STOCKCHASE

(A Top Pick Apr 28/08. Down 39.23%.) Mild decrease in organic growth because of the recession. Bit of a disappointment when management decided to convert to a corporation early and slashed the dividend. Keeping an eye on management. On his Watch list.

2009-05-26

TOP PICK

10.200

Rick Stuchberry

Garbage. Quiet company and not very cyclical. 50% corporate garbage. Should have very steady cash flow going forward. 5% yield.

2009-04-03

BUY

9.400

(Market Call Minute.) Cheap relative to its US peers. Did a recent equity issue that cleans up their balance sheet a bit.

2009-02-27

HOLD

8.470

Converted to a Corp. from a trust and cut its distributions. Waste management is a recession resistant group. Positive on the long-term story. One issue is the balance sheet where US debt is a little closer to the covenant than she would like. Some pressure from the market waiting to see how they de-leverage themselves in the US and this is currently in the works. Wait for the results before Buying. Good long-term hold.

2009-02-03

BUY

8.110

Waste management has become a good place to be. When it turned back into a corporation, stock got hammered. Longer-term outlook is quite positive. Balance sheet is not particularly strained.

2009-02-02

BUY

14.400

David Baskin

You would think garbage would be a pretty good business, even in a recession. Big dividend yield of 12.89%. Even if it dropped by 1/3, it is still 8%. Thinks it has been oversold. A lot of their revenue is in US$.

2008-11-06

PAST TOP PICK

13.000

(A Top Pick Apr 28/08. Down 41%.) Has been a major disappointment. Distribution was slashed and is no longer acceptable to yield oriented investors. Need to do a lot of acquisitions and have high levels of debt.

2008-10-29

DON'T BUY

18.200

(Market Call Minute.) Debt levels are still pretty high.

2008-09-19

DON'T BUY

19.400

Kevin O'Leary

Signal to everybody that they were doing a restructuring but never mentioned a cut in distributions. They lost 17% of the market value, crushing their shareholders. A lot of credibility issues. Thinks it will go sideways for quite a while.

2008-08-25

WAIT

18.640

Robert Floyd

Because of recent trust legislation, they can no longer acquire further assets. Management is going back to a corporate structure. Need cash for acquisitions so have pulled back on distributions. Wait until there are more growth investors onside. Wait for it to form a base.

2008-08-21

Comment

21.480

Peter Brieger

Seriously considering this one. Good fundamentals. A key player in the waste management business.

2008-07-16

BUY

21.500

For an income trust, it was an excellent model of relatively stable cash flow. When it converts to a corporation in 2011, there will be tax implications. The market is already pricing this in. Reasonable at today's price. 8.3% yield. Some of the recent selloff is in anticipation of a slowdown in the US economy, but longer-term an excellent business to be in.

2008-04-30

TOP PICK

22.090

Major North American waste management firm. Recession proof. Stock has pulled back because management has stated that they may want to convert to a corporation earlier than 2011 but has said they will continue paying high levels of income. Can't see much downside if they do convert.

2008-04-28

BUY

21.400

Ben Cheng

Much of their revenue and bottom line is derived from the US. As the US new home construction market slows, this will affect them. Doesn't expect earnings or cash flow to rebound in 2008. Longer term, it is in a very good business. 8.4% yield should be safe. Not a bad entry point.

2008-04-16

WEAK BUY

22.020

Norman Levine

Operationally it’s been chugging along. They’re not seeing signs of a recession yet. A growth company, should be a regular corporation. It’s reasonably priced, good entry point. The 8% yield is safe for the time being. Could see a little more downside in the stock.

2008-03-27

BUY

24.200

Andrew Guy, CFA

Waste management. A sector that is very steady through all cycles. Trading in line or slight discount to some of the US competition and there are some concerns on consolidation but they have done a great job of making acquisitions in the US. Very good management team that is able to grow its business and distributions over time.

2008-02-06

PAST TOP PICK

24.250

(A Top Pick Nov 10/06. Up 5.8% including distributions.) Waste management. Still likes. A relatively recession resistant business. Low payout ratio.

2008-01-29

PAST TOP PICK

23.900

(A Top Pick Feb 23/07. Down 3.4% including distributions.) One of the premier waste management companies in North America. Industry leading margins. Good entry point.

2008-01-22

Comment

24.380

As the 2011 tax changes come near, investors will be pricing this in. This company is a good model for an income trust. What has been hurting them is that they have a lot of operations in the US and the stronger Cdn$ has had a negative impact. He is starting to look at this at these levels. Yield of about 7.5%.

