| SELL | 14.750 | Laura Wallace | This stock is in the speculative category. If she owned, she would be tempted to sell at this price. | 2005-12-22 | |
| DON'T BUY | 15.250 | Rob Callander | Their Zeller’s stores have had trouble competing with Wal-Mart (WMT-N) but is doing batter than The Bay. | 2005-11-10 | |
| DON'T BUY | 15.500 | Gavin Graham | Retailing is under pressure and can't see it doing well. | 2005-10-31 | |
| DON'T BUY | 13.550 | Paul Harris, CFA | A poorly run company. A difficult business and they have never changed their business model and effectively make it work properly. No visibility on earnings at all. | 2005-09-19 | |
| DON'T BUY | 13.740 | Ross Healy | Still holds the convertible debentures, but his belief is slowly draining away. | 2005-09-14 | |
| BUY | 13.200 | Ben Stadelmann | Undervalued. Have about $500 million in real estate. Management has made some major mistakes in their planning in terms of revenue growth but seem far more realistic now. | 2005-09-06 | |
| DON'T BUY | 14.850 | Martin Hubbes, CFA | Haven't owned this stock for a number of years. Has been under a lot of pressure. Heavy competition from Wal-Mart (WMT-N) as well as Loblaws (L-T) which is getting into the soft goods. Have some really good real estate locations. | 2005-08-02 | |
| DON'T BUY | 14.040 | Veronika Hirsch | There is speculation that they may be selling some of their real estate assets. Also rumours of a takeover by a US retailer. If nothing happens, it's not worth what it's trading at now because of the disappointing merchandising numbers they have come up with. High risk strategy. | 2005-07-27 | |
| DON'T BUY | 14.950 | David Chapman | Has been in trading range. May have broken out and if the volume picked up at the same time (Ed. It didn't.) there is a chance it could move higher. Not an exciting stock. | 2005-07-04 | |
| DON'T BUY | 15.010 | Paul Harris, CFA | In a difficult retail environment. Have perpetually missed their numbers. Have never quite put in motion the necessary changes that were needed. No vision. A lot of competition. | 2005-06-30 | |
| DON'T BUY | 13.160 | Neil Wickham | Very unspectacular. Probably where it is because of the constant rumour of a takeover. | 2005-05-30 | |
| DON'T BUY | 13.200 | David Cockfield | Doesn't feel the retail business in Canada, particularily in Ontario, is going to be a very hot sector. Has a hard time competing. | 2005-05-12 | |
| DON'T BUY | 13.200 | Andrew McCreath | Has not been able to buck the trend of same store sales and difficult profitability. Feels the Cdn. economy is going to soften. Consequently the fundamentals are not particularly stellar. There is a renewed view that the US investor, who has been accumulating its stock, is going to buy the rest of the company. Wouldn’t be willing to make that bet. | 2005-05-04 | |
| BUY | 12.770 | Pierre Bernard | Still has some upside in it. As a merchandiser, it's going in the right direction. There will be some misses. | 2005-04-18 | |
| DON'T BUY | 12.860 | David Baskin | Will be unexciting. The whole North American department store sector seems to be unable to gather a lot of traction. The trend seems to be towards big box retailer in the lower end of the market and towards more boutique at the higher end. This also applies to Sears (SCC-T). | 2005-03-29 | |
| BUY | 13.500 | Ross Healy | They're working on pumping up the earnings and FMV is $20/22. They hold the debentures because they will participate in any upside, but on the downside they still have a pretty healthy yield which provides quite a bit of defensive strength. | 2005-02-04 | |
| DON'T BUY | 12.750 | David Baskin | Has trouble making money. Terrific assets. Absence of takeover news has pushed the stock down. Retail sales in November was not encouraging. | 2005-01-25 | |
