STOCKCHASE

Infrastructure is a nice safe way to play growth. You don't have to worry bout any one production play. They are international in all kinds of countries and owns 30% of a toll highway above Toronto as well as a couple of other larger projects. The engineering/construction side is only trading at around 12X earnings. Expect you will see a 20% increase on the stock plus a dividend increase sometime during the year.

2012-01-03

BUY

47.900

Fits into his theme of Canadian companies that have a major presence outside of Canada and will benefit from growth in developing nations.

2011-12-16

DON'T BUY

49.600

John O'Connell, CFA

Has been a really well run managed company. Has done some wonderful projects globally. A volatile company. You have to be concerned about people putting off or delaying contracts because of the credit crisis. This company relies on big, big projects. Will probably be sluggish for the next couple of years. Also, they often don't get paid until the end part and often have to take equity positions.

2011-12-08

BUY

49.950

Half the revenues come from outside of Canada. Involved in a lot of infrastructure in Africa and the Middle East. Have been making a few acquisitions in the water and wastewater areas.

2011-12-01

BUY

51.800

Brooke Thackray

This is the time of the year to step into SNC.

2011-10-27

BUY

49.450

Likes it and owns it. In his opinion it is well positioned. They have concession business worth $22 a share (e.g. 407 highway). The rest of the business is very undervalued. They are exposed to Libya and had to take charges against some of that business. Now they may have to go back and finish what they were working on. But he thinks there are enough projects back here.

2011-10-26

BUY

49.450

Nice rebound. Owns a piece of the 407 toll road in Toronto. 12x earnings. Thought they lost some business in Libya but it will probably come back now. It’s a reasonable place to be because infrastructure needs to get built.

2011-10-26

PARTIAL BUY

44.570

Brian Acker, CA

His model price is $20.51. They have highway 407, which represents $12-$15 a share so it is kind of a holding company. When buy a partial position at the current price and if it got to $30 would buy the balance.

2011-10-11

TOP PICK

49.310

Engineering/construction including power plants, environmental, bridges. About half their revenues are outside of Canada. Libya hurt them in the first couple of quarters but expects they will go back in. Well managed. About 2% yield. Backlog of about $9.3 billion.

2011-09-14

BUY

49.410

Has the advantage of major international contracts. Also have a number of contracts in Canada, which will keep them in good stead. If you think the economy will recover, this is a good buy.

2011-08-18

TOP PICK

51.400

Just struck a deal in Abu Dhabi, which will add $500-$600 millions of revenues in the next couple of years. Good entry point.

2011-08-15

BUY

53.030

Michael Decter

Has become the 10th largest engineering firm globally. There are a lot of things getting built in the world that need engineering services. Do very well in China and all the developing parts of the world. This is a good time to buy.

2011-08-02

PAST TOP PICK

56.210

(A Top Pick July 6/10. Up 35.1%.) Great company with a huge backlog of construction projects.

2011-07-22

BUY

56.520

Laura Wallace

Stock came off sharply with the unrest in the Middle East, particularly in Libya. Operates in 43 countries. Infrastructure engineering company and also owns infrastructures. Well-positioned to benefit from the growth in emerging markets.

2011-07-15

PAST TOP PICK

56.710

(Top Pick Aug 4/10, Up 21.71%) It was valued as its portion of the 407 and then what was left was about 12 earnings. Still likes it and owns it.

2011-07-12

PAST TOP PICK

53.770

(A Top Pick June 22/10. Up 19.05%.) Still a buy.

2011-06-20

Comment

54.710

Michael Decter

10th largest engineering firm globally. Likes it but almost always feels that it is too expensive but cheaper than some of its comparators. Developing world needs a lot of help in water projects, mining, energy development, etc. Cut their teeth doing hydraulic work in Quebec. Good thing to hold for the long haul.

2011-05-16

DON'T BUY

53.670

Stan Wong

Missed their earnings last week and this tends for him not to own the stock. Trades at about 25X forward earnings with a high single digit growth rate expected. Prefers others.

