STOCKCHASE

Have just cut the dividend in half. Payout ratio of about 40%-45%. Would like the 10% payout if it is secure and the possibility of a lot of capital appreciation so he is going to do some number crunching.

2011-11-03

HOLD

7.170

Stock is discounting a bad scenario regarding convertible dept and a stressed balance sheet. You are finding a bottom in the name. Does not think it will drop to zero.

2011-10-28

Comment

6.180

Looked at this company years ago but never bought. Has done very well over all. Managed to sustain their high payout. Current yield is almost 20% and there are questions if it is sustainable. The high-yield is a dangerous sign.

2011-10-04

HOLD

8.750

Hap (Robert) Sneddon FCSI

You will probably be alright. The issue is there are several business units, the dominant on of which is propane and has some seasonality with it. It just got thrown out with the bath water. Not a tremendous upside but you are OK on the dividend.

2011-09-28

HOLD

8.550

There has been no good story on the 3 year chart. You have some support about 3 years ago. Don’t sell it and don’t average down. If it broke down with some volume by 3% by Friday, get out next week.

2011-09-21

DON'T BUY

11.260

Lorne Steinberg

Doesn't own stocks but does own bonds. Like a lot of income trusts, they were so used to paying out high distributions they have trouble cutting back.. Paying out too much of their earnings and are rated below investment grade. Also exposed to US housing.

2011-07-14

DON'T BUY

11.300

Propane, pulp chemicals and dry wall construction distribution. Last quarter was good with the cold winter. Feels their debt levels are too high. Regarding the dividend payout, it’s a higher risk.

2011-06-17

Comment

11.440

Andrew Hamlin

Main business is propane and heating oil distribution in Canada and the US. Q1 earnings were pretty good but the balance sheet is still very stretched and payout ratio is higher than he likes. Yield of 10.5% is very good, but doesn’t expect much capital appreciation.

2011-06-03

DON'T BUY

11.490

Douglas Kee

50-50 chance of dividend being secure. about 10%. Market suspects they can’t maintain it.

2011-03-21

WAIT

11.260

15% dividend. Followed it on and off for years. It is not as juicy as it was previously because they cut their dividend. When a company cuts dividend, there is often more cuts, although not necessarily in this one. He would put this one in the watch camp.

2011-03-02

DON'T BUY

10.990

Jim Huang

Always has trouble with their model. Mish-mash mix of business such as propane, building materials, chemicals, etc. Could never understand the advantage of having that together. Doesn’t thinks the operational performance is there.

2011-02-24

DON'T BUY

12.350

Andrew Hamlin

Leading propane and heating oil distributor in North America. A little cautious on this name. Has reduced guidance over a number of quarters. Payout ratio is over 100%. Questions if the dividend needs to be readjusted. About 13% yield.

2011-02-16

HOLD

11.140

Douglas Kee

Doesn’t expect dividend to go up. It’s a matter of when the dividend will be cut. 14% yield is a warning right there.

2010-12-21

PAST TOP PICK

10.980

(A Top Pick Dec 3/09.) 8.25% corporate bond due October 27/16. Collected 2 coupons but they went on a Buying spree in the US so he Sold his holdings. Debt levels were way too high.

2010-12-02

BUY

12.030

(Market Call Minute) Profit warning, cheap at this price.

2010-10-18

WAIT

11.720

Likes the management. They know what they are doing, are a smart company. Are an energy play. Likes them, but would not buy them at this level. Look in a few months buying.

2010-08-17

DON'T BUY

11.600

Jim Huang

Great dividend but the question is whether it is sustainable. Losing market share in some of their key markets.

2010-08-09

Comment

13.400

Michael Sprung

11.8% dividend should be safe for the next couple of years. Not sure he can see any long-term stability in the business model. Doesn't show up on his radar screen from a valuation perspective.

2010-07-28

DON'T BUY

13.100

Very old trust with the original business being propane. Diversified into drywall, pulp chemicals and energy contracts. Were paying down debt about 18 months ago but started making acquisitions in propane. Feels they are too risky for him.

2010-07-07

BUY

13.400

David Burrows

(Market Call Minute.) Likes the name and the yield.