2008-01-08

BUY

25.900

This is a good example of a trust that has a lot of flexibility between now and 2011. Made a very good trust and has done very well with a good steady, stable cash flow. One of the more growthy trusts. Feels the distribution is very sustainable.

2007-12-04

BUY

25.690

Trades at about 8.5 EBITDA basis. 60% of their operations is in the US. Feels that in 2011 their taxes will be up from about 11% to about 22%. Organic growth has vastly outperformed its US peers. Strong management and conservatively run.

2007-11-28

TOP PICK

26.640

Waste management. Recession resistant. Very stable operating results. Made an acquisition in the Northeast US, which solidifies their position in the Northeast US.

2007-10-03

TOP PICK

26.160

Waste management. Operations in Canada and US. Very stable business. Recession proof. Organic growth has been phenomenal.

2007-08-23

BUY

28.720

Chris Rankin, MBA, CFA

Long-term outlook is very good. Great organic growth. A large portion of their business is in the US, so there is currency risk.

2007-07-13

PAST TOP PICK

28.760

(A Top Pick May 5/06. Up 4.4%.) One of the dominant players in the non-hazardous waste management. Recession resistant. Probably one of the better growth stories in the trust sector.

2007-07-11

BUY

28.350

A great company.

2007-07-03

BUY on WEAKNESS

28.330

A core holding in their portfolio. Recession proof, very well managed.

2007-06-11

BUY

29.210

Waste management. Tends to be a very steady Eddy in the market.

2007-05-28

TOP PICK

29.160

Andrew Guy, CFA

Very strong management team. Made acquisitions. A consolidator in the waste management business. Have moved into the US, which has doubled their size. Pays down their debt.

2007-05-25

TOP PICK

28.130

Patrick Kim

On a very positive upswing right now. Garners most of its earnings from the US. Strong organic growth. Very under appreciated.

2007-05-14

BUY

26.100

Waste collection and landfills. Growth business. Relatively high finance leveraged but recently did a share issue to pay it down. Good holdings.

2007-04-13

BUY

25.790

Andrew Guy, CFA

Very strong business. 4th or 5th biggest waste management company in North America. Manages its cash flow very well.

2007-04-09

BUY

26.150

Extremely well managed. A great long-term holding. Great track record of organic and acquisition growth. Relatively recession proof.

2007-03-23

BUY

26.120

Waste management in Canada and US. This is a defensive business. Recently raised some equity to pay down debt. Very solid revenue growth. Long-term hold.

2007-03-20

TOP PICK

26.400

Strong quarterly results. Organic growth was in the 8%-10% range. Good prospects going forward.

2007-03-09

TOP PICK

26.320

2nd largest player in Canada and 5th in North America. Issues with shorter life in their landfills should be resolved. Good history of increased distributions.

2007-02-23

Comment

27.450

Chris Rankin, MBA, CFA

A great business with the ability to pass on price increases. Payout ratio of about 94%.

2007-02-09

BUY

27.100

A core position in her funds. A great business. Good management. Have achieved 7%-9% organic growth over the last 3 or 4 years.

2007-02-02

BUY

28.000

Patrick Kim

6th largest solid waste management company in North America. Have recovered quite nicely. Coming off very strong Q3 results. Expect they can grow quite nicely organically. Will benefit from a strengthening US$.

2007-01-26

TOP PICK

25.500

A very defensive name. Garbage disposal. In five provinces of Canada and have expanded into the US. About 60% of their revenues and cash flow comes from the US now.

2007-01-04

BUY

25.860

John Stephenson

A good name to hold. Has possibilities to do some interesting things. 60% of its EBITDA comes from the US. Stable and good management.

2006-11-16

TOP PICK

24.850

(A Top Pick June 23/06. Down 7.2%.) A good quality business trust. 4th or 5th largest waste management in North America. Q3 numbers show a 12% increase in Canada and 10% in the US.

2006-11-10

PAST TOP PICK

30.320

(A Top Pick July 6/06. Up 7.8%.) Yields about 6%. The ideal business trust because of high barriers to entry, experienced management.

2006-10-30

PAST TOP PICK

30.000

(A Top Pick May 5/06. Up 8.7%.) A quality name in the business trust area. Pretty fully valued at this point. Should continue to deliver pretty good growth.

2006-10-27

PAST TOP PICK

28.860

Neil Wickham

(A Top Pick June 20/06. Up 13% plus the dividend.) A good solid business.

2006-10-03

PAST TOP PICK

29.280

(A Top Pick July 6/06. Up 6.2%.) Nothing can be more boring, but stable, then hauling trash. Would still buy.

