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Matt

Senior Equity Analyst at Western Standard

Matt is a Senior Equity Analyst at Western Standard, specializing in energy sector coverage with a particular focus on Canadian oil and gas companies such as Cenovus Energy, Suncor Energy, and Imperial Oil. Renowned for his rigorous fundamental analysis and data-driven investment recommendations, Matt has consistently delivered a success rate exceeding 65% and outperformed sector benchmarks according to analyst tracking platforms. He began his finance career in the mid-2010s, having previously held analyst roles at RBC Capital Markets and BMO Nesbitt Burns before joining Western Standard in 2021. Matt is registered with FINRA, holds a CFA charter, and has earned multiple securities licenses recognized across North America.

Matt's questions to Consolidated Water (CWCO) leadership

Matt's questions to Consolidated Water (CWCO) leadership • Q2 2025

Question

Matt from Western Standard highlighted the standout gross margin in the manufacturing segment and asked for the drivers behind it. He also inquired about the increase in O&M revenue, the remaining hurdles for the Hawaii project, the status of the Bahama receivable, and the company's capital allocation plans for its large cash balance.

Answer

CEO Frederick McTaggart and CFO David Sasnett attributed the strong manufacturing margin to a focus on higher-margin jobs, efficient facility operation near peak capacity, and favorable project pricing. McTaggart explained the O&M revenue increase was due to contract term changes and incremental cost pass-throughs. For the Hawaii project, he identified the archaeological permit and a final health department design approval as the key remaining steps. On capital allocation, McTaggart stated they are actively evaluating M&A targets, exploring P3 project opportunities, and will continue to assess returning cash to shareholders, referencing the recent dividend increase.

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