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| HOLD | 5.130 | James Hodgins | Undergoing some strategic reviews because of a creeping competitor Premier Tech (?) and wouldn’t be surprised if an acquisition didn’t occur in the next month or 2. | 2010-11-15 | |
| SELL | 7.550 | Chris Rankin, MBA, CFA | Get peat moss out of Canada and ship to the US. Double whammy is 1. Foreign exchange exposure. 2. Peat moss is used for landscaping and US housing is going down. Thinks is should be $4 -$4.5 per unit. | 2007-06-08 | |
| Comment | 8.000 | Michael Simpson, CFA | Payout ratio of about 82%. Reported an excellent Q4. Excellent reserve life of peat bog. Reducing their debt. | 2007-03-20 | |
| HOLD | 7.370 | Chris Rankin, MBA, CFA | Reserve life of 50 years. Controls 70% of the market. Very cheap at 6.5 EBITDA. | 2007-02-09 | |
| DON'T BUY | 7.100 | Michael Simpson, CFA | Peat moss. Heavily dependent on weather. Have been hurt by transportation issues in the past. They do very well keeping their costs under control. High payout ratio and high input costs. | 2007-01-04 | |
| DON'T BUY | 7.370 | Robert Lauzon | Not a fan of the management team. | 2006-09-08 | |
| PAST TOP PICK | 6.900 | Paul Gardner, CFA | (A Top Pick July 28/05. Down 14%.) Has now sold his holdings. Too much headwinds going into the story. | 2006-08-08 | |
| DON'T BUY | 6.980 | Sandy McIntyre | Peat moss. Growing market share but his concern is too much financial leverage and too high a payout ratio. This has created volatility. High risk. | 2006-07-28 | |
| PAST TOP PICK | 6.500 | Paul Gardner, CFA | (A Top Pick July 28/05. Down 17%.) A quasi-monopoly. It takes the bogs and uses the peat moss to create mixes for home growers. It had about 45% gross margins and pricing power. Because it sells mostly in the US, the stronger Canadian dollar as well as transportation costs hurt them. Sold his holdings. | 2005-12-29 | |
| PAST TOP PICK | 7.320 | Bill Harris, CFA | (A Top Pick March 21/05. Down 9%.) Might have been a couple years early on this. Will probably be growing over the next 5 years. | 2005-09-13 | |
| HOLD | 8.110 | Sandy McIntyre | Their payout ratio is very tight. Cash flowing around $0.90 a unit. Dominant in the growing medium area and as climate becomes more extreme you are looking for more controlled growing medium for quality of product. Would like to see their balance sheet a bit better and can see that correcting over time. | 2005-08-12 | |
| PAST TOP PICK | 8.040 | Bill Harris, CFA | (A Top Pick Mar 21/05. No change.) Hurt by rising energy prices and a strong Cdn$, but have the ability to raise the price on peatmoss over time. Giving a 10% yield which is what he wants. | 2005-08-10 | |
| TOP PICK | 7.800 | Paul Gardner, CFA | A leading producer of horticultural growing medium. Own a quasi monopoly on peat moss. Was hurt a couple of years ago by the strong Cdn$. They actually cut their distributions. They are one of the few companies that can raise prices. About a 11% yield. | 2005-07-28 | |
| DON'T BUY | 8.290 | Dean Orrico | Avoids/underweights seasonal based businesses. Basically they are overpaying in the non-heavy cash flow seasons. Has some volatility to it. | 2005-04-22 | |
| TOP PICK | 8.100 | Bill Harris, CFA | A Canadian resource company. Tough to find value on the oil/gas/mining side of the market. Sells peat moss products into the US market. Had been hurt with the energy prices and transportation. Yields 10% currently. | 2005-03-21 | |
| HOLD | 8.250 | Leslie Lundquist | Not sure that the distribution is 100% stable. Also exposed to the currency exchange. | 2004-05-18 | |
| PAST TOP PICK | 7.900 | Ben Cheng | (Top pick April 1/03. Down 13%.) Weaker US dollar and their production facility hurt them. Now selling their stakes. | 2003-09-17 | |
| WATCH | 8.190 | Sandy McIntyre | The severe winter and wet summer in New Brunswick affected their operations.This year is a bit of a write-off regarding distributions.Have to see if they can get back on track next year. | 2003-08-25 | |
| BUY | 8.240 | Dean Orrico | Has been impacted by higher energy costs. Has a dominant position in its sector. Constructive on this one. | 2003-06-25 | |
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| TOP PICK | 9.230 | Ben Cheng | Price went down because they disappointed on their 4th quarter earnings. Earnings and revenues are picking up. | 2003-04-01 | |
| BUY | 10.900 | Sandy McIntyre | Good cash flow. Sees an improving situation. | 2003-03-06 | |
| BUY | 10.700 | Sandy McIntyre | 11% yield. Has market dominance. | 2002-08-12 | |
| TOP PICK | 10.000 | Sandy McIntyre | There is a trend towards a growing use of peatmoss. Conservative. | 2002-05-03 |
