Tech Hardware Supply Chain - Gazhoo

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Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com 640 Energy Conversion Devices, Inc. Company Description: Energy Conversion Devices, Inc. manufactures and sells thin-film solar laminates that convert sunlight to energy using the proprietary technology. The company also develops other alternative technologies, including non-volatile digital memory for a variety of applications including cell phones, digital cameras and personal computers. Country: United States Ticker: ENER Analyst: Not Covered Rating: Not Rated Price (US$): 17.67 Market Cap (US$MM): 809 No. of Shares (MM): 46 Founded: 1988; Listed: 1994 Fiscal Year End: June Key Management: Mark Morelli, Harry W Zike No. of Employees: 1,090 Business Alliances / Partnerships (US$ in millions) FY06 FY07 FY08 FY09E NA Revenues 102.4 113.6 255.9 347.6 Gross Profit 25.8 24.6 74.5 NA Operating Profit (27.2) (36.8) 6.5 41.3 Net Profit (18.6) (25.2) 3.9 37.3 Earnings per Share (US$) (0.6) (0.6) 0.1 0.7 Return on Equity (ROE) (%) (5.4) (4.8) 0.7 6.0 Capital Spending (69.0) (187.0) (117.3) (223.0) Research & Development Expense 34.9 19.8 9.9 NA Cash & Cash Equivalents 404.5 205.8 499.5 NA Gross Debt 26.2 26.7 343.2 NA Owners’ Equity 537.0 525.5 641.9 NA Book Value per Share (US$) 14.1 13.2 13.8 NA Geographical Mix (2008) Asia Pacific (excluding China) 13% Europe, Middle East 22% Key Suppliers All major PC component makers Americas 28% Asia Pacific Equity Research 20 April 2009 Greater China 37% Source: Company, Bloomberg estimates (for FY09). Share price is as of 12 March, 2009. Product Mix (2008) Energy Conversion Computer Peripherals 1% Personal Computer 99% Key Customers Enterprises Consumers COMPANY WEBSITE Solar
Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com Evergreen Solar Incorporated Company Description: Evergreen Solar, Inc. develops, manufactures, and markets solar power cells, panels, and systems that provide environmentally clean electric power throughout the world. The company’s solar power products draw electricity from solar cells, which are semiconductor devices that convert the sun's energy into electricity. Country: United States Ticker: ESLR Analyst: Christopher Blansett Rating: Underweight Price (US$): 1.21 Market Cap (US$MM): 200 No. of Shares (MM): 165 Founded: 1994; Listed: 2000 Fiscal Year End: December Key Management: Richard M. Feldt, Rodolfo Archbold, Michael El-Hillow No. of Employees: 330 Business Alliances / Partnerships (US$ in millions) FY06 FY07 FY08 FY09E NA Revenues 103 70 112 344 Gross Profit 12 17 19 55 Operating Profit (28) (26) (65) (21) Net Profit (27) (17) (54) (17) Earnings per Share (US$) (0.4) (0.2) (0.4) (0.1) Return on Equity (ROE) (%) (114.9) (16.9) (41.4) (13.1) Capital Spending (108) (51) (401) (400) Research & Development Expense 19 21 22 24 Cash & Cash Equivalents 49 141 178 (123) Gross Debt 90 90 374 374 Owners’ Equity 93 393 520 522 Book Value per Share (US$) 1.4 4.5 4.0 3.1 Geographical Mix (2008) NA Europe 41% Key Suppliers Asia 5% Others 1% North America 53% Source: Company, J.P. Morgan estimates. Share price is as of 12 March, 2009. Asia Pacific Equity Research 20 April 2009 Product Mix (2008) Evergreen Solar Royalties 15% Solar Panels 85% Key Customers COMPANY WEBSITE Solar NA 641
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