2010-06-21

BUY

13.250

Ben Cheng

Have several businesses. Weakness in the stock is because of the mild winter, which affected their propane business. The business tends to have a slow decline of about 2%-3% per year but there could be a big swing factor if we had a colder winter in the Western provinces.

2010-05-12

BUY

13.930

Converted to a corp. They have been really coming out of the gate. 3 Business: Sodium Chloride; Construction Chemicals; and Propane. The first two are where the growth is. The payout ratio and yield is ok. It’s a prudent name to own I you think the construction business in the US will turn around. 11.6% sustainable.

2010-03-01

DON'T BUY

13.940

Started in propane and then took on more. Debt went up when they went on an acquisition spree in the US. Is higher than his threshold for debt. There might be a problem 5 years from now.

2010-02-23

DON'T BUY

14.050

Barry Schwartz

(Market Call Minute) Ugly balance sheet.

2010-02-22

TOP PICK

13.580

Derek Webb, CFA

Propane distributor with a huge yield of over 10%.

2010-02-11

HOLD

13.780

Dividend should be sustainable. This is a good time to hold it because propane tends to do well in the wintertime. Had some problems earlier on and didn't have a focused management team but looking pretty good right now.

2009-12-11

TOP PICK

13.560

8.25% corporate bond due October 27/16. More debt than he likes with senior debt at 2.4X EBITDA, so prefers bonds to the equity.

2009-12-03

BUY

13.160

Here is a company that straightened up their act. Propane distribution business has been weak. But they have a whole bunch of construction chemicals they deal in. He thinks it still has some upside.

2009-12-01

BUY

12.820

Ben Cheng

Almost 13% dividend, which should be sustainable.

2009-11-20

Comment

12.630

Robert McWhirter

Just made a purchase to acquire some tax pools. This is a huge advantage for a transition from a trust and was done at a very good price.

2009-11-17

BUY

11.610

Likes where it is right now. The stock is interesting. It could be a consolidator. 14% yield is safe. It is trading-distressed.

2009-09-29

DON'T BUY

11.570

Went into the pulp bleach chemicals just before the pulp industry went into hard times. Then went into building products just before the building industry fell to pieces. Have maintained a dividend even though they are now a Corporation. If the building industry in the US picks up that would be helpful.

2009-09-23

DON'T BUY

11.520

Glenn MacNeill, P.Eng.

Balance sheet is just okay. Dividend is more a function of the cash flow. Complicated business mixture in that they are selling to the pulp and paper industry and construction industry. There are other income generating companies that he would prefer.

2009-09-18

Comment

11.550

Stan Wong

Very volatile. Longer term it might be something to look at but more of a trading name. 14% yield

2009-09-17

HOLD

10.570

Management change is positive. Got rid of some of their businesses. Bought a shell company that had tax pools. Reasonable payout.

2009-02-27

Comment

9.700

Proposing to buy $40 million of Ballard Power's $800 million tax loss and doing a reverse takeover to convert to a corporation. Believes there is enough tax losses to last several years and should be able to keep their level of distribution. If there is a cold winter, their propane business should recover.

2008-11-20

DON'T BUY

12.620

Has had a troubled past for 2 years. Has been much more stable lately. Made a deal with Ballard (BLD-T), which is basically a tax driven deal by buying tax losses, which will give them shelter as they move to incorporate. He is waiting until after the conversion date before considering.

2008-11-06

DON'T BUY

13.000

4 main divisions, propane, pulp chemicals, energy management and construction materials. Q2 was okay with a lot of strength coming from the pulp chemicals. Has been de-levering the balance sheet. Debt to cash flow is 3X, which is too much for him.

2008-09-19

DON'T BUY

12.270

Results where a bit soft in Q1. Making progress in paying down debt and lowering their payout ratio. Before buying they would have to make further progress on reducing their debt level.

2008-05-14

BUY on WEAKNESS

13.730

Looks like their turn around plan is working. Expects Q1 to be quite good because of the cold winter. Have some businesses tied to home building, which hasn’t been as bad as he thought and have been manageable. Natural gas marketing is starting to get some market share in Ontario. Debt is higher than he likes, but they are getting good earnings. Buy in the low $13’s.

