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TPIC Revenue (TTM) data by YCharts
This is where TPI comes in. Since it partners with many wind turbine companies, it can build a blade manufacturing plant that serves multiple customers. This is a huge strategic advantage that will continue to add value around the world, as pockets of opportunity develop for the wind industry.
TPI’s future is more than just wind
Renewable energy is about more than just the power grid, and TPI is positioned to be a leader in another industry that’s historically relied heavily on contract manufacturers: transportation. The company has agreements with some of the biggest names in clean transportation, including bus and commercial vehicle leaders Proterra and Workhorse, heavy truck giant Navistar, and global automaker General Motors.
As a leader in manufacturing the lighter, stronger materials it takes to continue pushing the limits on wind turbines, vehicle manufacturers are turning to TPI to develop and manufacture composite frames, bodies, and components for their zero-emission vehicles.
Why TPI is worth buying now
On one hand, with its share price near the all-time high, investors might be a bit skittish about buying TPI Composites right now. I get it, particularly with its financial results deteriorating this year. TPI has reported a $72 million loss over the prior 12 months. It takes more than just being a business that makes the world a little better to be a worthy investment. Investors want to make money, too.
Looking at the longer-term trend, I expect TPI will return to profitability relatively soon; it’s the only independent turbine blade manufacturer with a global footprint, and turbine makers are relying more heavily on contract manufacturers now than ever. Between TPI’s technical capabilities and geographical scale that creates very high barriers to competitive entry, the company has a number of durable competitive advantages.
Moreover, cash flows are stronger than you might expect. TPI generated $32 million in operating cash over the past year, and its $47 million in negative free cash was the product of a record level of capital investments over the past year. TPI is spending on growing its capacity and capabilities, and that should result in a bigger, more profitable business in the future.
Trading for about 0.7 times sales, TPI is actually still a little bit cheaper than its average since going public. Once those new assets it’s been spending to build start generating more cash flows, today’s price could end up looking cheap in a few years.
TPI Composites 35Million Shares ( pretty Low Floater )
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