satcon technology: modefinance credit report
DESCRIPTION
Satcon Technology: modeFinance Credit ReportTRANSCRIPT
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If you want to know more, ASKMORE TM
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SATCON TECHNOLOGY CORPThursday, 18 October 2012MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAAnot
available
non return extremlypathological
pathological highdanger
weak sufficient adequate good very
strongextremely
strong
Company name SATCON TECHNOLOGY CORP
Identification number US042857552
Country United States of America
ZIP code and city 02210 - BOSTON
Address 27, DRYDOCK AVENUE
+1 617 897 2400
www.satcon.com
Legal form Not available
Account Consolidated
Incorporation date 1986
NACE 2 Sector 2611 - Manufacture of electronic components
Listed
Status Active
MORE Credit limit Not assessable on the base of the available informations
31/12/2011 31/12/2010 31/12/2009
Turnover (th e) 145,723 129,630 36,468
Rating C B CCC
Probability of default 57.00% 3.80% 16.00%
Confidence Level 100% 100% 100%
Solvency ratios
Leverage ratio -7.23 2.25 4.92
Total asset/Total liabilities 0.86 1.44 1.20
Liquidity ratios
Current Ratio 1.03 1.82 1.50
Quick Ratio 0.62 1.33 1.09
Profitability and economic equili-
brium ratios
Return on investement ROI (%) -57.68 -6.97 -60.87
Return on equity ROE (%) -382.32 -42.65 -426.10
Asset turnover 1.39 1.11 1.08
Interest paid weight -0.06 -0.13 -0.01
Gross Profit/Operating revenue 0.01 0.26 0.09
Interest Coverage ratios
EBIT interest coverage ratio -15.61 -4.28 -72.13
Analysis and trend of financial
strength
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SATCON TECHNOLOGY CORPThursday, 18 October 2012MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis
Company Healthy Balanced Vulnerable Risky
Solvency ratios
Leverage ratio -7.23 0.40 1.28 1.34 5.32
Total asset/Total liabilities 0.86 3.37 1.76 1.59 1.04
Liquidity ratios
Current Ratio 1.03 2.80 1.48 1.15 0.67
Quick Ratio 0.62 2.13 1.12 0.85 0.41
Profitability and economic equilibrium ratios
Return on investement ROI (%) -57.68 11.54 4.85 -2.67 -9.53
Return on equity ROE (%) -382.32 11.39 6.44 -12.31 -107.60
Asset turnover 1.39 0.93 1.05 0.90 0.97
Interest paid weight -0.06 0.01 0.16 -0.03 -0.19
Gross Profit/Operating revenue 0.01 0.35 0.19 0.11 0.07
Interest Coverage ratios
EBIT interest coverage ratio -15.61 72.69 4.07 -2.22 -3.79
Cash Conversion Cycle (days)
Days Sales Of Inventory (DIO) 97 47 41 44 46
Days Sales Outstanding (DSO) 97 64 67 59 46
Days Payable Outstanding (DPO) 101 29 38 41 39
Cash Conversion Cycle (DIO + DSO - DPO) 93 76 71 69 69
Numer of analyzed companies - 319 589 275 46
(Average) Rating C A BBB B CC
The sector has been chosen according to:
international companies in the sector NACE 2 2611 with financial data of year 2011.
