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Number Cruncher
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Bright lights among renewable energy stocks

Shirley Won
June 18, 2009
The Globe and Mail



What are we looking for?

More clean energy plays.

Given that U.S. President Barack Obama has made renewable energy and climate change a key part of his mandate, we will look today at more stocks in this niche.

The sector also has potential even though the price of oil, trading in the range of $70 (U.S.) per barrel, is still well below the $147 reached last summer. Some pundits still see the commodity price heading higher as supply shrinks with the slowdown in exploration because of plunging crude oil prices.

Yesterday, we dealt with companies in the PowerShares WilderHill Progressive Energy Portfolio exchange-traded fund (ETF). That fund focuses on transitional energy technologies, such as ones that improve the use of fossil fuels by progressively reducing carbon and other pollution.

Today's screen

We look at PowerShares WilderHill Clean Energy Portfolio ETF. This fund, which is based on the WilderHill Clean Energy Index, holds mostly small- to mid-sized firms focused on renewable energy sources and clean technologies.

The fund, which trades under the symbol PBW, rose 7 cents (U.S.) yesterday to close at $10.21 on the New York Stock Exchange. That’s up from a 52-week low of $5.78 in March.

What did we find?

Half of the stocks don’t have earnings growth estimates for next year, but most of the ones that do are expected to post double- or triple-digit earnings growth. Most of the price-earnings ratios for the growth stocks based on next year’s earnings are in the double digits. Investors might want to wait for a bit of pullback to find an entry point. All currencies are in U.S. dollars.

Earnings estimates for members of the PowerShares WilderHill Clean Energy Portfolio ETF



