reports
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q3/24 Recap: All Our Research in One Place!
Quarterly Coverage Update As we enter the final quarter of the year, we are excited to release our quarterly recap report to update our readers on all the research content we have published in the last three months. This quarter included substantial momentum across several sectors, with strong performance from the companies we cover. Omai Gold Mines (+55%) led the way, followed by Allegiant Gold (+27%), Moon River Moly (+11%), and BQE Water (+10%). This quarter has been our most active yet, ma...
- Nicholas Cortellucci
- CFA
Finding the Next Takeout in Canadian Small-Caps - Part Three
What you need to know: • Since our last note in May, there have been 10 additional takeouts in Canadian small-caps, most of which coming in a significant premiums. • The new acquisitions largely fit within the framework outlined in previous reports. • Our potential takeouts portfolio is up 43% since inception (November 2023) and 17% since our last note, compared to the TSX up 18% and 3% respectively. We review the biggest winners and losers in the portfolio and present a list of new ideas on ou...
GCL COLABOR GROUP INC
COV. COVALON TECHNOLOGIES LTD.
CTX CRESCITA THERAPEUTICS
E ENTERPRISE GROUP
IFX IMAFLEX INC. CL A
MAL MAGELLAN AEROSPACE CORP.
SYZ SYLOGIST LTD.
KUT REDISHRED CAPITAL CORP.
GSI. GATEKEEPER SYSTEMS INC
QIS CN QUORUM INFORMATION TECHNOLOGIES INC
XYBN XYBION DIGITAL INC
GRID TANTALUS SYSTEMS HLDG INC
HAI HAIVISION SYSTEMS INC
CNG KRAKEN ROBOTICS INC
BQE BQE WATER INC.
OSS ONESOFT SOLUTIONS INC
- Nicholas Cortellucci
- CFA
BQE: New Water Treatment Plant Contract
What you need to know: • BQE announced that it has been contracted for a new water treatment plant for the closure of the legacy Valley Tailings Facility in the Yukon. This continues the rapid growth that BQE has posted in its recurring operations segment which grew 79% YoY and 43% QoQ in Q2. • The plant is expected to be completed in Q2/25 and operate for six years. • The new contract leverages BQE’s experience in the Yukon, as it currently works with the Yukon Government and the Keno Hill mine...
- Nicholas Cortellucci
- CFA
BQE: Strong Q2; Recurring Segment Grows 79% YoY & 43% QoQ
What you need to know: • BQE reported Q2 financial results that beat our expectations on revenue and were in line on EBITDA. The quarter was once again led by the recurring operations segment which grew 79% YoY and 43% QoQ. • Technical services revenue was soft again, but management expects a rebound in H2 as larger projects have been initiated in Q3. • BQE’s China JVs also posted excellent results, including a 68% YoY increase in revenue and 177% YoY increase in JV income. BQE Water (BQE:TSX...
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q2/24 Recap: All Our Research in One Place!
As we conclude Q2/24, we are excited to release our inaugural quarterly recap report to update our readers on all the research content we have published in the last three months. This period has been marked by dynamic performance across various sectors, with notable highlights in the companies we cover. The best performers from our coverage universe include, ADF Group (+74%), Trigon Metals (+39%), BQE Water (+29%), and Dynacor Group (+12%). The overall coverage demonstrated significant resilie...
- Nicholas Cortellucci
- CFA
BQE: Decent Q1 Financials; Recurring Revenue Up 114% YoY
What you need to know: • BQE reported Q1 financial results yesterday where the highlight was 114% YoY growth in its recurring operation services segment. • Technical services revenue was weak however, leading to a slight miss on proportional revenue ($3.4M vs. $3.8M expected) and margins. • Management’s outlook remained bullish, expecting operation services revenue continuing to grow rapidly and technical services revenue catch back up in H2. BQE Water (BQE:TSXV, BTQNF:OTC) reported Q1 financ...
- Nicholas Cortellucci
- CFA
Finding the Next Takeout in Canadian Small-Caps - Part Two
What you need to know: • Since our last note in November, there have been 9 more acquisitions in Canadian small-caps, all at significant premiums. • In this report, we analyze how the 9 newly acquired firms fit into our 6-part framework for identifying takeout candidates. • Our potential takeouts watchlist was up 22% vs. the TSX up 14% and XCS up 15% since November. We update the list for some new names on our radar and remove some that do not meet the criteria anymore. How Have Things Progres...
MVP MEDIAVALET
TTR TITANIUM TRANSPORATION GROUP INC.
THNK THINK RESEARCH CORPORATION
XYBN XYBION DIGITAL INC
GRID TANTALUS SYSTEMS HLDG INC
BQE BQE WATER INC.
NSCI NANALYSIS SCIENTIFIC CORP
OSS ONESOFT SOLUTIONS INC
FDGE FARMERS EDGE INC
QFOR Q4
BBTV INC. (QFOR)
BBTV HOLDINGS INC.
- Nicholas Cortellucci
- CFA
BQE: Excellent Q4 Financials; Increasing Target Price
What you need to know: • BQE reported Q4 & 2023 financial results yesterday that came in largely ahead of our expectations on revenue. • Proportional revenue was $5.4M compared to our estimate of $4.2M and adjusted EBITDA was $0.5M compared to our estimate of $0.6M. • BQE remains well positioned for another record year in 2024, we are expecting 8% revenue growth and 36% EBITDA growth. • We are increasing our target to $71/share based on 11.0x 2025E EBITDA. BQE Water (BQE:TSXV, BTQNF:OTC) repor...
- Nicholas Cortellucci
- CFA
BQE: Q4 Financials Preview
What you need to know: • BQE will be reporting Q4 & 2023 financial results in ~2 weeks, we are expecting proportional revenue of $4.2M, gross margin of 45%, and adj. EBITDA of $0.6M (14% margin). • Metals prices have been rising steadily over the last month with copper up 9%. BQE’s China JV has leverage to the copper price as it sells recovered metals. • BQE remains cheap at 10.0x/8.6x 2024E/2025E EBITDA. BQE Water (BQE:TSXV, BTQNF:OTC) will be reporting Q4 and 2023 financial results around A...
- Nicholas Cortellucci
- CFA
BQE: Profitable & Growing Micro-Cap in the Water Treatment Industry
What you need to know: • BQE’s recurring revenue is growing as a percentage of total revenue, making its business more predictable and stable. • The Company has major tailwinds from increasing environmental regulations on water discharge as well as increasing mining capex. • BQE’s EBITDA margins have been steadily improving over the past five years due to its asset-light model, reaching 22% in 2023E. • BQE trades at 5.5x 2025E EBITDA, a significant discount to its peers. BQE Water (BQE:TSXV, B...
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