Waga Energy SA (WAGA.PA) : juste valeur

Thèse ACCE

Waga Energy makes biogas upgrading systems, using membrane and PSA technology to turn raw landfill and wastewater biogas into pipeline-grade biomethane, and it sells the equipment plus the associated services. Its edge is a niche engineering position in a market where regulation is doing much of the selling, with European biomethane policy and waste-to-energy mandates pulling demand that a small set of specialist suppliers can meet. Revenue grew 22.2% in the latest reported figures and gross margin sits at 50.4%, which says the equipment is priced for value rather than commoditised, though the operating margin of -13.4% and ROE of -27.8% show the cost base has not yet caught up with that top line. The near-term question is whether order intake converts into profitable installations as projects scale, and that is the point a portfolio manager should test before going further. At a 602M EUR market cap with no earnings to anchor a multiple, this is a valuation built on order flow and margin trajectory, so it merits a deeper look at backlog quality and cash burn.