TD update todayAdding it to their Action List today...this represents their favourite picks...good news;
We reiterate our Buy rating and are adding Bennett Environmental Inc. (BEV) to our Action List
following our review of the situation at Belledune. We believe market reaction to recent public
protests have been overstated. We visited Belledune this week to assess local sentiment, and
we have made numerous inquiries to various levels of the local, provincial and federal
government regarding the situation. We believe government support appears strong and do not
expect any major government intervention that would unduly delay the issuance of a permit to
operate. We expect ongoing protests may lead to continued share price volatility over coming
months until the permit to operate is issued in mid-2004. Failing any new material
developments, we would look for major price dips to be buying opportunities. Our $34/US$25
target price incorporates a 20x F04 P/E, and 12x F04 EV/EBITDA. Using F05, our target
represents 13x P/E, and 7x EV/EBITDA.