SESI SES Solar Inc (CE)

Dutton Associates initiates coverage of SES Solar (OTCBB:SESI) with a Speculative Buy rating and a $2.10 price target. The 23-page report by Dutton senior analyst Sally H. Wallick, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals. SES Solar researches, develops, produces and installs solar energy (photovoltaic or PV) products, including PV modules and roof tiles, with a special emphasis on high-quality products that can be architecturally integrated into new or existing structures. We believe that SES is well positioned to benefit from soaring demand for solar energy in Europe and worldwide and that its prospects will be enhanced further when it consolidates production in a new plant in Geneva Canton, Switzerland in late 2007. This facility will be fully automated and incorporate innovative manufacturing techniques, resulting in lower labor costs, greater operating efficiencies and higher production volumes. Management anticipates committing all of the Geneva plant�s PV module production under long-term contracts with leading PV cell producers. In the next 9�12 months, we project that SES�s revenue will be modest, as the Company focuses on building the new plant and preparing to bring it on stream. After that, we expect a relatively rapid ramp-up in production volumes, resulting in fast-growing revenue and profit for several years. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 senior analysts are primarily CFAs, and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in our one-year continuing research program is US $39,500 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received US$35,000 from the Company for 4 Research Reports with coverage commencing on 10/16/2006. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing. Dutton Associates initiates coverage of SES Solar (OTCBB:SESI) with a Speculative Buy rating and a $2.10 price target. The 23-page report by Dutton senior analyst Sally H. Wallick, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals. SES Solar researches, develops, produces and installs solar energy (photovoltaic or PV) products, including PV modules and roof tiles, with a special emphasis on high-quality products that can be architecturally integrated into new or existing structures. We believe that SES is well positioned to benefit from soaring demand for solar energy in Europe and worldwide and that its prospects will be enhanced further when it consolidates production in a new plant in Geneva Canton, Switzerland in late 2007. This facility will be fully automated and incorporate innovative manufacturing techniques, resulting in lower labor costs, greater operating efficiencies and higher production volumes. Management anticipates committing all of the Geneva plant's PV module production under long-term contracts with leading PV cell producers. In the next 9-12 months, we project that SES's revenue will be modest, as the Company focuses on building the new plant and preparing to bring it on stream. After that, we expect a relatively rapid ramp-up in production volumes, resulting in fast-growing revenue and profit for several years. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 senior analysts are primarily CFAs, and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in our one-year continuing research program is US $39,500 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received US$35,000 from the Company for 4 Research Reports with coverage commencing on 10/16/2006. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.