Sovello Sale Makes Evergreen Solar a Buy
Jeremy Richards submits:
Evergreen Solar (ESLR) is now a buy based on value, in my opinion. ESLR is on track to be profitable by the end of the year. It now seems that ESLR will not need to raise cash. In a regulatory filing on Tuesday, ESLR said it will unload its stake in Sovello AG in a share-purchase agreement reached with an affiliate of Ventizz Capital, a private equity firm based in Dusseldorf, Germany. The sale would end an expensive 5 years for ESLR exporting its solar-cell manufacturing technologies abroad. In the fourth quarter ended December 31, ESLR booked $70 million in losses and impairment charges stemming from its Sovello investment.
Analyst notes:
Investing, Long Term Investment, stock market | admin March 31, 2010
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