Share Name Share Symbol Market Type Share ISIN Share Description
PV Crystalox LSE:PVCS London Ordinary Share GB00BFTDG626 ORD 5.2P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.125p -0.52% 23.75p 23.75p 24.50p 24.00p 23.50p 24.00p 329,286.00 16:27:30
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Alternative Energy 47.5 -10.1 -6.5 - 38.07

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Date Time Title Posts
08/12/201617:05PV Crystalox - Solar Wafers made in the UK (with charts)6,460.00
05/10/201608:40*** PV Crystalox ***7.00
11/3/201417:00just a test to get the news - please ignore3.00
11/3/201416:59PV Crystalox Solar: the Value Thread172.00
11/3/201416:59PV Crystalox - Solar Wafers made in the UK357.00

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PV Crystalox (PVCS) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
09/12/2016 16:35:1723.755,0571,201.04UT
09/12/2016 16:27:3023.752,589614.89AT
09/12/2016 16:24:1824.0097,72923,454.96AT
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PV Crystalox (PVCS) Top Chat Posts

DateSubject
10/12/2016
08:20
PV Crystalox Daily Update: PV Crystalox is listed in the Alternative Energy sector of the London Stock Exchange with ticker PVCS. The last closing price for PV Crystalox was 23.88p.
PV Crystalox has a 4 week average price of 21.87p and a 12 week average price of 20.45p.
The 1 year high share price is 24p while the 1 year low share price is currently 7.50p.
There are currently 160,278,975 shares in issue and the average daily traded volume is 271,117 shares. The market capitalisation of PV Crystalox is £38,066,256.56.
26/10/2016
08:13
apatel21: Agree with Extrader that their are clues in the statement that give some positives - hence no negative reaction in share price. These positives are IMO are1. Confirmation that PVCS is in the stronger position. Extension has been requested by the other Party.2. Other Party looks willing to pay - as why try to settle before court hearingI think the 2nd issue carried the most doubt up to today's announcement.Announcement of amicable settlement could come at any moment so risky being out of the shares.
11/10/2016
12:34
cjohn: Hi Boystown and Eezymunny. Let's take Eezy Money's 19p per share conservative net tangible asset value calculation and add three times the August 24th 12p share Price for the potential settlement. This comes to 55p per share. In my view, it's an obvious hold.
01/4/2016
14:05
paleje: Stig - ST may be an idiot sometimes but so are you, probably a lot more often. The bulk of his article, as its been published now:- Despite extensive negotiations PV Crystalox has been unable to reach a mutually acceptable agreement and was forced to file a request for arbitration in March 2015 with the International Court of Arbitration of the International Chamber of Commerce. The hearing of the arbitral tribunal is scheduled to take place in Frankfurt in July 2016. Bearing this in mind, and with the caveat that a positive outcome is far from certain, chairman John Sleeman believes that “the value of any award could be a multiple of the company’s market capitalisation if our claim is upheld.” PV Crystalox is also seeking recovery of €400,000 costs it has incurred to instigate this action. The other major point to note is that there is now a positive divergence between the spot price of wafers and the company’s cash cost of production, so much so that it now makes financial sense to turn inventories of polysilicon into wafers rather than trade surplus polysilicon in the secondary market as PV Crystalox has been doing in recent years. Polysilicon stocks were worth €20.3m (£15.9m) at the end of last year, or 90 per cent of the company’s total inventories. Interestingly, chief executive Iain Dorrity says that "a recent report from Bloomberg New Energy Finance highlights that while considerable surplus capacity exists in the polysilicon, cell and module sectors, the wafer sector could be a potential bottleneck with capacity closely matched to demand. Consequently the tight wafer supply situation and higher wafer prices are expected to persist in the short term". The other consequence of a stabilising in wafer pricing, and subdued polysilicon spot prices, is that there is no need to make an onerous contract provision on future contracted polysilicon deliveries as these can be turned into wafers at a positive gross margin. As a result investors can now focus on what is a relatively clean balance sheet with PV Crystalox’s net funds of €12.7m, total inventories of €23.7m, trade receivables of €5.7m and deposits made on polysilicon feed worth €5.2m accounting for most of the company’s net asset value of €44.8m, or 21.9p a share. Cash and inventories are worth 17.5p a share at current exchange rates, or 75 per cent more than PV Crystalox’s share price. The point being that if current market conditions persist, and the company is able to turn its polycilicon stocks into cash through wafer manufacturing, and at above the depressed level these assets are held in its balance sheet, then there could be significant upside to the shares. Add to that the possibility of PV Crystalox winning a major financial award later this year, and the risk still points to a decent recovery in the share price. Trading on a bid-offer spread of 9.75p to 10p, I continue to rate PV Crystalox’s shares a speculative buy.
