Director and Equity Research Analyst at Scotiabank
Yue (Y.) Zhang is a Director and Equity Research Analyst at Scotiabank, specializing in coverage of Canadian and North American mining and precious metals companies such as Barrick Gold, Newmont Corporation, Kinross Gold, and Agnico Eagle. Known for in-depth sector analysis, Zhang's published research and investment calls have demonstrated strong accuracy, reflected by a solid analyst ranking and high success rates on investment platforms such as TipRanks, where their calls have yielded competitive average returns for investors in the mining sector. Zhang began their professional journey in the equity research industry around 2013, previously holding roles at CIBC World Markets and other financial institutions prior to joining Scotiabank in 2018. Yue Zhang holds professional licenses including the Chartered Financial Analyst (CFA) designation and is registered with relevant securities authorities, reflecting their strong analytical credentials and industry standing.
Y. Zhang of Scotiabank asked a direct question about whether Montauk Renewables had recorded any 45G tax credits during the first quarter.
Chief Financial Officer Kevin Van Asdalan provided a concise response, stating, "No, we have not as of yet."
Y. Zhang from Scotiabank asked whether Montauk Renewables had recorded any 45G tax credits during the first quarter.
Kevin Van Asdalan, Chief Financial Officer, provided a direct response, stating that the company had not recorded any 45G credits as of the first quarter.
Y. Zhang of Scotiabank questioned the business mix, noting that 2025 guidance implies Fuel Station Services could exceed 50% of EBITDA and asking if this is the right balance. She also asked about seemingly low RIN generation in the Fuel Station Services segment in Q4.
Co-CEO Adam Comora and CFO Kazi Hasan clarified that while the Fuel Station Services segment is growing faster than other segments in 2025, it does not yet represent 50% of the total portfolio EBITDA after accounting for corporate overhead. They noted the relative growth is amplified by a lower RIN price assumption impacting the RNG Fuel segment. Management stated they would follow up regarding the specific Q4 RIN generation figures.