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Sherritt Conv. Bonds 7.75% 2015: Cuba does not affect this bond. Being paid to wait means more than just T-Bill interest rates. Same duration Transalta Bond has a 4.2% yield, but they are the same bond.

2010-03-03

PAST TOP PICK

7.430

(Top Pick Apr 6/09, Up 64.6%)

2010-03-03

Comment

7.430

Christine Poole

Nickel play. Lots of assets in Cuba.

2010-02-26

DON'T BUY

7.430

David Cockfield

Just traded out of it. Nickel side is not looking that great. Madagascar politics looking not that great. Looks cheap but a lot of concern about their production.

2010-02-26

BUY

7.130

Hank Cunningham

Bonds 2014/2015. Favours them. If not for Cuba, would be trading at double ‘A’. Strong company, good balance sheet and nothing wrong with the credit. Bonds undervalued because the financial community can’t support their credit. Thinks they are good value.

2010-02-25

PAST TOP PICK

6.910

(Top Pick Feb 19/09, Up 35%) The place to be was the distressed bond market. The debt profile of Sherritt was not over leveraged. Fantastic balance sheet. If you stripped out Cuba, it more than covered any debt issues out there.

2010-02-24

BUY

6.120

Colin Stewart

(Market Call Minute.) If you can live with the Cuban risks, you can buy it. Quality oil/gas, thermal coal assets. Well run company.

2010-01-28

WAIT

6.690

Be Cautious and wait. There is a correction in commodities going on. Wait.

2010-01-21

BUY

6.710

Likes their coal and nickel exposure and are well positioned to benefit from the economic recovery.

2010-01-20

BUY

7.350

Douglas Kee

An option on nickel prices. Feels their 1.9% dividend is safe but doesn't expect it to go up very much because of their massive new nickel operation being built in Madagascar.

2010-01-08

DON'T BUY

7.230

Joey Mack

2014 and 2015 bonds with over 7% yield. The higher yield could indicate a question mark. Not necessarily considered an investment grade company. A lot more risk so more for an aggressive investor.

2010-01-06

HOLD

6.770

Barry Schwarrtz

Commodities seem to be the place that people want to put their money into currently. Coal, oil and nickel. Discounted because of Cuba but hopefully things will work out for them there. Cheap on an earnings basis. May have gotten into problems with a huge nickel project in Madagascar.

2010-01-04

WEAK BUY

6.610

If embargo on Cuba were lifted, it would be beneficial. Their dependence on Cuba is not a great as it used to be. They have diversified. They are not an expensive stock.

2009-12-22

PAST TOP PICK

6.160

(A Top Pick Feb 10/09. Up 39.3%.) 7.75% 2015 Bonds. Yielding 13%.

2009-12-21

HOLD

6.160

David Cockfield

Good company but they have a huge Madagascar nickel project where the politics are questionable and he would like to see more clarity on this. Also nickel prices have slackened. Also have a huge coal aspect, which he likes.

2009-12-21

TOP PICK

6.080

1/3rd each of nickel, coal and oil. Has pulled back sharply. NAV of $11 with little value for Abitobe, the big nickel mine that comes on in Madagascar in 2011. When that comes on it goes up to $13-$14.

2009-12-07

WEAK BUY

6.240

Robert Lauzon

Had some issues with their large projects. Real catalyst is nickel prices (currently around $7), which has a bit of a lid on it because of pig iron. Expect US/Cuban relations will continue to heal.

2009-12-04

SELL

6.240

Above 200-day moving average but below 50-day moving average. This is where you start taking profit. Still moving up from beginning of the year but a bit worrisome. Thinks it will drop down to about $5.80 and that is where you would buy it.

2009-12-04

SELL

7.090

Ron Meisels

Had a wonderful ride from March into October but broke down through the up-trend line and will probably have a bit of a pullback towards the 200-day moving average of around $5.20. If you own, consider selling now and buying back at around $5.25-$5.50. Long-term he feels the stock has higher targets and could even get to $10.

2009-11-05

BUY

6.800

Having a conference call at 2 PM. It was $.19 and the consensus was $.13 If you like nickel, the pullback represents a buying opportunity. Had dipped to $6.01, which would be a great entry point if it went there again.

