Solar Company’s Project Backlog “Expected to Drive High Margin Recurring Revenue Stream”

June 30, 2021 ( Newswire) An addition to UGE International’s backlog is covered in a PI financial report.

In a June 21 research note, PI financial analyst Devin Schilling reported that UGE International Ltée (UGE: TSX.V; UGEIF: OTCQB) landed an additional community solar project in Maryland, its second in the state.

Schilling also noted that “the current updated assessment of UGE offers a significant advantage”. The company is trading at a discount to its peers, at 5.3 times enterprise value / EBITDA for fiscal 2023 versus 14 times.

As for the new project, which the UGE is adding to its order book, it is a ground installation with a nominal capacity of approximately 2.2 megawatts of direct current (2.2 MW DC), a writes Schilling. Once operational, the facility is expected to generate approximately US $ 0.4 million (US $ 0.4 million) per year.

UGE is making progress on its first contracted ground-based solar project in Maryland through the state’s community solar pilot program, “a new growth market for the company,” noted Schilling. This deployment is expected to be completed and commercially operational next year, 2022, after which it is expected to generate 2.7 MW of direct current and generate more than $ 0.5 million in annual revenue.

The analyst pointed out that community solar is one of the fastest growing segments of the solar industry, driven by states expanding consumers’ access to clean energy.

Schilling wrote that UGE is building its project backlog, which stood at around 71 MW, or C $ 130 million in value, as of Q1 / 21. As such, most of these deployments will take place in 2022 and 2023 and will result in “a high margin recurring revenue stream” thereafter.

“With a largely completed turnaround and a strategic shift in the owner / operator business model that underlies them, we believe that UGE is well positioned to take advantage of the rapid growth of the solar market in the years to come,” said concluded Schilling.

PI Financial has a buy quote on UGE International and a target price of C $ 4.50 per share. UGE is trading at around C $ 1.82 per share.


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Disclosures from PI Financial, UGE International, First Look, June 21, 2021

I, Devin Schilling, hereby certify that all opinions expressed in this report accurately reflect my personal views on the securities or issuers concerned. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or opinions expressed in this report. I am the research analyst primarily responsible for preparing this report.

Research disclosures for UGE International:

3) PI Financial Corp. and / or its affiliates have received compensation for investment banking services from the relevant company within the past 12 months.

4) PI Financial Corp. and / or its affiliates expect to receive or intend to request compensation for the investment banking services of the relevant company.

Analysts are paid through a combined system of base salary and bonuses. The payment of the bonus is, among other things, determined by the income generated directly or indirectly by various departments, including Investment Banking. The assessment relies heavily on an activity-based system that includes some of the following criteria: reports generated, timeliness, execution of recommendations, industry knowledge, quality of research and investment advice, and client feedback. Analysts are not directly remunerated for specific Investment Banking transactions.

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