||EPS - Basic
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PV Crystalox Share Discussion Threads
Showing 7101 to 7123 of 7125 messages
|how's your grannies egg sucking coming along ?|
|The payout could be a multiple of the share price in March 2016 is what they say. OK but the price was just 10p then. A multiple of 1 would be a payout of 10p. Good but not great.|
|Depends on whether the plant is reusable or not.
I worked for a global automotive manufacturer who sold one of their old engine assembly lines to a Chinese company about 3 years ago and from what I understand they got about 20% of the replacement cost.
If it cant be resold for purpose then value is likely to be at best 10% of value.
The long and short of it is that management have been gradually unwinding all their commitments and outsourcing what they can in anticipation of liquidating the business which is, in my view, the correct thing to do.
they should be able to trade off the remaining excess polysilicon over the next 6 months which is the last outstanding issue.|
|Well, last time they paid about 12 million euros to give the plant away to management...|
|They have 30,000 hectares of prime undeveloped beachfront land close to St Tropez. If you don't believe me, read the annual report - like wot u cudda done in the 1st place ;)|
|Does the plant include land?|
|Agreed Hugepants. My wind up number is 18p/share but I might be out by a wide margin. I think we can only guesstimate.
Agree choccy. Nothing else matters very much except arb. Perhaps it's 15-30% downside vs 100-200% upside. Looks a great bet to me but one that may not work out...|
|Just my view but...the PPE is an irrelevance here. It is worth peanuts. The only thing that matters is whether they win the arbitration and whether they get paid. The downside is pretty much (give or take a bit of losses until June) the current assets, maybe 15p a share. The upside is well, potentially very large, if they win and get paid. Everything else is pretty much irrelevant. It is an asymmetric.|
|Thanks eezy. I'm probably too pessimistic then as regards trading for this year but in a windup scenario there will presumably be additional one-off costs which could be a few million.|
|The drop in NAV in H2 was primarily down to the "buyout" of their obligation to buy polysilicon at daft prices. That's just a one off, not a good guide to ongoing profits/losses. Hard to work out what the current year may bring, wrt op profit/loss, but that's not the place to start!|
|They started out as Plant manufacturers but thought their Plant was so good why sell it they could simply make the ingots and wafers themselves and get more of the margin... so that's what they did. Their whole raison d'etre was owning this plant 'exclusively' so i doubt any competitor will want it as it'll be different to their own plant (and likely to have no ongoing maintenance support infrastructure going forward)
MBO seems right strategy. Investors should be given a choice if they want cash or equity participation.|
|NAV dropped by about 4M euros from the interims to the final year results to end December. They say prices started collapsing again in H2 so does that give an idea of the losses going forwards? Say 7.5M euros per annum? Not very scientific I admit but they've not given much indication of the current trading but I assume its loss-making again now given the downbeat tone.|
|Why not sell it to a competitor? I want them to liquidate the company and return the proceeds to shareholders. They are clearly not viable. Better yet, sell the whole lot. But not a £1 mbo job!|
|They reduced their plant and machinery (principally furnaces & ingot saws) a few years ago when they gave up leases on a number of their properties. This equipment is pretty specialized (largely developed and built in house) and doesn't really have much use elsewhere other than in producing polysilicon ingots... I doubt they want to sell it on to a competitor!! Production volumes are now about 1/7th of their capacity from a few years ago.|
|The plant and machinery must be worth something to someone? I will be highly suspicious if management buys it off the company for a song!|
|You are correct. I just took a cursory glance and had only seen the top half of the note. Looks like they have been very conservative which is good.|
|Overall, the company's trading at about tangible book value.
So an obvious hold in view of the possible arbitration value.|
|Hi Stigologist, you need to take another look at note 15, regarding PPE.
PPE was heavily written down from at cost several years ago. So its current depreciated value is 1.780 million euros on the balance sheet.
My guess is that it's actually worth a few more millions than this: bear in mind that at cost it was worth 78,32 million euros.|
|Surprised PPE has not been written down further. I would imagine it's going to be worth a lot less than the 'at cost' value but they couldn't do a market determination for it because there isn't active market in that equipment. I'd expect a major discount to that value but overall the total value proposition here looks good. Potential for a return of multiple of current value with limited downside.|
|Most likely pretty worthless that stuff in note 15, no?
Will be interesting to see if Mr Market pushes the share price closer to my guesstimated risk adjusted value as we get closer to an arb decision... I put a few in my EEZY4 portfolio.
Anyone with a view on those numbers?|
|Check out note 15 in today's results!|
|Quite happy if they are trading down the inventory at breakeven, they need more time to do that anyway. At these levels, settlement and the company assets are free...|
|The arbitral tribunal hearing will start on 27 March and the judgement is not expected until Q3 2017. While the outcome is uncertain, the Group indicated in March 2016 that the value of any award if our claim is upheld could be a multiple of the Group's market capitalisation at that time.A partial resolution of the other outstanding wafer supply contract, with a customer which entered insolvency and where shipments stopped in 2012, has now been achieved. Claims had been registered with the administrator and an interim settlement of EUR0.96m was eventually received during H1 2016. A final payment is expected to bring our aggregate settlement up to EUR1.5m although the timing of the receipt of the final amount is uncertain.|