2006-09-06

TOP PICK

27.910

Garth Jestley

(A Top Pick Dec 2/05. Down 4%.) In an economy where there may be some de-acceleration of earnings, this is a defensive holding. Is good at making acquisitions. Good landfill holdings.

2006-08-11

TOP PICK

27.700

They have landfill capacity. Made a big acquisition in eastern US. Earnings were up 14%. A nice, stable, defensive, boring business. An ideal business as an income trust.

2006-08-10

BUY

28.490

Has been flat for most of the year. Payout ratio has gone down and he expects distribution increases. Acquired the Ridge Landfill in Ontario and may be the only one that could be a solution for Toronto’s garbage problem. This could give a nice increase in cash flows.

2006-07-28

BUY

27.220

Bruce Hartman

Payout ratio is reasonable at 85%. Recession resistant business. Management has done a great job in acquiring/expanding landfill sites. Organic growth is good at around 6%. Made a big US acquisition and have integrated it extraordinarily well. Hedged their US currency exposure.

2006-07-14

TOP PICK

28.000

Waste management. The ideal model for a business trust. Has a lot of landfills. 6% yield.

2006-07-06

TOP PICK

27.350

One of the better quality business trusts. 5th largest waste management company in North America. Made a number of tuck-in acquisitions but have also acquired some landfill companies. Should continue to see growth. Pullback gives a good buying opportunity.

2006-06-23

BUY

26.700

Had a lot of growth. Now that growth has been captured, you should probably only expect to clip your distribution of about 6.5/7% a year. On top of that, you can hope for 2/3% growth per year. Could possibly move closer to $27/28 but may take a year. Integrating a large US acquisition.

2006-06-21

TOP PICK

26.000

Neil Wickham

Waste management company. One third of their business is Canadian and the rest is US. Have their own landfills. Strong revenue and cash flow. Yield of 6.5%.

2006-06-20

TOP PICK

27.600

A very stable business. Declined along with other business trusts. Very strong organic growth in both Canada and US. Have landfill in Ontario that could be called on for Toronto garbage, which could be an upside. Solid management. Payout ratio 85/80%.

2006-06-01

HOLD

26.900

Ben Cheng

One of the more solid and well-suited businesses for an income trust. Have a tremendous cost advantage with their landfill site. Growth pattern is probably in the low single digit category. Not as many acquisition prospects for them going forward. Too expensive.

2006-05-19

TOP PICK

26.660

Waste management. This is a conservative pick. Recession proof. Has a great payout ratio. You'll get a yield of about 6.5% but you can also expect 3/4% growth each year.

2006-05-18

TOP PICK

26.510

Leslie Lundquist

Typically trades at a premium to many of its peers because of its nice combination of a stable core business plus its ability to grow organically. Recession proof. Will be up to pass price increases on. 1st quarter results were better than expected.

2006-05-17

VAGUE

26.500

Went into a merger with a US waste management company which substantially increased their size as well as increasing their exposure to the US$. This put pressure on their payout ratios. Also affected by the higher interest rate which is now behind us.

2006-05-12

TOP PICK

27.650

(A Top Pick Feb 17/06. Down 2.5%.) Provide non-hazardous waste services. Fundamentally, the story is still on track. There is a bit of US$ exposure here but they have good hedging in place.

2006-05-05

BUY on WEAKNESS

27.850

Greg Guichon

A waste management trust. Market is a little concerned about the rising costs they are facing. Long-term, have an excellent franchise. Sensitive to interest rates.

2006-04-28

BUY

29.820

Likes.

2006-03-31

WEAK BUY

29.310

BFI is a high income trust. They have had decent pay out ratio and pretty good margins. Still buying it in his open ended mutual funds as part of the portfolio.

2006-03-03

TOP PICK

28.700

North America’s largest, non-hazardous waste collection and disposal business. The underlying base business is very suitable as an income trust. Fairly high margins. Made good acquisitions.

2006-02-17

BUY on WEAKNESS

29.000

James Leung

Garbage collection and landfill operation in Canada and the US. Prudent management team. Grows by acquisition. Recession proof. Not cheap right now.

2006-01-27

TOP PICK

28.210

(A Top Pick Sept 16/05. Down 9%.) A full service waste management company. Provide non-hazardous collection and landfill services both in Canada and the US. A very recession resistant industry. Strong organic growth. Good management. Not a cheap name, but hasn't come back as strong as other business names.

