RE: Proactive video, linked-in post & Vox market article28 Mar 2023 08:48
Idex are now our partner.
Other large investors are looking to come onboard, DP is showing one round Italy MDC today.
We can refinance equity from Italy as soon as April.
BMEC is almost ready to reach financial close.
We have just raised cash to pay for France and Croatia MDC's so F/C should happen next.
From canaccord last year
Good breakdown of where revenue might appear in 2022 from these canaccord reports.
"We see the key moving
parts for delivering this year as:
? Project revenue on MDC Italia, MDC Croatia, Almyros and Karlovac, all existing
confirmed projects – we estimate combined revenue on these in the range of
€6.5-7.5 mn
? Project revenue on biomass projects BMEC (US), in Greece, and in France – we
estimate combined revenue on these €11-13 mn – these are projects expected
to reach financial close in late 3Q / early 4Q
? Project revenue on UK RDF facilities, expected to be Southport and Deeside – we
expect combined revenue on these of €8-10 mn, with financial close anticipated
in 3Q
? Equity investment in those projects, notably the MDC facilities and Karlovac, and
refinancing of debt lent by EQTEC to those and other projects, including North
Fork
? Disposal proceeds from sales of equity stakes in projects, notably the UK RDFs
? Corporate overhead, including pace of recruitment
Our forecasts (shown on page 7) include a net inflow of €4mn from the disposal of
stakes in and repayment of loans to projects; we note that as of end 2021, the gross
book value of EQTEC’s stakes in projects was €12.6 mn.
We note that the group achieved a positive gross margin in 2021, despite EBITDA
continuing to be negative after G&A and other overheads. We expect the group’s gross
margin to expand further into 2022, reflecting the increasing proportion of high-
margin development payments and greater overhead recovery, which should drive
EBITDA positive for the group.
We believe that the chief risks to achieving our forecasts are the ability of the group
to secure external full funding into the current planned projects – and notably the UK
RDFs and French facilities – to be able to invoice the confirmed orders. We believe
the majority of these projects are likely to reach financial close in the second half of
2022. We also note that the cash inflow we assume is at this stage uncertain."
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