Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on REC SILICON ASA. We currently have 10 research reports from 1 professional analysts.
|16Mar17 15:30||GNW||REC Silicon - Presentation at the Swedbank Energy Summit|
|16Feb17 05:50||GNW||REC Silicon ASA - Fourth quarter 2016 results|
|09Feb17 07:02||GNW||REC Silicon - Invitation to fourth quarter 2016 results|
|19Jan17 15:30||GNW||REC Silicon - Presentation at the Pareto Securities' Power & Renewable Energy Conference|
|02Nov16 05:55||GNW||REC Silicon - Third quarter 2016 results|
|26Oct16 06:01||GNW||Invitation to REC Silicon ASA's third quarter 2016 results|
|23Sep16 05:55||GNW||REC Silicon ASA Trading Update|
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REC SILICON ASA
REC SILICON ASA
Performance improved and EBIT loss reduced
16 Feb 17
The company reported Q4 16 results. Revenues increase 7.2% to US$80m and the gross margin improved from 47.5% to 73.6%. EBIT losses declined from US$59.9m to US$30.5m because polysilicon volume increased by 38.7% to 3,801mt. The company experienced a recovery in the solar market after the significant deterioration in Q3 16 caused by the expiration of the feed-in tariffs in China. Average spot prices increased by 12.7% in Q4 16 compared to Q3 16. Taking total costs of US$0.35 per watt into consideration, polysilicon only contributed US$0.08 per watt to total costs.
When the going gets tough, the tough get going!
02 Nov 16
In Q3`16 revenues dropped 41.8% to US$50.9m. EBIT losses increased from US$46.3m to US$109.8m. This also includes an impairment of US$78.5m taken against property, plant and equipment. Excluding the impairment, EBIT losses would have reached US$31.3m. Polysilicon production increased by 9% to 3,903 MT but total sales volume plummeted from 4,512 MT to 1,775 MT. Sales of silicon gas however increased by 20.2% to 772MT in the third quarter. The cash balance reached US$86.8m and will meet the working capital requirements in Q4`16.
Another profit warning
23 Sep 16
Management published a trading update. Third quarter results and fourth quarter guidance will be given on 2 November. The trading update is a clear profit warning. Due to the ongoing trade war between the USA and China, management indicated lower than anticipated sales volume. In addition, the weak photovoltaic market accelerated the decline in the third quarter. Third quarter polysilicon sales volume will only reach 1,800 tons. Revenues are expected to range between US$45m and US$50m compared to US$71.1m in the second quarter. Third quarter polysilicon production volume will reach around 3,900mt compared to 4,490mt forecasted previously. FBR production will now reach 3,300mt compared to the guidance of 3,830mt. FBR costs will remain unchanged at US$12/kg.
Wanted - higher capacity utilisation rates
22 Jul 16
Revenues in Q2 16 declined 23.5% to US$71.1m and EBIT losses widened to US$38.1m, compared to US$29.4m in Q2 16. Compared to Q1 16, revenues increased 3.2%, mainly a result of higher silicon gas sales volume of 14.8%. In Q2 16, polysilicon sales volume in MT declined 4.8% to 3,634MT but average solar grade polysilicon prices increased 9.7% quarter-on-quarter. Production, however, plummeted from 5,071MT to 1,671MT. Silicon gas sales declined around 38.3% to 610MT. According to management, demand remained stable and prices declined only 2.8% compared to the first quarter. The EBIT loss was mainly attributable to inefficiency due to capacity curtailment in Moses Lake. The company profited from extraordinary income. An electricity refund of US$5.9 was booked in other income and reached US$6.1m, compared to zero in Q2 15. The refund helped to reduce operating losses. In May, the company retired a NOK bond worth US$21.2m and improved liquidity. Total cash balance reached US$91.3m at the end of June.
Waiting for a sunny day
03 May 16
The company reported Q1 16 results. Revenues declined 7.5% to US$68.8m and EBIT losses increased from US$11.5m in Q1 15 to US$37.5m. The losses were mainly driven by the capacity curtailments in Moses Lake. In May, the company restarted the Silane III production and will start Silane IV production in June. The polysilicon sales volumes increased by 61% to 3,857 tons despite limited access to the Chinese market. Compared to Q4 15, volumes increased 41%. Average solar grade prices increased by 6% and solar spot market prices by 4%. According to management, spot prices increased due to inventory depletion and higher wafer production.
12 Feb 16
The company reported final 2015 results. As already mentioned when REC Silicon reported preliminary results, the company is fighting for survival. The key solution to overcome the difficulties is a resolution of the US/China trade war. China requires a balanced and reciprocal deal and the US needs reasonable access for its polysilicon producers.
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.
Bang to rights
21 Mar 17
Tullow unexpectedly announced a US$750m rights issue on Friday at a 45.2% discount to the previous close. While this step confirms our investment thesis, the scale of the discount and the timing look like a slap in the face for investors and/or indicative of a weaker financial position than we are modelling. We publish revised estimates to reflect the impact of the issue and cut our Target Price to 215p per share (from 245p). We maintain our Hold recommendation.
Panmure Morning Note 22-03-2017
22 Mar 17
Acacia Mining and Endeavour Mining confirmed merger talks have now ended with Endeavour claiming an inability to “create adequate value for Endeavour shareholders”, most likely, we believe, given the disappointing ruling from the Tanzanian government on copper-gold concentrate sales. We were positive on the merger and believed a credible London listed Pan-African producer capable of challenging Randgold, would have been established. We make no change to our Hold recommendation today, and expect the shares to be marked lower in early trade.
South Disouq spuds
20 Mar 17
SDX Energy announced this morning that it has spudded the South Disouq (SD-1X) well in Egypt, targeting gas and oil across a number of intervals. This is a high impact event for SDX Energy, as current company 2P reserves of 4.7mmboe (post acquisition) would be dwarfed by success at South Disouq (we model a 65mmboe field of which SDX holds 55% WI), which could be developed quickly due to existing pipeline infrastructure passing through the block. Our valuation for South Disouq is 6.8p/share, although on success we would expect notable de-risking. Our core NAV is 42p with a full NAV (including South Disouq) of 57p/share. The well is due to take 30-45 days, so we would expect a result in mid late April.
GMP FirstEnergy ― UK Energy morning research package
17 Mar 17
Pacific Exploration & Production1,6 (PEN CN); BUY, C$72.00: 4Q16 results and improving outlook | Serinus Energy (SEN CN)1, 3; Speculative Buy, C$0.65: FY16 results | IGas Energy (IGAS LN) (not covered): Final terms of a previously announced proposed capital restructuring | Tullow Oil (TLW LN): HOLD, £3.10: Right Issue at a discount & CNOOC exercises pre-emption rights in Uganda