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Gold/Mining/Energy : Canadian Microcaps

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To: Stephen O who wrote (83)	6/24/2003 11:34:05 PM
From: Stephen O	of 817

INITIATING COVERAGE CARMANAH TECHNOLOGIES CORP. (CMH : TSX-V : C$0.96) – BUY - 12-MONTH TARGET PRICE: C$1.25 Sara Elford, CFA\| Comment: Initiating coverage of Carmanah Technologies with a BUY and a $1.25 target price Carmanah is an emerging growth company that integrates LEDs, solar panels and rechargeable batteries into a patented unitized lighting solution. Carmanah’s lighting solutions annual costs are 85-95% less than conventional products. We expect Carmanah to deliver impressive sales growth over the next few years – from $6.5 million in 2002 to $25.0 million by 2005 (CAGR of 57%). At the same time, we expect its net margin to move from roughly breakeven in 2002 and 2003 to a steady state of 9.9% by 2005 and beyond. Using a P/E multiple of approximately 20 times (a PEG ratio of 0.20) our 2004 estimate of $0.06, we are initiating coverage of Carmanah with a BUY rating and a one-year target price of $1.25 – 30% above the recent close. In our view, this is a microcap story that offers risk-tolerant investors a high probability of success at a still reasonable valuation.

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