July 22, 2008 - Ultralife Batteries (Nasdaq:ULBI) announced this morning that it has received an $11 million order for its BA-5390 battery from the U.S. Department of Defense. We wrote on July 9, that at $10.67, based on the company’s recent guidance upward, that the stock looked cheap and we suggested, based on our analysis, that our target for the stock is in the $18 range. We reiterate that sentiment this morning, ahead of the company’s scheduled earnings release on July 31.

Here is a recap from our July 9 analysis:

July 9, 2008 – Ultralife Batteries (Nasdaq:ULBI) reported this morning that it is raising its Q2 revenue guidance from $75 million to $88 million, an increase of 17% due to strong shipments and accelerated deliveries of its products. First Call’s estimate is $66.43 million, so it looks like ULBI is going to blow away the numbers. We have adjusted our model, and moving our FY target for the company up from $250 million to $260 million. At a 1.25x P/S on forecasted revenue of $260 million, this would put our price target at $18.11, a 67% increase from yesterday’s close at $10.67. Our forecasted earnings for the company are $12.8 million, which should result in about $0.71 per share earnings. At a 25x P/E on forecasted earnings, our price target would be $17.78, or about 66% up from yesterday’s closing price.

As an aside, we think the company is going to blow away our $260 million number, because in order to arrive at that, after adjusting for the company’s revised guidance this morning, we had to tame down Q3 and Q4 sequential growth to about 7% to 8%, which would be a radically slower clip than the 34% growth from Q4, 2008 to Q1, 2008, and then the 77% growth we now expect from Q1, 2008 to Q2, 2008’s numbers.

The company’s products and services include batteries, charging systems, standby power systems, communications accessories, communications and electronic systems, design, installation and maintenance. Customers include GM, Verizon, Comcast, Energizer, General Dynamics, L3, Harris and Raytheon. We think the business is phenomenally well positioned across government and defense and commercial markets, and a broad set of applications that it addresses.

Key drivers for the business include:

· Communications & electronic systems – becoming more integrated and there are more improvements in component architectureSo the business is executing and the secular trends bode well for the stock. At the current $10.67 price level, we think the risk-reward on the stock is compelling.

The markets are likely to sell of this morning, so there could be an opportunity to accumulate more ULBI on broader market weakness, and we think that strategy makes sense.

Disclosure Note: SCPEditor has no position in ULBI.

I think the feasibility of the Lithium battery market will take a lot longer to mature if they can’t come up with batteries that hold a longer charge than approx. 40 miles. All the new, clean energy stocks are a good buy, but I think the Li-ion battery stocks will progress more slowly unless new advancement make them more appealing to consumers. I know 40 miles per charge is a joke to me.

Well, I can definitely wait for the LONG term effects of this stock. As long as you pick a smart alternative-energy company, you are in pretty good hands.

So when we take advantage of the broader market weakness, are we betting that the economy rebounds from this declining trend? What are the Vegas odds on that?

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When an energy efficient house is built there is money that is being saved in the long run.  There are mortgage companies that offer incentives for people to build an energy efficient home.  Also another incentive is that there is a federal tax deductible for anyone who builds an energy efficient home. cheap Christian louboutins
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When building a new energy efficient home there are other things to consider.  Energy efficient windows and doors, solar heat, water saving faucets, appliances that are energy efficient. There are many ways to go green and building an energy efficient home should be one that you will keep in mind. 

It is a very good idea to build your home because you will get exactly what you want instead of when you buy, this is when you may need to add somethings or you may not know what you are getting yourself into.  air Jordan 2.5air Jordan af1air Jordan 11air Jordan 12air Jordan 13air Jordan 14
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Choosing the right builder is a big decision, this is one of the most important investments that you will ever make.  jordan retros[/url[url=http://www.cheapshoescheap.com]new jordan releasesjordan 10[/url[url=http://www.cheapshoescheap.com]jordan 20air Jordan 10.5air Jordan 16.5Be sure to give an interview to all of the possible contractors and them pick the one that will help make your dream home come true. imitation swiss watches
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When energy is wasted it not only cost you extra money but it also hurt the environment.  With the fuel costs raising many people are looking into building a more energy efficient home this will decrease their energy bills.  What a good thing that the new home are being built to be energy efficient.

When an energy efficient house is built there is money that is being saved in the long run.  Some mortgage companies even will offer some incentives for people who are building to build an energy efficient home.  Also another incentive is that there is a federal tax deductible for anyone who builds an energy efficient home. cheap Christian louboutins
buy Christian louboutins By building a new energy efficient home it will increase in value this is because there are many families who are in search for this type of home.

It is very rewarding knowing that you are doing your part for the environment when you have built an energy efficient home.  There has been an estimation done that sixteen percent of greenhouse gasses which are produced in America do come from the energy that comes from homes. louboutins saleChristian louboutins cheap
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When building a new energy efficient home there are other things to consider.  Energy efficient windows and doors, solar heat, water saving faucets, appliances that are energy efficient. There are many choices to make in order to go green by building a new energy efficient home should be one that you truly consider. 

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