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| SELL | 6.160 | Jason Donville | Got super bombed out with tax loss selling at the end of the year. This one got ridiculously oversold. This company is in disarray. There are senior people coming and going. You don't really know what you've got a year or 2 down the road. | 2012-03-05 | |
| PAST TOP PICK | 3.570 | Jason Donville | (A Top Pick Oct 4/10. Down 72%.) Got out of this one reasonably well at $11.85. A bad pick. | 2011-10-17 | |
| DON'T BUY | 6.600 | Jason Donville | Thinks there is a lot of disarray in the company right now. Cut their dividends earlier in the year. | 2011-07-11 | |
| DON'T BUY | 7.900 | Michael Simpson, CFA | Real estate advisory and have a small survey business in western Canada. Q1 was disappointing. Would be concerned unless they could deliver stronger fundamental results. | 2011-06-17 | |
| SELL ON STRENGTH | 9.920 | Jason Donville | (A Top Pick Mar 23/10.) Got this one wrong. Not convinced with management. A lot of people leaving the company. Has no faith that they will be able to execute their strategy going forward. Recently cut dividends. | 2011-05-25 | |
| PAST TOP PICK | 8.520 | Jason Donville | (Top Pick Mar 23/10, Down 29.34%) Doesn’t own companies with two pad quarters in a row. Problem was execution by management. They cut their dividend severely a few weeks ago. | 2011-04-26 | |
| HOLD | 13.000 | Jason Donville | Missed on its 3rd quarter so the stock sold off. Had bottomed 2 or 3 quarters ago and felt earnings should be in ascendancy right now. Not going lower but also not rising materially either. Still a “show me “ story. Sold some of his holdings. | 2010-12-06 | |
| BUY | 12.700 | Michael Simpson, CFA | Real estate advisory with tax appraisals, surveys (in western Canada) .Had a weak Q3. Have some hidden assets that they may spin off. Well managed. Good Buy for a 3 to 5 year time horizon. | 2010-12-02 | |
| TOP PICK | 14.880 | Jason Donville | Provide broad basket of real estate services globally. About 8% yield. Expecting strong guidance going into 2011. | 2010-10-04 | |
| TOP PICK | 13.320 | Jason Donville | Professional services in real estate area, which is at a cyclical low. 9% dividend. | 2010-03-23 | |
| WATCH | 7.400 | Ben Cheng | Very good management team. Big swing factor for them is the decreased activity in real estate, particularly commercial. Starting to see signs that commercial real estate developers are trying to spend more money. Expect they will do quite well in the longer run on the rebound. Doesn't think yield of 16% will be cut but there is the potential. Quarterly results are due August 11 so see what they say about coming quarters. | 2009-07-13 | |
| BUY | 7.750 | Sandy McIntyre | Value and administers properties. Distribution is safe into 2011. | 2009-01-22 | |
| Comment | 10.720 | Michael Simpson, CFA | Real estate consulting including tax work and appraisals. Key driver going forward will be as countries, including Canada, adopt the international financial accounting standards. Real estate will have to have annual appraisals and this is one of the big appraisers. Has grown rapidly through acquisitions. Prices getting to a level where it is more attractive. | 2008-11-20 | |
| BUY | 18.250 | Dennis Mitchell, CFA | (Market Call Minute.) This is a Buy, but sentiment might work against you in that this is a service-oriented business with very little assets. Cash flow generation is strong and their ability to acquire is great. 6.6% yield is safe. | 2008-01-14 | |
| TOP PICK | 15.060 | Chris Rankin, MBA, CFA | The company does real estate services eg. property taxes, evaluations etc. The demand profile looks fantastic. The company just bought a large, busines property in the UK. The company will benefit when the banks are doing evaluation of assets. | 2007-10-19 | |
| PAST TOP PICK | 13.650 | Jean-Francois Tardif | Then at $14.73 First quarter results are very well. He likes the CEO. Not a short term story, and feels it will do well for years to come. | 2007-05-22 | |
| PAST TOP PICK | 12.350 | Jean-Francois Tardif | (A Top Pick May 1/06. Down 17.9%.) Picked it because of the very driven CEO. Sold his holdings at $15 before it got hit with the government’s changes. If you own, Hold. | 2007-04-27 | |
