Quite a weak Q4 for VNP.... CEO JL called it "difficult". About $41M of write-downs and its solar recycling plant has been closed down, hopefully temporarily. These items could come back if/when the solar industry tide turns.
Disregarding the above, the Q4 earnings before adjustments were just break-even, while the operational cashflow was about 14c/sh. Going forward with the CEO's assessment that Q1-12 has improved, then maybe one could assume a current cashflow rate of ~60c/yr... although hard to say. Because of this murkiness, I sold my small holding first thing today and think I'll wait a while to see how this settles out, maybe wait for the Q1 financials to see if things have indeed turned around.
It's a jungle out there. Good luck all.