One water company in the U.S that i have actively followed and...

One water company in the U.S that i have actively followed and is probably the best guide in determining where our market cap should be is Aquaventures Holdings. They target the mid market like Fluence.
https://aquaventure.com/

Their current market cap is $U.S 531 mill. It was $U.S 700 mill two months back with a price target from Credit Suisse of $U.S 800 to 1 bill cap. Below i will post their 2018 full year earnings and also Q1 19 earnings. Financials are not my strongest point however i do have some knowledge. @stockrock may take a closer look. For me i never bother with EBITDA. I keep it simple. Revenue, net profit/loss, debt and cash on hand. Also consider payables/recievables/inventories, but the bottom line is net profit/loss. EBITDA means little in my opinion.

Aquaventures
2018 Revenue $U.S 145 mill   
  Net loss   $U.S21 mill
  Debt $U.S 313 mill
  Cash $U.S 57 mill

As of March 2019 Cash was $U.S 47 mill and Net debt is $U.S 318 mill. (Huge)
With a current Market Cap of  AUD $771 mill, its clear to see how shockingly undervalued FLC is. FLC Share price of $1.44 at that cap. Now looking at the Edison report metrics attached below, (which Henry is happy to tweet so he must feel its accurate), we see Fluence with better metrics than Aquaventures and No debt.

Fluence (edison report for end of 2019)
2019 Revenue  $U.S 152 mill
   Net Loss $U.S 4.6 mill
   Net Debt none or low at this stage (looks like Edison are pricing $U.S 15 mill)
   Cash  $U.S 14 mill (end of year)

Put simply our net loss and debt is far less than Aquaventures, our prospects are much greater, yet we are trading at a huge discount. Wake up Instos!!


Aquaventures Full Year and FLC Edison Report