
PV Crystalox Solar plc (LON:PVCS) is a UK-based solar cell company that also has operations in Germany. The company is involved in the manufacture of multicrystalline silicon components that are used in the generation of electricity through solar energy. PV Crystalox was the first company to take manufacturing of silicon ingots and wafers to an industrial scale and the majority of its products are exported to Japan. In 2009, the company earned revenue of £237.3m and it made a profit of £41.7m.
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Current Events
Pv stands for Photovoltaic. Crystalox's profits peaked in 2008 at £160 million and have fallen from there to an estimated £48 million in 2009 with £26 millioin forcast for this year and £39m for 2011.The share price has also fallen from its peak at £2 in July 2008, to todays level of 64.3p. The other fundamemtals per Sharescope are; the next dividend yield is forcast at 8.4% covered 4.4 times, based on a similar payment as FY 2008. Sharescope thinks the dividend will be reduced over the next 2 years to from the 5.4p peak to 1.5p in 2011. The current P/E is 2.7.
The reason may be due to a price war with overseas producers, I have read an article mentioning China.
The low P/E rings alarm bells. I would want to see an improvement in prospects before investing, and would accept a higher share price if Pv Crystalox can reverse its current down trend.
I am very keen on the prospects for Pv installations and am currently looking at producing feed-in tarrif electricity at my home. However, like my share buying decisions, I will not spend money until I am convinced the project will be viable.
MadDutch.
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