2008-04-28

DON'T BUY

12.180

Sandy McIntyre

12.8% yield and distribution appears to be sustainable. Went through a period where they expanded too much with a little too much leverage and they had to shrink the number of businesses they were in to pay down debt. Doesn't qualify for his balance sheet ratios.

2008-02-26

DON'T BUY

11.260

Dean Orrico

Sold most of his holdings near its highs. Original CEO, one of the best in the trusts, is back in the saddle and focused on the business. This won't be a high yield investment.

2008-01-29

BUY

13.700

Has done really well lately. Has a very good deal.

2007-08-08

HOLD

14.710

Ian Nakamoto

Has had a really rough ride and had to cut its distributions. They are now in a reorganization mode. Ranks quite well in his quantitative screens.

2007-05-14

SELL

12.980

Andrew Guy, CFA

In the process of turning itself around. They grew too quickly and took on too much debt. Not trying to sell one of their businesses. Given the track record, he's not sure that he would give them the benefit of the doubt.

2007-04-09

DON'T BUY

12.880

Debt levels and payout ratios were too high. They are starting to address that by selling business lines to pay down debt. Still not comfortable with the debt levels.

2007-03-20

HOLD

12.880

Neil Wickham

Did a lot of acquisitions in the past and some of them turned out to be not very good. Have spun off a couple of them. Payout ratio of about 90%. Earnings are starting to improve, so distribution is probably safe. Still have a lot of work to do.

2007-03-20

DON'T BUY

12.220

Originally came out as a propane company, and then diversified into pulp chemicals, aluminum fabrication, construction materials, etc. Sold their aluminum. Debt level is far too high. Could be a distribution cut.

2007-02-23

BUY

11.720

Chris Rankin, MBA, CFA

Sold off their aluminum asset, which was a positive. They now have reasonable leverage. Chemical division is very reliant on the Ontario power market for supply. There has been a reduction in wholesale rates, which gives them underlying support. Thinks it will do very well here.

2007-02-09

SELL

11.940

Andrew Guy, CFA

Started out very well, but management got too diversified. They are trying to sell off some of their poorer assets and refocus on their original business. Propane is a slowly declining business.

2007-02-08

SELL

11.430

Have a number of operational issues. Sold their aluminum business, which allowed them to reduce their debt. Still face a number of challenges, particularly their propane business. Their other 2 businesses are the third toward the housing sector.

2007-02-02

HOLD

11.250

Robert Floyd

Industrial trusts are probably in a better position than some of the commodity trusts. This one has been beaten down. If you own it, continue to hold.

2007-01-19

SELL

10.800

There are a lot of challenges in being a trust. Had a failed conglomerate strategy. Has turned around.

2007-01-05

SELL

10.900

David Cockfield

Still haven’t divested themselves of some of those companies they bought and the propane business doesn’t seem to be very great.

2006-12-27

PAST TOP PICK

13.640

(A Top Pick Oct 24/05. Down 45%.) Cut the distribution twice in the spring. Sold after the first cut. Stumbled badly on acquisitions. Don't buy until you see a couple of more quarters.

2006-10-23

BUY

12.500

The company had to cut distribution twice. Diminished confidence in trust.

2006-09-28

DON'T BUY

12.280

Chris Rankin, MBA, CFA

It is not a good time to enter. Company is trying to sell J.W. Alluminum. It is a risky time to enter.

2006-09-25

BUY

12.250

David Taylor, MBA, CFA

The leader in propane distribution. You are paying 6.5 X net adjusted cash flow whose business was depressed last year because of a mild winter. Will sell their aluminum business. Believes the distribution is safe.

2006-09-12

DON'T BUY

11.960

Paul Gardner, CFA

A disaster. Management decided to diversify into chemical businesses, potassium products as well as wall/ceiling products. Cut their distributions twice. Expect they will have to reorganise.

2006-09-05

SELL

10.870

Patrick Kim

Fairly valued at this point. There is still a significant amount of risk. There are significant corporate actions that need to be resolved. Have had 2 distribution cuts in the last year.

