We continue to like the Evergreen Solar Inc (NASDAQ: ESLR) story, with its $3 billion and 1GW contractual backlog, and the growth potential for the solar industry in the aggregate. ESLR's current share price valuation appears relatively under-priced at 20.0x and 4.6x, respectively, our projected 2009 and 2010 EPS estimates, which presents a significant opportunity given high long-term growth expectations.
Meanwhile, many of ESLR’s comparable public companies continue to trade within a wide and volatile range of price-to-sales multiples. (Note that other meaningful positive fundamental financial metrics such as current-year earnings and cash flow are not yet widely achieved within the alternative energy industry, and therefore render comparable public company comparisons less meaningful.)
$2.37 (04/14/09)
