| HOLD | 15.130 | Michael Simpson, CFA | Have about 30% market share of custom brokerage and logistics in Canada. Recent quarter was better than expected. Doing quite well on car importation in Canada. During an economic downturn, their volumes and cash flow will suffer. | 2008-05-14 | |
| DON'T BUY | 15.040 | Michele Robitaille | Hammered by the cyclical downturn. As the US economy worsens, theirs worsens. Has been a dramatic falloff of goods both ways. Sees more challenges than upside. Not cheap at 8X EBITDA 2008. Payout ratio of about 96%. Doesn't expect an imminent cut in distributions but with an extended downturn in the US there probably won't be a turnaround anytime soon. | 2007-11-28 | |
| BUY | 17.650 | Sandy McIntyre | Earnings came out and they were acceptable. Near a 52-week low which is probably due to the general malaise. Good long-term buy. | 2007-08-13 | |
| HOLD | 19.390 | Leslie Lundquist | Largest custom brokerage firm in Canada. 1st quarter was rather disappointing. Recently announced the retirement of their transportation/logistics man and she feels the 2nd quarter may be weak. | 2007-07-25 | |
| HOLD | 20.670 | Michael Sprung | Likes it. Business model is excellent. Some of their business segments, they've had a margin squeeze, but that is a short term problem.
| 2007-06-15 | |
| TOP PICK | 21.210 | Patrick Kim | The leading customs brokerage between Canada and the US. Stock price has come off in the last couple of days because of a weak Q1 report. Good as a trading stock. He sells when it gets up to $23-$24. | 2007-05-14 | |
| BUY | 21.500 | Andrew Guy, CFA | Provides cross-border brokerage services. Have a very large market share. Medium to longer-term they will do very well. Good cash flow. | 2007-04-09 | |
| WAIT | 20.770 | Michele Robitaille | Relatively good company. A leading customs broker. With their acquisition last year they are at 27% market share. She is a little cautious about trade volumes if the US economy slows down. Wait for their 4th quarter results. | 2007-03-23 | |
| TOP PICK | 21.500 | Patrick Kim | The leading customs broker. One of the most blue chip industrial trusts that you can buy. Very conservative balance sheet. Conservative payout ratio. Stable business. | 2007-02-22 | |
| PAST TOP PICK | 22.500 | Patrick Kim | (A Top Pick Jan 13/06. Down 7.1%.) His favourite name in the industrial trusts. Have a fantastic market position. | 2007-01-26 | |
| PAST TOP PICK | 22.200 | Robert Lauzon | (A Top Pick Mar 1/06. Down 16.9%.) Study cash flow business. Integrating a large acquisition, which will take a couple of more quarters. Still likes it. | 2007-01-22 | |
| BUY | 21.450 | Michael Sprung | This is one of the business models that he does like. Likes the international trade logistics market and this is a leader in it. Pays 8.5% yield. | 2007-01-05 | |
| Comment | 19.870 | Ben Cheng | Has helped consolidate the custom brokerage business and has done quite well and is now the largest player. As the US economy slows, their business will also slow. | 2006-12-01 | |
| PAST TOP PICK | 22.860 | Robert Lauzon | It is up 11%. It is a pretty stable business. | 2006-09-29 | |
| BUY | 23.160 | Michael Sprung | Does a lot of logistics in cross border trade which is a good area to be in. Stock has dropped in price which gives an opportunity to buy. 7.3% yield. | 2006-09-19 | |
| PAST TOP PICK | 25.990 | James Leung | (A Top Pick Jan 27/06. Up 2.5%.) Expect the synergies from their last year’s acquisition will come through in the next 6 months. Payout ratio is very comfortable at 85%. | 2006-06-30 | |
| PAST TOP PICK | 26.560 | Patrick Kim | (Past Top Pick Jan 13/06. Up 12%.) A fantastic name. Have a track record of under promising and over delivering on its cash flows. | 2006-04-21 | |
| PAST TOP PICK | 27.400 | Robert Lauzon | (A Top Pick Dec 23/05. Up 21%.) The easy money has been made on this one. Probably fully valued now. | 2006-04-07 | |
| PAST TOP PICK | 25.900 | Robert Lauzon | (A Top Pick Dec 23/05. Up 18%.) Good synergies with their recent acquisition. | 2006-03-24 | |
| TOP PICK | 26.730 | Robert Lauzon | Believes recent merger will produce good results.
Pay out ratio at 75%. There may be some regulatory risks. He is continuing to buy. | 2006-03-01 | |
| BUY | 27.150 | Ben Cheng | Recently merged with Peace Bridge (PBB Income Fund) It is nonasset base brokerage firm. It looks good. Low yield and less risk. | 2006-02-25 | |
| TOP PICK | 25.500 | James Leung | In the customs brokerage business. They benefit from the good cross border trade. | 2006-01-27 | |
| TOP PICK | 24.430 | Patrick Kim | The largest custom broker in Canada. Just acquired one of their main competitors. They were in similar businesses, so there will be a lot of synergies. A great track record of increasing distributions steadily. | 2006-01-13 | |
| TOP PICK | 22.600 | Robert Lauzon | Livingston (LIV.UN-T) is merging with PBB Logistics (PBB.UN-T) and the synergies will be very high. The toughest part will be integrating their IT systems. | 2005-12-23 | |
| TOP PICK | 20.960 | Robert Lauzon | Attempting a merger with PBB (PBB.UN-T) that is also a custom brokerage. Good synergies. | 2005-12-08 | |
| BUY | 20.450 | Michele Robitaille | Involved in a hostile takeover of PBB Global Logistics (PBB.UN-T). The combined company would be very strong. A natural fit. A very high quality company with a very strong management team. Conservative. Payout ratio is around 70%. | 2005-11-18 | |
| VAGUE | 21.300 | Robert Lauzon | Has been treading water for the last year at around $20 because it trades at the high end of the multiple. Low payout ratio. A lot of cash built up on the balance sheet. Recently made some acquisitions. | 2005-06-17 | |
| BUY | 21.100 | Patrick Kim | One of the higher quality income trusts. Benefiting from the increased cross border trade. Continuing to see strong numbers form the industry. They are the market leader, so they do have a good presence in having a diverse revenue base across wide sectors. Long track record and solid management team. Very strong Q1 results. | 2005-06-10 | |
| DON'T BUY | 19.000 | Blair Wilson | Has had problems in the past with a higher Cnd$. Target price is lower than current price. | 2004-10-01 | |
| TOP PICK | 16.550 | Dean Orrico | Good-quality management team. Relatively low debt. Relatively low payout ratio. Outlook is quite strong. Would like to see it makes them acquisitions in order to increase growth. | 2004-05-05 | |
| TOP PICK | 17.300 | Dean Orrico | The largest player in Canada in the Customs brokerage industry. Need for security has increased regulations for importing/exporting. Good management. | 2004-04-05 | |
| BUY | 14.250 | Dean Orrico | 80% payout ratio. | 2003-06-25 | |
| BUY on WEAKNESS | 13.050 | Sandy McIntyre | Good business. Have done a good job on increasing distributions. Would buy on any pullback. | 2003-04-17 | |
| BUY | 11.300 | Sandy McIntyre | Should do quite well in a growing economy. | 2003-01-09 | |
| DON'T BUY | 11.200 | Garth Jestley | New trust. Good yield but 100% taxable. Trades at a big premium. | 2002-03-19 | |
Experts that have talked about Livingston Int'l Income Fund
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