2022-09-22 10:29:22 AM ET (MT Newswires)
10:29 AM EDT, 09/22/2022 (MT Newswires) -- H2O Innovation Inc.'s (HEO.TO) latest contract wins are a sign of the company's ongoing strong execution, Desjardins said on Thursday.
The Canadian water and wastewater treatment company on Thursday announced that its Water Technologies & Services business recent received 10 new water treatment project awards. They are worth a total of $12 million and increase the WTS backlog to $46 Million.
"Using quarter-end data, we believe this represents the largest backlog in WTS since early 2019," Desjardins analyst Frederic Tremblay said in a note to clients. "We expect the new contracts to generate healthy margins, thanks in part to the significant proportion of industrial wins."
"HEO is demonstrating a clear ability to renew, expand and/or win mandates with new or existing clients," the analyst said.
Tremblay maintained a Buy rating and $3.50 price target on H2O shares.