Company Ticker Price
US$
June 17
1-mo %
price chg
This
fiscal yr
EPS est. $
This
fiscal yr
EPS gwth %
This
year
P/E
Next
fiscal yr
EPS est. $
Next
fiscal yr
EPS gwth %
Next
year
P/E
Dividend
Yield (%)
EPS
5-yr
Hist Gwth
Country
Amer Supercond. AMSC-Q 24.80 8.5 0.03 NA 871.4 0.46 1509.2 54.2 NA NA US
Gushan Environ. GU-N 2.19 -2.7 0.11 -75.9 19.3 0.47 316.7 4.6 0.8 NA KY
MEMC Elec Mater. WFR-N 19.10 20.6 0.33 -89.9 58.0 1.20 265.4 15.9 NA 13.2 US
Yingli Green YGE-N 12.75 50.0 0.38 -50.3 33.3 0.94 146.6 13.5 NA NA KY
OM Group OMG-N 27.54 8.9 0.77 -79.1 35.8 1.82 136.8 15.1 NA 34.1 US
Suntech Power STP-N 17.50 22.0 0.33 -49.6 52.6 0.72 115.0 24.5 NA 29.6 CN
SunPower Corp SPWRA-Q 28.01 11.8 1.07 -53.1 26.2 1.90 78.0 14.7 NA 90.1 US
Ultralife Corp ULBI-Q 6.70 -8.8 0.47 -40.3 14.4 0.82 75.1 8.2 NA 19.3 US
Trina Solar TSL-N 22.58 33.2 1.29 -43.7 17.5 2.24 73.6 10.1 NA 54.5 KY
Advanced Battery ABAT-Q 3.78 8.9 0.39 24.7 9.8 0.60 55.2 6.3 NA NA US
Quanta Services PWR-N 22.72 3.9 0.81 -8.4 28.2 1.17 44.9 19.5 NA 51.0 US
Itron Inc ITRI-Q 57.35 17.8 2.45 -27.1 23.4 3.48 42.1 16.5 NA 33.1 US
Calpine Corp CPN-N 10.39 1.0 0.26 NA 39.7 0.37 40.7 28.3 NA 70.8 US
Zoltek Cos Inc ZOLT-Q 10.70 44.6 0.30 -49.2 35.7 0.42 39.2 25.6 NA 4.4 US
Fuel Systems FSYS-Q 20.68 11.4 1.39 -30.1 14.9 1.74 24.8 11.9 NA 50.5 US
GT Solar Intl SOLR-Q 5.75 7.1 0.51 -16.6 11.3 0.63 24.4 9.1 NA NA US
Ormat Tech ORA-N 39.00 5.0 1.34 19.8 29.1 1.65 22.9 23.7 0.6 14.3 US
First Solar FSLR-Q 168.31 -5.1 7.19 69.6 23.4 8.73 21.4 19.3 NA 340.8 US
Cree Inc CREE-Q 28.60 8.5 0.64 74.1 44.4 0.76 17.4 37.8 NA -21.9 US
Air Prod & Chem APD-N 64.37 4.5 3.95 -20.5 16.3 4.59 16.3 14.0 2.7 12.6 US
Energy Conv Devs ENER-Q 15.87 7.2 0.63 595.3 25.4 0.72 15.8 21.9 NA -41.8 US
Soquicom SQM-N 35.36 1.5 1.67 -12.6 21.2 1.93 15.6 18.3 2.6 52.8 CL
Portland General POR-N 19.50 13.5 1.80 5.3 10.8 1.97 9.2 9.9 5.4 -5.6 US
Idacorp Inc. IDA-N 25.15 12.4 2.36 8.6 10.7 2.49 5.8 10.1 5.0 -2.3 US
Amerigon Inc ARGN-Q 6.79 47.0 -0.06 -136.5 NA 0.10 NA 67.9 NA 34.4 US
Appld Materials AMAT-Q 10.94 2.2 -0.26 -130.4 NA 0.17 NA 62.8 2.2 2.6 US
Ascent Solar ASTI-Q 7.06 42.9 -0.82 NA NA -0.63 NA NA NA NA US
Ballard Power BLDP-Q 1.70 -6.6 -0.60 NA NA -0.23 NA NA NA NA CA
Beacon Power BCON-Q 0.88 17.3 -0.19 NA NA NA NA NA NA NA US
China BAK CBAK-Q 3.07 49.0 -0.16 NA NA 0.17 NA 18.1 NA NA US
Comverge Inc COMV-Q 10.04 13.7 -1.05 NA NA -0.43 NA NA NA NA US
Cosan Ltd CZZ-N 5.58 35.1 -0.67 -844.4 NA 0.22 NA 25.0 NA NA BM
CPFL Energia CPL-N 48.34 3.0 3.08 -29.0 15.7 NA NA NA NA 34.0 BR
Echelon Corp ELON-Q 7.72 4.3 -0.90 NA NA -0.55 NA NA NA -43.7 US
Emcore Corp EMKR-Q 1.32 26.9 -0.55 NA NA -0.40 NA NA NA NA US
Ener1 Inc HEV-N 6.41 4.7 -0.35 NA NA -0.27 NA NA NA 3.6 US
Evergreen Solar ESLR-Q 2.27 9.1 -0.45 NA NA 0.10 NA 23.8 NA NA US
FuelCell Energy FCEL-Q 3.77 29.1 -0.81 NA NA -0.38 NA NA NA 44.3 US
Intl Rectifier IRF-N 15.08 13.0 -4.33 NA NA -0.78 NA NA NA -25.9 US
JA Solar Hldgs JASO-Q 5.00 60.8 -0.14 -130.7 NA 0.26 NA 19.1 NA 38.3 KY
Maxwell Technolo MXWL-Q 11.15 25.3 -0.29 NA NA 0.14 NA 82.3 NA 33.7 US
Ocean Power Tech OPTT-Q 6.02 -5.5 -1.73 NA NA -1.80 NA NA NA NA GB
Plug Power Inc PLUG-Q 0.94 4.4 -0.33 NA NA -0.30 NA NA NA NA US
Quantum Fuel Sys QTWW-Q 0.71 9.2 -0.78 NA NA -0.11 NA NA NA NA US
Raser Tech RZ-N 3.74 -3.6 -0.36 NA NA -0.33 NA NA NA NA US
ReneSola Ltd SOL-N 6.39 90.2 -0.08 NA NA 0.56 NA 11.4 NA NA GB
Rubicon Tech RBCN-Q 11.43 29.6 -0.54 -369.4 NA 0.13 NA 86.0 NA NA US
Spire Cp SPIR-Q 6.38 -9.0 -0.58 -203.6 NA 0.80 NA 8.0 NA 70.2 US
Univ Display PANL-Q 9.45 11.3 -0.55 NA NA -0.29 NA NA NA NA US
US Geothermal HTM-N 1.59 84.9 -0.05 NA NA NA NA NA NA NA US
Valence Tech VLNC-Q 1.95 -5.3 -0.12 NA NA -0.09 NA NA NA NA US
Note: All figures in US$; Source: Thomson




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