Tech Hardware Supply Chain - Gazhoo

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Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com 646 SolarWorld AG Company Description: SolarWorld AG develops and produces solar technologies. The company produces silicon wafers and manufactures solar cells, and complete solar modules and components used to generate solar energy. Solarworld also recycles silicon and by-products from solar energy. Country: Germany Ticker: SWVG.DE Analyst: Sandeep S Deshpande Rating: Underweight Price (€): 13.5 Market Cap (US$MM): 1,936 No. of Shares (MM): 112 Founded: 1998; Listed: 1999 Fiscal Year End: December Key Management: Frank H. Asbeck, Mr. Philipp Koecke, Mr. Boris Klebensberger No. of Employees: 1,738 Business Alliances / Partnerships (£ in millions) FY06 FY07 FY08 FY09E NA Revenues 509.1 689.6 917.0 1,068.9 Gross Profit 206.2 355.9 469.9 466.3 Operating Profit 177.6 198.9 270.8 250.2 Net Profit 129.1 110.9 142.3 133.1 Earnings per Share (€) 1.18 0.99 1.27 1.19 Return on Equity (ROE) (%) 21.61 16.03 17.11 14.03 Capital Spending (105.9) (117.8) (350.0) (350.0) Research & Development Expense 14.0 19.5 Cash & Cash Equivalents 204.7 263.9 336.3 338.0 Gross Debt 163.5 641.2 762.2 796.9 Owners’ Equity 597.3 691.5 831.7 949.1 Book Value per Share (€) 5.44 6.19 7.44 8.50 Geographical Mix (2008) USA 11% Asia 10% Rest of Europe 26% Key Suppliers Hemlock DC Chemical Others 2% Germany 51% Source: Company, J.P. Morgan estimates. Share price is as of 12 March, 2009. Asia Pacific Equity Research 20 April 2009 Product Mix (2008) SolarWorld AG Trade 75% Solar Wafer 23% Solar Cells 2% Key Customers Solar Semiconductor Pvt. Ltd COMPANY WEBSITE Solar Canadian Solar
Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com SunPower Corporation Company Description: SunPower Corporation is an integrated solar products and services company that designs, manufactures and markets high-performance solar electric power technologies. Country: United States Ticker: SPWRA Analyst: Christopher Blansett Rating: Underweight Price (US$): 23.1 Market Cap (US$MM): 1,927 No. of Shares (MM): 44 Founded: 2002; Listed: 2005 Fiscal Year End: December Key Management: Thomas H Werener, Dennis V Arriola, Peter Aschenbrenner No. of Employees: 5,400 Business Alliances / Partnerships (US$ in millions) FY06 FY07 FY08 FY09E NA Revenues 237 776 1,435 1,200 Gross Profit 56 186 397 288 Operating Profit 29 107 258 139 Net Profit 36 103 195 101 Earnings per Share (US$) 0.5 1.3 2.3 1.2 Return on Equity (ROE) (%) 9.7 15.3 20.6 9.5 Capital Spending (108) (202) (259) (240) Research & Development Expense 8 11 17 20 Cash & Cash Equivalents 182 488 436 471 Gross Debt 0 425 478 478 Owners’ Equity 489 864 1,021 1,115 Book Value per Share (US$) 6.6 10.1 11.9 12.4 Geographical Mix (2008) NA Key Suppliers Asia 3% Europe 63% Others 5% North America 29% Source: Company, J.P. Morgan estimates. Share price is as of 12 March, 2009. Asia Pacific Equity Research 20 April 2009 Product Mix (2008) SunPower Corporation Components 43% COMPANY WEBSITE Solar NA Systems 57% Key Customers 647
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