Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on REC SILICON ASA. We currently have 9 research reports from 1 professional analysts.
|29Dec16 02:51||RNS||Director/PDMR Shareholding|
|02Nov16 05:55||GNW||REC Silicon - Third quarter 2016 results|
|26Oct16 06:00||GNW||Invitation to REC Silicon ASA's third quarter 2016 results|
|23Sep16 05:55||GNW||REC Silicon ASA Trading Update|
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Research reports on
REC SILICON ASA
REC SILICON ASA
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.
Trade war is pushing the company to the brink
08 Feb 16
The company reported preliminary 2015 results. In Q4 15, revenues declined 14.4% to US$74.9m. The EBITDA loss increased from US$14.1m to US$29.6m, mainly attributable to lower revenues, a bad debt expense of US$7m and a write-down on inventories of around US$6.1m. Total polysilicon production reached 3,022MT, or 2% higher than the guidance of 2,980MT. Production of silicon gases reached 709MT and exceeded guidance of 700MT. Silicon gas prices, however, declined 2% in the fourth quarter.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
GMP FirstEnergy ― UK Energy morning research package
06 Dec 16
Transglobe Energy (TGL CN); BUY, C$5.25: Homeward bound… back to Canada | Great Eastern Energy Corporation (GEEC LN) (not covered): Reserves update in India | BP (BP LN) (not covered): Acquiring interest in Tangguh in Indonesia | Exillon Energy (EXI LN) (not covered): Production update in Russia | Genel Energy (GENL LN); SPECULATIVE BUY, £2.60: Receipt of payment for Taq Taq export in Kurdistan | ExxonMobil (XOM US) (not covered): Relinquishing blocks in Kurdistan
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.