Opinions
Lesley Marks
BioExx Specialty Proteins Ltd.
BXI-T
WATCH
Nov 24, 2010
2010 has been a very eventful year. Brought Saskatoon plant into production and now going into continuous production, which has to continue for 2 months before they can sell product into the food industry and the market is nervous. Very important milestone. Also looking to add a 2nd plant in 2011, which will require more capital.
$2.230
Stock price when the opinion was issued
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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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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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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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