| BUY | 14.690 | Ben Cheng | (Market Call Minute.) Just came out with very strong results. Likes the business. Fairly recession resistant. | 2008-08-07 | |
| TOP PICK | 17.290 | Kevin Hall BComm, CFA | Dominant supplier of cheques to Canada's leading financial institutions. The selloff in February was overdone. Recommends a Partial Buy now and if it sells off more, add to it. | 2008-05-06 | |
| Comment | 16.130 | Norman Levine | Cheque printing, etc. Steady growth. In this kind of market, this is the kind of business you want to be in. Just took a big drop but he doesn't know why. | 2008-03-10 | |
| PAST TOP PICK | 20.780 | Michele Robitaille | (A Top Pick Dec 15/06. Up 35.7%.) 8% yield. A safe, stable business. Cheque volumes have been quite high in Q2 and Q3. Also acquired an acquisition mortgage brokerage services. Doesn't feel the growth in 2007 is sustainable in the long term and the company is targeting a 3% to 5% growth rate. Still likes. | 2007-11-28 | |
| PAST TOP PICK | 19.060 | Chris Rankin, MBA, CFA | (Up 10.8% since September 2006)
When he had picked it they had just made a substantial acquisition, in the mortgage brokerage services. Since then the market has softened.
| 2007-10-19 | |
| PAST TOP PICK | 19.300 | Leslie Lundquist | (A Top Pick July 13/06. Up 7.3%.) Still likes. | 2007-07-25 | |
| DON'T BUY | 19.410 | Chris Rankin, MBA, CFA | Rock solid asset but a bit expensive at 9.5 X EBITDA. | 2007-07-13 | |
| PAST TOP PICK | 19.490 | Kevin Hall BComm, CFA | (A Top Pick May 5/06. Down 5.2%.) Have done a very good job in offsetting the decline in cheque writing. Have expanded into other related products and services. Made some good acquisitions. | 2007-07-11 | |
| PAST TOP PICK | 18.930 | Michele Robitaille | Then $15.40
Had a good run. Pretty close to fully valued but a very stable boring stock.
| 2007-06-11 | |
| PAST TOP PICK | 19.160 | Chris Rankin, MBA, CFA | Then $18.75
Up 2% which is good from the prospect of Oct's.
| 2007-06-08 | |
| TOP PICK | 19.320 | Andrew Guy, CFA | Strong management. Continues to produce bank checks, but has moved into other services. Now have a company that allows processing of mortgages. | 2007-05-25 | |
| HOLD | 18.260 | Michael Sprung | Would prefer at $16. 8.5% yield. A slow growth, steady Eddy kind of business. | 2007-04-27 | |
| BUY | 16.440 | Andrew Guy, CFA | Although core business is declining, management has found new ways to grow through new services for the banks. | 2007-04-09 | |
| PAST TOP PICK | 16.520 | Michele Robitaille | (A Top Pick Dec 15/06. Up 6.5%.) Came out very strong 4th quarter results and increased distributions. Will continue to show modest but stable growth over time. | 2007-03-23 | |
| PAST TOP PICK | 15.420 | Chris Rankin, MBA, CFA | (A Top Pick Sept 25/06. Down 17.6%.) Thinks it will weaken further. | 2007-02-09 | |
| PAST TOP PICK | 15.650 | Michele Robitaille | (A Top Pick Dec 15/06. Up 1.4%.) Likes the underlying operating business and would continue to recommend this one. | 2007-02-02 | |
| TOP PICK | 15.400 | Michele Robitaille | Largest supplier of cheques to Canadian banks. Very stable business. Growth at about 3%. Acquired an on-line mortgage business which is complimentary. Good price. | 2006-12-15 | |
| BUY | 15.300 | Robert Lauzon | Attractive entry point. Nice yield which is sustainable. Recently increased distributions. Stable cash flow. | 2006-11-24 | |
| PAST TOP PICK | 19.450 | Kevin Hall BComm, CFA | (A Top Pick May 5/06. Down 3.7%.) Continues to like it. A good, steady name in the business area. Market sold off on their new acquisition, but this should work out quite well. Should get 3-4 percent growth. | 2006-10-27 | |
