Pacific Ethanol Inc
The only real pure-play ethanol stock is Pacific Ethanol (Research), a California startup that made headlines last November when it received an $84 million investment from Bill Gates. Pacific has plans to build five West Coast ethanol refineries by mid-2008. Paul Resnik, an analyst with Dutton Associates who rates Pacific a "speculative buy," believes the company will be profitable in 2007. The location of its plants, he says, will give it a cost advantage over Midwest ethanol producers selling to California, since corn is cheaper to transport than ethanol. (Dutton's research is paid for but not controlled by Pacific and the other companies it tracks.)
If Resnik's earnings projections prove correct -- a big "if" for a company that's yet to produce a drop of fuel -- Pacific would be trading at 56 times next year's earnings and 11 times 2008 earnings. Not cheap,
WKN: A0D9R1
Börse: Berlin-Bremen
Börse: NASDAQ NM:PEIX
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