Merrill Lynch bases its 800p target for ReneSola on anticipated production levels in 2007 and 2008 - and PE07 of x20 and PE08 of x13.
From page 4 of the ML Note:
"2006
In addition to 24 mono furnaces installed at the end of 2005, ReneSola added a further 66 mono furnaces in 2006, bringing production capacity to 80MW. In addition, ReneSola also ordered 20 wire saws from NTC for slicing solar ingots into wafers, all of which will be installed by the end of 2006.
2007
On 10 October 2006 ReneSola announced plans to boost 2007 production capacity to 180MW from 125MW by adding 17 multi-crystalline furnaces (from ALD) as well as a further 12wire saws (from Mayer Burger).
On 30 November 2006, ReneSola announced that it had further increased its 2007 capacity expansion plans for the second time in past three months. ReneSola will add a further 86 [96?] mono-crystalline furnaces (from Beijing Oriental Keyun Crystal Technologies) to its production capacity for 2007, increasing total production capacity by 85MW to 265MW by the end of 2007. The first batch of 48 mono-crystalline furnaces should be delivered in February and March 2007, while the remaining 48 furnaces will be delivered in Q2 2007. Together with the additional mono-crystalline furnaces, ReneSola will also purchase a further 25 wire saws from NTC of Japan for delivery in H1 2007."
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