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“Thought leadership should be an entry point to a relationship. Thought leadership should intrigue, challenge, and inspire even people already familiar with a company. It should help start a relationship where none exists, and it should enhance existing relationships.” -Daniel Rasmus

Sophic Capital: Latest Research

Cybeats Eating the SBOM Market, One Byte at a Time

Cybeats Eating the SBOM Market, One Byte at a Time

Cybeats Demonstrates Strong Customer Traction and Expanding Pipeline Report #2 Recap In Sophic Capital’s The Invisible Grid report, we introduced Sophic Capital client Cybeats Technologies Corp. [CSE:CYBT, OTCQB:CYBCF], a global leader in software supply chain...

SBOMs Away!

SBOMs Away!

Why Software Supply Chain Security Has Become a Top Priority Problem Modern software constantly changes as new features are added, bugs are fixed, and vulnerabilities are patched. Most people don’t realize that modern software isn’t built from scratch—it’s assembled...

Sophic Capital: Latest Research

Cybeats Eating the SBOM Market, One Byte at a Time

Cybeats Demonstrates Strong Customer Traction and Expanding Pipeline Report #2 Recap In Sophic Capital’s The Invisible Grid report, we introduced Sophic Capital client Cybeats Technologies Corp. [CSE:CYBT, OTCQB:CYBCF], a global leader in software supply chain...

The Invisible Grid: Cybeats Secures the Software Supply Chain for Critical Infrastructure

Report #1 Recap In Sophic Capital’s SBOMs Away!, we discussed security and privacy issues related to software development and shared recent significant cybersecurity events that exploited software vulnerabilities. Sophic Capital also introduced the growing global...

SBOMs Away!

Why Software Supply Chain Security Has Become a Top Priority Problem Modern software constantly changes as new features are added, bugs are fixed, and vulnerabilities are patched. Most people don’t realize that modern software isn’t built from scratch—it’s assembled...

Cybersecurity Roundup – Part 2

Themes, Trends, and Plurilock's Strategic Position  2025 Trends: Proactive Defense and Strategic Opportunities As we move into 2025, the cybersecurity landscape continues to evolve at an unprecedented pace. The rapid advancements in artificial intelligence (AI), the...

Sophic Capital: Past Research

Sunny Side Up

Sophic Capital UGE is a full lifecycle developer and operator of U.S. community solar projects. The Company’s energy subscribers range from individual households to large corporate clients like T-Mobile and Bloomberg. UGE also works with landowners and commercial & industrial building owners, by leasing their land or roof space to host a solar project. This report looks at how UGE finances its projects.

Solar is Hot – Community Solar is Hotter

In the U.S., 80% of households and 90% of businesses can’t install solar systems. Community solar allows individuals and businesses to unlock power bill savings without having to install their own solar systems. UGE International is one of the few public companies for investors to participate in the U.S. community solar industry.

UGE Backlog Continues to be Undervalued

Industry valuations of solar projects under development suggest that UGE International’s current 83.7MW project backlog is undervalued.

UGE’s goal of 120MW of project backlog by the end of 2021 makes the Company’s current undervaluation even more compelling.

Applying peer transactions to UGE’s 357MW (net of backlog) pipeline potentially puts the stock in future multi-bagger territory.

Market Undervalues UGE Versus Peer Transactions

After strong shareholder returns in 2020, 2021 could be another strong year for UGE International, a developer and operator of community solar projects (mostly in the U.S.). Why? Compared to solar project peer transactions, the market is undervaluing UGE shares. Plus, almost C$7 million was added to UGE’s balance sheet this week, in an oversubscribed offering.

UGE Sells Solar Facility Well Above Current Implied Valuation

UGE International announced the sale of one of its completed solar projects (AND 3 new ones AND the completion of another).

Last week, Sophic Capital wrote that solar projects under construction have sold for multiples much higher than what the market values UGE International.

UGE’s project sale multiple shows that the market still undervalues the Company.

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