https://roth2.bluematrix.com/sellside/EmailDocViewer?encrypt=02a409da-c620-4344-b185-eabae1feac3a&mime=pdf&co=Roth2&id=jreagor

Buy Recco and $2.10 target and these highlights which I agree with:

Concrete market could absorb all of Albany production, in our view. We view this as a significant development for ZEN due to the magnitude of the concrete market. The concrete market totaled 4.1 billion tonnes in 2015 and assuming the graphene based ad mixture was approximately 1% of a cement mixture, ZEN would only need to capture 1% of the concrete market in order to consume its total planned annual production rate of 30,000 tonnes of graphite.

and this:

we believe a successful outcome of the pilot test would lead to the creation of an integrated concrete additive company, which could allow ZEN to finance the development of Albany.

When coming to the $2.10 target, they use 159M shares outstanding. I don't think Aubrey will let that happen to that degree which would raise our valuation.

Choo Choo,

G.