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Beacon Securities Insight:

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junkHustler Member Level  Wednesday, 02/20/19 03:49:00 PM
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Beacon Securities Insight:

"Xebec (XBC-V, Buy) – With the recent strong move in the stock price Analyst Ahmad Shaath is confident there is still ~75% upside from here. Taking a comparison to Hydrogenics (HYG-T, Not Rated) which recently received a 20% equity investment from the French company Airliquid at a 2.3x trailing sales multiple. If we compare the two… both are currently running ~$30-$40M in revenues and ramping to $50M this year. Hydrogenics generated ($9M) in EBITDA in 2018… forecasting to do ($3M) in 2019 and forecasting to break even in 2020. Contrast to XBC which set to generate $5M in EBITDA this year. Hydrogenics has a $160M market cap vs XBC’s $65M despite its similar revenue profile, much healthier macro exposure (Natural Gas market > Hydrogen) and stronger profitability. We are forecasting over the next 3 years a Revenue CAGR of 51%, EBITDA CAGR of 61% and EPS growth of 300%. With simple math using the 2.3x multiple that Airliquid used to invest in Hydrogenics XBC would be a $2 stock."


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