PHY is very interesting right now because it appears to have been ramped up significantly.
A fall to a more reasonable level might be on the cards.
There are some interesting parallels with Capstone, Calpine, El Paso, Dynergy in the USA in my opinion.
And these were large organizations, some with proprietary technologies and others with quite innovative business plans.
If PHY was in the USA it would be a laughing stock. It's plan appears to be to build a hodge podge of incompatible projects all over the world - with no real synergies or value-add.
Even here, my understanding is that wind is pretty much commoditised with only tiny NPVs (if that) available. Hydro's an ancient technology with few opprtunities.
I am trying to work out what the angle is but at face value it seems most likely that the insiders are trying to get out and this is all one big ramp - and thence distribution commences.
I expect I'll be attacked over these comments but that would only go to confirm my suspicions.