2006-01-06

BUY

28.090

Waste collection is a good business. There is only a little bit of seasonality. Generates very consistent cash flows. Expanded into the US about a year ago through an acquisition. This company can grow organically or by acquisition. A good long-term hold.

2005-12-30

BUY

27.990

One of his favourite business trusts. After the government made their announcement on trusts, this one moved from $24 up to $30. Since then, hedge funds have been unloading their positions so the fund is down on the short-term but it should be okay long-term.

2005-12-23

TOP PICK

28.170

One of the hallmark businesses in the group. A very stable company with a good track record. Likes waste management as its recession resistant. Payout ratio is low at 85. Try to buy on a bit of a dip.

2005-12-19

BUY

29.440

Leslie Lundquist

In the waste disposal business. They are going to consolidate a fragmented industry across North America. Recession resistant. Also have pricing power. Not inexpensive.

2005-12-07

TOP PICK

29.250

Garth Jestley

The 6th largest non-hazardous waste management firm in North America. A really great growth record.

2005-12-02

PAST TOP PICK

28.240

(A Top Pick Sept 16/05. Down 8.5%.) After the government's trusts announcement, the rest of the business trusts dropped 15%, so this one didn't fare too badly. Great company. Very strong earnings.

2005-11-18

HOLD

27.600

James Leung

A very well managed company. A non-cyclical business of waste management, garbage collection and landfill. Just reported excellent results as usual. Because they have some operations in the US, there may be an opportunity for them to develop a more efficient tax structure.

2005-11-11

PAST TOP PICK

25.000

(A Top Pick Aug 26/05. Down 15% not including distributions.) Has been a tough period for business trusts. A great business.

2005-10-28

BUY

27.840

Excellent management. Acquired a US company IESI last year. Has a landfill in northern Louisiana. May actually get some upside from the hurricane damage with all the waste and debris. Expects modest distribution increases over time.

2005-10-07

BUY

28.980

Relatively low payout ratio. Has grown quite significantly as a result of the trust model.

2005-09-30

BUY

28.010

Distributions are safe with a potential to increase them in '06. Might want to start buying around this price $27/28.

2005-09-23

TOP PICK

30.600

(A Top Pick July 15/05. Up 6%.) A great core holding A very stable business. Recession proof.

2005-09-16

TOP PICK

30.060

Bruce Hartman

A favourite. They operate land fill sites and non-hazardous solid waste collection in Canada and the US. Has increased its distributions 4 times since becoming a trust and expects this to continue.

2005-09-09

TOP PICK

29.250

One of our larger holdings. One of the larger players in solid waste management. Stable business. Very deep management team.

2005-08-26

BUY

29.400

Strong history of tuck-in acquisitions and made a large US acquisition last year that has catapulted them to be a major player in the waste management business. Would like to see them continue to integrate that acquisition and supplement it with some tuck-ins.

2005-07-29

TOP PICK

28.420

(A Top Pick Apr 15/05. Up 9.2%.) A full service waste management company. A recession resistant industry. Very strong organic growth in Canada and the US. Very conservative payout ratio (mid 80's). Not really cheap, but given the growth prospects and conservative payout ratio, a great buy.

2005-07-15

BUY

26.640

In full service waste management. Yielding about 6%. A high quality company. Wouldn't buy for capital gains, but for a steady yield, it's a good holding.

2005-06-24

BUY

25.810

Dan Bastasic

Waste management is a great business, an ideal type of trust with long stable contracts, pricing power. Just made a major acquisition in the US. Double their revenue base. Hedged their currency exposure so they don't gert hit on currency. Very well managed.

2005-05-27

TOP PICK

26.280

Made a couple of big acquisitions which more than doubled the size of the business. Hauling trash is one of those things that is never going to go away. Higher fuel costs will be able to be passed on.

2005-05-16

TOP PICK

27.580

A waste management company that operates in Canada and recently into the US. Good income trust model. Recession resistant. Strong market position. A fair degree of pricing power. Balance sheet is about 1.7 X debt to EBITDA which is low. A healthy payout ratio. Expects another distribution increase this year.

2005-05-06

BUY

27.260

Relatively recession resistant. Made a lot of tuck-in acquisitions resulting in some increases in distributions. Late last year, made a major US acquisition making them a North American waste management business. Should be more upside.

2005-04-22

TOP PICK

25.600

(Was a Top Pick Mar 18/05. Down 3%.) Dropped with the other income trusts. A core holding. A recession proof industry. Strong organic growth. In the top 3 in terms of market share. Made 2 good acquisitions in January.

2005-04-15

BUY

25.800