STOCKCHASE

Operates funeral homes. Last year was particularly slow. Generally should be a stable business. US$ income that has been converted into Cdn cash flow, which has been a problem. Recently cut their distributions and are doing a rights issue and lowering their debt, which is positive but a bit dilutive. Fairly valued.

2008-04-28

BUY

7.900

Andrew Guy, CFA

(Market Call Minute.) A company that has fallen off the radar screen and funeral homes is a steady business.

2008-02-06

VAGUE

7.900

Chris Rankin, MBA, CFA

Be patient, may take a year or two.

2007-10-19

Comment

8.920

Andrew Guy, CFA

Very good management team. Won't be as impacted from the tax changes as it is mainly US operations. Because it is small cap, it seems to fly below everyone's radar. Would have liked to have seen a faster pace in consolidations and acquisitions.

2007-07-27

TOP PICK

9.190

Chris Rankin, MBA, CFA

Funeral home operator. This is an industry that consolidates from time to time. Substantial US exposure, so there is currency risk.

2007-07-13

Comment

9.260

Michael Simpson, CFA

Cemeteries and cremation services. A US IPS, so it’s not an income trust and won't be impacted by legislation. Did well in Q1. Would like them to get debt levels down. Payout ratio of about 90%.

2007-07-04

BUY

8.450

Funeral services in the US. Technically not an income trust, but an Income Participation Security. Doesn't feel it is subject to the new income trust rules. Non-cyclical. A great long-term business. Good yield of about 12%.

2007-02-22

Comment

7.700

Michael Simpson, CFA

Funeral home and cemetery business. This will not be affected by the proposed legislation. Debt levels are a bit too high. Payout ratio is also too high.

2006-11-03

Comment

8.150

Funeral homes across the US. Stable business. Recession proof. Foreign exchange risk. Manageable debt. If you are a bull on the US$, it would be a good stock to own.

2006-09-08

BUY

8.120

Jason Zandberg

Funeral home operator. Operate out of 27 US states as well as in Ontario. More deaths are fuelling their growth, but attitudes to cremation have changed and % of cremations are expected to rise, which will squeeze margins. 12% yield. There is still growth here.

2006-09-07

BUY

8.310

James Leung

5th largest funeral homes in North America and most of them are in rural areas. On the acquisition trail. Very prudent operators.

2006-06-30

BUY

9.340

Good business. They are in the funeral home business. Continue to do well. Stable management. Pay out 95%

2006-02-08

BUY

8.490

Focused on the funeral business in rural US. A slow, stable business. It won't shoot the lights out, but will continue to grow at a slow and steady pace. Great management alignment.

2005-12-19

BUY

8.350

Death care business is a stable one. A long-term hold. Not a lot of growth in this one.

2005-12-08

PAST TOP PICK

7.700

(A Top Pick Aug 19/05. Down 20%.) Their underlying business has performed superbly. About 15% ahead of their forcasts when they were IPO'd. Unfortunately there is a malaise in the market with some of the smaller names.

2005-11-04

BUY

8.800

Ravi Sood

US funeral home business. Has a very stable cash flow from operations. Payout ratio is 80%. Good management. There is US$ exposure. The US$ is hedged, but hedges do roll off, but this is built into the price. A very good entry point for this one.

2005-10-14

BUY

9.530

A funeral home operator across the US. Good core business. Had a solid 2nd quarter. Gearing up to make some acquisitions in the 2nd half of the year.

2005-09-16

TOP PICK

9.690

Has a solid story, In the funeral service business. The fifth largest in the US. Has come off significantly since its IPO, but thinks it's only malaise in the market. Have outperformed their guidance since their IPO. Earnings are up 15% above guidance and their payout ratio has fallen to 80% yet the yield is north of 10%.

2005-08-19

BUY

10.200

Funeral services. Fits a lot of the criteria that they like to see in an income trust. Relatively stable industry in terms of revenues. A growing operator. Consolidating a lot of mom & pop operations at reasonable acquisition multiples. Extremely positive numbers.

2005-06-10

BUY

9.630

US funeral home business. Great fundamentals. Very stable industry. Good margins. The thing to watch with this industry is the amount of leverage (debt), but they are comfortable with their leverage.

2005-04-08

BUY

10.150