2009-10-28

Comment

6.800

Has been a leader off the bottom. Could be some more downside but with the commodities they are involved in there is a lot more upside in the next 1 to 2 years.

2009-10-28

BUY

7.650

Chart continues to look like it is going up. He is starting to buy some of their bonds. Expect the rally will taper off. If it goes down to $6.30 you want to be really cautious because it indicates momentum has dropped and is not making new highs anymore.

2009-10-07

Comment

7.350

Has come up along with all the other base metal companies and the big wild card is what the US decides to do about Cuba.

2009-09-23

SELL

7.530

Longer-term macro view is quite positive. He likes based metals and this is one of the major players in Canada. Short-term they are having difficulties with their nickel project in Madagascar. Until that gets straightened away, you should avoid.

2009-09-10

Comment

7.100

Veronika Hirsch

Why isn't moving up? 2 drivers, exposure to nickel and exposure to Cuba. Nothing has been happening with nickel but US has been making some efforts to normalize relationships with Cuba.

2009-09-02

BUY

6.940

Paul Harris, CFA

If US lifts trade embargo it would help Sherritt. He likes it because it’s a nickel and cobalt. Likes the debt of Sherritt. It is discounted because of relations with Cuba so if lifting trade embargo would benefit it. They are also in a lot of other places. They pay a dividend.

2009-09-01

BUY on WEAKNESS

6.600

Rick Stuchberry

US government is making some interesting gestures to Cuba. This is important as Sherritt has some great assets there. He would monitor it and buy on pullbacks. You can start to look at it below $6.

2009-08-27

Comment

6.750

Jim Huang

If the US lists the trade embargo on Cuba, this will be better for the company. On the other hand, more businesses will be located in Cuba and it will no longer be a one-man show. A little concerned about their nickel projects in Africa as well as a correction in base metals.

2009-08-24

DON'T BUY

6.750

Andrew McCreath

Healthiest, medium term metal is copper. Nickel can’t sustain above $9-10. Pretty fully priced. China’s ability to make pig-iron nickel will keep the price of nickel low.

2009-08-18

TOP PICK

6.820

7.75% bonds maturing October 2015. Currently a 9% yield. Balance sheet is under levered at about 30% debt to cap. (The Stock is fully valued.)

2009-08-12

BUY

6.600

David Burrows

Feels that commodities and basic materials have legs in this market. Technically there is very strong relative strength against the market and the group. Could become more palatable to US investors if relationships with Cuba improve.

2009-08-06

HOLD

6.810

Likes them for their nickel and Cuban exposure as well as some other interesting oil/gas plays. A nickel play in Madagascar has cost them increasing amounts daily. Until he sees this properly resolved as well as the new economic outlook he would hold off buying.

2009-08-05

DON'T BUY

6.130

Lyle Stein

Have run into some delays in Madagascar. That's a concern you have to have every time you invest in a regime that doesn't have North American standards. Have also had difficulties in getting revenues from their oil production in Cuba.

2009-07-31

PAST TOP PICK

6.130

(A Top Pick Aug 20/08. Down 33.77%.)

2009-07-31

DON'T BUY

6.200

Given his view that there could be a setback in the commodity markets and that the economy is not as strong as what people are reading into it he would be hesitant to Buy at this time.

2009-07-28

BUY

6.200

One of only two base metal companies that we have in Canada. Base metals industry is in remarkably good shape and is on a rebound. This one is still on track with the giant Ambatovy nickel project in Madagascar. Has its backers and has solved its debt problems.

2009-07-28

BUY

6.190

Has just broken out and looks pretty decent. $5 Stop but probably $8 upside.

2009-07-24

Comment

5.400

Dennis Da Silva

Lots of leverage to Cuba but US is making overtures. This is reflected in the stock. Risks with having Cuba as a joint venture partner. Recent instability in their project in Madagascar. Suffers from diversification discount since they have energy, electrical generation and mining.

2009-07-16

HOLD

5.400

Jim Huang

Cheap compared to their peers because of the Cuban connection. Warming relations between US and Cuba should help. Being held back the cause of their big nickel project in Madagascar. Political instability and cost overruns are problems. In the long-term you will do quite well with this one but in the short term there are some challenges.

