EnWave Corp: Growing Royalty Leverage and Discounted Valuation Support Speculative Buy Recommendation

Analyst Noel Atkinson of Clarus maintained a Buy rating on Enwave Corp, retaining the price target of C$0.80.

Noel Atkinson has given his Buy rating due to a combination of factors that underscore EnWave’s leverage to a growing customer base and a discounted valuation. A key driver is the strong growth outlook of BranchOut Foods, a major user of EnWave’s drying systems, which is projecting materially higher 2026 revenue supported by broader distribution across large U.S. retailers and the commissioning of additional EnWave machinery, all of which should translate into higher royalty income for EnWave.

Atkinson also notes that while no large-scale system orders were booked in fiscal Q2, management remains optimistic about the sales pipeline and recent 10 kW system placements that could convert into larger follow-on orders later in 2026. He has modestly reduced near-term forecasts, assuming fewer big-system sales in FY26, yet maintains that the medium‑term opportunity remains intact and that the current share price, implying roughly 4x EV/FY27 revenue—below peer valuations—offers an attractive risk‑reward profile, justifying a Speculative Buy and a $0.80 target price.

According to TipRanks, Atkinson is ranked #1114 out of 12068 analysts.