Ekopak starts with WaaS, Berenberg follows suit with 'buy'

Ekopak NV

10/05/2021 07:10

** Berenberg initiates the coverage of Ekopak  EKOP.BR  with
"buy", as the Belgian cleantech company is starting the roll-out
of its water-as-a-service (WaaS) business model
    ** The group is embarking "on the next chapter in its highly
visible growth story", the broker says, citing a fragmented and
structurally growing industrial water treatment industry
    ** "The gradual transition to a WaaS offering should make
Ekopak's business model increasingly profitable, on top of
generating recurring revenues," Berenberg adds
    ** The broker expects the company to hit EUR 50 mln ($60.8
mln) mid-term revenue target in 2026, by which time WaaS
revenues/EBITDA should account for about 50%/80% of total

($1 = 0.8226 euros)

 ((juliette.portala@thomsonreuters.com))