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| BUY | 16.700 | Bill Harris, CFA | He focuses on operating cash flow, low maintenance costs and throwing off of free cash flow rather than the dividend. Trades at a 12X multiple. If interest rates went up, this is how you would get hit. Because of low interest rates, there is a good income stream. 6.5% yield. | 2011-11-22 | |
| DON'T BUY | 15.650 | Barry Schwartz | Payout ratio is well in excess of what they are taking in. Company has stated that if certain things come together by 2014 the payout ratio will be 80%. He'd rather go with other utility companies. | 2011-10-20 | |
| TOP PICK | 16.000 | John Stephenson | Building projects to double cash flow in 4 years time. Very stable and conservative. | 2011-09-28 | |
| Comment | 16.780 | Douglas Kee | Paying out more than 100% of earnings is not unusual for these types of companies as they pay out of cash flow rather than earnings. Wouldn’t be too concerned about this. 6% dividend. Good growth record and prospects going forward. | 2011-05-25 | |
| PAST TOP PICK | 15.990 | Jaime Carrasco | (A Top Pick April 14/10 Up 27.68%.) Likes the utilities because of the cash flow they are paying. | 2011-04-29 | |
| PAST TOP PICK | 15.940 | Rick Stuchberry | (A Top Pick March 31/10. Up 28.57%.) A “steady Eddie”. Fair bit of renewable power. Nice yield. Still likes and would Buy on a pull back. | 2011-04-21 | |
| BUY | 15.140 | Prakash Hariharan | This company had some transition issues getting to a corporation from an income fund. It has myriad assets that are diversified and renewable exposure, which he likes. There seems to be a growth profile in their pipeline, which is not reflected. Likes it for the yield. Some excellent renewable projects on the way. | 2011-03-09 | |
| PAST TOP PICK | 15.810 | Rick Stuchberry | (A Top Pick March 31/10. Up 26.79%.) Still likes but is now a Hold as it is pretty fully valued. Dividend is safe. | 2011-02-07 | |
| TOP PICK | 14.390 | Michael Decter | Power producer with assets in Ontario and Germany and fairly green with natural gas, wind and biomass. Looking for 50% growth by 2016. Thinks their 7.5% yield is sustainable. | 2010-08-16 | |
| BUY | 13.930 | Paul Harris, CFA | 7.8% yield will stay the same after they convert. Some really good growth in this business. They not only run their plants, they also develop their plants. Cash flow will be very tight over the next couple of years because of projects coming on but this will result in a lot of growth. Not a fan of their German wind projects. | 2010-06-24 | |
| TOP PICK | 13.630 | Jaime Carrasco | Likes utilities. Yield of almost 8%. Low risk. | 2010-04-14 | |
| TOP PICK | 13.160 | Rick Stuchberry | Because of his view on the market, he is looking for yield and get paid while he waits. Could go sideways for a while. Good fundamentals. They're into co-gen, wind power and management has a big slice in it. 8.25% yield. | 2010-03-31 | |
| TOP PICK | 11.800 | Robert Lauzon | Utility. Internalized management in the last year. 9% yield and management has indicated they can keep that for the next 5 years. Fairly stable business. Most of it is gas-fired power generation. Also getting him to wind energy. | 2010-01-06 | |
| PAST TOP PICK | 11.000 | Robert Lauzon | (A Top Pick Oct 29/08. Up 10.27%.) | 2009-12-04 | |
| BUY | 11.000 | Michael Simpson, CFA | Electrical generating assets, primarily from hydro, wind and biomass. Have long-term contracts for all of their facilities. No exposure to spot markets in Ontario or Alberta. Payout ratio of about 85%. Great, long-term asset. | 2009-12-03 | |
| BUY | 10.950 | Prakash Hariharan | (Market Call Minute) They seem to have got their act together after all their issues with their shareholders converting into the income fund and amalgamating it with the parent company and they just bought some assets out in BC that have upside. | 2009-12-01 | |
| TOP PICK | 10.790 | Glenn MacNeill, P.Eng. | Power company. Recently announced a contract with Saskatchewan Power to build a gas fired generating facility. Good growth prospects. About 10% distribution, which is high for a power company but when it is cut, the stock price should rise. | 2009-11-06 | |
| BUY | 10.390 | Glenn MacNeill, P.Eng. | Power generation. Relatively conservative. Undervalued. 10.5% yield. Market had concerns about valuation as it merged with its parent entity. Well run. | 2009-09-18 | |