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SATCON TECHNOLOGY CORPThursday, 18 October 2012MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis - Graphs
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SATCON TECHNOLOGY CORPThursday, 18 October 2012MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Balance Sheet
BALANCE SHEET (th e) 31/12/2011 31/12/2010 31/12/2009
Accounting practice Local GAAP Local GAAP Local GAAP
Exchange rate USD - EUR 0.77286 0.748 0.69416
Number of months 12 12 12
Total assets 105,076 116,735 33,800
Fixed assets 9,096 5,449 3,372
Intangible fixed assets - - -
Tangible fixed assets 8,572 5,449 3,217
Other fixed assets 523 0 156
Current assets 95,980 111,287 30,428
Stocks 38,594 30,326 8,259
Debtors 38,795 55,138 12,202
Other current assets 18,591 25,823 9,967
Cash & cash equivalent 16,683 22,510 9,280
Shareholders funds -16,869 35,897 5,709
Capital 941 882 15,940
Other shareholders funds -17,810 35,015 -10,231
Total liabilities 121,944 80,838 28,091
Non current liabilities 28,860 19,787 7,749
Long term debt 8,482 6,776 260
Other non-current liabilities 20,378 13,012 7,489
Current liabilities 93,085 61,050 20,342
Loans 12,584 1,576 0
Creditors 40,154 33,705 14,405
Other current liabilities 40,347 25,769 5,937
Total shareh. funds & liab. 105,076 116,735 33,800
NET DEBT (th e) 31/12/2011 31/12/2010 31/12/2009
Short term debts 12,584 1,576 0
Long term debt 8,482 6,776 260
Cash & cash equivalent 16,683 22,510 9,280
Net debt 4,382 -14,158 -9,020
31/12/2011 31/12/2010 31/12/2009
Working capital 37,235 51,758 6,056
Net Current Assets 2,895 50,236 10,086
31/12/2011 31/12/2010 31/12/2009
Days Sales Of Inventory (DIO) 97 85 83
Days Sales Outstanding (DSO) 97 155 122
Days Payable Outstanding (DPO) 101 95 144
Cash Conversion Cycle (DIO + DSO - DPO) 93 145 61
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SATCON TECHNOLOGY CORPThursday, 18 October 2012MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Income Statement
INCOME STATEMENT (th e) 31/12/2011 31/12/2010 31/12/2009
Accounting practice Local GAAP Local GAAP Local GAAP
Exchange rate USD - EUR 0.77286 0.748 0.69416
Number of months 12 12 12
Sales 145,723 129,630 36,468
Revenues growth (%) 12 255 -
Other revenues +/- variation in inventories and contract in progress + Fixed assets
own construction capitalized0 0 0
Operating revenue / turnover 145,723 129,630 36,468
Total operating costs 202,498 134,326 52,697
Costs growth (%) 51 155 -
Service costs - - -
Material costs - - -
Costs of employees - - -
EBITDA -55,290 -3,540 -15,351
Depreciation 1,484 1,156 877
EBIT -56,774 -4,697 -16,229
Financial P/L -7,471 -4,542 -4,570
Financial revenue 321 1 6
Financial expenses 7,792 4,542 4,577
Interest paid 3,636 1,098 225
P/L before tax -64,246 -9,238 -20,799
Extr. and other P/L 0 -6,073 -3,527
Extr. and other revenue - - -
Extr. and other expenses - - -
P/L before tax + Extr. and other P/L -64,246 -15,311 -24,326
Taxation 249 0 0
P/L for period -64,494 -15,311 -24,326
31/12/2011 31/12/2010 31/12/2009
Costs of Good Sold 143,584 95,605 33,368
Gross Profit 2,140 34,024 3,100
Other Operating Expenses 58,914 38,721 19,328
31/12/2011 31/12/2010 31/12/2009
Cash flow -63,010 -14,154 -23,449
Added value - - -
31/12/2011 31/12/2010 31/12/2009
Number of employees 250 344 234
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SATCON TECHNOLOGY CORPThursday, 18 October 2012MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Evolutions and trends
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SATCON TECHNOLOGY CORPThursday, 18 October 2012MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Qualitative information
Full overview It is an industry leader in the development and manufacture of power electronics and control systems. The com-
pany was incorporated in 1986 and has its registered office address in Boston, Massachusetts. It offers diversified
and sophisticated power products for the alternative energy, hybrid - electric vehicle, grid support, high reliability
electronics and advanced power technology markets. Its product areas include: alternative energy power conver-
sion, hybrid electric vehicle power trains, grid support & power quality, electronic components, and engineering
services. It has three business units with facilities located in both the United States and Canada. SatCon Power
Systems - which manufactures and sells static power conversion and energy management systems utilizing power
electronic and advanced controls; SatCon Electronics - manufacture and sells regulators, power MOSFETS; motor
controllers, DC: DC converters; RF devices; amplifiers; telecommunications electronics; and hybrid microcircuits for
industrial, medical, and aerospace applications; and SatCon Applied Technology - develops advanced technology
in power conversion electronics; power management & distribution systems; hybrid electric vehicle technology,
electric machinery; and advanced electronic material applications.
