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Broker snap: Merchant Securities upgrades PV Crystalox to hold

Thu, 18th Aug 2011 12:18

Merchant Securities has upgraded its rating on PV Crystalox Solar, the solar power wafers manufacturer, from sell to hold after the stock's recent underperformance.Revenue was up from $59.6m to $78.7m in the six months to 30 June, while adjusted pre-tax profit (excluding a currency impact) rose from €12.4m to €20.6m.However, wafer shipment volume was 204MW, below the 210-225MW guidance earlier in the year but in line with a later update."Average selling prices of wafers had been maintained but pricing remains under pressure. Despite expecting to ship between 400MW and 450MW of cells for the year, the impact on pricing will ensure the group reports a loss in H2 as well," said analyst Julian Tolley."Having gone to a sell at 44p at the end of June, the price has fallen far enough and [we] rate the group a hold," with a target price of 20p.However, the broker suggests that if the price falls below 16p, "buy on weakness".Shares rose 1.27% to 20p at 12.09pm.BC
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22 Sep 2020 16:05

UK Shareholder Meetings Calendar - Next 7 Days

UK Shareholder Meetings Calendar - Next 7 Days

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22 Sep 2020 15:50

UK DIRECTOR DEALINGS SUMMARY: Superdry Founder Ups Stake To 19.5%

UK DIRECTOR DEALINGS SUMMARY: Superdry Founder Ups Stake To 19.5%

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11 Sep 2020 16:09

IN BRIEF: PV Crystalox Solar Says Tender Off Was Oversubscribed

IN BRIEF: PV Crystalox Solar Says Tender Off Was Oversubscribed

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2 Sep 2020 16:00

UK Shareholder Meetings Calendar - Next 7 Days

UK Shareholder Meetings Calendar - Next 7 Days

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27 Aug 2020 15:32

PV Crystalox Solar Swings To Interim Loss Before Share Cancellation

PV Crystalox Solar Swings To Interim Loss Before Share Cancellation

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16 Jul 2020 21:18

IN BRIEF: PV Crystalox Solar Launches GBP2 Million Tender Offer

IN BRIEF: PV Crystalox Solar Launches GBP2 Million Tender Offer

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1 Jul 2020 18:18

UK EXECUTIVE CHANGE SUMMARY: New CFOs At Ideagen And Bioventix

UK EXECUTIVE CHANGE SUMMARY: New CFOs At Ideagen And Bioventix

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29 Jun 2020 20:06

IN BRIEF: PV Crystalox Solar Receives EUR800,000 Settlement Payment

IN BRIEF: PV Crystalox Solar Receives EUR800,000 Settlement Payment

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19 Mar 2020 11:58

More Tough Trading For PV Crystalox As Share Cancellation Nears

More Tough Trading For PV Crystalox As Share Cancellation Nears

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26 Sep 2019 12:05

PV Crystalox Revenue Slumps, Still Considering Share Cancellation

PV Crystalox Revenue Slumps, Still Considering Share Cancellation

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21 Mar 2019 15:01

PV Crystalox Solar mulls cash return to shareholders as operations wind down

(Sharecast News) - Photovoltaic supplier PV Crystalox Solar reported a significant drop in revenues in its final results on Thursday, to €6.3m, compared to €26.4m in 2017.

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21 Mar 2019 10:41

PV Crystalox Considers Cancellation Of Listing As 2018 Profit Down

LONDON (Alliance News) - PV Crystalox Solar PLC on Thursday said it saw a sharp fall in profit in 2018 following the closure of its production facility in the UK.The company, which produces

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1 Feb 2019 11:32

PV Crystalox Proposes Cash Return As Part Of Orderly Resolution

LONDON (Alliance News) - Photovoltaic wafer maker PV Crystalox Solar PLC said on Friday that it has decided to return a large proportion of cash to shareholders, as part of the company's of be

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4 Dec 2018 16:21

Bardin Hill Long Duration Recoveries Holds 5% PV Crystalox Solar Stake (ALLISS)

LONDON (Alliance News) - PV Crystalox Solar PLC said Tuesday that Bardin Hill Long Duration Recoveries Management LP holds a 5.1% stake in the solar cell manufacturing supplier after a transaction

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14 Sep 2018 08:28

PV Crystalox Solar Swings To Profit On Settlement But Revenue Halves

LONDON (Alliance News) - PV Crystalox Solar PLC said Friday it swung to an interim profit after gains from a recent legal settlement despite revenue halving.For the six months ended June, a

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