STOCKCHASE

In bad times, people drink because of the bad times and in good times a drink to celebrate the good times. Has been a good steady performer for him. Long-term hold. You would be buying this one for the dividends.

2011-11-10

Comment

15.800

David Baskin

Eventually income trusts’ distributions are unsustainable unless they have enough tax shelter to cover income. In this case, do they have enough real estate depreciation? He feels probably not. Dividend will probably be lower than distributions in 2011-2012.

2010-09-28

BUY

15.120

Paul Gardner, CFA

Have tax losses that they can use when they convert to a corporation. Likes the story. Not one that will have growth but expects distributions will stay intact.

2010-09-01

HOLD

15.530

Jim Huang

People spent less during the recession by buying cheaper products. We need to wait for some improvement in the economy for resumption in growth. When it converts to a corporation there may be some pressure on the current distribution.

2010-06-22

BUY

15.700

Mostly Alberta but acquired a chain of Liquor Barn stores in Kentucky. Think they will do further acquisitions. Good at the business and have $30 million more for acquisitions. Growth situation. High payout but capable of sustaining good yield after conversion.

2010-01-25

HOLD

15.780

Robert Lauzon

Recession proof. Very stable business. Low pay out ratio so there may not be a cut when they convert.

2010-01-06

DON'T BUY

15.090

Have a more aggressive payout policy so he is a little concerned about post-2011. Also concerned about the Alberta economy, which is 70% natural gas and is still very weak. Also making acquisitions in the US.

2009-11-20

HOLD

15.400

Made a US acquisition and would like to see how that works out before buying more. Long-term hold with some growth.

2009-11-11

BUY

15.180

Jeff Parent B. Eng. FCSI

If you can buy and hold at this price and just ride out the dividends you should do fairly well. Fairly low volatility. Yield of 10.7%.

2009-10-07

BUY

13.620

Has been looking at this one. An ideal company for an incumbent trust structure. Cash flows are fairly consistent. Earnings are forecasted to go from $1.70 up to $1.90 to $2 over the next few years. Distribution of almost 12% could have a little bit of a cut after 2011.

2009-09-02

HOLD

11.750

Trades at a slight premium to some of its peers in the US but do have a tax-free distribution until 2011. Has been a beneficiary of Alberta's threat to raise alcohol taxes as people rushed out to buy. Government has repealed this tax, which will benefit them in the long run. Once they are taxable in 2011 13.75% distributions will probably come under fire at about 20%.

2009-07-13

DON'T BUY

12.550

Liquor stores. Originally in Alberta and BC but made an acquisition of a chain in Alaska. Debt levels are a bit high for him. Converting to a Corp., which will give them a little bit more breathing space on their debt lines.

2009-07-06

BUY on WEAKNESS

14.600

Well managed trust. Feels distributions are sustainable. Have lots of room to grow in Western Canada. A keeper for the long haul. Would probably wait for a down day before buying but this price is okay.

2009-06-15

TOP PICK

10.600

Jean-Francois Tardif

Recession resistant. Made an acquisition last year of one of their competition, which should give them a margin expansion. 16% distribution with a chance of an increase this year.

2009-02-26

DON'T BUY

10.310

Jeff Parent B. Eng. FCSI

15% yield but you might question it sustainability. Negative earnings momentum. Estimates have been revised downwards. Chart indicates it has sort of halted its downward slide. It may see $12 on the upside but, if it comes out with a bad announcement, it will be down $2-$3.

2009-02-11

BUY

10.050

Cash flow from liquor stores is fairly consistent. Lately there has been some insider buying. Feels the 16.3% distribution is safe.

2009-02-02

Comment

8.930

Integrating their Brown Jug acquisition, which has added to the revenue line. Same store sales growth has been anaemic in the last couple of quarters. Feels that same store sales growth will be flat to down in 2009.

2008-12-08

Comment

10.690

Liquor stores in Alberta, British Columbia, and Nova Scotia and recently in Alaska. Recently reported and thought margins were a bit light. Taking a harder, closer look at these levels but wants to understand why margins were weaker.

2008-11-20

BUY

15.450

(Market Call Minute.) Made an interesting acquisition in Alaska and he would like to see how that works out so he is kind of on the fence.

2008-09-19

Comment

15.940

One of the largest liquor store chains in Western Canada. Recently announced an expansion into Alaska so is looking to become a big player in the US. Becoming interesting at these levels.

2008-08-13

Comment

17.720

A lot of investors went into this one for defensive reasons earlier this year, which pushed the value up. Bought their competition Liquor Barn whose margins were not as high. Would be concerned about them making any acquisitions in the US. Good management. Might consider buying if there is improvement in numbers.

2008-05-14

Comment

23.400

Great cash flow. Located in Alberta, which is a great growth area. Good fundamentals and strong balance sheet. His only question is, are you being paid enough for the slight risk there is. 7% distribution.

2007-12-10

BUY

23.400

Patrick Kim

Bullish on this company. Good population growth and earnings generation in western Canada. Same store sales growth is clicking.

2007-11-02

Comment

21.840

Andrew Guy, CFA

Attempting to acquire Liquor Barn Income Fund (LBN.UN-T). Have done a good job of growing. Very strong margins.

2007-05-25

DON'T BUY

21.700

Liquor stores, primarily in Alberta. A very defensive name. Still has some good growth prospects, but has gotten a little ahead of itself.

2007-03-20

DON'T BUY

18.970

Andrew Guy, CFA

Good company. Likes the business, but has never seen an attractive entry point. Very strong management team.

2007-02-08

BUY

18.490

Chyanne Fickes

Has always paid for acquisitions by issuing new units. This is still possible under the new rules and they could double their size by the time the 4 years is up, but doubts if they could do it. Has a great market. Their competition is facing a lot of challenges.

2007-02-06

BUY

18.920

This has been a great company. Expect the fortunes of this company will be tied to the future of the Alberta economy, which longer-term still looks pretty rosy.

2007-01-05

Comment

18.080

Benefited greatly from having a high multiple attributed to its trust. Even with the recent pullback, it still has a high multiple. Has been a great deal of consolidation in stores in Alberta and B.C. Will probably continue, but rate of acquisition will probably slow.

2006-12-01

DON'T BUY

17.150

Ravi Sood

This was a business that depended on the high valuation that they got as an income trust. Not only will they be taxed with no shield, but the ability to make acquisitions has been reduced.

2006-11-17

DON'T BUY

17.120