09/2/2014
20:50
garth: Have to say that I have viewed stockonomist/ologist is a typical multi handle serial ramper and as a long long term holder I judged that the pvcs share price would drift down following consolidation. I was wrong about the shareprice. Which is quite pleasing. G.
18/10/2013
09:14
stockologist: Trying to think through valuation scenarios and potential exing out the cash. Please join in if you have better info/insight. Shares in issue : 417m Share Price : 12p Market cap : £50m Net Cash : £50m ? Proposed distribution : £30m Post cash distribution : NEW PVCS Shares in issue : 417m Share Price : 5p Market Cap : £21m Net Cash : £20m Revenue ? £50m annualised ? Gross Margin ? 15% ? Gross Profit ? £7.5m ? SG&A ? £8m ? EBIT ? (£0.5m) ? (figures based mainly on doubling the half year results and rounding for simpler maths and mainly as a starting point for scenario forecasting going forward) Say there is a 10% improvement in volume and 10% improvement in pricing, what would that do to the figures ? Revenue ? £60m ? Gross Margin ? 20% ? Gross Profit ? £12m ? SG&A ? £8m ? EBIT ? £4m ? Place the rump on a cyclical recovery stock rating of 10x ? NEW PVCS business could be worth £40m Take into account Net Cash which you could do once cash burn is less of an issue and you get to £60m or 15p per share So potential for a move for NEW PVCS share price to move from 5p to 15p in an improved Industry environment ?
09/11/2012
19:05
hedgehog 100: Thanks for asking zcaprd7. I presume you're referring to the technical analysis I posted on 2 November, last Friday; in which I said that the PVCS share price since 18 May looked to me like a variant of a gently falling wedge, which is a bullish reversal signal: "The wedge chart pattern signals a reverse of the trend that is currently formed within the wedge itself. Wedges are similar in construction to a symmetrical triangle in that there are two trendlines - support and resistance - which band the price of a security. The wedge pattern differs in that it is generally a longer-term pattern, usually lasting three to six months. It also has converging trendlines that slant in an either upward or downward direction, which differs from the more uniform trendlines of triangles. There are two main types of wedges – falling and rising – which differ on the overall slant of the pattern. A falling wedge slopes downward, while a rising wedge slants upward. Falling Wedge The falling wedge is a generally bullish pattern signaling that one will likely see the price break upwards through the wedge and move into an uptrend. The trendlines of this pattern converge, with both being slanted in a downward direction as the price is trading in a downtrend." http://www.investopedia.com/university/charts/charts7.asp#ixzz28GvBK1TF Albeit one with the ascending bottom trendline of a level wedge: "A level wedge is considered a period of consolidation, which will not reverse the current major trend". http://www.investopedia.com/terms/w/wedge.asp#ixzz28H7ez1nr The part that says "usually lasting three to six months" looks particularly relevant to PVCS. In fact the PVCS share price rose for three consecutive days before today, the longest rising sequence for a month, and the large majority of today's volume was at about 7.6p, well above the closing price of 7.25p. And as the current bid-offer price is 7.32p - 7.75p I would anticipate a rebound on Monday. And there are now just five trading days before the expected Interim Management Statement on Monday 19 November, which I am very confident will contain good news.
