| TOP PICK | 15.200 | Bruce Campbell | Labs and imaging business. Made an acquisition in the US and reported a 1st-quarter including this. Numbers were good. Did an issue to pay for it afterwards and it has been weak ever since even though the numbers were good. Have the ability to pay the dividend when they are taxable in 2011. | 2008-05-09 | |
| BUY | 15.230 | Sandy McIntyre | Dominant market is Ontario, which has no capacity to bring on new labs. Changing into a corporation in 2011 does not change them into a growth company, so they will stay as a trust. Good company. | 2008-05-05 | |
| BUY | 15.650 | Michael Sprung | Like, a very good model for an income trust. The threat is that the government will try to renegotiate and squeeze down margins. Current yield in quite good. Not a lot of risk. | 2008-03-27 | |
| BUY | 15.650 | Michael Simpson, CFA | Made a US acquisition last year. Likes this trust a lot. Have increased their debt a little, but it's a stable business. | 2008-01-22 | |
| BUY | 16.990 | Andrew Guy, CFA | Have about 1/3 of the lab services in Ontario. Trying to aggressively grow into the imaging business. Also making some moves into the US. Very good management team. Good growth company. | 2007-12-27 | |
| TOP PICK | 16.270 | Michele Robitaille | A leading provider of laboratory testing services in Ontario as well as non-hospital medical imaging services across Canada. Very predictable in terms of growth and margins. Very lean operating style. Good management. Acquired 9 imaging services in 2007 and will be closing 8 more giving good growth opportunities. Not cheap, but very defensive. 6.5% yield. | 2007-11-28 | |
| BUY | 16.000 | Michael Simpson, CFA | Great defensive business. | 2007-11-08 | |
| BUY | 15.860 | Michael Sprung | Likes this company. An excellent business model for a trust. A dominant lab resource for the healthcare system. 6.6% yield. | 2007-08-31 | |
| HOLD | 16.470 | Michael Sprung | Likes the lab business they are in. Gets hit from time to time when people are concerned about government cutbacks. Longer term, a good business to be in. | 2007-07-13 | |
| DON'T BUY | 16.470 | Chris Rankin, MBA, CFA | Very good quality asset. Trades at a pretty substantial premium to its overall assets. There are others at a lower price. | 2007-07-13 | |
| Comment | 15.330 | Andrew Guy, CFA | Very good, slow grow, steady business. Very conservative in their calculation of distributable cash. | 2007-06-27 | |
| PAST TOP PICK | 15.870 | James Cole, BA, CFA | From May31 2006Then $14.63Still holding, would have done better if the tax law hadn't changed.Still expects a total return of low double digits over next 4 or 5 years, even if you bought now. | 2007-06-12 | |
| HOLD | 15.800 | Ben Cheng | Involved in the diagnostic side of healthcare, especially in southern Ontario. Very slow growth business. Not a bad business, but the growth prospects are not that attractive. | 2007-05-29 | |
| BUY | 14.750 | Sandy McIntyre | Medical labs. Regulated in Ontario. Good holdings. | 2007-04-13 | |
| BUY | 14.280 | Andrew Guy, CFA | An infrastructure play. They roughly manage one third testing in Ontario, and increasingly are getting into the medical imaging business across Canada. Looking for good growth. | 2007-04-09 | |
| BUY | 15.000 | Peter Brieger | Company looks at themselves as more of a growth vehicle than and income trust. This is a good entry point. | 2007-03-21 | |
| DON'T BUY | 14.220 | Chris Rankin, MBA, CFA | Very high quality business. Rock solid revenues and profitability. Trading at a premium to what he would consider comparables. He can find other laboratory businesses in the US with much higher growth rates for lower prices. | 2007-02-09 | |
| HOLD | 14.100 | Andrew Guy, CFA | Provides lab and imaging services. Demographics work in their favour. Government guarantees them a share of the market, so it is a very steady business. Conservative payout structure. | 2007-02-08 | |
| BUY | 15.610 | Patrick Kim | Involved in lab services, blood test work and diagnostic imaging. Good choice for investors looking for stability. A non-cyclical play on the economy. | 2007-01-26 | |