History Not available.
Primary business line Development and manufacture of power electronics and control systems.
Secondary business line Not available.
Main activity Manufacturing.
Secondary activity Not available.
Main products and services Power electronics and control systems.
Size estimate An industry leader in the development and manufacture of power electronics and control systems.
Strategy, organization and policy Not available.
Strategic alliances Not available.
Membership of a network Not available.
Main brand names Not available.
Main domestic country United States of America.
Main foreign countries or regions Not available.
Main production sites Not available.
Main distribution sites Not available.
Main sales representation sites Not available.
Main customers Not available.
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SATCON TECHNOLOGY CORPThursday, 18 October 2012MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Auditor/Advisor/Bank
name type address
CATURANO & CO., P.C. Auditor -
American Stock Transfer & Trust Transfer Agent -
Board
name date of birth nationality function
Mr. John M Carroll - - Independent Director
Mr. Philip J Deutch - - Independent Director
Mr. Daniel R Dwight - - Independent Director
Mr. James L Kirtley - - Independent Director
Mr. David J Prend - - Independent Director
Mr. Charles Stephen Rhoades - - President, Chief Executive Officer, Director
Mr. Robert G Schoenberger - - Independent Director
Sharehoders (the first twenty shareholders ordered by Direct %)
ROCKPORT CAPITAL PARTNERS, LP Rating:
Country ISO code US Operating Revenue (MIL $) 1.6
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 11.52 Number of Employees 15
Total % - Information date 2012/05
Address : Not available
NGP ENERGY TECHNOLOGY PARTNERS Rating:
Country ISO code US Operating Revenue (MIL $) 0.45
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 7.70 Number of Employees 6
Total % - Information date 2012/05
Address : Not available
FEDERATED INVESTORS INC via its funds Rating: AA
Country ISO code US Operating Revenue (MIL $) 895.11
NACE Rev. 2, Core code - Total Assets (MIL $) 1150.86
Direct % - Number of Employees 1351
Total % 5.02 Information date 2012/03
Address : Not available
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SATCON TECHNOLOGY CORPThursday, 18 October 2012MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
BLACKROCK, INC. via its funds Rating: BB
Country ISO code US Operating Revenue (MIL $) 9081
NACE Rev. 2, Core code - Total Assets (MIL $) 179896
Direct % - Number of Employees 10100
Total % 3.61 Information date 2012/03
Address : Not available
VANGUARD GROUP, INC. THE via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 2017.7
NACE Rev. 2, Core code - Total Assets (MIL $) 1830.07
Direct % - Number of Employees 9500
Total % 1.84 Information date 2012/03
Address : Not available
KLEINWORT BENSON GROUP LIMITED via its funds Rating: B
Country ISO code GB Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) 391.45
Direct % - Number of Employees 9
Total % 1.57 Information date 2012/03
Address : Not available
SUSQUEHANNA INTL GROUP via its funds Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 0
Total % 1.51 Information date 2012/03
Address : Not available
EMPIRE CAPITAL PARTNERS via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 0.46
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 10
Total % 1.27 Information date 2012/03
Address : Not available
STATE STREET CORPORATION via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 9594
NACE Rev. 2, Core code - Total Assets (MIL $) 216827
Direct % - Number of Employees 29740
Total % 1.18 Information date 2012/03
Address : Not available
GUGGENHEIM CAPITAL, LLC via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 23.6
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 540
Total % 0.95 Information date 2012/03
Address : Not available
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SATCON TECHNOLOGY CORPThursday, 18 October 2012MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
NORTHERN TRUST CORPORATION via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 3769.64
NACE Rev. 2, Core code - Total Assets (MIL $) 100223.74
Direct % - Number of Employees 14018
Total % 0.87 Information date 2012/03
Address : Not available
DIMENSIONAL FUND ADVISORS LP via its funds Rating: A
Country ISO code US Operating Revenue (MIL $) 36.72
NACE Rev. 2, Core code - Total Assets (MIL $) 2186.66
Direct % - Number of Employees 260
Total % 0.35 Information date 2012/03
Address : Not available
TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICA via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 11726.6
NACE Rev. 2, Core code - Total Assets (MIL $) 225931.3
Direct % - Number of Employees 0
Total % 0.32 Information date 2012/03
Address : Not available
ACTIVE NICHE FUNDS SA via its funds Rating:
