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5N Plus Inc T.VNP

Alternate Symbol(s):  FPLSF

Chemicals Specialty Chemicals
5N Plus Inc. is a global producer of specialty semiconductors and performance materials. The Company deploys a range of technologies to develop and manufacture its products. The Company operates through two segments: Specialty Semiconductors and Performance Materials. Operating in North America and Europe, the Specialty Semiconductors segment manufactures and sells products used in several applications, such as renewable energy, space satellites and imaging. Its end markets include photovoltaics (terrestrial and spatial solar energy), medical imaging, infrared imaging, optoelectronics, and advanced electronics. The Performance Materials segment operates in North America, Europe and Asia and manufactures and sells products that are used in several applications in pharmaceutical and healthcare, and industrial. The main products are sold as active pharmaceutical ingredients, animal feed additives, specialized chemicals, commercial grade metals, alloys, and engineered powders.


TSX:VNP - Post by User

5N Plus Inc
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•••
Comment by kash74on Oct 07, 2010 4:12pm
488 Views
Post# 17542231

RE: RE: Solid Earnings $7.50 target

RE: RE: Solid Earnings $7.50 target

CIBC $7.50 target as of Oct. 6 2010

As of October 6, we are transferring coverage of 5N Plus Inc. from Michael

Willemse to Ian Tharp with a price target of $7.50 and a Sector

Outperformer rating.


5N Plus reported Q1/F11 FD EPS of
.09 versus
.09 in Q4/F10 and


.07 in Q1/F10. Earnings were slightly below our estimate of
.10 and

consensus of
.10 (
.09-
.11). Results were positively impacted by an

F/X gain and offset by higher SG&A.


The company is on a aggressive growth trajectory. Management expects to

double the top line in the next three years on the back of its new Firebird

facility and a ramp-up in sales to solar customers such as Abound and

Calyxo.


We are assuming coverage with a price target of $7.50, based on 12.5x

F2012E FD EPS (excluding cash) and $1.29 in cash per share. 5N Plus is

currently trading at 9.1x F2012E FD EPS (excluding cash) which is at a

significant discount to the peer solar group at 16.5x 2012E FD EPS.

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