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LOM’s Casse Maintains BUY Rating on Western Wind (TSXV:WND), and Price Target

Feb 28, 2011
Author: SCP Editor

February 28, 2011 – Analyst Comments - LOM’s Lawrence Casse reiterated his BUY rating on Western Wind (TSXV:WND) and $4.10 price target, citing a recent third-party valuation which, phased on the first phase of the process, pegs it at a $206.8 million, or $3.68 per share.

Key Takeaways:

·         DAI Management’s valuation places the estimated net asset value of Windstar at $481.5 million including an estimated cash grant of $99 million to be received within sixty days of the project’s completion, $25 million of fully funded working capital, and performance bonding reserves with Southern California Edison (which we estimate at about $13 million).  Liabilities of $275 million have been subtracted to give a net equity valuation of $206.8 million.  (All numbers are in $US).

·         LOM’s valuation of Windstar was $108.3 million based solely on discounted cash flow analysis – but noted that the full value of WND accelerated depreciation has not been included in model, nor a larger cash grant than originally modelled. 

·         Maintain Buy recommendation with an oneyear target of $4.10 based on a riskadjusted NAV analysis of the projects in WND’s portfolio.





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