2011-05-12

TOP PICK

53.550

Construction engineering with over $6 billion in back logs. Contrarian call. Building an airport and man made river in Libya and had to exit temporarily. Good earnings visibility on earnings and revenues. Trades at a slight discount to its US competition.

2011-05-11

PAST TOP PICK

55.230

(A Top Pick May 10/10. Up 20.46%.) Just reported. Took a hit on Libya.

2011-05-05

TOP PICK

57.710

Global engineering construction company. 50% of revenues are from outside Canada. 7% of revenues are from Libya so the stock pulled back to a very attractive entry level. When they reported their backlog, they took Libya out which accounted for about $1 billion. Recently increased their dividend.

2011-05-02

TOP PICK

55.360

Dipped recently. Market has over-reacted to its Libya exposure. It’s 2% of their cash flow and they are down 6. Libya is going to need the infrastructure projects more than before the war. You’re buying it at a discount.

2011-04-05

PARTIAL BUY

55.240

David Driscoll

57% of revenue outside of North America, which gives exposure to emerging markets. Brazil is a big area for them now. Environmental and green energy is going to be a big move forward. For every project they build, usually end up with the maintenance contract. Conside half a position now and the balance under $50.

2011-03-31

DON'T BUY

54.900

Brendan Caldwell

It’s not one that he has a core position in. Wanted to stay away from North American situation because it will probably get worse before it gets better.

2011-03-14

BUY on WEAKNESS

54.900

Libyan effect has created a buying opportunity. Substantial global exposure. Looking at current PE, likes it and this is a good entry point. You might want to buy it at a couple of points lower if markets are tacky.

2011-03-14

TOP PICK

55.910

Laura Wallace

A play on global infrastructure. Stock is off more than 10% because of the Libyan situation where they have 3 projects. Even if those projects where to go to zero, it is only a $0.05 to $0.10% earnings hit. World class company and will continue to grow.

2011-03-03

BUY

57.080

David Cockfield

Took a real hit, partly because they had a big project in Libya. Sell off is probably a buying opportunity. Well managed. Global.

2011-02-25

BUY

61.220

Laura Wallace

Another way to play growth in emerging economies but also for commodities in North America. Operates in 35 countries and is a leader in infrastructure spending. Massive increase in their backlog in the last quarter.

2011-01-20

HOLD

59.760

Norman Levine

Great global infrastructure play company. Well run.

2010-12-29

BUY

55.080

Chyanne Fickes

Fabulous company. Just got another contract with a power project in Tunisia. Backlog is very good, highest it’s ever been. Emera (EMA-T) has just announced a $6 billion project at Churchill Falls and this company will probably get a good chunk of that.

2010-11-22

BUY on WEAKNESS

52.990

Rick Stuchberry

Is a good trading stock because of the volatility? Would like to buy it on a dip.

2010-10-21

BUY

54.540

Steven Conville

(Market Call Minute) Infrastructure has been his theme for the last few years. It is a good long-term hold.

2010-10-15

Comment

49.830

Douglas Kee

Well managed and good balance sheet. You look at this one as to how big is their order backlog and is it growing. Good record of increasing dividends. Would own more if the had a higher yield.

2010-09-09

BUY

51.110

Great assets and a lot of cash flow. Will go higher over time but the problem is that stimulus has not really kicked in.

2010-09-02

BUY

46.750

Global exposure in the infrastructure area. Good cash position and has participation in Ontario's 407 Highway.

2010-08-12

BUY

47.780

All the infrastructure stocks have under performed. The stimulus was more talk than actual things coming down the pipe. But SNC had a really good quarter. Lots of good growth, nice balance sheet.

2010-08-10

TOP PICK

47.140

Owns 30% of highway 407 and if you value this and take it out, then the rest of the business is trading at about a 15% discount to its peers. Should be trading in the low $50's.

2010-08-04

TOP PICK

42.050

World-class company – consulting and construction. Backlog exceeds $10 Million. Has sold off more than 25% for reasons he can’t understand. Everyone knew they were going to have a soft quarter as they worked through the backlog from the recession. Now there is a huge backlog of profitable work.

