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Thursday, October 29, 2020 11:14:45 PM
I have no opinion, but got this in today's email:
https://seekingalpha.com/article/4382603-pacific-ethanol-buy-dip
Summary
+ Shares on the retreat after rallying more than 3,000% from March lows on the combination of broader market weakness and a surprise equity offering.
+ Company announces strategic shift from renewable fuels to specialty alcohols and essential ingredients after the COVID-19 pandemic caused demand for sanitizers and disinfectants to soar.
+ Discussing the underwhelming terms of Monday's surprise equity offering, the company would have likely fared much better by simply selling more shares into the open market.
Expect demand for the company's high-quality alcohol products to remain strong for the foreseeable future. Adjusted EBITDA should exceed $125 million next year.
+ Buy with both hands going into the company's third quarter earnings release and conference call on November 9. At a very moderate 6x Enterprise Value/Adjusted FY2021 EBITDA ratio, the short-term price target for the shares calculates to $9.
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