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Scott Morrison Zenon Environmental ZEN-T DON'T BUY Jan 14, 2005

A phenominal Canadian company with proprietory technology. Bullish on water purification. Would love to own it but too much future growth is already factored into the share price.

Scott Morrison

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$23.430

Stock price when the opinion was issued

environmental

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(A Top Pick Nov 23/04. Up 18.5%.) Still likes.

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Very expensive. Likes the sector, but no stocks that are appealing.

BUY

Have recently been announcing interesting contracts.

DON'T BUY

Specializes in water treatment facilities. A great company in the right area. Have stumbled recently because of production delays. Incredibly high priced at 30 X earnings and very thinly traded making it hard to trade.

WATCH

Canada's best example in terms of technology in water filtration treatment. Have 70% of the golbal membrane business. COsts are coming down dramatically and membrane technology is gaining market share. The trouble with Zenon is that it's missed quarters and the market is sceotical of management's ability. Needs some good quarters.

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Disappointed several quarters, mostly because of their cost structure. Has a rising backlog and their orders are good. Opened a lot of new plants that have been poorly operated. Management deals they had turned the corner. Wait for another quarter.

DON'T BUY

The worried about this company based on the cockroach theory. There always seems to be a problem. Technology is great, but the execution by management has been quite weak.

DON'T BUY

Ridiculously expensive. Has a multiple of around 77. They have disappointed, lowered their guidance and disappointed on their earnings.

PAST TOP PICK

(A Top Pick Jan 26/05. Up 34%.) Acquired by GE.

HOLD

Great Canadian car story. Low emission and no noise. Well tied to EE Store (?) that is developing a novel energy storage device. They have the exclusive rights for the small car market.

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Scott Morrison Zenon Environmental ZEN-T DON'T BUY Jan 14, 2005

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