2010-07-06

TOP PICK

45.640

Engineering/construction firm. Half of their business is Canada. Reported weaker than expected earnings last quarter. Backlog is now growing. Finishing off older projects and will be going into the newer ones saw earnings will not get another lift for 1-2 years. 1.5% dividend yield.

2010-06-22

PAST TOP PICK

46.600

(A Top Pick June 15/09. Up 13%.) This was a play on infrastructure and a way to have exposure to Asia and emerging markets. Sold his positions this winter at a profit because of concerns on policy moves in Asia.

2010-06-21

BUY

45.190

Has been beaten down dramatically. If you don't have any infrastructure exposure, this looks good at this price.

2010-06-14

HOLD

45.080

Michael Decter

Good run, 10th largest in the world. He sold higher up a while ago. Not one you can put away forever.

2010-06-11

TOP PICK

46.080

Well run company. Half its revenues are from outside of Canada. Growing backlog at 27% year-over-year. Just ending some projects and transitioning to new ones so revenue line is a little flat. Strong balance sheet.

2010-05-26

Comment

46.620

Colin Stewart

Very well run global engineering construction company. When there is only one play in a sector that large-cap investors can buy, it gets a premium evaluation. Trading at about 11X EBITDA.

2010-05-25

DON'T BUY

45.000

Ross Healy

SNC Lavalin (SNC-T) versus Aecon (ARE-T)? Doesn't like either of them. SNC fair market value has not been taking off because of infrastructure spending, which has been desperately slow in getting out. Still trading at 4X book. Less massive downside risk with Aecon but also doesn't have particularly good FMV.

2010-05-20

BUY

45.200

Ron Meisels

A big ‘W’ formation on the stock. Everything was in place until very recently, however now it is correcting. Major support around $42-43. Recommends it in this pullback.

2010-05-18

TOP PICK

47.200

Best infrastructure play in Canada. Earnings last week were kind of disappointing but their backlog is huge and growing. As industrial reinvestment in plant and equipment increases, this company will benefit.

2010-05-10

BUY

51.150

Probably the best infrastructure company in North America. Have a lot of cash. An international player. Recently won some very amazing contracts. Infrastructure projects are finally starting to come through.

2010-04-20

TOP PICK

52.400

Steven Conville

Still likes infrastructure theme. While governments may be weighing out of capital markets or banking sector, they will still be doing infrastructure spending for the next few years. Likes the diversity of this company even in a slow economic recovery.

2010-03-15

BUY

52.400

Likes this one very much looking out 3 to 5 years. Broad global exposure in areas he likes.

2010-03-12

TOP PICK

49.950

Infrastructure company. Huge backlog. Projects all over the world. Likes the international exposure and the backlog. Owned it for a long time. You can always have problems in large projects, but they are pretty experienced.

2010-02-25

PAST TOP PICK

49.930

Gavin Graham

(A Top Pick Jan 14/09. Up 40.86%.)

2010-02-01

BUY

49.930

John Zechner

Still sees the stimulus program being in place. Companies like this should do exceptionally well over the next couple of years, especially in power projects.

2010-02-01

Comment

48.330

Looking at this and others such as Bird Construction (BDT.UN-T), Armtec (ARF.UN-T) and IBI (IBG.UN-T) because of the infrastructure aspects.

2009-12-07

PAST TOP PICK

50.660

Gavin Graham

(A Top Pick Jan 14/09. Up 45.01%.) Still buy.

2009-11-23

HOLD

43.160

Craig MacAdam

2nd favourite in infrastructure. Big global player and well diversified.

2009-11-02

BUY

45.960

Second largest weight in the industrial products sector. Pulled back recently and they see this as an opportunity. Long backlog of projects and a great earnings profile.

2009-10-22

SELL

46.560

(Market Call Minute) has been disappointed and using it as a source of capital.