| SELL | 12.800 | Ron Meisels | At this stage, believes the stock has run out of steam. Running into a lot of overhead resistance and sellers. If you own, time to take a profit. | 2005-01-20 | |
| TOP PICK | 12.870 | Ben Stadelmann | Treat as a HOLD, not as a BUY. Takeover scuttlebut seems to have dried up. Likes the company and their assets and wouldn't count the aspect of a takeover as being finished. Pays a very nice dividend. Suffered the last few years because of WalMart and feels that WalMart may be topping out in Canada. Making some good changes. | 2005-01-12 | |
| DON'T BUY | 13.100 | Bruce Campbell | Asset value is higher than the stock price. It could be a long wait for any offer to take it over and might be lower than the present price. Too many questions with this stock. | 2004-12-23 | |
| WEAK BUY | 13.520 | John Zechner | Tough 4th quarter for them, but their valuation is around 11 X which is not expensive. Growth has been moderate. There is a potential for a take-out. | 2004-12-08 | |
| HOLD | 13.800 | Ross Healy | If you own, consider switching some of it to their convertible debentures. Feels the company remains a creeping takeover. | 2004-12-01 | |
| DON'T BUY | 14.030 | Bruce Campbell | Credit sided does OK, but the HBC and Zellers stores are not profitable. No reason to hold this one. | 2004-11-15 | |
| HOLD | 14.290 | Benj Gallander | Always want a minimum of 50% on the upside, so this stock no longer matches their "BUY" criteria. The big question is "will somone come in and scoop up the company". Has about $500 million in real estate. | 2004-11-09 | |
| SELL | 13.920 | Peter Hodson | Wouldn't expect much from the Christmas season. Got a little fed up on how fast a takeover could take, so reducing his holdings. | 2004-11-04 | |
| BUY | 14.000 | Michael Sprung | Trading at half of book value, but has even been down to $10 this year. Doesn't see a lot of downside. | 2004-10-21 | |
| DON'T BUY | 13.920 | David Cockfield | Had a spike in the last week, but not aware of any news on this. Prefers their convertible debentures. Retail side may turn out a little better than anticipated. | 2004-10-14 | |
| VAGUE | 13.750 | Robert Floyd | A great value stock as it trades at a significant discount to its NAV. Not performing well as a growth. | 2004-10-06 | |
| DON'T BUY | 13.200 | Gordon Higgins, CA, MBA, CFA | Speculation on a takeover is reflected in the stock price. | 2004-09-30 | |
| HOLD | 13.400 | Ben Stadelmann | Retail side is struggling. Real estate assets carried on the books is probably less than the true value. Has a suspicion that WalMart has peaked. If a takeover, price will be between current price and $18. If not, stock will drop back. | 2004-09-16 | |
| DON'T BUY | 13.670 | David Baskin | Doesn't think it will be taken over. Has tough competition from Wal Mart and Zellers hasn't done as well as had been hoped. Expects it to be dead money for a year. | 2004-09-09 | |
| BUY | 14.450 | Ross Healy | Dirt cheap. Nominal book value is $30 or higher. There are rumors of Target trying to get it at $16.50. This would be a steal, so expect another offer would come in. | 2004-08-16 | |
| DON'T BUY | 15.000 | Brad Willock | Rumors of a Target takeover and purchase of shares by Zucher of the US have been pushing the price up. Doesn't feel a takeover by Target is a reasonable bet. If you own, take some profits. | 2004-08-13 | |
| WEAK BUY | 13.900 | Steve Gold | Not a bad company but Zellers has trouble because of Wal-Mart. A significant real estate portfolio which is probably twice what the stock is trading at now. | 2004-08-11 | |
| SELL | 14.000 | Bruce Campbell | Analysts feel the takeover price would be in the mid-to high teens and since it is almost near the mid-teens, you should consider taking profits. Not worth waiting for a takeover. | 2004-08-06 | |
