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Envoy Global Research focuses on uncovering opportunities by locating companies that are or will be undergoing strategic change and/or a corporate restructuring.
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Recent Reports

IncrediMail (MAIL): Solid Results Stock Looks Great for 2009

Originally Posted on August 13, 2008

This morning Incredimail (MAIL) announced solid financial results which support my belief that the stock could double in the next 12 months.

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Canadian Solar (CSIQ): Financing of Growth Still a Major Concern

Originally Posted on August 13, 2008

This morning Canadian Solar (CSIQ) reported exceptional earnings results, and yet I still remain convinced that the company will need to dilute shareholders significantly in the year ahead in order to meet their lofty 2009 expectations.

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Isolagen: The Company with Nine Lives

Originally Posted on August 6, 2008

The beauty about stock investing on the long side is that the game is never really over, unless a company declares bankruptcy. No matter how bleak the outlook is and how large the paper losses, a few slight changes can so positively alter the prospects of a firm that the biggest losing investment can turn into a winner almost overnight.

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Pulse Data (PSD.TO): Another Low-Risk Oil and Natural Gas Service Stock

Originally Posted on July 15, 2008

We first wrote about Pulse Data (PSD.TO) nearly two years ago, on our previous blog, CasinoCapitalism.com. Since that time, the shares have basically moved nowhere. However, we think that due to certain company changes and industry events, PSD.TO may finally provide patient shareholders a significant return in the coming year. At the same time, downside seems low given the company’s buyback program, a price that is below a previous takeout over and considering the company’s stable and high dividend yield (6.8%).

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Canadian Solar (CSIQ) Announces Share Offering: Is This Just The Beginning?

Originally Posted on July 14, 2008

Given our past discussion concerning the financing needs of several polysilicon-based module manufacturers, we were not taken aback by CSIQ’s latest secondary announcement, and we think this is just the start of the company’s financing journey given its future purchase obligations.

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Earnings Preview: Lufkin Industries (LUFK)

Originally Posted on July 11, 2008

Lufkin Industries (Nasdaq: LUFK, Market Cap.: $1.1 billion) is an oil services stock that could move 50% higher by year end, with minimal downside risk. Importantly, the first catalyst for an improving share price may come next week when the company announces second quarter fiscal 2008 earnings. We believe that the upcoming report will finally be the start of renewed earnings momentum at the company after nearly two years of sluggish growth. Notably, LUFK is sitting on $100 million in cash and has no debt.

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Incredimail’s Stock (MAIL) Could Get A Boost

Originally Posted on July 9, 2008

Incredimail (Nasdaq: MAIL, Market Cap.: $32 million) is a decent speculation at current prices or lower. My optimism for the shares, at least over a short-period of time, is driven by the fact that the shares remain over 60% below their highs, and yet three positive pieces of news were recently delivered that seemingly could boost the stock price.

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Funding for Polysilicon-Based PV Manufacturers: A Look at Four Companies

Originally Posted on July 6, 2008

In this post we will take a look at the future capital needs and funding requirements of four Chinese polysilicon-based PV Manufacturers.

Briefly, our conclusion, based on current low cash levels, high outstanding short-term debt as a percentage of total capital, and future capital needs, in the form of outstanding purchase obligations listed in recent 20-F filings, is that nearly all of the companies mentioned here (i.e. TSL, CSIQ, SOLF, YGE) will have a significant weakening of balance sheets in the near term, as short-term debt levels soar to support growing operating cash losses and purchase obligations. The prospect of immediate dilution via direct equity share offerings is clearly remote, as past history shows that these companies prefer to use convertible debt issues, as opposed to straight equity, as a longer-term financing vehicle.

(Please note: Complete spreadsheets, which are updated quarterly, with all of our financial assumptions about the polysilicon-based PV Manufacturers mentioned here, are available to subscribers of Envoy Global Research).

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Clarifying The Financial Issues Facing Polysilicon-Based PV Manufacturers

Originally Posted on July 3, 2008

In this post, I will address the two most common criticisms of our article last month on several polysilicon-based PV manufacturers and thereby hopefully clarify the financial issues that confront many of these polysilicon-based PV manufacturers.

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