2009-07-16

BUY on WEAKNESS

5.370

Could be double digits taking into account nickel assets in Madagascar that will come on in 2011-2012. Ran a lot since its March lows because of possible better relations with Cuba. Try to get it at around $4.50.

2009-07-15

DON'T BUY

5.040

Randy LeClair

7.75% bonds are trading at about $89 giving it a 10.15% yield. Rated one notch below investment grade at BB high. Considered high yield i.e. junk bond. Not much of a market in Canada for trading these.

2009-07-10

PAST TOP PICK

4.690

(A Top Pick July 24/08. Up 8%.) Bonds Oct 15, 2015. 7.75% yield. Continues to like this. Low debt to capital at around 30%.

2009-07-08

Comment

4.890

Gavin Graham

Got funding for a mine in Madagascar, which is enormous and will transform it 5 years down the road. Depends on what you think about the Cuba situation and where you think oil and nickel will go.

2009-07-07

HOLD

5.380

Interesting story. Have suffered as base metal prices have gone down but on the other hand, Obama administration offers a real prospect of a loosening of the Cuban boycott. To succeed they really need metal prices to come back.

2009-06-18

HOLD

5.250

Likes this company. On a longer-term perspective, this is a great way to get exposure to nickel and coal. On a short-term basis, he expects it is getting a little oversold and maybe do for short-term rebound.

2009-06-17

PAST TOP PICK

5.070

(A Top Pick Apr 1/08. Down %.) Nickel is on hold at the moment. Developing a large mine. Thinks there will be a recovery but will always be on the side roads rather than the main highway. You'll have to be patient with this one.

2009-06-10

BUY

4.950

Ken McCord

Has great exposure to commodities such as nickel and coal as well as exposure to a power plant. He thinks this is a good company that has not rallied yet. Just added to his portfolios.

2009-06-09

TOP PICK

4.890

7.75% Bonds due 2015. Gives you a yield of about 10%.

2009-06-08

PAST TOP PICK

4.920

David Cockfield

(A Top Pick June 20/08. Down 69.63%.) Went down with all the other mining stocks but the Madagascar political situation is muddier. Likes their situation in Cuba.

2009-06-05

HOLD

5.060

Robert Lauzon

(Market Call Minute.)

2009-05-26

BUY on WEAKNESS

5.100

Nickel, coal and oil with the nickel and oil being primarily in Cuba. You have a Cuban discount but also assets trading below half their value. He would like to buy at $4 but it does not seem to be going back to that.

2009-05-25

DON'T BUY

5.030

Ross Healy

Like a lot of the mining stocks it had a decent bounce off its lows but he is not high on the management or the company. Have problems in 2 of the areas where they have mines.

2009-05-21

TOP PICK

5.100

7.75% bond due Oct 15/15 is yielding 12%. Go through your broker and tell them you will go $1 through the quote to own them.

2009-05-19

PAST TOP PICK

5.100

(A Top Pick Aug 20/08. Down 44.96%.) Has bought more at $5 and then again at $2 in December +2 additional purchases. Has made a 50% return. His core position has a Book Cost of $2.50 a share. Holding for the long-term. Thanks it has an upside of $6.

2009-05-19

DON'T BUY

5.180

Brooke Thackray

2 positive things going for it. Base metals have bottomed and US relations with Cuba have improved. Trading in a range of about $1.80 to $5. Thinks it will pull back and he would wait until October.

2009-05-05

BUY

5.440

Had a good run based on the relaxation of the relations of the US with Cuba. Likes the management. Buy 15% below where it is now.

2009-05-04

SELL

4.950

Robert McWhirter

(Market Call Minute) excitement because of Cuba, but better opportunities elsewhere.

2009-04-29

PAST TOP PICK

4.930

(Top Pick Apr 1/08 Down 64%) Bough a few days ago. Madagascar project will be given more funding. May benefit from situation with Cuba.

2009-04-28

DON'T BUY

4.960

Gavin Graham

Depends on what Cuba wants to do with nickel concessions. Maybe some day they will take the ban off US investors buying it.

2009-04-27

BUY

4.790

Own a lot of Coal and Nickel assets. Likes the leverage it provides with the discount to their valuation. Bas significant operations in Cuba and because US may relax embargo on Cuba, this may benefit them.

