Salut lolotazoun,
je viens de jetter un oeil, c'est assez téméraire, fait que de baisser depuis un mois, 3 mois, 6 mois, bref pas possible de switcher sur du moyen terme avec elle ... (au moins on est vite fixé

) sérieusement, voici les infos que j'ai degottés, ils semblent avoir quelques soucis de trésorerie !
bonne chance, je ne te suis pas sur ce coups lÃ
petite question, tu n'utilise jamais des instruments à leviers genre turbos ou autres warrants ?
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Better demand but funding risk looms
Improving volume with lower ASPThe weaker-than-expected Q209 was mostly due to a large inventory write-down of around US$193m. While volume guidance is positive in Q3, LDK Solar (LDK) expects pure wafer ASP (excluding OEM) to fall 20% QoQ to US$0.90-0.95/watt. LDK expects wafer sales growth of 5-18% QoQ on shipment growth of 12%-30% QoQ.Urgency placed on fundraisingThe immediate concern for LDK is to meet short-term cash requirements with support from domestic banks, in our view. Management also confirmed a new share offering (US$200m) in H209. With net debt to equity exceeding 200%, we think fixing its balance sheet should be the number one priority as soon as profitability returns.Contribution from polysilicon plant will take longer Given the lower market price and high initial start-up cost, LDK is taking its time to ramp up its new polysilicon lines. First 5000mt capacity will begin production by the end of Q3 rather than the end of Q2 previously. By pushing back the start-up of lines 2 and 3, LDK now has more time to monitor market demand and obtain funding. Valuation: maintain Neutral rating, lower price target to US$10.00We lower our EPS estimates from US$0.07/0.75/1.98 to US$(2.53)/0.04/1.34 on weaker Q2 results and lower ASP assumptions. We derive our price target using DCF-based methodology, explicitly forecasting long-term valuation drivers using UBS’s VCAM tool. Our new price target of US$10.00 (US$14.00 previously) is based on a WACC of 10.8% and a sales CAGR of 14.6% over a growth horizon of 18 years.
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