30 May '12, 4pm

Ormat Technologies: Shame About the Price: Ormat Technologies (NYSE:ORA) reported a great quarter last week, be...

Ormat Technologies: Shame About the Price: Ormat Technologies (NYSE:ORA) reported a great quarter last week, be...

Investors loved it: ORA was up 8% on the day to $20.69, and are up 14 percent at $21.85 as I write. I’m a big fan of geothermal power, and would love to own Ormat at the right price. They have a great business with strong technology and fairly reliable cash flow. Yet, I have not owned Ormat stock since 2006. The company is simply too expensive, quite likely because it is the only geothermal company large and liquid enough to be owned by institutional investors. Although Ormat trades near book value ($19.99/share), it’s in a very capital intensive business with thin profit margins. Profits have recently been depressed by the low natural gas price, against which some of the electricity it sells is priced. Because of this and some problems at the firm’s North Brawley plants, Ormat showed a profit of only $0.40 in 2011. Going forward, analysts expect a $0.58 profit in 2012, an...

Full article: http://www.renewableenergyworld.com/rea/news/article/2012...

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