2006-08-04

DON'T BUY

10.920

Bruce Hartman

Announced they were selling their aluminum division which is a positive step. Still feels they are involved in too many business lines.

2006-07-14

HOLD

10.980

David Cockfield

Had a spectacular run as a propane distributor but began to see weakness in the propane market and diversified and ran into problems. Had a significant downturn in revenue and are talking about un-diversifying. If the stock moved up into the mid-teens, he would sell.

2006-07-13

SELL

10.980

Leslie Lundquist

Ran into difficulty earlier this year and cut their distributions and announced a restructuring. They are planning on selling their cold rolled aluminum division and apply the proceeds towards debt. CEO and CFO are being changed. Debt levels and payout ratio are too high.

2006-07-13

DON'T BUY

10.820

Has several problems. Its core business, propane, is in structural decline. Have also gone off in 4/5 different directions. Their debt levels are up near their covenants. Not a pretty picture.

2006-06-28

DON'T BUY

11.670

Glenn MacNeill, P.Eng.

Have had a negative outlook on this for some time. Have a virtual monopoly on the distribution of propane. Usage of propane is down. Has also gone into other areas and he prefers one industry.

2006-06-16

BUY

10.990

David Taylor, MBA, CFA

Looks very interesting. Had dropped from $30 to $10 and at $10.25 he bought for his hedge fund. Trades at about 6.5 X enterprise value EBITDA. Absolutely dirt-cheap and if they sell some of their non-propane assets the market will realise that the underlying asset is very strong.

2006-06-14

DON'T BUY

12.030

Ravi Sood

Had to cut distributions. No sure that it makes much sense for it to be trading higher.

2006-05-26

DON'T BUY

10.370

Sandy McIntyre

A high cost producer of pulp chemicals. It's in a market that is contracting. What you want in this circumstance is the low cost producer which would be Canexus (CUS.UN-T).

2006-05-12

SELL

10.140

In the last year or so, they have started to diversify outside of the propane business. Some of those are running into trouble, especially the pulp chemical business. The war in winter hurt their propane business. Have cut distributions a couple of times the last one being 30%.

2006-05-05

DON'T BUY

10.880

Was blindsided by their second cut in distributions. This is absolutely hammered the stock. They have a couple of businesses that are not shining at the moment. These include propane and pulp chemicals. Sold all his holdings. Expect its dead money for 2 or 3 quarters.

2006-05-02

SELL

11.490

A bit of a disappointment. Had some concerns about their underlying operating businesses. They have cut distributions for the second time. It will continue having some challenges.

2006-04-26

WAIT

16.610

Patrick Kim

Very diversified holdings but were hard hit by the propane distribution portion of the business. Hasn’t been helped by the warn winters we have been experiencing. Valuation wise, it is looking relatively attractive, but wait until the Q1 results are released when it is expected the price will drop further and that would be a reasonable time to get in.

2006-04-21

DON'T BUY

16.660

Share price has been almost cut in half. Propane business has slowed. Acquired businesses in other areas that are not as high quality. Payout ratio is now 100%. No catalyst to make it go up in the near term.

2006-04-07

HOLD

16.500

Norman Levine

Management has moved the company from being solely propane to a number of different companies. Propane sales were down this winter because of the warm season. They had to cut back on distributions. Has probably dropped more than it should have but don't buy on till it has stopped.

2006-04-04

DON'T BUY

17.200

Has propane, but diversified into other industries such as building materials, aluminum fabrication. They were hurt by the warmer winter, as demand for propane was weak. Too much debt on their balance sheet.

2006-03-31

DON'T BUY

17.750

Has been a big disappointment over the last year. Made some acquisitions which has created more volatility. Payout ratio is 100%. Have just cut distributions.

2006-03-24

SELL

18.120

Superior Plus is a trust they did hold for a long time but has gradually been decreasing their holdings. For the last couple of years ago Superior has been diversifying and entering new businesses. They have had mediocre performances after the trust expanded. There is weakness in their propane division because of mild weather and the high cost of propane. They have had to cut their distribution. Payout ratio is 96%. The next 6-12 months will be challenging for this trust.

