Loop Energy

Latest Insights

Industrials |
edison tv

03.12.22

Loop Energy: Equalising hydrogen-diesel fuel costs

Industrials |
Initiation

15.09.22

Loop Energy — Commercial orders underway

edison tv

04.08.22

Loop Energy – executive interview

Industrials |
edison tv

09.05.22

Webinar: Loop Energy – 2022 objectives

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Sector

Industrials

Balance Sheet

Forecast net debt (C$m)

2.6

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(47.4)	(83.9)	(94.2)
Relative	(45.5)	(82.5)	(94.0)
52 week high/low	C$1.8/C$0.1

Financials

Loop Energy’s patented PEM fuel cell technology has a leading combination of fuel efficiency, power density and durability, resulting in an attractive total cost of ownership (TCO), providing the company with a competitive advantage. This is supported by a recent transformational commercial order with electric truck maker Tevva, won via a competitive tender process. Loop Energy is targeting disruptors and early movers in electrification of the return-to-base fleet segment of road transport, which should help it to ramp up sales and drive down costs relatively quickly. We consider only the truck and bus markets, which are a portion of the company’s total addressable market, and estimate a US$4bn market in 2030 and a c US$60bn market by 2050. Our DCF valuation for Loop Energy implies C$4.5/share at a 15% cost of capital, which is more than double the current share price. This increases sharply as the investment case de-risks.

Y/E Dec	Revenue (C$m)	EBITDA (C$m)	PBT (C$m)	EPS (fd) (c)	P/E (x)	P/CF (x)
2020A	0.5	(7.5)	(8.9)	(43.98)	N/A	N/A
2021A	1.4	(23.5)	(25.1)	(74.77)	N/A	N/A
2022E	4.2	(39.4)	(42.5)	(118.89)	N/A	N/A
2023E	28.0	(43.9)	(47.6)	(132.48)	N/A	N/A

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Loop Energy (TSX: LPEN)

Latest Insights

Loop Energy: Equalising hydrogen-diesel fuel costs

Loop Energy — Commercial orders underway

Loop Energy – executive interview

Webinar: Loop Energy – 2022 objectives

Sector

Balance Sheet

Share Price Performance

Financials

Research

Loop Energy — Commercial orders underway

Loop Energy – executive interview

Loop Energy: Equalising hydrogen-diesel fuel costs

Webinar: Loop Energy – 2022 objectives

Further insights

Loop Energy: Equalising hydrogen-diesel fuel costs

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