reports
- 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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