Why National Bank likes Anaergia right now

National Bank Financial analyst Baltej Sidhu says Anaergia’s (Anaergia Stock Quote, Chart, News, Analysts, Financials TSX:ANRG) divestiture of two legacy assets leaves the company with a cleaner portfolio and better earnings quality.

As reported by the Globe and Mail, Sidhu has reiterated his “Outperform” rating and $5.00 target on Anaergia.

Recently, Anaergia agreed to divest its Charlotte Bioenergy Facility in North Carolina and deconsolidate its full interest in the Rhode Island Bioenergy Facility.

The transaction removes about $20-million of project-level debt and gives Anaergia about $9-million of equity in the privately held buyer. Sidhu said the equity is not near-term liquidity, but it preserves potential upside without further capital commitment.

“We view the transaction positively,” Sidhu said.

The analyst said the deal removes loss-making, non-core build-own-operate assets, reduces project-level leverage and sharpens Anaergia’s focus on its capital sales and operations and maintenance platform.

The two facilities contributed about 300 basis points of consolidated margin pressure in Q2 2026.

Sidhu noted that Rhode Island continued to operate below capacity because of feedstock and operating challenges, while Charlotte was idled and would have required about $50-million of incremental capital spending to restart.

Reflecting the divestiture, Sidhu lowered his fiscal 2026 revenue estimate to $282.5-million from $285.1-million, but raised his Adjusted EBITDA estimate to $12.3-million from $11.0-million.

That lifts his fiscal 2026 EBITDA margin estimate to 4.4%, up 50 basis points.

Sidhu also said a separate ownership agreement could simplify Anaergia’s share structure. Marny and founder Andrew Benedek extended Marny’s option to acquire up to 33.0-million shares from Benedek at $3.00 per share.

If fully exercised, Marny’s ownership would rise to 80% from 60%, while Benedek would effectively exit.

Sidhu argued that a potential exercise would be constructive because it would simplify ownership, remove a perceived founder-related share overhang and create a clearer post-Q3 catalyst.

Anaergia trades at 1.2 times Sidhu’s 2027 EV/sales estimate, below renewable natural gas infrastructure developers at 2.0 times and environmental technology peers at 8.3 times.

The analyst believes his 3.0 times target multiple remains conservative as Anaergia executes against backlog, builds recurring operations and maintenance revenue and continues to improve its portfolio.

“The divestiture of CBF and RIBF is a further step in that direction reflecting sustained margin improvement, clearer earnings visibility and continued portfolio optimization that should support meaningful multiple expansion from current levels,” Sidhu said.

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