2006-03-17

WAIT

21.850

Leslie Lundquist

Superior Trust is one that they have liked for a long time. In the long term it will do just fine. However, 2005 was a difficult year for them and they have yet to see 4th quarter results. Expectations are they might be a little weak. If you are looking for one for your first trusts, she is recommending Canadian REIT, Penn West, Yellow Pages Business Fund and BFI. (they own these trusts) These trusts are expensive though.

2006-03-04

HOLD

21.340

Has had a bit of a rough go. Starting to stabilise. Demand for propane will be down which will have a negative impact on revenues. They have diversified. Expects some better results through the year.

2006-02-17

HOLD

22.600

Dean Orrico

Has a fantastic track record with an excellent management team. Propane demand has been decreasing so management diversified into areas, a lot of which were related to the housing market. Management has proven time after time that it is able to perform.

2006-02-03

WATCH

23.660

James Leung

They have a business model that continues to diversify. Its core business was propane but in recent years have made acquisitions not related to the original business. Have some operational issues which management is addressing.

2006-01-27

SELL

23.630

Greg Guichon

The acquisitions they were making bothered them. They were turning into a mini conglomerate. Prefers purer trusts. As much more commodity risks than other trusts.

2006-01-20

WEAK BUY

23.660

Has gone through quite a metamorphosis over the last couple of years. Has expanded from propane pulp chemicals, aluminum and a number of other areas. It is now almost a conglomerate model. Very strong management team. Probably a little bit undervalued given the strength of the underlying parts.

2006-01-06

DON'T BUY

23.500

One of the older trusts. Having embraced the conglomerate model very well. They have four or five operating divisions. Their colour business in propane has been in decline for some time. A decent management team, but is concerned with the amount of debt that they carry as well as the payout ratio.

2005-12-30

DON'T BUY

23.700

Decreased his weighting in his funds. Could see the growth slowing in their propane business. Has now gone into a few other businesses. Doesn't think you will see much growth.

2005-12-23

BUY

24.950

Glenn MacNeill, P.Eng.

A multifaceted trust. Involved in propane distribution, pulp and paper, wall coverings. Has some reasonable good assets, but doesn’t care for multifaceted businesses.

2005-12-14

HOLD

21.790

James Leung

In the last several years have started to diverisfy from propane into areas such as a pulp chemical, dry wall and flat rolled aluminum. During the last couple of quarters, there were performance issues with the original propane business.

2005-11-11

DON'T BUY

22.500

David Chapman

11% distribution. Has suffered with all the other trusts and is in a downtrend right now. Can't see any bounce here at all. If you have owned for a while and have a profit, consider taking some money off the table.

2005-11-09

HOLD

22.040

Patrick Kim

One of the hardest hit business trusts. There's a lot of company challenges, particularily in the propane distribution business. Volumes are down. Have a fairly diversified asset base. Expects to see some choppy waters ahead.

2005-11-04

HOLD

23.830

They have 4 different business lines. Has been really beaten up. Probably over sold.

2005-10-28

TOP PICK

24.570

All 3 picks tonight are income trusts as the sector has been massively oversold. With the government's white paper, the stopping of getting legal opinions and the fear of rising interest rates people sold them as though they were worthless. Just increased their distribution giving a 10% yield.

2005-10-24

SELL

23.750

Greg Guichon

Has moved from a very simple trust to a very complex one covering many industries. These industries are very cyclical. Too complex to follow.

2005-10-21

BUY

25.960

Recently bought aluminum fabricator in the US. At this price feels it offers a reasonable risk/reward ratio.

2005-10-07

WAIT

26.280

Dean Orrico

Stock dropped because propane distribution has been dropping and may not turn around any time soon. Good management which has diversified the business into other areas. Areas have not performed that well either. Just acquired a manufacturer of flat rolled aluminum products which is positive. Expect it to go sideways for awhile.

2005-09-30

SELL

26.080

Has sold off a little bit. Has slowly moved from a growth trust to a more of a low to no growth. Seeing some cracks in some of their underlying businesses.

2005-09-23

BUY

28.800