Quadrise - profile image - oil-rig28112019

Quadrise Fuels International

LN: QFI

Market Cap£54m

Last Close 3.84p

Quadrise Fuels International is the innovator, supplier and global licensor of disruptive residual oil technology that produces a synthetic, enhanced heavy fuel oil called MSAR. The technology enables refiners to produce MSAR for use as a low-cost substitute for heavy fuel oil.

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Investment summary

Quadrise successfully completed a pilot trial at a customer site in Morocco during calendar H220 and launched its biofuel variant, bioMSAR which produces 20–30% lower carbon dioxide (CO2) emissions as well as lower nitrogen oxide and particulates. The company is currently preparing for larger scale trials in Morocco, a pilot trial in Utah and on-vessel trials with MSC Shipmanagement. Management notes that these activities could potentially result in the first commercial shipments of MSAR by the end of calendar 2021. Management estimates it has the cash resources to progress the ongoing trial programmes to commercial revenues and positive sustainable cash flows by July 2022.

Y/E Jun
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2019A 0.0 (2.8) (3.0) (0.32) N/A N/A
2020A 0.0 (3.1) (3.4) (0.32) N/A N/A
2021E N/A N/A N/A N/A N/A N/A
2022E N/A N/A N/A N/A N/A N/A
Industry outlook

There have been delays in receiving samples from the site in Utah. When Quadrise’s partner Greenfield started processing ore from the site in early April, it identified some adaptations to the process that were required to reach the target production rate, especially during cold weather. The new equipment has been installed and tested, enabling Greenfield to recommence extraction of oil from ore towards the end of April.

Last updated on 21/06/2021
Content on Quadrise Fuels International
Quadrise Fuels International – Taking to the high seas again
Industrials | Flash note | 21 January 2021
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 (24.7) 12.8 33.1
Relative* (25.2) 7.1 15.3
52-week high/low 6.3p/1.6p
*% relative to local index
Key management
Jason Miles CEO
David Scott Group Financial Controller
Mike Kirk Executive Chairman