| BUY | 19.150 | Neil Wickham | The business of manufacturing cheques is supposedly declining but it is doing so at a very, very slow rate. | 2006-10-03 | |
| TOP PICK | 18.750 | Chris Rankin, MBA, CFA | It has room to appreciate. It is cheap, safe and stable. | 2006-09-25 | |
| BUY | 18.650 | Patrick Kim | Has a fantastic track record. Managing to squeeze more margins through innovative thinking and new products. | 2006-08-04 | |
| DON'T BUY | 18.300 | Ravi Sood | Has been one of the stars in the business trust area. May actually have turned a corner and be facing a decline in volumes which is affecting their core business. Doesn't see any opportunity for capital gains. | 2006-07-21 | |
| TOP PICK | 18.250 | Leslie Lundquist | Pays about 8%. Haven't done well in the market over the last couple of quarters. Excellent track record in terms of operating their business conservatively and increasing distributions. Low debt. Made an acquisition which the market didn't like but she feels will be valuable in the longer term. | 2006-07-13 | |
| DON'T BUY | 17.700 | James Leung | The chequing industry is a very mature one. Cheque usage has been declining for years and is currently in about a 3/5% decline. Company has done a good job in mitigating a lot of the headwinds. Recently made an acquisition in the mortgage business but they paid a huge multiple, about 14 X cash flow. Timing is at the peak of the cycle. | 2006-06-30 | |
| BUY | 17.140 | Dean Orrico | Made an acquisition that is primarily involved in the brokerage business. The stock has fallen off quite a bit. There should be continued growth and thinks the stock has been oversold. Good value at these prices. | 2006-06-23 | |
| TOP PICK | 17.380 | Robert Lauzon | Have increased distributions 7 times since they went public. Recently acquired Filogix, a high-growth software business that puts together a mortgage lender and mortgage broker. Sold off too much. | 2006-06-21 | |
| BUY | 19.200 | Michael Simpson, CFA | Dominant player in the cheque industry. Although cheque usage is declining 3% or 4% per year, they are managing it by some creative ways. Down because the overall market is down. Acquired a software company unrelated to their more business. Good value. | 2006-06-01 | |
| TOP PICK | 20.410 | Kevin Hall BComm, CFA | They provide the cheque services to a lot of the financial companies. Decent pricing power. Good, steady cash flows. Cheque usage has declined, but they have been able to expand into other areas and their margins are improving. Good value. | 2006-05-05 | |
| BUY | 20.380 | Michele Robitaille | Have been subject to a little bit of natural decline in cheque usage but have introduced innovative new programs. A good solid name. | 2006-04-26 | |
| BUY | 22.140 | Patrick Kim | Should be a core holding in most income trust portfolios. Have a fantastic track record of growing their earnings despite their product of paper cheques. | 2006-01-13 | |
| TOP PICK | 18.360 | Michele Robitaille | Have long term contracts with all the major Canadian banks. Good visibility and stability in their revenue. Have a good track record of offsetting the slow decline in cheque usage. Very conservative in their payout ratio. Very attractive at these levels. | 2005-11-18 | |
| DON'T BUY | 18.290 | James Leung | The major supplier of printed cheques to the chartered banks. Cheque usage has been in decline. Have a lot of cost efficiencies. Has had some earnings revisions downwards. | 2005-11-11 | |
| PAST TOP PICK | 23.010 | Michele Robitaille | (A Top Pick July 15/05. Up 9%.) Slow and steady. Good core holding for a portfolio. | 2005-09-16 | |
