| Comment | 4.380 | Michael Simpson, CFA | Primary facility is in Alberta. Basically service domestic markets because of stringent export rules. Key input costs is natural gas. He is interested in looking at this one. | 2008-08-13 | |
| Comment | 4.490 | Bill Carrigan | It is now back into support again. Not sure if high input costs caused it to drop. You are probably okay to buy it here. In a market like this, he would prefer a trust that has infrastructure such as pipes, lines and utilities. | 2008-07-03 | |
| BUY | 4.900 | David Baskin | (Market Call Minute.) Excellent small income trust. Distribution has gone up. Their trade protection was renewed. Pretty safe. | 2008-02-19 | |
| Comment | 4.830 | Ben Cheng | (Market Call Minute.) Doesn't think it will go up with other agricultural stocks. No natural gas price has helped the stock. | 2008-01-21 | |
| TOP PICK | 4.940 | Bill Carrigan | He looks on this as a hidden play on agriculture. It's a way to play soft commodities and is overlooked. It is trying to break out. Nice uptrend. Use $4.25 Stop. | 2008-01-09 | |
| HOLD | 4.790 | Michael Sprung | Price has been relatively strong within the income trust market. Cash flow is fairly predictable. The one overhang is that we are getting closer and closer to 2011. | 2007-12-10 | |
| HOLD | 4.830 | Chris Rankin, MBA, CFA | They are making more profit then they have historically.
There is two sugar companies (Rogers and Atlantic) that have been able to effectively raise prices on refining which is pretty unusual. They have duopoly, which allows them to set the prices.
| 2007-10-19 | |
| BUY | 4.350 | Michael Simpson, CFA | Sugar processing. Currently there are restrictions on how much sugar can go into the US. Hedge natural gas for their input costs. Decent buy at this price. | 2007-07-04 | |
| DON'T BUY | 4.310 | Andrew Guy, CFA | Like a lot of consumer income trusts, a lot of things are going against them. Did a good job of managing what they can control, but a lot of input costs have gone against them. Sugar is not a freely tradable commodity making it difficult to get into the US. | 2007-06-27 | |
| BUY | 4.350 | Andrew Guy, CFA | US is closed and most of their sugar comes from beet farmers in the Southeast US. Roger’s can take advantage of this through their large beet farms in Alberta. Have large part of their quota in a US. Takes a lot of energy. Has a little too much debt for his purposes. | 2007-05-25 | |
| HOLD | 4.350 | Ian Nakamoto | Thinks that next year and the year after they will raise their distributions. Have been buying back units. | 2007-05-14 | |
| Comment | 3.970 | Chris Rankin, MBA, CFA | Doesn't feel they will benefit from the ethanol cycle. | 2007-02-09 | |
| DON'T BUY | 4.040 | Andrew Guy, CFA | For large part of their business, there are trade barriers to get into the US that makes it difficult for them. Have had high input costs, particularly natural gas. Have started to turn this around by taking costs out of their system. Have high debt. | 2007-02-08 | |
| HOLD | 3.780 | David Baskin | There are only two sugar refineries in Canada. It will profit from lower energy prices in the short run. Doesn't have very terrific growth prospects and is now faced with a tax situation on income trusts. Feels the distribution is very solid at 11.1%. | 2007-01-10 | |
| DON'T BUY | 3.720 | Michael Sprung | This company has been clobbered. Sugar has always been a very cyclical business. Wood questioned why they became an income trust. | 2007-01-05 | |
| BUY | 3.610 | Michael Simpson, CFA | Part of the impact costs that affect them is natural gas. The lower gas price is favourable to them. They have hedged some of this. Good price. | 2006-11-03 | |
| DON'T BUY | 4.340 | Robert Lauzon | Seems to be in a pretty good situation with natural gas being down. However, there is no assurance that gas will stay cheap. Has a healthy amount of debt. Gas weighted. | 2006-10-20 | |
| TOP PICK | 4.300 | David Baskin | This company refines sugar. It is a screaming buy. There is little downside risk. | 2006-09-28 | |
| BUY | 4.190 | David Baskin | Thinks the fair value of it is probably $4.75/$4.80. They raised the distribution. Sugar prices are high and with natural gas down, their production costs are lower. | 2006-06-06 | |
| WEAK BUY | 4.220 | Michael Simpson, CFA | They are benefiting from lower natural gas prices. World sugar prices could rise, but Canadian prices are protected so there is not much upside is there would be in raw commodity sugar. | 2006-06-01 | |
| DON'T BUY | 4.000 | Ben Cheng | Sugar prices globally have been rising, but the prices in Canada are controlled. The prospects going forward are pretty flat. Have had a new competitor open up about 18 months ago. | 2006-05-19 | |
| WATCH | 4.300 | Ben Cheng | global sugar prices have been quite strong, however Roger's Sugar is selling within the Canadian Regime, so their prices are controlled.
