Steve Martin Polaris Geothermal Inc. GEO-T DON'T BUY Apr 18, 2008

Small start-up geothermal company. Once you actually find the thermal resource, what it produces is competitive with grid power prices. However, very capital intensive, which drags down returns. He would rather play the manufacturer side. Biggest one is Ormat Technologies (ORA-N)

Steve Martin

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HOLD

Contract drilling in West Africa. Management is very motivated and owns over 40% of the company and under promises and over delivers. Biggest problem is not having enough rigs. This is a long-term hold.

BUY

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research

GEO is a small-cap name ($125M market cap), but its long-term trend from 2020 has been positive, and recent momentum has been picking up. Its earnings track record has been mixed, and sales growth is fairly muted. It is profitable, but with very thin margins, and its free cash flow has turned negative. It trades at a good valuation and has a decent balance sheet, and its earnings have seemed to hit a bottom, with forward earnings growth moving higher. An improved backdrop of the price of gold and strong demand for its services have helped boost the stock. Recent results were good, and if the price of gold continues to move higher, we could see GEO continue to increase.
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Steve Martin Polaris Geothermal Inc. GEO-T DON'T BUY Apr 18, 2008

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