Zefiro Methane Corp. (von GBC AG): BUY 21.07.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Zefiro Methane Corp. - from GBC AG



21.07.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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Classification of GBC AG to Zefiro Methane Corp.



     Company Name:                Zefiro Methane Corp.
     ISIN:                        CA98926D1069



     Reason for the research:     Research Report (Initial Coverage)
     Recommendation:              BUY
     Target price:                1.50 USD
     Target price on sight of:    31.12.2027
     Last rating change:
     Analyst:                     Cosmin Filker, Matthias Greiffenberger



Operational turnaround in a structurally growing market



Zefiro Methane Corp. is a publicly-traded environmental services provider
focused on the U.S. market and specializing in the identification,
measurement, and reduction of methane emissions from decommissioned,
abandoned, and orphaned oil and gas wells. Operational activities are now
largely consolidated within Plants & Goodwin, whilst the wireline and
downhole services acquired as part of the AWS acquisition have been
integrated into P&G from an operational perspective. In addition, the
company develops and markets emission credits derived from verifiably
avoided methane emissions. In this way, Zefiro combines a project-based
service business with the prospect of additional, high-margin revenue from
the voluntary carbon credit market.



The company addresses a legacy issue in the North American oil and gas
industry. In the U.S., there are millions of inactive, abandoned, or
improperly sealed wells from which methane and other gases can continue to
escape. This poses risks to soil, groundwater, and the use of affected
properties. Since there is no longer a responsible or solvent operator to be
held accountable for remediation for orphan wells, decommissioning must be
financed through government programs. The density of problematic wells is
particularly high in the Appalachian Basin. In this region, Zefiro already
has operational teams, equipment, permits, and long-standing relationships
with customers and regulatory agencies. Additional demand is generated by
private energy producers as well as infrastructure and data center projects,
the implementation of which can be delayed by unremediated legacy wells.



Zefiro's historical business performance was initially strongly influenced
by the establishment of the current corporate structure, which includes, in
particular, the acquisitions of P&G and AWS. In each of the past two fiscal
years, revenue has been slightly above USD 32 million, but the operating
result has been negative in both years. Since the management change in June
2025, however, a clear turnaround in operating performance has become
apparent. The new management has focused on cash-flow-generating core
services and reduced non-strategic costs. In the first nine months of fiscal
year 2025/26, revenue rose by 35.8% to USD 33.19 million, while EBITDA
improved significantly to USD 3.10 million (previous year: -USD 5.52
million). The adjusted EBITDA reported by Zefiro stood at USD 4.25 million.
At the same time, positive operating cash flow of USD 4.12 million was
generated, and financial debt was significantly reduced.



Our forecasts are based both on projects already secured and on the expected
utilization of their expanded equipment and rig capacity. According to the
company, the acquisition of five rigs and supplementary equipment from
Viking Well Service has also expanded annual revenue capacity by
approximately USD 10 million. For fiscal year 2025/26, we expect revenue of
45.18 million USD and EBITDA of 3.73 million USD. For fiscal year 2026/27,
we forecast revenue to rise to 57.92 million USD and EBITDA to reach 10.02
million USD. In 2027/28, we expect revenue of USD 66.85 million and EBITDA
of USD 12.22 million. Additional earnings momentum could result from the
resumption of the carbon credit business starting in the second half of
fiscal year 2026/27.



As part of our DCF valuation model, in which we have also taken into account
the most recent capital increases (net proceeds: USD 5.20 million), we have
arrived at a target price of USD 1.50 per share. We therefore assign a BUY
rating.





You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=f2faa8e1f24a4975f17c41b5374f6402



Contact for questions:
GBC AG
Halderstrasse 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
Disclosure of potential conflicts of interest pursuant to Section 85 of the
German Securities Trading Act (WpHG) and Article 20 of the Market Abuse
Regulation (MAR) The following potential conflict of interest exists in
relation to the company analysed above: (5a,11); A list of potential
conflicts of interest can be found at: https://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Completion: 20/07/2026 (08:25 am)
First distribution: 21/07/2026 (09:00 am)



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2368956 21.07.2026 CET/CEST