Background First, as ZCL is likely new to most readers, let's cover the basics. ZCL is a manufacturer and supplier of fiberglass reinforced plastic ("FRP") underground storage tanks and piping and lining systems where corrosion resistance is a high priority. The company breaks down its products into 3 groups: Petroleum Products Water Products Industrial Products Of note, in August 2016, the company made the decision to exit the aboveground market in favor of a strategic focus on the more profitable underground markets. In their company presentations and press releases they refer to these as "discontinued operations". Their manufacturing plants are spread out throughout North America with a single plant located in the Netherlands: (Source: Company Presentation) Despite having three product groups, ZCL is very much dependent on the performance of their petroleum product lines which is also broken down into three segments: Downstream: Storage tanks at retail and commercial fuel sites Midstream: Sump tanks for pipeline systems Upstream: Storage and process vessels at Exploration and Production sites (Source: Company Presentation) Financial Health and Growth Prospects ZCL is scheduled to report 4th quarter and full year earnings on after the market closes on March, 9th so let's take a look at their most recent quarter. Over the nine months ending November 2016, ZCL showed decent growth as revenues increased 14% and net income increased 12% with EPS coming in at C$0.42. Management has also indicated that they expect to be able to grow both revenues and earnings at a compounded annual growth rate ("CAGR") in excess of 10% over the long-term. While there is no hard number or definition assigned to long-term, ZCL believes that their Petroleum and Water "products possess significant competitive advantages and present a strong value proposition to (their) customers". As you can see in the graph below, since 2011 ZCL revenues have achieved a 10.5% CAGR which is in-line with their projected long-term growth. (Source: Company Presentation) Another area in which ZCL has impressed is their debt reduction. From 2011 to 2015, they have reduced outstanding debt by 73% and has of their last quarter, ZCL had no long term debt. Their current ratio is 3.1x which indicates they have plenty of liquidity to cover their short term liabilities. (Source: Company Presentation) Overall, ZCL appears to be in a solid financial position and Morningstar agrees, rating their Financial Health a 90, which is considered a Strong rating.
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