| DON'T BUY | 13.650 | Ron Meisels | Trading in a tight range and, if the breaks through its upper range, there are a lot of people who own the stock that could sell. | 2004-07-14 | |
| VAGUE | 13.550 | Laura Wallace | Stock is trading at premium. | 2004-07-12 | |
| DON'T BUY | 13.650 | Steve Gold | The difficulty is competition. Zellers will continue to lose market share to Wal-Mart. Good assets in owning wonderful properties. Too speculative. | 2004-07-07 | |
| DON'T BUY | 13.800 | David Chapman | A little cool on retail stocks at this point. Signs indicate that consumer discretionary is rolling over. | 2004-06-28 | |
| DON'T BUY | 13.800 | Robert Floyd | Rumors of takeover have been around for couple of years and on that basis, it is a value stock. Would be a difficult company to sell because of the size. Quarterly numbers always seem to be disappointing. | 2004-06-28 | |
| VAGUE | 14.090 | John Zechner | Doesn't view the rumors of a takeover as likely. Employment is growing so people will be spending more money. | 2004-06-23 | |
| DON'T BUY | 13.590 | Michael Sprung | A lot of speculation on takeover rumors. This could create significant upside if that happens, but pure speculation at this time. | 2004-06-21 | |
| DON'T BUY | 13.370 | Kyle McKay | Department stores are showing negative retail sales. Better opportunities in the retail space. | 2004-05-27 | |
| DON'T BUY | 13.700 | Neil Wickham | Doesn't measure up in terms of cash flow returns or in terms of its growth in recent years. Would prefer Canadian Tire And Shoppers Drugs. | 2004-05-25 | |
| DON'T BUY | 13.310 | Norman Levine | A takeover is a pure gamble/speculation. More important to look at a company's fundamentals. Still losing market share. Its stores are struggling. | 2004-05-17 | |
| DON'T BUY | 13.640 | Bob Stodgell | Don't buy because of a possible takeover. Retailing is a very difficult business. | 2004-05-13 | |
| DON'T BUY | 13.080 | Ian Nakamoto | Doesn't like to buy stocks on a potential takeover. Not a premier company in the retailing space. If you have a profit, takes in cash of the table. | 2004-05-07 | |
| HOLD | 13.200 | Laura Wallace | The US investor is increasing his holdings. | 2004-05-04 | |
| HOLD | 12.600 | Ross Healy | Fair market value is about $17/18 sold not a tremendous amount of upside but a creeping takeover is in progress and it is expected the individual will have to declare himself which could give a good pop. | 2004-04-29 | |
| PAST TOP PICK | 12.970 | Benj Gallander | (A top pick Jan 9/04. Up 8.5%.) Have just taken it off there buy list. | 2004-04-19 | |
| BUY | 13.090 | David Taylor, MBA, CFA | There are hidden assets in the stock. A real competitive market and same sales store growth is not there. | 2004-04-06 | |
| BUY | 13.000 | Ross Healy | Strongly fighting the Wal-Mart threat. Has good locations. A creeping takeover is occurring now. | 2004-03-29 | |
| BUY on WEAKNESS | 13.000 | Rob Callander | Disappoints on the sales and revenues side. Have some powerful retail marketing technology. Strong competition. Would buy on any decline. | 2004-03-29 | |
| BUY | 13.030 | Ross Healy | Their most recent quarter wasn't a barn burner.Zucher keeps on buying the stock. If management continues to increase their margins, the stock could be worth $30. | 2004-03-16 | |
| BUY | 13.800 | Norman Levine | A possible takeover has push the price up. Still thinks there are better run retailers in Canada. Up | 2004-03-12 | |
| DON'T BUY | 12.650 | Michael Smedley | There is an interesting buyer of shares out of the US. Has an interesting asset base. Not sure that you will make much more in the near-term. | 2004-03-08 | |
| DON'T BUY | 13.200 | Gavin Graham | Trades at 30% of book value. 2/3rds of its profit comes from its credit card operation. Zellers has not done badly. Department stores is a dying format. More of a trading stock. | 2004-03-04 | |