2009-10-19

PARTIAL SELL

48.120

Rick Stuchberry

If you own and have had a gain, consider taking some profits. It would look interesting again at the $45-$46 level. If you are a long-term holder you can continue to Hold. Fundamentals are very good.

2009-10-09

PAST TOP PICK

48.410

(A Top Pick Sept 2/08. Down 2%.) One of the companies that are going to benefit from the global infrastructure spending. Also from new construction of global power facilities. Order backlog of about $12 billion.

2009-09-23

PAST TOP PICK

49.650

(A Top Pick Nov 27/08. Up 48%.) Still sees upside potential. Great long-term story. 6 to 9 month target is $52 but with the backlog and projects they're bidding on now still lots of room to grow.

2009-09-16

PAST TOP PICK

46.340

(A Top Pick Sept 2/08. Down 5.77%.) Tremendous infrastructure play. Have a huge backlog of orders globally. Core holding for Canadians.

2009-08-31

BUY on WEAKNESS

48.090

Very high quality engineering/construction company. Stock is a little ahead of itself and backlog has been declining. She would consider buying on a pullback of 5% or 10%.

2009-08-26

BUY

48.450

Norman Levine

International infrastructure. (See Top Picks.)

2009-08-24

WAIT

48.400

Steven Conville

A bigger company. Pretty good run of late. Is not immune to correction. Has a substantial potential for upside.

2009-08-17

BUY on WEAKNESS

46.170

Likes this one very much. There is going to be stimulus in the infrastructure area but it will be 2010-2011. This would be his prime entry for participation. Would like it below $40. Quarterly results are due Aug 7th.

2009-08-05

TOP PICK

46.000

Christine Horoyski

6.91% bond maturing July 3/19. High BBB yielding about 200 basis points over Canada. Play on infrastructure. Major player in construction/engineering. One of the top 10 worldwide.

2009-07-30

BUY on WEAKNESS

46.480

Likes engineering/construction space. Emerging countries will be building out infrastructure and governments are spending to help economies. Valuation is a little high so she has it on her Buy/Watch list. Would consider under $40.

2009-07-21

DON'T BUY

43.420

Bill Carrigan

Infrastructure is probably an emerging theme but it is so obvious and he gets nervous when too many people are in the space. Had a rebound this year. He would be cautious.

2009-07-02

BUY on WEAKNESS

42.550

On his buy list but only in the mid-$30's. Have some exciting new projects coming on, hopefully the Darlington Reactor. Also won another Algerian project.

2009-06-16

TOP PICK

42.260

Very diversified revenue stream. Of the big infrastructure companies they probably have the least concentration in energy/energy services. Good pipeline of potential deals coming in front of it. Also gives global exposure.

2009-06-15

HOLD

37.960

Ross Healy

Came off some nice support at about twice its book value. Speed of the infrastructure is another problem. Looking at it historically, it is not cheap anymore.

2009-05-21

HOLD

38.120

Probably one of the best Canadian industrial companies. Very involved in infrastructure plays. You have to be a little patient with this. If they came back to the $34/$35 level he would add to it.

2009-05-12

PAST TOP PICK

37.960

Brooke Thackray

(A Top Pick Nov 10/08. Up 10.19% but was a 6 months call and he is now out of this. Time of year when he is more conservative but will step it up again in the fall.) Great company and great position but would Sell and get back in later on.

2009-05-05

BUY

34.900

Michael Smedley

(Market Call Minute) Premier company in global engineering consulting.

2009-04-28

HOLD

35.820

David Cockfield

Infrastructure. They should do okay. Little concerned that if the world situation deteriorates some of the big capital projects they have on their books may go by the board. Once to see if they can hold this level before he buys more.

2009-04-09

BUY

32.600

Martin Hubbes, CFA

Has been beaten up in a big way. Very good company. Big in infrastructure development. There are a lot of businesses they can pick up in the long haul. Will be volatile. (See Top Picks.)

2009-03-23

BUY

32.280

Ken McCord

(Market Call Minute.) Infrastructure play. Screens very well as a sector play and on its own.

