| DON'T BUY | 4.950 | Chris Rankin, MBA, CFA | Has extraordinary foreign exchange exposure. Have Cdn$ labour. Have made substantial investments in their fleet giving them slightly superior products with lower labour costs. Feels the valuation is pretty high. | 2007-02-09 | |
| DON'T BUY | 4.990 | Michele Robitaille | A decent business. Her biggest concern is that this business is not suitable for a trust. Have very high capital expenditures. Another problem is that costs are in Cdn$ while income is in foreign currency. | 2007-02-02 | |
| DON'T BUY | 4.800 | Michael Simpson, CFA | Seafood business. Debt levels have been too high for him. Facing competition from Asia. Would prefer others. | 2006-11-03 | |
| BUY | 5.270 | Jason Zandberg | Impressed with management. They bring an innovative approach to the seafood market. Have had some problems in the past, but seem to have worked through them. The market will probably take some time to warm back up to the story. Strong Cdn$ will hurt. | 2006-09-07 | |
| DON'T BUY | 3.730 | Garth Jestley | The largest producer of shellfish in North America. Sold out on the increasing concerns of old currency risk. Have had some operational problems. | 2005-12-02 | |
| DON'T BUY | 5.920 | Dean Orrico | Would steer clear of this one right now. Had some operational issues, primarily foreign exchange issues. 50% of their revenue is in US$, but their costs are in Cdn$'s. This trust has subordination, that is, management takes a loss first. Part of the $0.84 distribution is being financed by management. This is scheduled to come off at the end of this year. | 2005-07-29 | |
| DON'T BUY | 7.330 | Leslie Lundquist | Kind of a painful situation. Running into difficulties with both foreign currency exposure and some of their resource levels. Some of their species (?) is not as vigorous as she would like. Not buying as she would like to see them get their feet back under them again. | 2005-05-20 | |
| DON'T BUY | 8.440 | Michele Robitaille | Key challenge is foreign exchange. Underlying business is healthy. Has experienced strong growth in both volumes and pricing in local curency but not enough to offset foreign exchange. Payout ratio is at or above 100% since inception. A very capital intensive business. | 2005-01-28 | |
| BUY | 8.770 | Blair Wilson | Has a 2-sector perform recommendation on this trust. Payout ratio is high at 111% and could go higher at the end of '05 on an adjusted basis. Not in a situation where they will have to cut distributions. Some risks due to foreign exchange issues. | 2005-01-07 | |
| DON'T BUY | 8.780 | John Priestman | Distributions have been high at 13% or so which was 138% of cash flow in the 3rd quarter. There will probably be a cut. A better trust in the seafood industry is Connor Bros. Low payout ratio at 70%. Better balance sheets. | 2004-12-31 | |
| DON'T BUY | 9.900 | Garth Jestley | Would prefer Connors Brothers whith better growth prospects. | 2004-10-29 | |
| DON'T BUY | 9.650 | Leslie Lundquist | Dropped off dramatically due to US$ exposure. Their subordinated insider management distributions are being delayed to make sure volume is sufficient to support it. Distributions could also be cut. Ok long term, but 04/05 might be weak. | 2004-10-07 | |
| BUY | 9.650 | Blair Wilson | Has a 2-sector perform recommendation on it. Cut distributions to subordinated unit holders, so price dropped. | 2004-10-01 | |
| DON'T BUY | 10.300 | Ian Nakamoto | Prefers Connor Bros. Performance has been relatively poor. | 2004-09-14 | |
| VAGUE | 10.500 | Blair Wilson | One year target of 11.20dollars. Do not see much upsides. | 2004-08-31 | |
| BUY | 12.350 | Dean Orrico | Well diversified by product. | 2004-04-05 | |
| WEAK BUY | 12.500 | Leslie Lundquist | Has done everything it said it would do. Astute management team. Has a very bright outlook. Made some good acquisitions. Reasonably safe. | 2003-09-05 | |
| HOLD | 12.480 | John Priestman | Good management. Have moved up quite a bit and may need a copnsolidation period. | 2003-07-30 | |
| PAST TOP PICK | 11.300 | Ben Cheng | (Was a top pick on Dec 9. Up 11.5%.) Still likes. Pays over a 10% yield. | 2003-04-01 | |
| HOLD | 11.100 | Sandy McIntyre | Good management. | 2003-03-06 | |
| TOP PICK | 10.000 | Ben Cheng | Has good fishing licensing. Demand for shellfish should remain high. | 2002-12-09 | |
| BUY | 10.350 | Bill Shaw | Better diversified than Connors Bros. Has key licences locking up some markets. | 2002-09-27 | |
| TOP PICK | 10.020 | Bill Shaw | Owns good diversified licences for fishing, lobsters, etc. Strong management. | 2002-08-08 | |
Experts that have talked about Clearwater Seafoods Inc. Fund
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