| DON'T BUY | 13.500 | David Baskin | Takeover speculation. Doesn't think it's going to happen. The big threat facing them is Wal-Mart. Have a tremendous balance sheet and wonderful assets so bought the bonds instead of the stock. | 2004-03-01 | |
| DON'T BUY | 14.050 | Ted Macklin | The retail business, especially department stores, is not a good business to be in at this time. | 2004-02-26 | |
| DON'T BUY | 14.000 | Laura Wallace | Takeover speculation has raised the price. The retail side has been very disappointing. | 2004-02-25 | |
| HOLD | 13.750 | Ross Healy | Getting close to its fair market value of $17. Looks like it's in play for takeover. Pressure is on management to either change to a real estate investment trust or work on the margins. | 2004-02-23 | |
| DON'T BUY | 13.630 | Jonathen Wellum, B. Comm, B. Sc | A large equity player is building a position in this company. Difficult to assess its current value in its present transitional state. | 2004-02-20 | |
| DON'T BUY | 13.750 | Gavin Graham | Book value is about $30. Most of their profit is from their credit cards. A wasted retail format. | 2004-02-17 | |
| DON'T BUY | 13.500 | Vincent Delisle | A speculation based on talks of a takeover. If you own, take some profit. | 2004-02-16 | |
| SELL | 13.980 | Ted Macklin | Not a fan of Canadian retailers. Can see where growth is going to come from. | 2004-02-12 | |
| WEAK BUY | 13.700 | Michael Sprung | Selling well below book value of $30. Has significant real-estate holdings. Had a great run. | 2004-02-09 | |
| DON'T BUY | 12.430 | Michael Sprung | Underlying assets make it look like a bargain, but their retail business has been suffering. Need to develop a better operating system. Would prefer Sears. | 2004-01-27 | |
| DON'T BUY | 12.200 | David Baskin | The assets are better than the business. The operating part of their business is in trouble. | 2004-01-22 | |
| DON'T BUY | 12.140 | Norman Levine | Would prefer Sears or Canadian Tire if buying a retail. | 2004-01-21 | |
| BUY | 11.840 | David Taylor, MBA, CFA | The stock is cheap. Generates a lot of free cash flow. Expects a take-out. | 2004-01-14 | |
| DON'T BUY | 12.020 | Pierre Bernard | Fully priced at this time. Management still has a lot of work to do restructuring, but they are on the right track. | 2004-01-13 | |
| TOP PICK | 12.150 | Benj Gallander | Takeover rumors. One person has been accumulating a lot of shares which could be a precursor to others joining in. Target price without a takeover is $19.04. | 2004-01-09 | |
| VAGUE | 11.420 | David Chapman | Watch triangular trend line, Dont want to own if it breaks trend. Volume is a critical component | 2004-01-02 | |
| DON'T BUY | 11.190 | Peter Brieger | Have had to cut their earnings estimates from time to time. There is no certainty that a takeover will happen. | 2003-12-22 | |
| HOLD | 11.160 | Ross Healy | Clear takeover target. Hang around for the action. Has a tremendous amount of real estate. Has tremendous long-term value. | 2003-12-19 | |
| DON'T BUY | 11.000 | Jonathen Wellum, B. Comm, B. Sc | Department stores are being attacked, either by discounters or by specialty stores. A tough business model to execute on. | 2003-12-12 | |
| DON'T BUY | 12.200 | Peter Brieger | There's a rumor of a takeover bid. Speculation and it could go back to $9/10 if it doesn't work. | 2003-12-10 | |
| BUY | 10.630 | Benj Gallander | Doing an offering at 7½% interest rate. Have quite a bit of debt. Think they can get their house in order. | 2003-12-05 | |
| DON'T BUY | 10.390 | Vincent Delisle | Their momentum is dictated by the strength of Wal-Mart and the competition with Zellers. This hurts the stock a lot. Not seeing the same strength in margins as with other retailers. | 2003-12-02 | |