| BUY | 13.600 | Michael Sprung | Likes the company, but hasn't picked a price where he would buy it. Has about a 7% yield. Good model for a trust. Primarily in the lab business, which is pretty steady and it is the main private player in Ontario. One problem is that the government sets the rates for tests. About 20% of their business is imaging and this could be spun off, which would give a bit of a bonus to the stock. | 2007-01-05 | |
| BUY | 13.950 | Peter Brieger | The 2 business trusts that he likes, and has recently been buying, are CML Healthcare (CLC.UN-T) and Parkland Industries (PKI.UN-T). | 2006-12-29 | |
| BUY | 13.810 | Michael Sprung | Was hard hit. Has a very strong, steady underlying business. Was suited as an income trust and he likes it. Have been looking at it. | 2006-12-08 | |
| TOP PICK | 12.280 | James Cole, BA, CFA | (A Top Pick Jan 7/06. Down 16.6%.) Got hit with the trust tax changes. From present valuations it offers very good long-term returns. Health care spending continues to rise. Have about a 30% share of Ontario’s diagnostic testing. Also the national leader in medical imaging. Yield of almost 8%. | 2006-11-13 | |
| BUY | 15.840 | Jonathen Wellum, B. Comm, B. Sc | A well-run business. Generally not a fan of income trusts but they are careful on the distributions. Along with the distributions, you can expect a 3-5% growth. | 2006-10-10 | |
| BUY | 15.670 | Chris Rankin, MBA, CFA | This is a safe trust. It is not likely to blow up. Believes that there is room to appreciate. | 2006-09-25 | |
| BUY | 14.650 | Leslie Lundquist | Has 2 divisions, diagnostics and medical imaging. They could have growth on the imaging side. Expect they are looking for acquisitions on the imaging. | 2006-07-13 | |
| TOP PICK | 14.630 | James Cole, BA, CFA | (A Top Pick Jan 17/06. No change.) Distribution yield of 7%. The leader in the private pay medical systems in Canada. They provide 2 services, medical imaging and lab testing. Strong financial position and great management. Trades at 13 X earnings and yields 7%. | 2006-05-31 | |
| BUY | 14.650 | Ravi Sood | A great super stable name. Not much in the way of capital gains to be expected. You won't be disappointed with this. Extremely well managed. Long-term hold. | 2006-05-26 | |
| BUY | 13.750 | Ben Cheng | Runs one of the businesses that is very well suited to an income trust. Have just settled pricing contracts with the Ontario government. Not very exciting growth, but very steady income. | 2006-05-19 | |
| BUY | 14.610 | James Leung | One of the best healthcare providers in Canada. Provide lab testing in Ontario and medical imaging in five provinces. Hitting resistance because it the delay in negotiations for rate increases with the Ontario government. The company feels that negotiations are going well. At a good level. | 2006-03-31 | |
| DON'T BUY | 14.400 | Robert Lauzon | Payout ratio is about 90/95%. Expect distributions will grow at about 3/5%. Valuation is a little bit high. Some of their facilities need upgrading so there could be some capital expenditures spent. Governmental control could affect their income. | 2006-03-24 | |
| HOLD | 14.960 | Peter Brieger | First rate company, but he's not buying. Says to hold it if you own it. It's not fitting his criteria, but thinks it's a good company. | 2006-02-20 | |
| PAST TOP PICK | 15.500 | James Leung | (A Top Pick Nov 11/05. Up 16%.) A nice steady business. They are still waiting for the biannual contract negotiations with the Ontario government, which is not concerned. Still likes. | 2006-01-27 | |
| TOP PICK | 14.730 | James Cole, BA, CFA | (A Top Pick Sept 22/05. Up 3.5%.) Healthcare spending is going to continue to rise at a rate faster than the overall economy. Private-sector involvement is going to continue to increase. This is the best private-sector healthcare company. | 2006-01-17 | |
| BUY | 14.400 | Michael Simpson, CFA | In the laboratory and diagnostic business. Have a huge market share in Ontario. Well managed. | 2005-12-30 | |
| BUY | 14.950 | Jean-Francois Tardif | Very steady business. Good demographics and the business is growing every year. A lot of free cash flow. Extremely well managed company. | 2005-11-29 | |
