Quadrise - profile image - oil-rig28112019

Quadrise Fuels International

AIM: QFI

Market Cap£29m

Last Close 2.05p

Quadrise Fuels International is the innovator and global supplier of disruptive refinery upgrading technology that produces a synthetic, enhanced heavy fuel oil called MSAR and a biofuel called bioMSAR. The technology provides a low cost and cleaner fuel for marine, power and industrial applications.

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Investment summary

While there is much discussion about the use of green fuels to achieve net zero carbon emissions, in practice there are many hurdles to overcome before these can be widely deployed. Quadrise’s synthetic oil and biofuel technology provides a proven, economically attractive route for reducing emissions today and eliminating them completely by 2030.

Y/E Jun
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2021A 0.0 (2.8) (2.8) (0.23) N/A N/A
2022A 0.1 (2.7) (2.8) (0.19) N/A N/A
2023E N/A N/A N/A N/A N/A N/A
2024E N/A N/A N/A N/A N/A N/A
Industry outlook

Quadrise is still pre-revenue. Stripping out share option and exceptional charges, operating losses reduced by £0.1m year-on-year during FY22 at £2.8m. Free cash outflow increased by £0.2m to £2.6m. The group had £4.4m in cash and no debt or convertible securities at end FY22. Management estimates that this is sufficient to reach commercial revenues in H1 CY23 and to cover project expenditure and fixed costs up to early H2 CY23, although additional funding will be required to bridge the gap to sustainable cash generation from H2 CY24 onwards.

Last updated on 30/11/2022
Content on Quadrise Fuels International
Quadrise Fuels International – Key role in transitioning to net-zero
Industrials | research Update | 28 November 2022
Quadrise - profile image - oil-rig28112019
Quadrise Fuels International – executive interview
Industrials | Edison TV | 25 November 2022
Quadrise Fuels International – Doubling down on delivery
Industrials | research Update | 6 October 2022
Quadrise - profile image - oil-rig28112019
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Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (12.8) 55.3 (13.9)
Relative* (18.3) 50.3 (16.2)
52-week high/low 2.8p/1.1p
*% relative to local index
Key management
Andy Morrison Chairman
Jason Miles CEO
David Scott Head of Finance