| TOP PICK | 12.500 | Chris Rankin, MBA, CFA | Provides valuation, appraisal and cost estimating services to the real estate industry. All of these fields have a good demand profile. | 2007-02-09 | |
| BUY | 10.680 | Sandy McIntyre | A very creative and energetic management team. Provide services to the real estate industry. Have some very creative long-term projects, which will be used to track costs in buildings, rentals, cash flows, etc. Very good price. | 2006-12-29 | |
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| Comment | 10.360 | Jean-Francois Tardif | Had sold before Oct 31 because a large part of their business was in services in Alberta and he was worried. Extremely well managed. Will get much bigger over time through both acquisition and internal growth. Good price, but he may wait for the 4th quarter results. | 2006-12-27 | |
| BUY | 10.740 | Dennis Mitchell, CFA | Focused on high yielding commercial real estate type plays. Has enduring franchise value. | 2006-12-22 | |
| PAST TOP PICK | 10.200 | Ben Cheng | (A Top Pick May 19/06. Down 25.7%.) Continues to put up very good earnings numbers, which should continue. Good growth in western Canada. | 2006-12-01 | |
| PAST TOP PICK | 13.810 | Jean-Francois Tardif | (A Top Pick June 5/06. Down 5%.) Survey business in Alberta. At risk because of some soft quarters coming up. Likes the company, but doesn't see any growth so sold his holdings. 8.5% yield. | 2006-10-26 | |
| PAST TOP PICK | 15.380 | Jean-Francois Tardif | (A Top Pick June 5/06. Up 2%.) A growth company. Consulting business. Recently started acquiring more businesses. Have made very key acquisitions lately. | 2006-08-08 | |
| TOP PICK | 14.730 | Jean-Francois Tardif | They provide valuations for real estate. Have just bought 3 companies in Alberta. Expect there will be a big jump in earnings and distributions next year. | 2006-06-05 | |
| TOP PICK | 14.000 | Ben Cheng | Provide consulting services on real estate development, tax, lending opportunities, etc. Have grown by almost 20% per year over the last 4 years. | 2006-05-19 | |
| TOP PICK | 15.050 | Jean-Francois Tardif | Just announced a large acquisition in Alberta. Pre acquisition, his expected 1.5 X earnings based on cash flow of around $1.30. Convinced the acquisition will be accretive which could mean $1.40/$1.50. | 2006-05-01 | |
| BUY | 13.650 | Ravi Sood | A very spectacular performer. Operating results have been excellent. Because of the small capitalisation, large institutions tend not to own this. Thinks there is potential for continued distribution increases. Good price. | 2006-02-10 | |
| TOP PICK | 13.100 | Jean-Francois Tardif | This company is still not very well known and not well covered by the street. Expect they will be very active in acquisitions during 2006. Every transaction they do in 2006 will be accretive. It is estimated that they will make $1.50 of distributable income per share. The stock is trading below 10 X and he feels it should trade at 12 X. | 2005-12-23 | |
| PAST TOP PICK | 12.060 | Jean-Francois Tardif | (A Top Pick Sept 21/05. Up 2.3%.) Held up well considering all that happened to trusts in the last few months. Will be aggressive on acquisitions. Thinks they will make $1.20/1.30 per share next year. | 2005-11-29 | |
| TOP PICK | 11.730 | Jean-Francois Tardif | A lot of free cash flow and will continue to grow over time. Feels they will be ahead of expectations by 20% at the end of the next quarter. a good chance of an increase in distributions. | 2005-09-21 | |
| TOP PICK | 12.200 | Jean-Francois Tardif | Expects them to make accretive acquisitions. Just 45 days old and is already 25% higher. Distributions will be increased. | 2005-08-17 | |
| PAST TOP PICK | 12.250 | Jean-Francois Tardif | (A Top Pick June 1/05. Up 7%.) Company is very small but growing fast. Basically a consulting company in real estate doing valuations, real estate taxes, etc. | 2005-07-18 | |
| BUY | 11.500 | Patrick Kim | An excellent business fitting that model of having good market share. A healthy business that's growing. | 2005-06-10 | |
| TOP PICK | 11.100 | Jean-Francois Tardif | Small, but very profitable company. 75% of their business is evaluation of real estate. Will be making acquisitions. Feels that distributions will grow at least 10/20%. | 2005-06-01 |