BQE Water Inc. (BQE:TSXV)

  • BQE’s recurring revenue is growing as a percentage of total revenue, making its business more predictable and stable.

  • The Company has major tailwinds from increasing environmental regulations on water discharge as well as increasing mining capex.

  • BQE’s EBITDA margins have been steadily improving over the past five years due to its asset-light model, reaching 20% in 2023.

  • BQE trades at 8x 2025E EBITDA, a discount to its peers.

Investment Summary

BQE Water is a service provider specializing in water treatment and management for mining, smelting, and refining businesses. BQE Water invests in innovation and has developed unique intellectual property through the commercialization of several new technologies at mine sites around the world for organizations including Glencore, Codelco, Jiangxi Copper, Freeport-McMoRan and South32. BQE Water is headquartered in Vancouver, Canada.

Company Description

Research

BQE Water: 
Research Note
February 12, 2025

BQE Water: 
Research Note
November 29, 2024

BQE Water: 
Research Note
August 28, 2024