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Message: GiraSolar comparisons

GiraSolar comparisons

posted on Aug 27, 2009 11:45PM

GRSR: 42,763,700 OS (as of 7/24/09), price at .0285, for a market cap of $1.22M.

ENSL: 239,389,869 M shares OS, price at .195, for a cap of $46.68M, or 38 times the market cap of GiraSolar. In the last ENSL 10Q: "Presently, with no further financing, we will likely expend all cash resources by late in the third quarter or early in the fourth quarter of 2009."

SNRY: 16.2M shares OS, price at .38, for a $6.17M market cap, or over 5 times the cap of GRSR. SNRY has a revenue guidance of $2.6M for the 4th Quarter.

SOPW: 37,943,826 M shares OS, price at 1.23, for a $46.67M market cap, or 38 times the cap of GRSR. $10.4M in sales in the latest quarter ending 6/30/09 with a $1.63M net loss. $3.3M in cash on-hand.

What does the comparison tell us? We know that there has been no transparency in GRSR's financials since late 2007 (but hopefully that will change some time in the future), but 2007 revenues were guessed to be close to $20M (as the 1st 9 months are filed). 2006 revenues were over $56M because of some large silica sales that were supposed to be counted in 2007. 2007 was also a transition year in the marketplace with the price of silicon starting to go up, and silicon sources becoming scarce. I guess the same can be said of 2008 as well with the commodities boom. Any way you look at it (and based upon prior financials) GRSR is way undervalued. Transparency will only allow GRSR to trade closer to it's underlying value of 2 x sales (very conservative and my opinion), or close to $1.00 per share. These silly markets...

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