Their top line revenue has not increased that much, but their cost line has been hurt by natural gas prices. 6 years ago they converted one of their plants from coal to natural gas, which at the time looked good, but now natural gas has become more expensive.
Should be watched but it all depends on the price of natural gas. | 2006-02-25 | |
| HOLD | 4.400 | Kevin Hall BComm, CFA | An OK story. Fundamentals are improving in terms of sugar prices. | 2006-02-17 | |
| DON'T BUY | 3.730 | Robert Lauzon | Have a new CEO, got a favorable tariff ruling and is recommended by several banks, but is still backing off. One of the main problems is that its main input is natural gas therefore, input costs are rising. They are under margin pressure because they can't pass the costs on. | 2005-12-23 | |
| BUY | 3.750 | David Baskin | Has been a lousy performer this year. Got government antidumping protection for 3 years. Sugar prices are very strong globally. No indication that the distribution will be cut. 10/11% yield. Stock price should appreciate modestly. | 2005-12-19 | |
| WEAK BUY | 3.830 | Bill Carrigan | As far as the business enterprise trusts are concerned, the only ones he is interested in are the recovery candidates. In this one, you can see a low at the end of 2003 and a higher low currently. Maybe, it is a recovery candidate. If you buy, make sure you have a stop on it. | 2005-11-28 | |
| DON'T BUY | 4.640 | Patrick Kim | A trust that should only be held by those with a high appetite for risks. Essentially a commodity trust. A lot of exposure to unregulated pricing for their inputs as well as to the US$. | 2005-06-10 | |
| DON'T BUY | 4.330 | Greg Guichon | The good news over the last couple of years is that the company has built themselves into a pretty good financial position and their balance sheet is in very good shape. The bad news is they still have a lot of competition. A big US producer pushes out a lot of subsidized sugar. | 2005-05-20 | |
| PAST TOP PICK | 4.300 | David Baskin | (A Top Pick Jan 25/05. Down 10%.) A duopoly. with only 2 sugar companies, this and Redpath. Likes the yield. Will buy more at this price. | 2005-03-29 | |
| DON'T BUY | 4.400 | Greg Guichon | His criteria is for a trust to have a market dominance in what they do and as little competition as possible. This trust does not fit his model at all. | 2005-02-11 | |
| TOP PICK | 4.790 | David Baskin | Sugar's a duopoly in Canada with only 2 companies, Redpath and Rogers. Industry is protected by a tarrif wall. Making pretty good margins. A nice yield. | 2005-01-25 | |
| TOP PICK | 4.600 | Ian Nakamoto | Distribution is about 9%. Feels there is a real upside in capital appreciation. | 2005-01-05 | |
| DON'T BUY | 4.050 | Ben Cheng | Hasn't done well because of many competitive pressures. Higher natural gas prices have been a problem. Also strong competition in the Eastern region. | 2004-07-15 | |
| DON'T BUY | 3.860 | Leslie Lundquist | Seems to have one problem after another. | 2003-09-05 | |
| DON'T BUY | 4.150 | Dean Orrico | Had some issues on beet crops, energy crops and new competition in the Maritimes. Will move sideways for a while. | 2003-06-25 | |
| DON'T BUY | 3.950 | Kevin O'Leary | High exoenses due to high gas prices and bugs into the beets has eaten into the distributions. | 2003-04-10 | |
| HOLD | 4.150 | Sandy McIntyre | In a long term process of strengthening their balance sheet. | 2003-03-06 | |
| DON'T BUY | 4.680 | Bill Shaw | Has had operating problems which seem to be cleared up now. May be getting competition. Not happy with management. | 2002-09-27 | |
| DON'T BUY | 4.700 | Sandy McIntyre | Debt to cash flow = 3.5 X which is an issue. Not competitive. | 2002-04-22 | |
| BUY | 4.600 | Ben Cheng | Recent merger has locked up almost 100% of the sugar market in Ontario. Prospects look good. | 2002-04-16 | |
| DON'T BUY | 4.680 | Sandy McIntyre | Not happy with balance sheet. Debt to cash flow ratio is 10 to 1 which is too high a leverage. | 2002-02-26 | |
| DON'T BUY | 4.500 | Sandy McIntyre | In a tough business. Not comfortable with this trust. | 2002-01-29 | |
| DON'T BUY | 4.370 | Bill Shaw | Not a fan. Facilities are either high cost or have problems. | 2001-03-13 | |
| DON'T BUY | 4.600 | Sandy McIntyre | Problematic. Low margin product. Using high cost natural gas to dry beets so expect low distributions. | 2000-12-06 | |
| DON'T BUY | 5.000 | Sandy McIntyre | | 2000-11-09 | |
Experts that have talked about Rogers Sugar Income Fund
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