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Stock Opinions by Steve Martin

COMMENT
Price has come down because spot price for uranium dropped to about $70. Also, a lot of uranium companies were getting valued at a premium to their NAV. Probably near a bottom, so it should turn around soon.
non-base metal mining
TOP PICK
Manufactures precision GPS equipment for the agricultural and Marine segments. 85% of their revenue comes of agriculture. Product saves farmers money and time. Also becomes more attractive as a farmer's land-base expands. Expect a great quarter reported in the next week so this is a short-term buying opportunity and a long-term hold.
Telecommunications
TOP PICK
They refurbish and replace existing turbines in power plants and there is a power crisis in Africa right now. A bigger play is their massive potash deposit in the Congo. Recently spun out a small portion of that development into a private company. Raised money to start funding the first stage, which was about $480 million for the entire phase 1. They are left with $400 million, about $2 a share.
other mines
TOP PICK
One of the biggest cell manufacturers globally. Have an integrated model where they are playing in each part of the value chain and can protect their gross margins going forward. 2 or 3 months ago, they pre-released that the 2008 production would be 530 MW, below expectations. Long-term, they are one of the best-positioned companies. Good price.
other mines
COMMENT
Believes the ethanol business will grow in the future. Trading at about 75% of the replacement cost of their plant so it is trading at less than what it would cost them to build the plants. Thinks that the plants that forge through right now will prosper in the long run.
other services
PAST TOP PICK
(A Top Pick Nov 22/07. Up 1.7%.) Short term he is neutral on this one, but long-term the stock could double. Just announced an increase in their stock capacity from 350 MW to 560 MW. Also going to start construction on a 10,000 metric ton polysilicon plant, which he feels is a “sky in the pie” plan. Near term will need quite a bit of money which will hold the stock in.
other services
PAST TOP PICK
(A Top Pick Nov 22/07. Up 34.7%.) Likes this one for the long-term. This is the long-term, going to survive, IBM, Apple of the solar industry. Wouldn't make it an overweight holding, but would put a little bit in your per photo.
other mines
PAST TOP PICK

(Top Short Nov 22/07. Down 29.8%.) Valued at about 75% of its replacement cost. If you take that down to 50%, that would mark the all-time low and it could go down to $4 or $5 but he wouldn't continue holding this as a Short position as it will probably go nowhere for the next couple of years.

other mines
BUY on WEAKNESS
Recent deal with the German solar manufacturer is quite significant. A problem with metallurgical silicon is that no one knows what the problems will be in 10 or 20 years. Will cells degrade quicker than conventional cells? Stock has reached a point where it is not going to definitely be a home run. Still looks attractive based on earnings potential, but shorts are starting to come into the market now. Long term he is positive on it.
misc industrial products
PARTIAL BUY
This is one that he has struggled with because it is one of the best exposed companies for the solar industry but is a little bit expensive on an earnings basis. If you believe that the industry will grow at 30% or 50% per year for the next 10 or 20 years, which he does, this company will definitely prosper. Wouldn't make it an overweight holding.
other services
DON'T BUY
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)
misc industrial products
DON'T BUY
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)
oil / gas field services
COMMENT
Uranium industry is getting near its bottom, but you just don't know how long it is going to take. What will move this stock is when commodity prices start to move up. You should be in good shape in 18 months.
non-base metal mining
DON'T BUY
3 different business lines including a solar business. Key feed stock for making a solar cell is polysilicon, which is in a massive global shortage. They have not been able to secure this so are using other material resulting in the cost structure lagging. Margins are practically negative.
misc industrial products
DON'T BUY
Operate wind farms in California and have about 35 MW of capacity with plans to move it up to about 200. Acquired older wind farms that operated since the 1980’s and are not as efficient. Prefers others.
electrical utilities
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