Seeking Alpha

Maxim Power Corp (OTC:MXGFF) is an independent power generator, with assets in Canada, the United States, and France. The company also has a development asset, a metallurgical coal mine asset near Grand Cache, Alberta.

Maxim's $76 million of current assets exceed current liabilities by $39 million. Subtracting that from their $55 million of long term debt gives total net debt of $16 million. The company's $165 million market capitalization equates to a $181 million enterprise value. The company's various businesses exceed this value, providing a margin of safety to a purchase of the company's shares.

Power Assets

In Alberta the company's biggest power plant is the Milner coal generator, shown on the right. It is a 150 MW...

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