2009-04-24

WAIT

4.860

Certainly is a viable company. There could be an entry point. Still examining their balance sheet. Have some good properties and excellent management and could buy if you have a long term (3 years) view.

2009-04-22

DON'T BUY

4.150

Potential for easing on Cuba. Commodity Play. We are now seeing some strength in commodities so expect the whole base mettles area to go up. Presents a better picture than any time in the last 8 months. Doesn’t like the risk.

2009-04-14

Comment

4.020

30% each of coal, nickel and oil. Has started to show some life lately. If there is a bit of inflation, this company probably does very, very well over a couple of years. There are rumours of a signed contract for $125 coal.

2009-04-13

DON'T BUY

3.020

Lyle Stein

Has always been a great asset play. Recently sold his holdings because of its debt obligation on its Madagascar mine. Have also had some issues getting payments out of Cuba. Feels he can do better in un-levered smaller caps.

2009-04-08

TOP PICK

3.330

Convertible 7.75% 2015 bonds giving a 16% return. He has his energy, gold and core businesses that he likes in place. If this is going to be a long bottom he needs income but if the world comes out of the situation tomorrow, he's got stocks that will go flying.

2009-04-06

DON'T BUY

3.150

Ben Stadelmann

Another example of a resource company that loaded up on debt at the peak of the cycle. This has pushed them to the brink. Has been a change in the oil concession in Cuba cutting their production by about 25%. Cuban government owes them about $160 million.

2009-04-01

BUY

2.950

(Market Call Minute.) Buy for the long-term. When metal prices recover, this will be in the catbird’s seat.

2009-03-31

BUY

2.980

Paul Harris, CFA

Great story. (He owns both bonds and shares.) One of the few mining companies that are paying dividends.

2009-03-26

Comment

2.440

Showing a pretty good double bottom with good volume. Drop today presents a good buying opportunity but you have to be careful, as it is a very volatile stock. Good strong support at $2. If the materials sector continues to drop you could easily buy it at $2. $2.80 is a very strong resistance point.

2009-03-18

BUY

1.950

Don Vialoux

Has a tendency to move higher between January and May. Trying to form a double bottom pattern. Seeing higher prices for base metals and crude oil. There have also been positive comments on coal.

2009-03-10

DON'T BUY

1.950

Randy LeClair

13% bonds due 2015. This is a resource company with coal, metals and minerals. Also has a political risk being in Cuba. Have gone from investment-grade down to BB status. This is not the type of place to be for the next few years.

2009-03-02

Comment

2.590

Sandy McIntyre

An option on the commodities market with coal, nickel and some oil in Cuba. As an option on the market, he would be very interested in it. Has some outstanding debt so if you can get some of their debentures, you'll get a yield while you are waiting.

2009-02-24

Comment

2.400

Oil, coal and nickel. Put the big nickel project in Madagascar on “care and maintenance” so it will come on in 2011 or 2012. On the oil side, one of their partners in Cuba sold so there is more cash and less Cuba. That rocked the market a little and it hasn't come back. Long-term assets are fantastic. 5.5% yield.

2009-02-23

TOP PICK

2.570

7.75% bonds maturing 2015 and providing a 12%-13% return. Coal, oil and gas producers both in Saskatchewan and Cuba. Balance sheet is under levered.

2009-02-19

DON'T BUY

2.620

Charles Oliver, HBSc CFA

Has always had a lot of respect for management. Right now the nickel markets are on hold. An announcement of loss of leases smells of Cuban nationalism. There are some risks that you have to be cognizant of, such as what will be the future of Cuba.

2009-02-18

WEAK BUY

2.920

Recently took a hit by coming out of its long contractual arrangement of Cuban's off shore oil. Nickel mine is under pressure. Has a very high cost of development of its Madagascar mine.

2009-02-13

TOP PICK

2.800

7.75% 2015 Bonds. Yielding 13%. Stripped the Cuban and African risks out in his calculations and doesn't believe it comes back on the balance sheet. Fixed price, fixed volume contracts on coal Western Canada fully covers interest and bond repayment.

2009-02-10

PAST TOP PICK

2.800

(A Top Pick Jan 17/08. Down 78.4%.) Sold a big chunk of this at about $17. The only base metal stock he owns.