| PAST TOP PICK | 23.110 | Kevin Hall BComm, CFA | (Top pick May/6, up 10%) | 2005-08-26 | |
| BUY | 22.350 | Dean Orrico | Has exclusive relationships with Canadian banks. Good business, but the cheque business tends to decline at about 3% or 4% a year, but because they are basically a monopoly they can increase prices. | 2005-07-29 | |
| TOP PICK | 21.500 | Michele Robitaille | A very high quality trust. Have long term contracts and relationships with all 6 of the major banks. Very stable business. Have combatted the decline in cheque usage by decreasing the size of the bundles clients order and adding additional features. Conservative payout ratio. A great Buy under $21. | 2005-07-15 | |
| TOP PICK | 20.900 | Kevin Hall BComm, CFA | A core holding. Was a little bit light on their Q1 results because of a decrease in revenues which he thinks is temporary. A very healthy payout ratio. Expects a distribution increase this year. | 2005-05-06 | |
| BUY | 21.340 | Michele Robitaille | A core holding. Strong management. Slow but moderated growth. Facing challenges in cheque usage which they are addressing. | 2005-04-15 | |
| WEAK BUY | 22.700 | John Priestman | They have been doing some profit taking. Had a spectacular run. Increased their distribution 4 times. Pays $1.44 (about 6%.) Has a monopoly in cheque printing. | 2004-12-31 | |
| BUY | 22.350 | Ben Cheng | Favourites of his in the fund include Davis & Henderson, Yellow Pages, Fording Coal. | 2004-12-17 | |
| WEAK BUY | 16.300 | Hugh McCauley | Doesn't have enough growth to interest him. There could be trading rallies in the stock. 2 years from now, will probably trade in the range of $14/16.50. | 2004-05-13 | |
| DON'T BUY | 18.740 | David Cockfield | Has a very high level of goodwill built into the price. | 2004-02-18 | |
| SELL | 15.310 | Bill Shaw | Overpriced at the current level. Feels it is better valued at $13/$14 range. | 2003-10-14 | |
| BUY | 15.260 | Ben Cheng | There is a movement away from paper checks to electronic money transfers, but their profitability remains strong. Essentially a monopoly. | 2003-09-17 | |
| BUY | 13.610 | Sandy McIntyre | Just announced another distribution increase. Decent balance sheet. | 2003-04-17 | |
| DON'T BUY | 13.400 | Glenn Paradis, BA, CFA | A good core holding. Fully valued. Buy under $12/12.50. | 2003-03-17 | |
| PAST TOP PICK | 12.340 | Ben Cheng | (Was a top pick on July 12. Up 8.4%.) Still likes. | 2002-12-09 | |
| DON'T BUY | 12.030 | Bill Shaw | A good trust, but a little high now. Needs to get some acquisitions or expand into the US to continue to go up in price. | 2002-09-27 | |
| TOP PICK | 11.150 | John Priestman | Market dominant. Limited competition. Good management. | 2002-08-06 | |
| TOP PICK | 11.350 | Ben Cheng | Looking to expand into the US along with the banks. Will probably bay out $1.30 which is a 13% yield. Still room to grow. | 2002-07-12 | |
| BUY | 10.350 | Bruce Campbell | | 2002-05-13 | |
| BUY | 10.480 | Sandy McIntyre | A high cash flow business. A good price. | 2002-04-22 | |
| STRONG BUY | 10.400 | Ben Cheng | No competition. Very stable. Good management. The 12% yield is rock solid. | 2002-04-16 | |
| BUY | 10.520 | Bill Shaw | A good long term hold. Yield is about 12.5%. | 2002-03-26 | |
| WAIT | 10.800 | Sandy McIntyre | 80% of their market is writing cheques for banks in Canada. Interesting and is watching. | 2002-02-26 | |
| TOP PICK | 10.600 | Bill Shaw | Own all the key banking relationships in Canada. Has no competition. | 2002-01-18 | |
Experts that have talked about Davis & Henderson Income Fund
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