02/11/2012
18:58
hedgehog 100: A Santa Claus rally for PVCS would be nice, Empirestate, but I'm also hoping for a November to remember: something that will put a real rocket under the share price, and make a bonfire of the bears ... or should that be bear (singular): ADVFN User Sentiment on this share: BUY 3 60.00% HOLD 1 20.00% SELL 1 20.00% (Totals are of users' ratings registered in the last 30 days) http://uk.advfn.com/exchanges/LSE/PVCS/share-price?java=1 Kiwihope, I agree that PVCS are usually pretty regular in the timing of their interim management statements: 19/11/2010 07:00 UKREG Interim Management Statement 19/11/2009 07:00 UKREG Interim Management Statement 18/11/2008 07:00 UKREG Interim Management Statement 18/05/2012 07:00 UKREG Interim Management Statement 19/05/2011 07:00 UKREG Interim Management Statement 19/05/2010 07:00 UKREG Interim Management Statement 15/05/2009 07:00 UKREG Interim Management Statement 19/05/2008 08:01 UKREG PVCS Interim Management Statement The profit warning of 21st October last year being the exception. When you say you're not expecting any relevations, I presume you mean advance relevations in terms of revealing share price movement. There certainly wasn't before the IMS in May this year containing news of the EUR 90M compensation payment to PVCS, which caused the share price to more than double; indeed the share price had been drifting gently downwards beforehand. In fact the PVCS share price since then looks to me like a variant of a gently falling wedge, which is a bullish reversal signal: "The wedge chart pattern signals a reverse of the trend that is currently formed within the wedge itself. Wedges are similar in construction to a symmetrical triangle in that there are two trendlines - support and resistance - which band the price of a security. The wedge pattern differs in that it is generally a longer-term pattern, usually lasting three to six months. It also has converging trendlines that slant in an either upward or downward direction, which differs from the more uniform trendlines of triangles. There are two main types of wedges – falling and rising – which differ on the overall slant of the pattern. A falling wedge slopes downward, while a rising wedge slants upward. Falling Wedge The falling wedge is a generally bullish pattern signaling that one will likely see the price break upwards through the wedge and move into an uptrend. The trendlines of this pattern converge, with both being slanted in a downward direction as the price is trading in a downtrend." http://www.investopedia.com/university/charts/charts7.asp#ixzz28GvBK1TF Albeit one with the ascending bottom trendline of a level wedge: "A level wedge is considered a period of consolidation, which will not reverse the current major trend". http://www.investopedia.com/terms/w/wedge.asp#ixzz28H7ez1nr Your average of 7.8p Empirestate is coincidentally the closing offer price this weekend, which means that you are evens excluding spread and costs!: PricePrice Change [%]Bid Offer 7.58 0.21 [2.85] 7.36 7.80 My average is pretty similar, and I would think the same would apply to most people who have bought in this summer-autumn, with the share price stuck in this fairly tight trading range. And I believe that it will shortly look to have been a stellar bargain.
