In the latest Brilliant Light Power update they mention an IPO as a possibility. We were surprised. No model we have suggests they need any cash. Ever. Let’s review the facts:
- BLP has $20mi in the bank, more than enough to get to market. Their current burn rate is $4mi/year.
- BLP is getting non-refundable checks for national licensing rights.
- BLP does not intend to manufacture or service &support these devices. That’s what the Jabil’s / Sanmina’s, and ABM’s of the world are for.
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- BLP has at minimum 5.5GW of power under already under contract for a $1.5 billion revenue stream.
- BLP’s latest benchmark valuation is $5.56 billion (based on what investors in 2016 paid). (we are paying 41% less per share!).
- BLP may be one of the greatest cash flow engines we’ve ever seen. You can review our one page Financial report to see what we mean. It’s not just us, a Florida Family Office we talked to in February, had independently modelled BLP and were keen to see we had similar conclusions.