Opinions
Robert McWhirter
UGE International Ltd.
UGE-X
BUY
Jan 05, 2021
$2.250
Stock price when the opinion was issued
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BUY
UGE boasts a US$72 million backlog, a huge increase in less than three months. That backlog is 40x last quarter's annualized sales run rate. Their enterprise value is 10% of their backlog. They focus on New York state and the Philippines. UGE is transitioning their business model to resemble Xebec's to raise recurring revenues and margins. His price target is 50-70 cents and will likely rise as earnings come in and impress markets.
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BUY
He has participated in two financing in the past month. Their focus is in solar locations on commercial buildings in NYC or in parking lots. The company has changed from just developing and selling the locations to operating them as well. It is a small company with small market cap, but their backlog is huge. Within two years, if all the projects materialize, they have 11 million dollars worth of high recurring revenue. Has good upside potential.
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Disclosure: He participated in their recent financing. Their backlog has grown a lot, including a recent US$9.9 million solar contract in Maine which amounts to 20% of their market cap. This remains very undervalued. A Brookfield, Algonquin or Boralex could buy this out.