03/10/2012
17:43
hedgehog 100: Company website: http://www.pvcrystalox.com/home/ PVCS page on London Stock Exchange website: http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary.html?fourWayKey=GB00B1WSL509GBGBXSET3 (N.B. PVCS is listed on the main market, not AIM-listed.) PVCS's net cash was EUR 122.4M at the period end (30.6.12) (end 2011: EUR 22.6M) = £98.2816M (GBP/EUR 1.2454) = 23.58p/share PVCS share price this evening (i.e. 3.10.12): 7.655p (Number of shares in issue (30.6.12): 416,725,335 Market cap.: £31.921M) I.e. a 67.53% discount. On 24th August 2012 the Investors Chronicle had a piece on PVCS in its Company Results section, entitled "Restructuring to boost PV" in which it rated PVCS a "Speculative buy". From IC's conclusion - "Following a €90m contract settlement with one of its customers, PV Crystalox is now sitting on €122m in cash - three times its market value - and a formal restructuring is likely to provide a boost to its share price." This followed on from an "oversold" write up on PVCS in the Financial Times a week before - "PV Crystalox Solar steady despite spat By Rebecca Bream PV Crystalox Solar is stuck in the middle of the solar energy trade spat between China, Europe and the US. China is accused of dumping photovoltaic cells on foreign markets at below cost price, driving spot prices for photovoltaic silicon wafers down more than 70 per cent in the past year. PV Crystalox Solar has cut its wafer production to limit losses and conserve cash. Analysts predict the company will close its Bitterfeld polysilicon plant in Germany and a wider corporate restructuring could follow. Despite this, the group had a strong cash balance of €122.4m at the end of the first half and the shares look oversold at a discount of more than 50 per cent to cash." http://www.ft.com/cms/s/0/aea10e2c-e791-11e1-86bf-00144feab49a.html#axzz23nPGiWtD Which meant that the 'big two' - i.e. FT and IC - were both taking a bullish stance on the company in the wake of its interim results on 16th August 2012. In addition, hefty arbitration settlements from ex customers may also be expected during the final quarter. From PVCS's 28 March 2012 preliminary results - "During 2007-2008, Group companies entered into a number of long term agreements with customers to supply wafers at prices which are considerably above today's market levels. In most cases we have been able to reach agreement with our customers to continue supply of contracted volumes, albeit at reduced prices. However the Group has been unable to reach any agreement with two customers who no longer wish to take delivery of wafers and so resolution is being sought under the jurisdiction of the International Court of Arbitration. If these actions are successful, they will result in significant cash settlements in the Group's favour, during the latter part of 2012." http://uk.advfn.com/news/UKREG/2012/article/51794079 The settlement with one ex customer achieved in May (referred to by the IC) was negotiated out of arbitration, and the 16.8.12 interims confirmed that PVCS was still pursuing resolution with two (ex) customers in the International Court of Arbitration. PVCS is also believed to be talking to the Qataris. The speculation is that the Qataris are likely to be potential buyers of a PVCS production facility, or even the entire company. And even if the parties fail to reach agreement on a sale, it would still be evidence of PVCS's new strategy. The company is believed to be actively considering 'selling up' and returning money to shareholders. On 18 May 2012, when the PVCS volume traded was about 29 million shares, George Soro's Quantum Fund (along with Schroders) was buying PVCS - http://uk.advfn.com/news/UKREG/2012/article/52508125 Articles: "Most Solar Manufacturers May Vanish by 2015, Trina CEO Says", Nov 8, 2011 http://www.bloomberg.com/news/2011-11-08/most-solar-manufacturers-may-disappear-by-2015-trina-ceo-says.html "Reality check for alternative energy", 25 January 2012 http://www.investorschronicle.co.uk/2012/01/25/shares/news-and-analysis/reality-check-for-alternative-energy-qnloxCkK9toHMyftOgtcrI/article.html "PV Crystalox Doubles in London on Contract Settlement", May 18, 2012 http://www.bloomberg.com/news/2012-05-18/pv-crystalox-cuts-shipment-forecast-30-after-wafer-prices-skid.html "China solar panel imports investigated by European Union", 6 September 2012 http://www.bbc.co.uk/news/business-19498382 Websites: PV Market Research http://www.pvmarketresearch.com/ PVinsights http://pvinsights.com/index.php RenewableEnergyWorld.com http://www.renewableenergyworld.com/rea/home Solarbuzz http://www.solarbuzz.com/ Solar Daily http://www.solardaily.com/ SustainableBusiness.com http://www.sustainablebusiness.com/
10/9/2012
17:14
