Cowen’s Stone Weighs in on Ascent (Nasdaq:ASTI) - Maintains Neutral Rating
Oct 12, 2009
Author: SCP Editor
October 12, 2009 – Cowen’s Rob Stone commented on Ascent Solar (Nasdaq:ASTI) this morning, stating that the recent supply shipments “are encouraging” and he expects more announcements, but remains NEUTRAL on the stock given execution risk and the need to raise more capital for expansion.
Key Takeaways
· Recent financing should net about $32.8 million, and narrow’s 2009/10E loss/share expectations by a penny to ($0.93), ($0.86) vs. prior ($0.94), ($0.87), respectively. Modeling about $80 million in debt funding for further capacity expansion
· BIPV business is developing
· Military and EIVP applications should drive higher ASPS ($10+/watt and $5-10/watt, respectively)
· Maintaining NEUTRAL rating on the stock (which is trading at about 1.1x book value)
