ANRGF Anaergia Inc

$ANRGF A massive piece of the puzzle for the turnaround unlocked here. More coming and then boom town.

$ANRGF Great note from the analyst over at NBF High grading the Portfolio High-Grading the Portfolio to Advance Value Divesting Non-Core Charlotte and RIBF Assets Divestiture Cleans Up Two Underperforming Legacy Assets Anaergia has agreed to divest its Charlotte Bioenergy Facility (CBF) in North Carolina and deconsolidate its 100% interest in the Rhode Island Bioenergy Facility (RIBF). The transaction removes approximately $20 mln of project-level debt, provides approximately $9 mln of equity in the privately held buyer and is expected to generate a non-cash gain on the sale. While the equity is not near-term liquidity, it retains potential upside without further capital commitment from Anaergia. A Cleaner Portfolio with Better Earnings Quality We view the transaction positively. The divestiture removes loss-making, non-core BOO assets, reduces project-level leverage and further sharpens Anaergia’s focus on its higher-quality, scalable Capital Sales/O&M platform. Both facilities had become a material margin drag, contributing approximately 300 bps of consolidated margin pressure in Q2/26. RIBF continued to operate below capacity amid feedstock and operating challenges, while CBF was idled and, in our view, would have required approximately $50 mln of incremental capex to restart. Reflecting the divestiture, we reduce FY26E revenue modestly to $282.5 mln (was $285.1 mln), driven by lower BOO revenue, but raise adj. EBITDA to $12.3 mln (was $11.0 mln), lifting our EBITDA margin to 4.4% (+50 bps). The outcome is a cleaner portfolio with improved earnings quality despite the modest revenue reduction. Potential Ownership Simplification Extended Separately, Marny and founder Andrew Benedek extended Marny’s option to acquire up to 33.0 mln shares from Mr. Benedek at $3.00/sh, representing approximately 20% of shares outstanding, to the earlier of five business days following Anaergia’s Q3 filing and November 20. No shares have been purchased to date. If fully exercised, Marny’s ownership would rise from ~60% to 80%, while Mr. Benedek would effectively exit. We view a potential exercise as constructive as it would simplify the ownership structure, remove the perceived founder-related share overhang and create a clearer post-Q3 catalyst for the stock. Maintaining Target and Rating Following the announcement, we fine-tuned our estimates and reiterate our Outperform rating and $5/sh target, based on 3.0x 2027E EV/Sales. Summary of Estimate Changes We make no changes to our Q3/26E estimates, as the divestiture closes after the end of the quarter. We continue to forecast revenue of $77.8 mln (cons. $71.9 mln), gross profit of $18.7 mln (cons. $16.8 mln) and adj. EBITDA of $3.6 mln (cons. $3.1 mln), implying 4.7% EBITDA margin (cons. 4.3%). Our Q3 estimate assumes continued Capital Sales execution, with the earnings benefit from the portfolio cleanup beginning to flow through subsequent quarters. For FY26E, we reduce revenue modestly to $282.5 mln (was $285.1 mln, cons. $270.1 mln), reflecting lower BOO revenue of $18.1 mln (was $20.8 mln) following the RIBF deconsolidation and Charlotte divestiture. Importantly, the loss of BOO revenue is more than offset by the removal of underperforming assets, as we now forecast adj. EBITDA of $12.3 mln (was $11.0 mln, cons. $11.6 mln), with EBITDA margin improving to 4.4% from 3.9% previously. Gross profit is broadly unchanged at $67.5 mln (was $67.6 mln), while gross margin increases slightly to 23.9% from 23.7%, reflecting the elimination of BOO losses. Our FY26E EPS estimate increases to $0.05 from $0.04. Notably, we had taken a conservative stance on RIBF’s continued ramp given its ongoing operating challenges. Reflecting the divestiture, our 2027E revenue forecast declines by $10 mln to $312.8 mln (was $323.2 mln), while adj. EBITDA increases to $24.3 mln (was$21.1 mln), implying ~130 bps of margin expansion (~340 bps y/y) improvement. Separately, the removal of $20 mln of non-recourse, project-level debt shifts the company from $10 mln of net debt to an estimated $17 mln net cash position through 2027E, effectively extinguishing its leverage profile and positioning the company to pursue M&A aimed at compounding shareholder value. Taking the Right Steps; Valuation Disconnect Creates Re-Rating Potential ANRG trades at 1.2x 2027E EV/Sales, below RNG infrastructure developers at ~2.0x and environmental technology peers at 8.3x, despite its strong projected growth profile and ROIC. We view our 3.0x target multiple as conservative, particularly as execution against backlog improves, recurring O&M revenue builds, and the company continues to high-grade its portfolio. The divestiture of CBF and RIBF is a further step in that direction reflecting sustained margin improvement, clearer earnings visibility and continued portfolio optimization that should support meaningful multiple expansion from current levels.

$ANRGF LUXEMBOURG, Sept. 30, 2026 LUXEMBOURG, Sept. 30, 2026 /CNW/ -- On August 11, 2026, Marny S.A. (" Marny ") announced that it had entered into share option agreement with Dr. Andrew Benedek (" Benedek ") dated August 11, 2026 (the " Option Agreement ") pursuant to which Benedek granted to Marny an option (the " Option "), subject to certain terms and conditions, to acquire up to 32,988,232 of the common shares (the " Shares ") of Anaergia Inc. (" Anaergia ") (such Shares subject to the Option, the " Optioned Shares ") at a price of C$3.00 per Share. In accordance with the terms of the Option Agreement, the term of the Option has been automatically extended until the earlier of (i) five business days after the date on which the Company's interim financial statements and management's discussion and analysis for the period ended September 30, 2026 are filed on SEDAR+, and (ii) November 20, 2026. All other terms and conditions of the Option Agreement remain as previously disclosed on the August 11, 2026 press release and early warning report.