| TOP PICK | 13.030 | James Leung | Have a laboratory blood and urine testing section in Ontario as well as a medical imaging business in 5 provinces. One of Canada's best health care companies. Expects the Ontario government will be giving approval for an increase in fees. | 2005-11-11 | |
| PAST TOP PICK | 13.900 | Michael Sprung | (A Top Pick June 24/05. No change, but has had distributions.) Very consistent cash flow, very well managed. | 2005-10-11 | |
| BUY | 13.500 | Michael Simpson, CFA | Has 2 main divisions including laboratory testing where they get 75% of their revenue and imaging labs in Ontario. Payout ratio is in the low 90's. Has opportunities to grow by buying other digital labs in other provinces. Expects to see modest distribution increases. | 2005-10-07 | |
| TOP PICK | 14.100 | James Cole, BA, CFA | (A Top Pick July 6/05. Up 13% plus distributions.) Canada's best health care company and it's attractively valued. Still substantial growth prospects in medical imagery and lab testing. MDS (MDS-T) is selling its lab business which could be a possible acquisition for them. | 2005-09-22 | |
| BUY | 15.000 | Leslie Lundquist | Likes this one very much. Has a long track record as a company that converted to a trust. A good long term hold. Has a 36% market share in Ontario and is levered to rising health care costs. You should get rising distributions. Looking for acquisitions. | 2005-09-16 | |
| BUY | 13.880 | Dan Bastasic | A medical imaging company. Has a very stable component which is the laboratory business. The growth side is their MRI imaging. | 2005-08-05 | |
| WAIT | 14.000 | Matt Baillie | A good Canadian health care trust, in that it's a lab business which is a cash flow business. Very stable. Looking for a new CEO. Won't buy until they see what new management is like. | 2005-07-15 | |
| TOP PICK | 13.950 | James Cole, BA, CFA | (A Top Pick Feb 18/05. Up 2%, but including distribution, up about 5%.) Likes the company and the valuation. Canada's best health care company by a wide margin. New president is good so expects a resumption of the growth. Supreme court decision on abolishing the government's monopoly on health care will be good. | 2005-07-06 | |
| TOP PICK | 13.620 | Michael Sprung | Diagnostic labs, primarily in Ontario. In negotiations with the government over fees and expect it to be favourable. 7% yield in a very steady business. Good management. | 2005-06-24 | |
| BUY | 12.910 | Patrick Kim | A fairly high stable cash flow story. Doesn't see a lot of acquisition opportunties in this industry so distribution growth will be limited, | 2005-06-10 | |
| HOLD | 12.650 | Leslie Lundquist | Medical diagnostics and imaging and laboratories. Have had fine results. Everything came in line in the 1st quarter. Outlook is fine. Probably fairly valued. Waiting for an announcement on an agreement with the Ontario Ministry of Health which will tell what the new cap rate is for it. Will probably be low to single digit growth and last for 2 years. | 2005-05-20 | |
| BUY | 13.040 | Sandy McIntyre | 90% payout ratio. Going through a negotiation with the Ontario government on fees for lab tests and the compensation structure on getting compensated. Health care margins are likely to be squeezed over time. | 2005-05-13 | |
| BUY | 13.000 | Chris Fernyc | Not concerned with the management change. A very stable business model. Very profitable. | 2005-04-25 | |
| DON'T BUY | 13.150 | Robert Lauzon | Own in their index fund, but not actively. In the health care sector, would prefer Medical Facilites (DR.UN-T). The driver, who is the CEO, is planning his retirement over time. Just not sure the management will be able to continue his growth. His knowledge will be very key to this company. | 2005-04-08 | |
| BUY | 13.150 | Michael Smedley | Solid. has been one or two upsets over the course of the past few months. Not tremendously exciting, but there aren't too many income trusts that are. | 2005-04-06 | |
| DON'T BUY | 13.500 | Sandy McIntyre | Issues where Ontario gov't will be negotiating lab fees. CEO announced retirement prior to negotiations. | 2005-03-04 | |