| DON'T BUY | 10.290 | Michael Sprung | Selling at a discount of about 1/3 to book. Earnings have been badly impacted over the last few years. Expected to earn 90¢ to $1 next year. A low return on equity. Pays about a 3½% yield. Could be dead money for a period of time. | 2003-12-01 | |
| HOLD | 10.380 | Ross Healy | Take a little bit of profit off the table. Thinks it will pay off in 2/3 years. Has a good dividend. | 2003-11-28 | |
| DON'T BUY | 10.380 | Fred Ketchen | Reported slightly higher earnings. The retail business is extremely competitive. | 2003-11-28 | |
| DON'T BUY | 10.760 | Peter Brieger | Would prefer the convertible debentures. There could be growing interest in a hostile takeover which could add speculative interest in the stock. | 2003-11-25 | |
| BUY | 11.620 | Brian Acker, CA | Cheap on a fundamental basis. Wouldn’t hurt to have a little bit in the portfolio. | 2003-11-20 | |
| BUY | 11.380 | Brendan Kyne | Benefiting from the rising Cdn$. | 2003-11-19 | |
| PAST TOP PICK | 11.250 | Benj Gallander | (A Top pick on April 24/03 Up 24%.) Still likes.Have a five-year plan in place. | 2003-11-13 | |
| DON'T BUY | 11.290 | Peter Brieger | Feels the retail sector in Canada is going to hit a brick wall. Prefers the convertible debentures. | 2003-11-12 | |
| DON'T BUY | 11.380 | Michael Sprung | Looks inexpensive, but this is not a reason to buy a stock. Not sure they will be able to restructure to make them attractive again. | 2003-11-11 | |
| DON'T BUY | 11.840 | Ted Macklin | Can't see any growth with either The Bay or Zellers. They have tremendous real estate assets, but not sure they would get much for it. | 2003-11-06 | |
| BUY | 11.740 | David Burrows | The retail sector in general has been very strong and expects it will continue. | 2003-11-03 | |
| DON'T BUY | 10.930 | David Baskin | Came out with a plan to boost sales and earnings and the street seems to have bought it. The Wal-Mart competition is their biggest problem. Prefers their bonds. | 2003-10-28 | |
| BUY | 10.550 | Ben Stadelmann | Not performing as well as the competition. May take a few years. Management has a five-year plan to bring up revenues/margins. | 2003-10-23 | |
| DON'T BUY | 10.550 | David Cockfield | Not entranced with them. Ontario and Quebec economies are showing some softness. Would buy convertible debentures instead. | 2003-10-23 | |
| PAST TOP PICK | 10.040 | Ross Healy | (Was a top pick May 30/03. Up 16.6%.) For every dollar of sales, they bring back one cent to the bottom line. They just have to up their margins a bit. | 2003-10-09 | |
| DON'T BUY | 9.950 | Peter Brieger | They are forecasting tripling profits over the next several years. Probably wishful thinking. Prefers the convertible debentures instead which trade around $95 with a yield of 8.6%. Dividend is probably safe. Have a lot of refinancing to do. | 2003-10-08 | |
| WEAK BUY | 9.840 | Fred Ketchen | For a long-term investor, it could be a good hold, but don't look for any short-term up tick. | 2003-10-06 | |
| TOP PICK | 9.150 | Ben Stadelmann | Has been a laggard. Doesn't expect an awful lot for a while. Company has guided down for its revenues and profits for next year. Good dividend. Doesn't have many fans at this price. When it starts to move, people will jump on the bandwagon. | 2003-09-24 | |
| DON'T BUY | 9.080 | Laura Wallace | Trading at about 1/3 of book value and quite a reasonable PE ratio the stock looks cheap. It will be difficult for them to maintain market share. Will continue to struggle. | 2003-09-19 | |
| DON'T BUY | 9.090 | Peter Brieger | Very disappointed in the recent quarter. Would buy the convertible debentures instead which have a yield of about 9.75. | 2003-09-17 | |
| PAST TOP PICK | 9.000 | Ross Healy | (Was a Top Pick April 28/03. Down 2.2%.) Still likes. Fair Market Value is about $15.16. At about 30% of its book value. Be patient. | 2003-09-04 | |
Experts that have talked about Hudson Bay Co.
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