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More or less as expected on the old basis but new accounting needs to be digested further. No mention of IPO, refinancing or operational performance in 2017. Very strongly cash generative. If they stopped building now they could pay off their debt in 7 years or so.
Yes. Really cannot understand the share price ??
Absolutely - great set of results! Reinvesting to fund / build more wind and solar then... repeat, repeat, repeat. A normal monsoon season this year with more assets working and growing by 70%+ in 2017/18. I can only imagine the pace of change. They've done an incredible job in my view. The main risk has been debt but, as I see it, they are handling that well (better than ever). The other risk has been falling costs but the majority of their portfolio is locked in to 10-25 year power purchase agreements at a fixed price. Falling costs of turbines and solar as well as becoming more efficient will help offset falling prices and, overall, it's better for renewables as they become even more attractive. I'm pleased there haven't been any shocks due to the new accounting. With MYT's structure I was concerned about how the new accounting would impact the "offshore" part of the company - and how hard that would hit net profit. It seems (and please do add to this or challenge me if you disagree) that MEIPL is "paid" for building the wind farms, which means some of those "earnings" were not subject to local tax. The new Indian accounting brings adds the construction revenue and cost in because this is completed locally. That means some of the earnings for building the wind farms ($16m) is back and subject to Indian tax. How do others interpret it? And for those who know more about accounting (I've set the bar very low), where could this have shown-up previously? "Other income"? Faster depreciation costs are a good thing in my eyes - especially at this stage - as (a) it is more realistic for the pace of technological change and (b) it allows MYT to write them off quicker while it's growing. I can't fault the company at this point. Better investor relations / updates would have helped over the past 6 months (I'm looking at you, Bob Smith) but they'll argue that they were nearly doubling in size. Just want more of the same this year and the order book, finance and staff who have done it before are already in place. Shouldn't the company be worth at least double this and probably closer to 10x?
Have just listened to Bob Smith's interview and having digested the results, I do not profess to understand why there has been such a lack of a positive market response. I suppose the share is off the radar. Thank you for giving ShP the shareholder's questions, which were well considered. I just hope that the large seller has finished because they have certainly not helped. Actually, I don't hold any shares any longer as my stop loss was taken last week and I made a 55% loss or thereabouts. I shall keep watch to see if the SP does come to life again sometime so that I can recover some or all of my loss. GL in the meantime.