Country ISO code CH Operating Revenue (MIL $) 0.53
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 3
Total % 0.31 Information date 2012/01
Address : Not available
GOLDMAN SACHS GROUP, INC via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 28811
NACE Rev. 2, Core code - Total Assets (MIL $) 923225
Direct % - Number of Employees 33300
Total % 0.29 Information date 2012/03
Address : Not available
BANK OF NEW YORK MELLON CORPORATION via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 14730
NACE Rev. 2, Core code - Total Assets (MIL $) 325266
Direct % - Number of Employees 48700
Total % 0.28 Information date 2012/03
Address : Not available
GEODE CAPITAL MANAGEMENT, LLC via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 0.2
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 2
Total % 0.23 Information date 2012/03
Address : Not available
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SATCON TECHNOLOGY CORPThursday, 18 October 2012MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
BANK OF AMERICA CORPORATION via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 86393
NACE Rev. 2, Core code - Total Assets (MIL $) 2129046
Direct % - Number of Employees 284635
Total % 0.22 Information date 2012/03
Address : Not available
D. E. SHAW & CO., L.P. via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 119.33
NACE Rev. 2, Core code - Total Assets (MIL $) 24014.19
Direct % - Number of Employees 159
Total % 0.19 Information date 2012/03
Address : Not available
KNIGHT CAPITAL GROUP INC via its funds Rating: -
Country ISO code US Operating Revenue (MIL $) 1133.3
NACE Rev. 2, Core code - Total Assets (MIL $) 7153
Direct % - Number of Employees 1423
Total % 0.15 Information date 2012/03
Address : Not available
Subsidiaries (the first twenty subsidiaries ordered by Direct %)
SATCON INTERNATIONAL, S.R.O. Rating: CCC
Country ISO code CZ Operating Revenue (MIL $) 1.24
NACE Rev. 2, Core code - Total Assets (MIL $) 1.48
Direct % 100.00 Number of Employees 7
Total % 100.00 Information date 2011/02
SATCON APPLIED TECHNOLOGY INC Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % >50.00 Number of Employees -
Total % - Information date 2009/12
SATCON POWER SYS Rating:
Country ISO code US Operating Revenue (MIL $) 0.05
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % >50.00 Number of Employees 1
Total % - Information date 2009/12
SATCON POWER SYSTEMS CANADA LTD Rating:
Country ISO code CA Operating Revenue (MIL $) 6.23
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees 70
Total % - Information date 2012/04
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SATCON TECHNOLOGY CORPThursday, 18 October 2012MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
ASKMORE rating guide
General vision A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of
an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk
factors.
The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial
companies by using data included in financial statements.
The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy
model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the
model are obtained by applying newly developed numerical methodologies, drawing together financial theory,
data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective
algorithm that produces a classification of each company, by taking into account any attributes (such as sector and
country) characterizing a firm.
The model gives the opportunity to assign a rating to a company even without considering a complete data analysis
and allows to process quality information. It induces a better understanding of a companys strength and weakness
thanks to sophisticated data mining tools and taking into account the analyst knowledge.
The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the
rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium
between the different aspects, better will be the final rating.
This is done studying, evaluating and aggregating the most important sections of the financial and economic
behavior of a company such as: profitability, liquidity, solvency, interest coverage and efficiency.
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SATCON TECHNOLOGY CORPThursday, 18 October 2012MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Rating scale
Rating class Rating macro class Assessment
AAA
Healthy
The companys capacity to meet its financial commitments is extremely strong. The company shows an excellent
economic and financial flow and fund equilibrium.
AAThe company has very strong creditworthiness. It also has a good capital structure and economic and financial
equilibrium. Difference from AAA is slight.
AThe company has a high solvency. The company is however more susceptible to the adverse effects of changes in
circumstances and economic conditions than companies in higher rated categories.