hedgehog 100: As well as the wealth of the Qataris and the negotiating skill of PVCS'S management, there are also other reasons to be optimistic regarding any PVCS sale negotiations: PVCS's strong bargaining position: - Strong cash position = not a forced seller. - Likelihood of more than one interested party (e.g. QIA, Isofoton of Spain, the Chinese) = possible bidding war. - Relative scarcity of top quality solar production facilities available in Europe. - At or near the market bottom. The resiliance of the PVCS share price (up 2.44% today to 7.99p). - Despite the lack of hard PVCS news recently (as opposed to 'scuttlebutt' and industry news). - Suggests that the post interims presentation was positive, and that big institutional investors are happy to hold for indicated positive progress. The very healthy Q-Cells sale price. - Bought from insolvency for US$323 million net including debt. - Purchase prices from insolvency are typically lower than otherwise. The sale of PVCS's currently unused Bitterfeld polysilicon production facility would be a logical first step: empirestate 4 Sep'12 - 08:16 - 4652 of 4668 "i think we can safely assume that it starts up. it would be a different matter if the company didn't have any cash to put Bitterfield on care and maintenance. my crystal balls says euro40m" 40 million Euros would be well under half of what the facility cost, and as such would represent quite a bargain at that price to a purchaser, but that sum would still equate to about the current PVCS market cap. at about 8p. In theory therefore such a deal could cause the PVCS share price to double, as the stockmarket currently appears to be attributing no value to the facility. And that should be just for starters, with the possibility of more asset sales, as well as additional compensation settlements.
31/8/2012
14:28
hedgehog 100: Hi everyone, Just a reminder that The Dart is an embittered troll who is not to be trusted. I copy my post 4611 from this thread as an example - Hedgehog 100 28 Aug'12 - 18:18 - 4611 of 4637 edit "This is the icing on the cake that shows that Dart is not to be trusted - PV Crystalox - Solar Wafers made in the UK (with charts) - PVCS THE DART - 20 May 2012 - 10:17:27 - 4279 of 4611 "Fine, just making sure people don't read that as less compensation due, until an agreement is reached of course were not sure how much, but if it is similar in level of compromise relative to volume/price, then the numbers suggest in aggregate it will be more than 90m, whilst we are clear individual deals will be less than 90m. Looking at the achieve price in the accounts to spot, it implies a mix of "fixed" deals, allowing for mix in territory, it is not possible for it only to be one territory and we know it is few deals..." THE DART 28 Aug'12 - 07:14 - 4606 of 4610 "...I fully accept PVCS will win another slice of cash (but with it lose more sales), but I'm anticipating the second customer they refer to will not be able to pay, I can only estimate the size of it is will be around 15m-20m no more, judging by,their previous annual reports showing mix of business, and comments they made about the 90m...." He is priceless, absolutely priceless ..." Just over two weeks ago, the Dart incorrectly thought that the PVCS share price would fall back because no special dividend was announced at the interims, allowing him to rebuy at a profit. He clearly called it totally wrong. Intelligent investors know that announcement of a PVCS cash return is intrinsically linked to the company's ongoing strategic review, so it would be premature to have announced it yet. It's certainly got nothing to do with lack of cash, as the Dart has absurdly suggested. So, in his ever-increasing desperation, his posting has become increasingly desperate too. Arguably, by posting false information, he is trying to create a false market, which is quite frankly sickening. But the saving grace for other investors is the Dart's sheer stupidity, because he is quite simply not very good at it. Nothing he has posted has indicated that future operating losses will be higher than what is expected, and investors know that. It is all smear and innuendo about nothing: a veil of vague worries which he is trying to bring down which when pulled back has nothing of substance behind it. But in any case, the preliminary results due next spring will be overtaken by events long before that: it's short term newsflow which will be the main share price driver in the final third of this year, which we are about to enter, not long-term operating results, important as they are. The Dart is now quite desperate: he knows that he has to buy in imminently to avoid missing out, and is desperate at the resiliance of the PVCS share price. Enjoy watching this troll squirm ...
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