2009-02-10

HOLD

2.850

Expects the new US administration will be friendlier to Cuba. If they could get rid of the legislature stopping US companies from investing there, anything could happen. Need an uptick in commodity prices before stock takes off.

2009-02-09

BUY on WEAKNESS

2.670

Don Vialoux

Basically coal and nickel. 1) Technically shows signs of bottoming pattern. 2) Fundamentally, base metals in general are starting to recover. Coal stocks in the US have been acting very well. 3) Seasonally, strength runs from end of January to May.

2009-01-30

Comment

2.650

Ken McCord

Iron/steel demand is down dramatically. Sees economic weakness globally. Metallurgical coal prices will be set in the next few months and he can't see it doing anything but go down.

2009-01-29

SPECULATIVE BUY

2.920

Michael Decter

Has the Cuban overhang on it. Good management. There will be change in Cuba when Fidel passes away and the new US administration looks like it wants to reopen trade. Speculative.

2009-01-28

DON'T BUY

3.390

Robert McWhirter

(Market Call Minute.) Facing struggles. Ranks 295 in the middle of his data pack.

2009-01-26

BUY

3.390

Cuban partner sold 26% of their Cuban production out from under them. Would be a negative $.20 to their asset value but they have an asset value in double digits. Should have only gone down about $0.05 or $0.10 but it went down a multiple of that, which was a bit of an overreaction. Have great assets that trade at a fraction of their asset value. When nickel, oil and coal go higher, the stock has long ways to run.

2009-01-26

BUY

3.690

(Market Call Minute.) When metal prices recover this will be one of the leaders. As relations with Cuba thaw, it will be a prime pick.

2009-01-20

DON'T BUY

3.680

Brendan Caldwell

Anything in the base metals sector is going to have a real struggle. His preference in mining would be gold. (See Top Picks.)

2009-01-19

TOP PICK

3.900

7.75% bonds maturing Oct 15/15. You can earn a 13%-15% rate of return. Under levered. Covered by the coal and nickel assets.

2009-01-13

TOP PICK

4.450

Lyle Stein

Got smashed because of the commodity exposure. Earnings are about $1.20-$1.30 making it pretty cheap. Large debt is an issue but if commodities are coming back it should not be a major overhang.

2009-01-06

BUY

3.160

Good gamble. One of the few that looks like a mining company anymore. When it gets through the patch of low commodity prices, it has good projects and good production with some international holdings. 4.6% yield will probably be cut.

2008-12-31

HOLD

2.850

Dennis Da Silva

(Market Call Minute.) There will be recovery in the base metals section in the 2nd half of 09.

2008-12-18

BUY

3.230

Unsecured debentures Series A expiring in 2012 with a coupon of 6.875%. These would be a great speculation on the turnaround of the company.

2008-12-17

PAST TOP PICK

3.140

Peter Gibson

(A Top Pick July 16/07. Down 81%.) Sold his positions in Oct/07 at a loss of 7%. A lot of base metal names are still falling very quickly. Don't Buy.

2008-12-09

HOLD

3.440

Jaime Carrasco

(Market Call Minute.) Thinks metals will lag a bit.

2008-11-28

BUY

2.870

Paul Harris, CFA

Believe it's worth $8 to $10 longer-term. They have nickel, thermal coal and are not highly leveraged. 8% yield. Have $500 million in cash. Under priced.

2008-11-27

DON'T BUY

2.170

Rick Stuchberry

Commodity prices have been really crushed in the last few months. You need things to start firming up and you need demand. This won't be the group that turns first.

2008-11-26

Comment

1.770

Good company. Interesting assets and operations. You have to decide whether you want to punt on a mining company on the basis of a recovery. You could do it with this one if you want to speculate on a recovery.

2008-11-25

Comment

1.920

Low-cost nickel producer. Small amount of debt. Have thermal coal contracted into Alberta and Saskatchewan. 80% of Alberta's power still comes from coal. Prefers the bonds.

2008-11-24

DON'T BUY

1.920

Veronika Hirsch

Wouldn't pick this one as nickel is not doing well and it is in Cuba. Would much rather have a company that is in a safer jurisdiction and a metal that is much closer to the bottom.

2008-11-21

BUY

2.560