Powerfilm Share Discussion Threads

[norbus] 24/1/2013 14:24

I suspect investors are not feeling any excitement at the turnaround because of the static share price The Tea leaves are indicating a less crowded marketplace, Pflm well in with DoD, they have shed much fat, and the future looks pretty sound. I await the full results to see where we have got to with the HP collaboration.

I think well done to the team for a workmanlike delivery. and a better prospect. Here's the analyst review :-------------

PowerFilm, the a-Si thin film specialist photovoltaic company, has announced a trading update for the year ended 31 December 2012.

Revenues for 2H12 increase to $6.0m up from $4.3m in 1H12, giving revenues for the full year of $10.3m. This compares to our expectations for revenues of $9.0m in 2H12 and $13.1m in FY12.

Net loss for the full year is expected to be $700k, implying a net loss of just $45k in 2H12 (after a loss of $655k in 1H12) and implying the company was EBITDA positive in the second half of the year (as depreciation for the company runs around $1.0m pa). Our expectations had been for the company to reach breakeven for the full year with a small profit of $78k. The company finished the period with cash and equivalents of $12.8m versus our forecast of $14.9m.

Comment: Whilst it is disappointing to have missed our forecasts for 2H12, and company is itself disappointed with the level of sales in 2012 and the net loss (stated in the trading update), the expectations for such a jump in revenues in 2H12 were always going to be challenging especially considering the very tough sector backdrop (with crystalline modules selling at $0.65/W). Compared to the massive losses being reported by other PV companies and increasing pace of the consolidation, with weekly announcements of insolvencies and administration, the fact that the company reached EBITDA positive in 2H12 and finished the year with a net cash position is actually quite positive. The company looks set to be a survivor of the shakeout which some have forecast will see 30% of PV companies survive. This puts PowerFilm in a good position to gain market share in the portable power niche and help it set up more strategic OEM relationships such as that announced yesterday with ILAND Green technologies SA. This new relationship will see the Swiss company integrate PowerFilm's PV into products for outdoor activities and rural electrification including security and rescue situations.

[varies] 24/1/2013 09:38

" the company is disappointed with the level of sales and the loss in 2012".

Looking back over reports of the last 5 years or so, I wonder whether PFLM ever achieved satisfctory production of meter-wide film. My impression is that they did not.
The relationship with Iland seems to be new but many of our relationships formed in recent years are seldom referred to more than once. I fear that most bear little fruit except, of course, that with the military which is our mainstay.
Losses for the last 6 months are indeed much diminished but a steady profitability seems as distant as ever. Furthermore PFLM shares are very hard to buy if one wants them.

[qwazi] 23/1/2013 15:34

Okay, trading update out - loss for the year of $700k. First half loss was $660k, so essentially trading around breakeven in H2 -- that's good progress toward profitability. Net cash of just under $9m or 14.5p per share.

[qwazi] 23/1/2013 13:47

Invisible solar panels - now that would be impressive!

[wetdream] 21/1/2013 10:46

That's because it's invisible!

[qwazi] 18/1/2013 14:39

PFLM about the only stock steadfastly refusing to join in the 2013 rally!

[varies] 07/1/2013 17:34

Norbus
I do hope you prove right.
The modest price rise today may be down to me as I rashly paid 12.88p when the "quotation" was 10-11p. If I had been selling, I suppose that I would have been offered less than 8p.
So this is strictly a share for the long view.

[norbus] 07/1/2013 16:41

Past performance left well behind; The company is now profitable. major issue is the illiquid stock

[varies] 07/1/2013 10:25

Glancing back over the years I see little progress in sales or developments but it could be that we will have broken even in the seconf half of 2012.
A market cap of $5m seems very low in proportion to the liquid assets and it seem surprising that the attractive products shown on the web-site achieve such modest sales.
It is often a mistake, as with ANTP, for example to invest in a company whose shares stand below the cash per share but I do find PFLM very tempting.

[wetdream] 04/1/2013 14:46

Have PFLM upgraded their website?
Interesting blog on the industry:

[norbus] 22/12/2012 17:30

You can say that again, but clearly PFLM is currently profitable, and has attained a desired milestone. HP disappointment with Autonomy, may rekindle the work it was doing with PFLM . You have likely worked out this is not a trader's dream but a goose taking its time about gilding its next egg.

[qwazi] 14/12/2012 09:32

yaaaaaaaaaaaaaaaaaaawwwwwn

[varies] 08/11/2012 10:47

Norbus
It is comforting to learn that you have lost more money here than I have. Let us hope for a change of fortune eventually.
Many bulletin boards are full of bragsters claiming to have bought and sold shares at just the right moments. If life were that easy, the authorities would have to close the stock market down !

[varies] 16/10/2012 10:11

I managed to buy a few on 3 Oct at 16p and it is a little discouraging to see them in my valuation at 11p!
Strictly for the long view.

[qwazi] 14/9/2012 08:34

lol wetdream.
You can't really actively trade PFLM. We've seen how much it moves on small trades. It's gone from 11p to 14p on about 50k shares.

[wetdream] 13/9/2012 20:24

I'm afraid the only way word will get out is if Boris Johnson stands in front of the BBC cameras and shouts it as loud as he can.

[timely4] 13/9/2012 19:23

I was hoping to get into these again to average down, but word must be getting out unfortunately.

[asparks] 13/9/2012 16:40

moving up on v low volumes. could move fast!

[qwazi] 12/9/2012 13:44

I like the sound of this from today's announcement:

The overall goal of the program is to improve the price/performance ratio of the structure enough to make widespread implementation cost effective.

Which would suggest that if the project is successful, we could expect to see significantly larger orders from the army further down the line.

[norbus] 11/9/2012 03:51

When it should be treading grapes or even tomatoes? to better end result??

[wetdream] 10/9/2012 17:42

Basically treading water.

[norbus] 10/9/2012 07:59

Progress all round, achieving profitability for 2nd half

[timely4] 09/9/2012 20:18

I wonder if tomorrow's update will bring forth any new news?