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Original File Name Searched: March-17-2015-Cleantech-and-Industrial-Growth_ROTH-Capital-Partners.pdf | Google It | Yahoo | Bing
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Roth Covered Companies Mentioned in this Report:
ACPW $2.33 Buy
INDUSTRY NOTE | EQUITY RESEARCH | March 17, 2015
Cleantech & Industrial Growth
Takeaways From the 27th Annual ROTH Conference: Cleantech and Industrial Growth
The 27th annual ROTH Conference included presentations and fireside chats from more than 80 cleantech and industrial growth companies across a wide variety of industry sub-verticals. In this note, we include key takeaways that emerged from the new power infrastructure and industrial technologies tracks.
New Power Infrastructure Takeaways
■ ACPW: Management continues to prioritize (1) bookings and backlog growth (book-to-bill has been >1.0x during all quarters in 2014); (2) improved operational efficiencies (faster inventory turns targeted in 2015); and (3) cost controls. Management continues to make strong progress in fixing its OEM relationship with Caterpillar (CAT – NC), in our view. The HD750 is now >12 months old in its commercial lifecycle and ACPW is seeing improved traction in the data center end market for this product. With a refreshed MIS design now in place with key channel partner, HP, management believes it is better-positioned heading into 2015.
■ ANRGF (NRG.TO): Alter expects the Tees Valley 1 (TV1) project with Air Products (APD – NC) to start up during the next several weeks. Large projects like TV1 can take longer-than- anticipated to complete, given the integration work necessary between all the sub-systems involved (waste collection and feed, gasifier, gas clean-up, turbines, etc). ANRGF’s pipeline of opportunities appears strong, with several customers exploring the company’s (1) traditional large-scale plasma gasification projects as well as (2) the GTS hazardous waste solution (which management expects could be sold on a shorter sales cycle vs. its traditional offering).
■ BLDP: Management reiterated its focus on improving GMs through (1) driving a higher mix of Technology Solutions revenue and (2) making improvements to product cost structures through reduction in stack, module, system, and reformer costs (through design, supply chain initiatives, contract manufacturing). The company has revamped incentive structures with management and its sales force to focus on GM improvement. On the Technology Solutions front, BLDP is executing on 12 separate contracts in 2015 (including work with four automotive OEMs, aerospace, and military applications), and the company is seeing the benefit of additional follow- on orders from existing customers. M&A activity in the telecom market may have contributed in part to slower-than-expected adoption of fuel cell BUP solutions in 2014. However, BLDP sees new branded customers in its pipeline and is working to shift discussions with these customers to larger, longer-term supply agreements in the 200-500 unit range vs. prior discussions for 20-50 units. On the acquisition front, BLDP is exploring opportunities that expand its technology and channel capabilities, and is not ruling out businesses outside of the fuel cell segment.
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$6.44 Buy $2.08 Buy $0.68 Neutral
Important Disclosures & Regulation AC Certification(s) are located on page 4 to 5 of this report.
Roth Capital Partners, LLC | 888 San Clemente Drive | Newport Beach CA 92660 | 949 720 5700 | Member FINRA/SIPC
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