Suez SA (France: SZE) has been a favorite of ours for years. It ran one of the top water resource and processing companies on the planet, occupying the space along with Veolia Environnement (NYSE: VE). It’s been in business for more than a century, and, unlike many similar US-based companies, Suez owned water reserves.

The company ran into trouble, as did others in Europe, when it decided to expand into other businesses, specifically energy. It also got bogged down in a prolonged takeover struggle with Gaz de France (France: GAZ), which is now a done deal. To complete the deal, Suez had to spin off its water operation. That entity, Suez Environnment (France: SEV), has just started to trade in Paris and in other international markets, but not in the US.

The initial public offering (IPO) went well, but, as is the case in the aftermath of most IPOs, the shares have come down to a bargain price. This is where we come in. We expect the company to benefit from the emerging recognition of water’s scarcity and the rising rates it’s able to realize in key markets. And an eventual US listing, either directly on a major exchange or in the over-the-counter market, will bring a host of mutual funds and index funds to the stock.

Buy it on its home exchange in Paris, where it trades under the symbol SEV. Also, have its International Security Identification Number (ISIN) handy when you enter your buy order. Suez Environnment’s ISIN is FR0010613471. Most brokers, including Interactive Brokers, will do the trade. But you might have to call it in, and you might have to pay an additional fee.  Buy Suez Environnement at EUR17.25, which works out to about USD27.