BBB
Balanced
Capital structure and economic equilibrium are considered adequate. The companys capacity to meet its financial
commitments could be affected by serious unfavourable events.
BBA company rated BB is more vulnerable than companies rated BBB. Furthermore the company faces major ongoing
uncertainties or exposure to adverse business, financial, or economic conditions.
B
Vulnerable
The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic
conditions will be likely to impair the companys capacity or willingness to meet its financial commitments.
CCC
A company rated CCC has a dangerous disequilibrium on the capital structure and on its economic and financial
fundamentals. Adverse market events and an inadequate management could affect with high probability the
companys solvency.
CC
Risky
The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the
companys strong disequilibrium could increase.
CThe company shows considerable pathological situations. The companys capacity to meet its financial
commitments is very low.
D The company has not any longer the capacity to meet its financial commitments.
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SATCON TECHNOLOGY CORPThursday, 18 October 2012MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Fundamental Credit Rating Ratios
Analysis area Ratio Assessment
Solvency ratios
Leverage ratioThis measures the level of total liabilities of the company in comparison
with equity.
Assets to debtThis indicates companys solvency. The company shows a level of deficit
when the value of this ratio is under one unit.
Financial ratios Fixed Assets coverage ratioThis is calculated only for holdings. It measures the capital structure i.e.
whether a company covers the fixed assets with long term capital.
Liquidity ratios
Current ratioThis measures whether a company has sufficient short-term assets to cover
its short-term liabilities.
Quick ratioThis compares current liabilities only to those assets that can be readily
turned into cash.
Profitability and economic ratios
Return on Investement(ROI)This measures the profitability of company investments without regard to
the way the investment is financed.
Return on Equity(ROE) This measures the profitability of the equity.
Asset turnover
This indicates the investments turnover with regards to sales. The level
assumed from the ratio depends on the sector in which the company
operates.
Profit margin This indicates the profitability of sales.
Interest coverage ratio Interest Paid coverage
This indicate the ability of the company to cover interest expenses through
the economic margins (Gross profit and EBIT) and through the cash flow
from operating activities.
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SATCON TECHNOLOGY CORPThursday, 18 October 2012MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
MORE Credit Limit, Probability of default and Confidence Level
MORE Credit Limit MORE Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial
relationship with the analyzed company with an outlook of one year.
modeFinance used the following values associated with the company analyzed while computing the credit limit:
Size; Years in Business; Average number of suppliers; Liquidity of the company and the comparison with its sector; The funds dedicated to be paid to suppliers; The likelihood that a company may pay its debts in the next 12 months (MORE Ratings).
The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual
public data. This value should be reviewed by paying attention to the Confidence Level value and by using other
information such as other business information, news... etc; and private information such as the relationship with
client, history of payments, guarantees and the knowledge of the sector.
Probability of default e Confidence
Level
In addition to the MORE Rating, modeFinance also estimates the probability of default and provides a level of
confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go
into default.
As the probability of default is strongly affected by the economic climate that the company is operating in,
companies in the same MORE class will not necessarily have the same probability of default.
The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level:
Confidence =
Available InformationTotal Information
The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in
availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the
MORE rating is able to take into account for each company.
For companies with fully populated records a confidence level of 100% would be applied: companies where no
financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.
-
SATCON TECHNOLOGY CORPThursday, 18 October 2012MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Notes and disclaimer
NOTES modeFinance has based the present analysis on the company available financial statements, coming from one or
more of the following sources: local providers, Commercial Register (Companies House), websites, modeFinances
database etc.
DISCLAIMER All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any
form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of
the publisher modeFinance. The facts of this report are believed to be correct at the time of publication but cannot
be guaranteed. Please note that the findings, conclusions and recommendations that modeFinance delivers will
be based on information gathered in good faith from both primary and secondary sources, whose accuracy we
are not always in a position to guarantee. As such modeFinance can accept no liability whatever for actions taken
based on any information that may subsequently prove to be incorrect.
Contacts
Company modeFinance
Products MORE rating
Where AREA Science Park
34149 Trieste, via Padriciano 99 - ITALY
Info [email protected]
web www.modefinance.com
Phone +39 040 3755337