Opinions
Peter Imhof
BioExx Specialty Proteins Ltd.
BXI-T
DON'T BUY
Jul 13, 2011
Recently did an issue around $1 and the market slaughtered the stock. Sold his holdings. Wouldn't Buy right now as it has had a bit of a dead cat bounce.
$1.290
Stock price when the opinion was issued
Other Agricultural Products
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Assuming they can get the frothing part of the manufacturing process under control it will be quite attractive. Extract protein from canola. It can be used in baking and cooking. By end of year they should be up to speed. Loss of 6 cents for 2011 and earnings of 3 cents for 2012. Once production comes up to speed they will break ground on a second plant in North Dakota. On a 3-5 year basis, someone like VT might get interested in the company. Was a recent price hike in protein prices.
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BUY
Expected to lose $0.07 in 2011 and earn anywhere from $0.01 on a median basis to $0.03 on an average basis, which puts it at 60X PE multiple. If successful in being able to produce commercial quantities, they will start construction of the 2nd plant in N. Dak and looking out will double expansion again.
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DON'T BUY
DON'T BUY
Extract protein from canola. Attempting to get to commercial levels of production. Initially had some problems with foaming in the process. Once they are back up in production there'll be moving to a 2nd shift, which allows them to pull Level 1 proteins. Real earnings come when they start pulling a much more valuable part of proteins. This will take $10 million of CapX and a year of development. Sold his holdings.
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