2009-03-19

PAST TOP PICK

31.590

Don Vialoux

(A Top Pick April 3/08. Down 39% but up 23% on June 13 as recommended.) Forming a beautiful bottoming pattern right now and you'll probably get a MACD Buy signal as early as tomorrow. Short-term momentum indicators are starting to turn positive.

2009-03-10

BUY

35.140

Ken McCord

The only industries that are poised to benefit from stimulus packages are infrastructure plays. Screens very well right now. Great momentum in its price action as well as its delivery of its earnings relative to expectations. Also likes the trading dynamics.

2009-01-29

Comment

37.020

Brendan Caldwell

Infrastructure has been a big theme in the market to some degree has anticipated this. Hard to know which company is going to be the beneficiary of it. You could also look at a fund that focuses primarily on infrastructure.

2009-01-19

BUY

37.490

Robert Floyd

There is going to be so much infrastructure spending over the next little while that he would take a look at the sector. More international in scope than Aecon Group (ARE-T). Also own the #407 Highway in Ontario. (For infrastructure See his Top Picks.)

2009-01-15

TOP PICK

35.440

Gavin Graham

Owns Highway 407 toll road (just raised tolls by 3.7%). Has the Alberta electricity transmission grid. Bidding to build 2 new nuclear power plants in Darlington. Should prosper through infrastructure plans in China, Europe and North America. 17X earnings and 1.5% yield. Has cash and is very well run.

2009-01-14

BUY

37.700

Ross Healy

(Market Call Minute.) Could carry further on this infrastructure spending.

2009-01-09

TOP PICK

37.690

One of the identifiable leaders in the market is infrastructure. Has a global bias. Does work on nuclear power, environment as well as government infrastructure.

2009-01-07

Comment

38.600

Andrew Guy, CFA

Infrastructure can take a long time to put in place and it could be 6 to 9 months before they benefit. Engineering should be good for them but it’s trading at a very high valuation at 16X next year's earnings.

2009-01-06

Comment

37.940

Michael Sprung

Aecon Group (ARE-T) and SNC Lavalin (SNC-T) are both well positioned to take advantage substantially if there is going to be a huge amount of infrastructure spending. SNC is more internationally diversified with more construction. Of these 2 he would prefer Aecon. (See Top Picks.)

2008-12-19

BUY

36.280

Norman Levine

For infrastructure plays, he would have Aecon Group (ARE-T) as #1 and SNC Lavalin (SNC-T) as #2. This has more international exposure and has a lot of energy in it as well.

2008-12-15

TOP PICK

38.100

Bill MacLachlan

Canada's largest engineering company and they operate globally. Infrastructure is a key building block in governments’ attempts to stimulate the economy. No debt and lots of cash. ROE is about 27% for 2008.

2008-12-11

BUY

36.420

Peter Gibson

Likes it as an infrastructure story. 34% ROE level and very strong profit growth. Has sold off significantly. His measure indicates there is a 93% chance it will outperform the market in the next 12 to 18 months.

2008-12-09

PAST TOP PICK

33.510

(A Top Pick Dec 4/07. Down 29%.) Sold his holdings. With the big correction this is looking attractive.

2008-12-01

BUY

33.510

75% of revenue comes from Canada and Africa. 50% comes from civil infrastructure. Only about 7% of revenue is oil/gas. Strong balance sheet. Looking at this one.

2008-12-01

TOP PICK

34.010

Long-term growth story in infrastructure. Stock of $33 and assets of $15. Earns $2 on infrastructure, which historically trades at about 14 X. They are currently at 11 X’s. $2 times 11 gives you $22 plus the $15 is $37/$38. 14 X will give you significantly higher. Long backlog.

2008-11-27

Comment

31.420

Duncan Stewart

SNC Lavalin (SNC-T) vs. Aecon Group (ARE-T). Infrastructure is going to be a pork barrel exercise. Governments are going to say that they have to do a stimulus package and will probably end up getting the lion's share to one company vs. another. Even though you got the theme right, you could pick the wrong horse.

2008-11-18

BUY

31.640