Edison issues initiation on Orège (OREGE)
LONDON, United Kingdom, Oct. 17, 2018 (GLOBE NEWSWIRE) -- Orège (OREGE) has developed a proprietary technology that reduces sludge treatment costs for clients by up to 80% and implies average payback periods of less than three years. FY18 appears to be an inflection point for Orège, with a large pick-up in order intake. Although the early stage of commercial development implies risks, we believe there is large valuation upside if Orège can establish its technology as industry standard.
Due to the early stage of commercial deployment, investors should assess a large range of potential growth outcomes and valuations. Our base case valuation of €3.86/share reflects a sustained growth in revenues mostly in the UK and North America. If Orège can establish its technology as industry standard and its products become widely adopted, we believe there is very large upside to the current share price (our valuation would be €9.36/share). On the contrary, the bear case of €1.64 reflects the impact of potential delays in ramping up the commercial development of the company.
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