FormerXBC Inc XEBEQ

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Flash NoteEquity ResearchMay 26, 2021Please see the final pages of this document for important disclosure information.Industrial ProductsXebec Adsorption Inc.(XBC-T) C$4.86Xebec Signs Supply Agreement for Hydrogen Fueling StationAaron MacNeil, CAAly Hemraj, CPA, CA (Associate)EventXebec signed its second gas-as-a service contract in the Netherlands.Impact: SLIGHTLY POSITIVEDetails: Xebec signed a 1.5-year agreement to supply hydrogen to a nearby fuelingstation from its decentralized production hub in Arnhem, Netherlands (commissionedin 2017). The agreement includes the generation and delivery of 130,000kg ofhydrogen that will be used for fuel cell electric vehicles. Notably, this is thesecond recent supply contract that was signed for this production hub. Xebec alsoannounced the construction of a decentralized hydrogen production hub in the UnitedKingdom on February 16, 2021, underpinned by a 15-year contract from Saint-Gobain Glass.TD View: Xebec intends to serve the hydrogen market primarily through adecentralized hydrogen production hub business model, featuring a recurringrevenue stream that is primarily comprised of contracted cash flows. We view today'sannouncement as incrementally positive and a validation of the business model,although today's announcement is a relatively short duration and likely a small-dollarcontract (contract value not disclosed). Importantly, this contract relates to a pre-existing facility, and we would expect a longer duration contract in order for Xebec togo ahead with the construction of a new hub. Xebec has indicated that it will providea more detailed update on its decentralized hydrogen production hub strategy laterthis year.Recommendation:SPEC BUYRisk:SPECULATIVE12-Month Target Price:C$7.5012-Month Dividend (Est.):C$0.0012-Month Total Return:54.3%14141212101088664422May-21Mar-21Jan-21Nov-20Sep-20Jul-20XBC-T: PHOLD: The stock's total return is expected to be between 0% and 10%, (with higher thresholds for less liquid, more risky securities) over the next 12 months.TENDER: Investors are advised to tender their shares to a specific offer for the company's securities or to support a proposed combination reflecting our view that a superior offeris not forthcoming.REDUCE: The stock's total return is expected to be negative over the next 12 months.SUSPENDED:Due to evolving circumstances, we can no longer generate what we consider a defensible target price and rating at the current time.UNDER REVIEW: Our rating is under review pending additional information and/or analysis. The prior rating should not be relied on.NOT RATED:We do not currently produce a recommendation and a target price on this security.Risk ratings are relative to other companies in the TD Securities Equity Research coverage universe. In order of increasing risk, our risk ratings are LOW, MEDIUM, HIGH, andSPECULATIVE. These risk ratings are not meant to be compared to ratings on other securities and asset classes outside our Equity Research coverage universe.Overall Risk Rating in order of increasing risk: Low (6.0% of coverage universe), Medium (40.9%), High (46.5%), Speculative (6.6%)Research Dissemination PolicyTD Securities makes its research products available in electronic and/or printed formats. If there are any subsequent material changes to the reports it publishes, TD Securities willas soon as practicable distribute such reports with the relevant changes to its institutional clients who are entitled to receive them. Entitled institutional clients may also receive ourresearch via third-party platforms including, but not limited to, Bloomberg, FactSet, Refinitiv, and S&P Capital IQ. All research is available by password to entitled institutional clientsat https://www.tdsresearch.com/equities. TD Securities may also update proprietary models; these models may be obtained by entitled institutional clients by contacting the researchanalyst directly. There is no planned frequency of updates to these models.Analyst CertificationEach analyst of TD Securities Inc. whose name appears on page 1 of this research report hereby certifies that (i) the recommendations and opinions expressed in the research reportaccurately reflect the research analyst's personal views about any and all of the securities or issuers discussed herein that are within the analyst’s coverage universe and (ii) no partof the research analyst's compensation was, is, or will be, directly or indirectly, related to the provision of specific recommendations or views expressed by the research analyst inthe research report.DisclaimerThis material is for general informational purposes only and is not investment advice nor does it constitute an offer, recommendation or solicitation to buy or sell a particular financialinstrument. It does not have regard to the specific investment objectives, financial situation, risk profile or the particular needs of any specific person who may receive this material. Norepresentation is made that the information contained herein is accurate in all material respects, complete or up to date, nor that it has been independently verified by TD Securities.Recipients of this analysis or report are to contact the representative in their local jurisdiction with regards to any matters or questions arising from, or in connection with, the analysisor report.Historic information regarding performance is not indicative of future results and investors should understand that statements regarding future prospects may not be realized. NoteEquity ResearchMay 26, 2021

 

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Insofar as the information in this report is issuedin the U.K. and Europe, it has been issued with the prior approval of TD Securities Limited.United States: U.S. clients wishing to effect transactions in any security discussed herein must do so through a registered representative of TD Securities (USA) LLC.TD Securities is a trademark of TD Bank and represents TD Securities Inc., TD Securities (USA) LLC and TD Securities Limited and certain investment and corporate banking activitiesof TD Bank and its subsidiaries.© Copyright 2021 The Toronto-Dominion Bank. All rights reserved.Full disclosures for all companies covered by TD Securities can be viewed at https://www.tdsresearch.com/equities/welcome.important.disclosure.actionPage 4 of 4May 26, 2021Flash NoteEquity ResearchMay 26, 2021