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| DON'T BUY | 4.810 | Michael Simpson, CFA | Distributor of basic hardwood products used for doors, cabinets etc. Recent results where weak. Have about $26 million in debt. Recently cut their distribution. Based on a slower US economy, he is not enthusiastic about the short-term results. | 2008-05-14 | |
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| SELL | 6.500 | Leslie Lundquist | A distributor of hardwood to manufacturers of hardwood products, not flooring. About 70% of its business is in the US, so there could be a currency problem. The slowdown in housing in the US is a negative. | 2007-07-25 | |
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| BUY | 5.730 | Chris Rankin, MBA, CFA | Will be volatile because of its exposure to the housing cycle. A reasonable amount of leverage. Have a history of expanding their outlets. Statistically very cheap. 6 X distributable cash flow. If you can deal with the volatility, it has every reason to be able to appreciate. | 2007-02-09 | |
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| DON'T BUY | 4.850 | Robert Lauzon | They have cut distribution once this year. Their pay out ratio is over 100%. It a seasonable industry. Avoid it. | 2006-09-29 | |
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| DON'T BUY | 5.360 | Garth Jestley | Not a fan of distribution businesses. The largest hard wood distributor in Canada. There have been some improvements in its revenues but it is a thin margin business. Has cut distributions. Payout ratio is too high. | 2006-08-11 | |
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| HOLD | 5.350 | Leslie Lundquist | Has not done well since its IPO. Thinks the worst times for this business are past. Extremely inexpensive. They have 2 years to grow their business to a point where they can offset an upcoming hedge that's coming off for currency. | 2006-07-13 | |
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| DON'T BUY | 6.800 | Michele Robitaille | Has a yield of almost 16%. Had a pretty strong correction which started last summer. Investors were becoming concerned with building materials and construction oriented companies. They cautioned that their growth was going to be more muted this year and it was. Have a well defined strategy. They will be economically sensitive. | 2006-01-06 | |
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| DON'T BUY | 6.650 | Michele Robitaille | Primarily focused on the furniture industry. Hard hit based on investors fears of building products being, low consumer demand. Growth has been relatively slower than last year. Pretty well back on track. Payout ratio is about mid-50’s and debt is reasonable. All of the bad news is now built into the price. Doesn't see a catalyst to make it moved higher. | 2005-12-19 | |
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| HOLD | 6.640 | Michele Robitaille | Involved with the distribution of lumber and building type products. Nothing fundamentally wrong with this story. Dropped because of the market's worry on housing. 3rd quarter results were flat. Payout ratio is about 97%, so a little higher than she likes. Trading at a good price with a 15/16% yield. Hold if you like the yield, but don't buy. | 2005-11-18 | |
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| WEAK BUY | 8.800 | Michele Robitaille | 2/3% revenue growth is expected. Have a planned strategy to expand their existing markets. It will be a slow expansion. Distribution is relatively safe. Could be economically sensitive. | 2005-10-14 | |
Experts that have talked about Hardwoods Distribution Income Fund
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