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Tidewater Renewables Ltd T.LCFS

Alternate Symbol(s):  TDWRF

Tidewater Renewables Ltd. is a multi-faceted energy transition company. The Company is focused on the production of low carbon fuels, including renewable diesel. The Company is focused on turning a variety of renewable feedstocks, such as tallow, used cooking oil, distillers corn oil, soybean oil, canola oil and other biomasses into low carbon fuels. Its assets are located in Alberta and British Columbia. Its renewable fuel assets are co-located at the Prince George Refinery (the PGR). Its assets at the PGR include the Renewable Diesel & Renewable Hydrogen (HDRD Complex), canola co-processing infrastructure, the fluid catalytic cracking (FCC) co-processing infrastructure and working interests in various other refinery units. Through the production of renewable fuels, it generates operating emission credits, including the British Columbia Low Carbon Fuel credits (BC LCFS) and the Canadian Clean Fuel regulations (CFR) credits, which are sold to various counterparties.


TSX:LCFS - Post by User

Post by capedcrusaderon Nov 13, 2024 2:53pm
152 Views
Post# 36310888

RBC LCFS Foundation Report excerpts

RBC LCFS Foundation Report excerptsHere you go @Wynner

Investment summary
We expect Tidewater Renewables’ shares to perform in line with its peers for the following key reasons:
• Potential for strong cash flow contribution, but uncertainty over the timing and magnitude of an LCFS recovery. If B.C. LCFS credit prices recover, we believe the facility could produce roughly $120 million in annual EBITDA. However, given the uncertainty with respect to the time frame and magnitude of a recovery in B.C. LCFS credit prices, we believe material upside in the shares may be capped.
• An early mover with an ability to leverage Tidewater Midstream’s existing platform. With minimal renewable diesel production in Canada at present, we think the company will benefit from being an early mover that can leverage Tidewater Midstream’s existing assets to drive strong economics for its projects.
• Feedstock flexibility and security help mitigate pressures of increased competition. By incorporating a pre-treatment unit at the renewable diesel and renewable hydrogen complex and securing tallow and used cooking feedstock volumes (historically waste products with little market value), we think the company is well positioned to use minimal volumes of higher-cost feedstocks such as vegetable oils.
•Potential catalysts. The renewable diesel project generating EBITDA consistent with management's guidance for "run rate" EBITDA; increases in renewable diesel pricing; further favourable announcements related to securing feedstock volumes or LCFS and CFR credit values.

Sector Perform Speculative Risk TSX: LCFS; CAD 1.74 Price Target CAD 5.00
Key Statistics
Shares O/S (MM):
Dividend:
Float (MM):
Strategic Ownership: Tidewater Midstream owns 69%
 

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