Thursday, 18 September 2008

There Is Money In Water


International Water Guard (TSX-V: IWG)
Basic Shares: 39.3 million
Fully Diluted: 46.5 million

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Based on IWG's recent Q3 (June 30th) results, Vancouver-based Fundamental Research Corp. has affirmed its “Buy” rating on the stock with a fair value at $0.35 per share.
That represents a 300+% premium over its current trading price of around $0.08.
Analyst Siddharth Rajeev wrote in his updated, Sept. 9th report that IWG’s Q3 revenues were “above our expectations,” growing 24% over the same quarter revenues last year.
Going back two years, Mr. Rajeev produced a chart showing Q3 revenues in 2006 stood at $1,014,045, rose to $1,042,882 and then jumped to the $1.292 million level for Q3 2008.
As a result of the better than expected Q3 results, Mr. Rajeev wrote: “We were overly conservative previously and had lowered our revenue forecast for FY2008 from $4.53 million to $4.05 million.”
(IWG’s year end is September 30th.)
“However, based on the strong performance in Q3, we have raised our revenue forecasts for FY2008 to $4.41 million.”
To read the full report, please click here.