Research from Water Tower Research, Water Tower Research

Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

Equity Research Firm

Equity Bottom-Up

<ul><li>BFS highlights significant cash flow leverage. </li><li>Management emphasized that the most important takeaway from the recently released BFS is the projected ~50% EBITDA margin profile, which underpins the project’s estimated US$670MM NPV and 20.2% IRR.</li><li>Based on current assumptions, management believes the solar glass operation could generate annualized EBITDA of ~US$150MM by 2030, implying substantial upside relative to the company’s current market capitalization, using conservative EBITDA multiple valuation metrics.</li></ul>

BFS highlights significant cash flow leverage. Management emphasized that the most important takeaway from the recently released BFS is the projected ~50% EBITDA margin profile, which underpins the project’s estimated US$670MM NPV and 20.2% IRR.Based on current assumptions, management believes the solar glass operation could generate annualized EBITDA of ~US$150MM by 2030, implying substantial upside relative to the company’s current market capitalization, using conservative EBITDA multiple valuation metrics.

HMRFF: 팟캐스트 요약 - BFS, 수직 통합 전략 구체화에 따른 마진 잠재력 강조

Homerun Resources

HMRFF: 팟캐스트 요약 - BFS, 수직 통합 전략 구체화에 따른 마진 잠재력 강조