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Solar Power Co. Focused on Sustainable Growth, Profit

January 31, 2022 ( Newswire) Analyst coverage was initiated on UGE International, the share price of which has significant upside potential, noted an iA Capital Markets report.

With its repositioning into an independent power producer, UGE International Ltd. (UGE:TSX.V; UGEIF:OTCQB) is heading toward “more sustainable growth and profitability,” wrote iA Capital Markets analyst Naji Baydoun.

Several external and internal factors are supporting its efforts. The U.S. must increase solar capacity to decarbonize electricity and meet carbon emissions objectives, Baydoun noted.

The country’s solar energy market is expected to grow about 20% through 2035 and greater than 10% through 2050, added Baydoun. Projected growth for community solar is potentially even greater.

Because UGE finances its projects through a mix of debt and equity, Baydoun wrote, “the expected clean power tax incentives in the U.S. should provide policy certainty and support for UGE’s investment outlook.”

The company’s backlog comprises projects totaling about 145 megawatts (145 MW) of solar power and its development pipeline, about 790 MW.

“We see significant upside potential to the current share price from continued execution on the current growth strategy and a potential positive valuation rerating over time,” Baydoun wrote.


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Disclosures for iA Capital Markets, UGE, Jan. 12, 2022

The research analyst and or associates who prepared this report are compensated based upon the overall profitability of iA Capital Markets, which may include the profitability of investment banking and related services. iA Capital Markets may buy from or sell to customers the securities of issuers mentioned in this report on a principal basis. Analyst’s Certification: Each iA Capital Markets research analyst whose name appears on the front page of this research report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the research analyst’s personal views about the issuer and securities that are the subject of this report and all other companies and securities mentioned in this report that are covered by such research analyst and (ii) no part of the research analyst’s compensation was, is, or will be directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report. As a condition of employment, analysts are required to adhere to the Code of Ethics and Standards of Professional Contact of the CFA Institute. iA Capital Markets permits analysts to own and trade in the securities and or the derivatives of the issuer under their research coverage subject to the following restrictions. No trades can be executed in anticipation of coverage for a period of 30 days prior to the issuance of the report and 5 days after the dissemination of the report to our clients. For a change in recommendation, no trading is allowed for a period of 24 hours after the dissemination of such info to our clients. A transaction against an analyst’s rec can only be executed for a reason unrelated to the outlook of the stock for the issuer and with the prior approval of the Director of Research and the Chief Compliance Officer.

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