| TOP PICK | 10.300 | Glenn MacNeill, P.Eng. | Power generation, which is relatively secure, stable, recession resistant. Just emerged with their parent company in a complicated transaction but will add investment opportunities going forward. Likes the yield of 10.5%. | 2009-08-11 | |
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| TOP PICK | 11.200 | Robert Lauzon | Around one times EBITDA, which gives them access to capital for acquisitions. If anyone were buying a power asset that they could lever up, this would be the one. 10% yield. | 2008-10-29 | |
| BUY | 12.630 | Patrick Kim | A good name within the power group for both the near and long term. Won’t be volatile because of the long-term nature of its contract. Have some nice tuck-in acquisitions. | 2007-11-02 | |
| HOLD | 12.900 | Kevin Hall BComm, CFA | Selling electricity to Ontario Hydro. He has generally been underweight the power trust group, which is a low growth sector. Good-quality name. | 2007-03-09 | |
| BUY | 14.250 | John Stephenson | There may be some further interest-rate sensitivity but you are getting close to the point where the interest-rate cycle is likely to turn and this would take off. You’ll not only have good yield, but good capital appreciation. This one is probably one of the better names. | 2006-06-28 | |
| BUY | 13.700 | Michael Simpson, CFA | Originally started off with one gas generated facility but has expanded into wind power. Likes management. | 2006-06-01 | |
| WAIT | 14.430 | Robert Lauzon | This would be one of his top names in power trusts, but he is negative on this sector. Expects a couple of more are right increases. Good management. Fairly conservative payout ratio of about 85%. | 2006-04-07 | |
| BUY | 14.570 | Michael Simpson, CFA | Very stable trust. Started with gas fired hydro plant but have diversified into wind power with a large project in Quebec. Good management and very stable prospects going forward. There won't be a lot of growth but he likes it. | 2006-03-31 | |
| WEAK BUY | 14.760 | Robert Lauzon | The power sector is probably the most defensive and lowest risk as cash flow is usually contracted out for 20/30 years. The sector has high payout ratios, high debts and not much growth potential. If you can get it at a 7/7.5% yield you won't lose much. | 2006-03-24 | |
| WEAK BUY | 14.920 | John Stephenson | Great management team. Pretty good assets. A slow growth story. Has competition with the bonds that are yielding as much or more so can’t see where the growth would come from. Probably one of the better ones in this sector. | 2006-03-22 | |
| PAST TOP PICK | 11.950 | Greg Guichon | (A Top Pick May 20/05. Down 18% not including distributions.) Has continued to increase its distributions. Expect their Quebec wind farm will be coming on stream next year and are looking for big things. | 2005-10-21 | |
| PAST TOP PICK | 15.070 | Greg Guichon | (A Top Pick May 20/05. Up 4.5%.) Moving into wind power and the economics on wind power is very attractive because of their contracts with the Quebec government. Can see distribution increases coming here. | 2005-09-09 | |
| TOP PICK | 14.400 | Greg Guichon | A sleepy utility type trust. A gas fired co-generation producing power and steam operation based largely in Ontario. Excited about their inclusion of wind power into their assets. They will be put up in rural Quebec. | 2005-05-20 | |
| WEAK BUY | 11.690 | Blair Wilson | In a sector that is most sensitive to interest rates. | 2004-10-01 | |
| TOP PICK | 10.810 | Sandy McIntyre | 9% distribution. A conservative buy. Has one of the best purchase agreements with Hydro 1. Has a long term stable gas supply contract. Higher efficiency turbines and will be able to sell excess hydro. | 2003-04-17 | |
| WEAK BUY | 10.920 | Sandy McIntyre | Only owns one facility. Has a good power purchase agreement and good gas contract. Stable distribution. | 2002-05-03 | |
| WEAK BUY | 10.420 | Glenn MacNeill, P.Eng. | Has one of the best hydro purchase agreements with Hydro One. Good gas supply. Buy for yield, not growth. | 2002-04-18 | |
| DON'T BUY | 11.200 | John Priestman | Excellantly structured between gas price and electricity values. Fully valued now. | 2002-03-19 | |
| PAST TOP PICK | 11.310 | Sandy McIntyre | (Was a top pick on Aug 13 up 7%) Still likes. | 2002-02-26 | |
| DON'T BUY | 11.050 | Sandy McIntyre | Good relationships in selling their power. Probably fully priced now. | 2002-01-29 | |
| TOP PICK | 10.620 | Sandy McIntyre | Best long term contract with Ontario Hydro for sale of power. | 2001-08-13 |
