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Ceramic Fuel Cells still remains a year away from having a fully functioning factory that's producing fuel cell powered micro combined heat and power units.
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But the group has made a decent fist of building itself up for a crack at commercialisation in the second half of next year. It has a plant already commissioned in the UK producing high quality ceramic powders for its fuel cells, a German plant under construction to make the cells themselves, and a supply chain established with engineering specialists to supply the balance of plant and fuel cell parts.
It also has agreements in Germany, France, Holland, Belgium, the UK and Japan with utilities and boiler manufacturers for the development of commercial units. In particular, it has an order for 50,000 units from Dutch utility Nuon, beginning in the second half of next year, although this remains dependent on meeting certain performance criteria. The company also claims to have managed a significant improvement in the efficiency and longevity of its fuel cell stacks in the past 12 months.
CERAMIC FUEL CELLS LIMITED (CFU) |
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|---|---|---|---|---|
| ORD PRICE: | 20p | MARKET VALUE: | £69m | |
| TOUCH: | 19-20p | 12-MONTH HIGH: | 38p | LOW: 16p |
| DIVIDEND YIELD: | nil | PE RATIO: | na | |
| NET ASSET VALUE: | A$0.16 | NET CASH: | A$43.3m* | |
| Year to 30 Jun | Turnover (A$m) | Pre-tax profit (A$m) | Earnings per share (A¢) | Dividend per share (A¢) |
|---|---|---|---|---|
| 2004 | nil | -15.6 | -18.0 | nil |
| 2005 | nil | -17.2 | -16.0 | nil |
| 2006 | 0.48 | -13.3 | -8.00 | nil |
| 2007 | 0.44 | -19.7 | -6.36 | nil |
| 2008 | 0.62 | -23.7 | -7.52 | nil |
| % change | +41 | - | - | - |
£1=A$2.12 *Includes A$30.6m investment portfolio |
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Theoretically, fuel cells have great potential but progress has been painstakingly slow. The group appears as close as any of the UK-quoted fuel cell companies to delivering a truly commercial product. But it will be another year before its potential becomes clear. Until then, don't expect much from the shares. Fairly priced.
Last IC view: Good value, 27.5p, 3 Mar 2008
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-IC-1.5.4a-prod - 31/10/2008 13:11:34 - carlos.princz
