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Velan Inc T.VLN

Alternate Symbol(s):  VLNSF

Velan Inc. is a Canada-based manufacturer of industrial valves. The Company designs, manufactures and markets on a worldwide basis a broad range of industrial valves for use in critical applications. It provides solutions to many sectors including power generation, nuclear, oil and gas, chemicals, LNG and cryogenics, pulp and paper, geothermal processes, shipbuilding, defense, and carbon-neutral technologies. Its product categories include quarter-turn valves; gate, globe, and check valves; cryogenic valves; HF acid valves; steam traps; bellows seal valves, and Velan ABV valves. Its service includes research and development, maintenance manuals (IOMs), spare parts and service center locations. Its quarter-turn valves include Memoryseal ball valves and VTP-2000 high performance three-piece ball valves. The Company's cryogenic valves include cast steel cryogenic valves and API 602 small forged cryogenic valves. The Company has manufacturing plants in approximately nine countries.


TSX:VLN - Post by User

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  • screamer99X
Comment by screamer99on Jul 16, 2024 1:07pm
158 Views
Post# 36135015

RE:RE:Stephen Takacsy - BNN - HOLD

RE:RE:Stephen Takacsy - BNN - HOLDThe long term portion of the liability ($70m+) is ticking down, but there's no visibility into the current portion.

What's lacking in the quarterly statements are the full notes you see on the annual statements which show how much they've increased the provision based on new claims, how much they've paid in cash for amount they accrued in the past and how much of the provision increase is due to accretion (time value of money because the provision is recorded at fair value).

They're silent on this for a reason but forced to disclose at year end because the statements are audited. It's their largest liablity next to customer deposits - why wouldn't they have a note in the quarterly statements?

Customer deposits are still $70m, but not nearly that amount in cash. Although some of it may be in inventory, caution regarding financial stability is still warranted.

Backlog is increasing which is good but it's the backlog within 12 months that you should focus on because anything longer won't hit revenues within the year. This company needs $400m+ in revenues and lower asbestos costs to be double digits, IMHO.
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