| TOP PICK | 13.700 | James Cole, BA, CFA | (A Top Pick Oct 18/04. Up 13.8% plus distributions.) Just going to keep on trucking. Trades around 13 X earnings. Strong financial position. | 2005-02-18 | |
| PAST TOP PICK | 13.600 | Leslie Lundquist | (A Top Pick on Nov 17/04. Up 5.5%.) Still likes this one a great deal. Was down a bit because of selling by insiders/management, but that appears to be over now. Not inexpensive versus the market. | 2005-01-10 | |
| WEAK BUY | 12.660 | Matt Baillie | A pretty stable company. Feels they have a little bit too much debt, 2 X EBITA which is high for the income trust area. Payout ratio is a little high for them. | 2004-12-10 | |
| BUY | 12.720 | Greg Guichon | Have quite a lot of debt. On the other hand, the industry is very stable. A possible risk is if the Ontario government does something with clinics. | 2004-12-03 | |
| TOP PICK | 12.800 | Leslie Lundquist | (A Top Pick March 22/04. Up 6.6%.) Actually up about 12% when distributions are included. Not inexpensive, but a stable cash generation. | 2004-11-17 | |
| BUY | 12.320 | Gavin Graham | Not interest sensitive. Will grow at the GDP plus. A low risk way of playing the demographics of the aging. | 2004-11-08 | |
| DON'T BUY | 12.020 | Garth Jestley | Didn't buy the IPO because of concerns on the pricing and low yield. | 2004-10-29 | |
| BUY | 12.010 | Peter Brieger | One of Canada's largest operators of diagnostic centres. Some concern that the Ontario government will be taking back some of the MRI's, but that is only a small part of their operation. Good long term. | 2004-10-28 | |
| TOP PICK | 12.000 | James Cole, BA, CFA | (Top Pick June 30/04. Up 9.7%.) In addition to capital gains, it has a healthy distribution. Outstanding management. Over 30% market share of Ontario laboratory testing and a leader in Cat Scans, MRI's, etc. You should end up with a 20% total return. | 2004-10-18 | |
| PAST TOP PICK | 11.700 | Leslie Lundquist | (A Top Pick March 22/04. Down about 3%, but have had nice distributions, so actually pretty flat.) Still likes. This was picked just before the limitation on pension holdings which dropped all trusts. | 2004-10-07 | |
| TOP PICK | 11.700 | Leslie Lundquist | Good stable distribution base. Some growth. No US$ risks. | 2004-10-07 | |
| BUY | 11.450 | Norman Levine | Health care in Canada is a growth area. Steady with some growth. Cash flows are pretty good. 8.2% yield. | 2004-09-28 | |
| TOP PICK | 10.850 | Bob Stodgell | Hold several Income Trusts rather than just one. Pays 8.73%. Demographics are good, so the potential for them to increase their revenues should be good. Very steady business. | 2004-08-24 | |
| TOP PICK | 10.600 | Leslie Lundquist | Has an excellent track record of making accretive acquisitions. Growing its cash flow which should continue. Good price. | 2004-08-13 | |
| BUY | 10.490 | Peter Brieger | Good alternative to oil and gas trusts. Probably a good entry point. | 2004-07-20 | |
| BUY | 10.750 | Ben Cheng | An oligopoly in Ontario of medical lab testing and the opportunities are fairly good for them. Expect more money from governments for healthcare. Also good growth opportunity in British Columbia. | 2004-07-15 | |
| VAGUE | 10.800 | Gavin Graham | 8.7% yield which might be a little low for a business trust. | 2004-07-06 | |
| TOP PICK | 10.800 | James Cole, BA, CFA | (Past top pick Jan 25/02. Up 140%.) Also paid out a special dividend. Made a successful acquisition. Great business. Trades at 11 X earnings. An approximate 9% yield. | 2004-06-30 | |
| TOP PICK | 10.340 | Leslie Lundquist | Believes that the diagnostic imaging and lab services businesses are sufficiently stable to make an attractive income trust. First-quarter results look pretty good. Good price. | 2004-05-18 | |
| TOP PICK | 11.500 | Leslie Lundquist | 10% yield. Has a good record of making acquisitions that have added good value. | 2004-04-15 | |
| TOP PICK | 11.930 | Leslie Lundquist | New to the income trust, but a name they are comfortable with as they have an operating history. Should continue to make acquisitions in a timely and controlled manner. | 2004-03-22 | |
Experts that have talked about CML Healthcare Income Fund
