Added to YB: 2026-05-08
Pitch date: 2026-05-06
BQE.V [neutral]
BQE Water Inc.
Author Info
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Company Info
BQE Water Inc., a water treatment company, provides wastewater management services and treatment solutions to the mining and metallurgical industry in Canada, the United States, Latin America, China, and internationally.
Market Cap
CAD 109.9M
Pitch Price
N/A
Price Target
526.70 (+541%)
Dividend
N/A
EV/EBITDA
13.56
P/E
13.70
EV/Sales
2.61
Sector
Commercial Services and Supplies
Category
value
BQE WATER INC. (TSX-V: BQE)
BQE.V (deep dive): Proprietary water treatment tech for mining ops. Q4 2025: $39.9M rev (+61%), $8.1M NI (+68%). Signed 3 major contracts: Britannia (20yr, $3-5M/yr), Canadian Royalties (3yr, $3-5M/yr via JV), Quebec Sulphate (2yr, $2-3M/yr). $73-121M contracted. 103% ROIC 2024, zero debt, $19M cash. Risks: Eagle Mine month-to-month thru Jun 2026 (needs conversion), China JV renewal 2026 (11% rev), margin compression 43% from 50-55%. Base case: $224.9/sh 2030 (23% IRR from $80), assumes Eagle converts, 2-3 pipeline sites sign, margins recover to 27.5%. Bear case: $101.7 (4.9% IRR). Bull: $526.7. Trades 10.3x 2025 EBITDA vs peers 13-20x. Catalysts: Eagle formalization Q2 2026, China renewal, tox lab Q2 2026, Canadian coal regs 2026 (selenium limits favor Selen-IX™). Downside protected by Britannia 20yr floor, upside on conversion thesis validated by Quebec. Small float (1.3M shs), illiquid, high insider ownership (40%). Risk-reward tighter at $80+ vs $62-70 entry.
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