Pv Crystalox Solar Share Discussion Threads

[zcaprd7] 30/4/2016 12:35

Gone all quiet here now... I wonder if we'll get any news before the trial?

[zcaprd7] 20/4/2016 14:57

Volume not really high enough, although mostly buys I think...

[the stigologist] 19/4/2016 11:48

Under accumulation from players who know the fundamentals and can see the potential

[zcaprd7] 19/4/2016 11:04

More spread games. But keeps ticking up...

[zcaprd7] 18/4/2016 11:24

There was a largish buy... I don't have level 2, so I can't tell what's happening. As you say, not really a problem...

[salpara111] 18/4/2016 11:05

Yes I noticed that they have taken the bid down quite aggressively but left the offer up in the air.
If they do drop the offer I will put some in my isa.
I am here until the court case is over so the day to day monkeying around is pretty much irrelevant to me

[zcaprd7] 18/4/2016 10:40

Funny spread games again. It will probably be up a touch end of the day...

[cjohn] 18/4/2016 10:17

300p+!!! You are bonkers!

[zcaprd7] 17/4/2016 00:06

Not really. They were making money then. They'd be lucky to breakeven this year...

[the stigologist] 16/4/2016 15:27

would not rule out 300p+

think back to March 2009 when the World was about to end and I'd suggest PVCS are in a much more advantageous competitive position now

[zcaprd7] 16/4/2016 14:04

I suppose. Hawksmoor haven't reduced yet. I'm in until it folds to be honest...

[zoolook] 16/4/2016 09:23

Most in this are likely to be value investors as that is where the big appeal and are unlikely to sell yet with the share price still well below TNAV with potential outers being improved trading or liquidation and of course the potential of the litigation bonanza. Still represents a compelling buy

[zcaprd7] 15/4/2016 22:43

Both... I suppose it will drift without news flow?

[zoolook] 15/4/2016 17:07

You or the share price ?

[zcaprd7] 15/4/2016 16:36

Running out of steam now...

[zcaprd7] 12/4/2016 11:06

Added the text if his blog below:Last year I decided to increase my position in PV Crystalox Solar because it was trading at just 40% of net current asset value (now at 47%). The company is struggling because of (Chinese) production overcapacity of photovoltaic wafers (its main product). At the same time, it was locked in an unfavorable long-term contract to buy polysilicon (the main material that is used to create wafers). PV Crystalox Solar released preliminary results for 2015 last week that show us exactly how bad 2015 was.I expected last year that they would burn through roughly €10 million in cash, and they actually had a negative operating cash flow of €12.9 million. As a result, they have €12.7 million of cash left while the company has a €21.0 million market cap. The good news is that this amount is now expected to grow because they still have an inventory of €23.2 million that consists largely of polysilicon (€20.3 million) that they now can turn into wafers without losing money. Because of the "favorable"market conditions the company has decided to extend the strategic review period. If they are unable to start operating profitable they will liquidate, and that is what keeps the stock attractive despite the cash burn so far. From the latest presentation:?What I also found very noteworthy was the following statement in the letter of the chairman:In view of changes in market conditions during recent months that have positively impacted the Group's competitive position the Board considered it sensible to extend the review period. This extension will also provide time to take full account of the outcome of the ongoing dispute with a long term wafer contract customer where we have filed for ICC arbitration.  The judgment of the arbitral tribunal is expected later in the year and while the outcome is uncertain, the value of any award if our claim is upheld could be a multiple of the Group's market capitalisation.  In previous annual reports there was talk about this dispute, but then the expectation was that the value of the claim was a lot smaller. In 2014 the company received a €8.7 million payment for a similar dispute with another customer and wrote that the magnitude of an eventual cash payment would be significantly smaller for the last remaining dispute. Apparently that has now completely changed since the market cap of PV Crystalox Solar is more than €20 million, and the eventual award could be a multiple of that!Because of this, and the large discount to NCAV, I think that PV Crystalox Solar is still a very attractive investment were most eventual outcomes range between good and fantastic. Even if the company continues to lose some money in the near future and is eventually liquidated investors could make a decent return given the current discount to NCAV. If the company turns around and starts making money and/or the large claim is awarded the outcome could be even better. I think the biggest risk is that losses continue to accumulate and that when the company is finally liquidated there is not a lot left. But so far I don't think that's very likely since management has been very clear about this plan. They are not desperately trying to keep a job while running down everything to zero.Because of this I decided to add a little bit to my position once again.

[zcaprd7] 11/4/2016 11:35

Alpha vulture has updated his view, still positive :http://alphavulture.com/2016/03/24/pv-crystalox-solar-the-struggle-continues/

[zcaprd7] 11/4/2016 11:32

Agreed, I think it's in with the rest of the company valuation, which had been assumed as nil by the market, but a breakeven this year could change that...

[cjohn] 11/4/2016 10:57

BTW One thing thta I haven't seen mentioned on here is the value of the manufacturing plant which is wholly depreciated on thr balance sheet. That must be worth a few million at least.

[zcaprd7] 06/4/2016 15:33

I suspect we'll close at the mid point for another tick up today...

[zcaprd7] 05/4/2016 17:33

If they settle early, they maintain anonymity... They'll wait until the steps of the court no doubt.

[zcaprd7] 05/4/2016 16:49

Hmm. Ended up on the day, alot of red everywhere else...

[the stigologist] 05/4/2016 10:13

Some accumulation going on here

Cat is out of the bag on the upside

[zcaprd7] 04/4/2016 17:21

Just glad I'm not talking to myself anymore. Good to see we only have a few of the ramping brigade as well...