A very positive Update: "While there is inherent variability in EGL’s earnings resulting from the awarding and delivery of larger-scale projects, EGL now anticipates Normalised EBITDA in FY23 to increase by over 35% year on year as compared with FY22. Normalised EBITDA is EBITDA after adjusting for share-based payments, acquisition costs, unrealised foreign exchange gains & losses and redundancies."
Furthermore, in the AGM presentation regarding PFAS: "EGL Water is entering into an exciting period in its development with significant steps forward in the past year, from the outstanding final trial results to where we are today. A lot has been achieved in the last few months, the preparation of the site for installation and required EPA approvals."
"The first PFAS Plant for commercial sale has been fabricated on time and on budget by Ignite. Design and engineering was completed by EGL engineering to protect our intellectual property. As we speak today the Plant has been installed at a liquid waste facility in Melbourne with EPA approval."
"Commissioning has commenced this week and is expected to take approximately four weeks to complete. The commissioning will be completed when the plant is removing all three regulated PFAS molecules to below 1ppb. The installed unit has the capacity to process up to 20,000 litres per hour. EGL has commenced a sales strategy for the roll out of further Plants both domestically and internationally with strong market interest. Trials have been ongoing to maximise the efficiency of the plant. Soil trials have commenced and will be completed next quarter."
The commentary regarding the PFAS plant development and roll-out is very welcome, and I suggest it may become a star performer for the company in coming years.
EGL Price at posting:
20.0¢ Sentiment: Hold Disclosure: Held
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