| Comment | 47.980 | Brooke Thackray | The TSX has had a fantastic rally. Up to all-time highs. Chart shows it is bouncing off the top again, which is a positive sign if it can break that level. However, there is a downward trend on the lows, which concerns him. Technically, you are waiting for the breakthrough. | 2008-05-09 | |
| DON'T BUY | 40.450 | David Burrows | Thinks volumes will be under pressure going forward. There are investors that have been shaken out of the market to some degree. | 2008-04-18 | |
| BUY | 38.380 | Gordon Higgins, CA, MBA, CFA | Stock price has dropped because of the malaise in the market. They get their fees from the number of companies that list, IPOs and when companies issue new equities as well as a cut on every trade that goes through. Quite attractive at this level. | 2008-04-17 | |
| HOLD | 38.150 | Laura Wallace | Will be very challenging environment for all exchanges in the next 3 to 6 months. Market volatility is great for traders, but not for exchanges. Coming merger looks very positive and is good news. On a longer-term basis, it's a good industry to be in. Would stay away for the next 6 months. | 2008-03-12 | |
| WEAK BUY | 44.280 | Robert Floyd | Couldn't understand why they were going after the Montreal exchange when the growth was not there. However, when you put the 2 components together, there are synergies. There are political issues in that Montreal wants to keep their distinct entity. Would look very hard at this at this price. | 2008-02-29 | |
| Comment | 45.580 | Paul Gardner, CFA | Midst of a takeover with Montreal exchange (MXX-T). Because of the political situation, difficult to tell if this will actually work. CEO just left. Some market pressure because they have cut fees in order to stay competitive. Very consistent business. Volatility helps their underlying business with the extra trading revenue. Over 3% yield. | 2008-02-05 | |
| TOP PICK | 48.500 | Brendan Caldwell | Merging with the Montreal exchange (MXX-T). The best way to participate in any economy is the stock exchange. If you believe that anything good will happen in the market, these shares should perform even better. | 2008-02-01 | |
| DON'T BUY | 46.750 | David Burrows | Thinks this is a space that will continue to consolidate, but it is highly market sensitive. Expect there will be fewer financings resulting in a loss of listing fees. Very well managed business, but if you are concerned about markets this is not the spot to be right now. | 2008-01-28 | |
| PAST TOP PICK | 52.510 | Peter Brieger | (A Top Pick Feb 7/07. No change.) Still likes and is glad they are merging with the Montreal exchange and you | 2007-12-28 | |
| PARTIAL SELL | 53.250 | John Zechner | The rumour is that they are going to merge with the Montreal exchange. He has a bit of a problem with the valuation of most of the exchanges right now. If you own, he would take some profit. | 2007-12-05 | |
| HOLD | 54.350 | Norman Levine | When it went public, it had some anti takeover provisions in it so the likelihood of it being acquired is very low. Merger with the Montreal exchange is a high possibility. Has done while because it is a resource and financial services based index with resources dominating. Try to buy at $46-$47. | 2007-12-03 | |
| DON'T BUY | 47.150 | Bill Carrigan | Caller was a senior, he advised no, because it's too volatile.
| 2007-10-17 | |
| PAST TOP PICK | 44.780 | Michael Smedley | (A Top Pick Sept 21/06. Down 10.5%.) Feels there is a probability of discussion and conclusion of a merger with the Montreal Exchange (MXX-T). Not concerned with the banks moving into this area. | 2007-09-10 | |
| DON'T BUY | 40.470 | Paul Gardner, CFA | There is competition now by banks coming together and trying to form their own exchange. A tremendous cash flow business. Trades around 17 X next year's earnings, which is somewhat expensive. 3.76% yield. | 2007-08-22 | |
| HOLD | 40.440 | Stephen Carlin | There is an initiative by others to launch a trading platform in competition with them. This is a bona fide threat. The TSX will probably have to cut prices to lure and keep some business. He treats it as a dividend company. | 2007-08-21 | |
| Comment | 41.460 | Peter Brieger | There is a rumour that they may merge with the Montreal exchange. This exchange is focused on derivatives. Have cut their trading fees to be competitive. | 2007-08-14 | |
| HOLD | 43.100 | Michael Decter | Had a huge run and then pulled back. There are some legitimate concerns about competition. | 2007-07-31 | |
| Comment | 43.750 | Paul Gardner, CFA | Competition is going to lower the cost of transactions, which impacted the stock. Doesn't think this will go anywhere for the next 2 years. | 2007-07-19 | |
| DON'T BUY | 43.230 | Norman Levine | Not a fan of this stock. They are in a perfect negative storm here. One thing they have going for them is that resource stocks are doing well. They have lost a number of their large cap, high-volume listings. 2 start-up groups will be competing with them. | 2007-07-18 | |
| DON'T BUY | 43.220 | Chyanne Fickes | An expensive stock. Are definitely going to have very strong competition in the next couple of years. | 2007-07-05 | |
| DON'T BUY | 42.650 | Brian Acker, CA | His model price is $40.22, a negative 7% differential. Still too expensive. | 2007-06-21 | |
| DON'T BUY | 43.250 | David Baskin | Formidable competition is coming by way of a new trading platform by the bank owned brokerages. Expecting that margins and profits will be reduced. | 2007-06-19 | |
| Comment | 42.770 | James Cole, BA, CFA | Is finally having some deceleration in it's earning momentum. It's been generally well managed. Is a quasi-monopoly, with competition coming on.It will need to lower it's rates, which is good for consumers. | 2007-06-12 | |
| DON'T BUY | 43.290 | Laura Wallace | Banks have deep pockets and want to get a share of the trading that TSX has. TSX may have to cut there fees by 20%, which doesn't translate into higher profits.
Is interest rate sensitive as far as if the market softens that effects their volumes. | 2007-06-08 | |
| SELL | 44.120 | Peter Brieger | They have bought in the past, and recently sold. The alternate trading system being put together by the banks took the shine out of it's perceived value.
Would get back in once the impact of the alternate trading system is seen. | 2007-06-04 | |
| SPECULATIVE BUY | 44.000 | Ross Healey | Fair market value currently is $87-$88 so there is a lot of upside. It's currently at 10 times book value, so it's not cheap. This is a speculation.
He likes to buy at book or twice book. | 2007-06-01 | |
| DON'T BUY | 43.410 | John O'Connell, CFA | Banks may be going to get involved in alternative markets, which is a competitive threat to them. All the regulatory commissions are driving newer companies to international markets. | 2007-05-29 | |
| DON'T BUY | 43.580 | Laura Wallace | Facing some challenges with Canada's 6 largest banks intending to directly compete with them. There’re also some other alternative trading platforms out there that will start eating in to their market share. Not cheap. | 2007-05-23 | |
| DON'T BUY | 44.290 | Norman Levine | They have 2 problems. All their big companies are being taken over and they make their money off of trading. Secondly, the big banks are talking about setting up a rival exchange. | 2007-05-18 | |
| DON'T BUY | 43.900 | Paul Gardner, CFA | Has dropped a fair bit since its high. Got hurt recently when there was talk about the banks pushing for their own equity market. Technology will allow them to do that. It won't trump the TSX, but will take business away and will hurt their margins. Great cash flow business. | 2007-05-17 | |
| DON'T BUY | 42.700 | Bill Carrigan | Long-term trend line has been broken. When a group is getting tired, there is a tendency for a lot of new investment products to come out. If you own, lighten up. | 2007-05-15 | |
| BUY | 41.700 | Bruce Campbell | A consortium of Canadian banks has announced that they are considering putting in a competing product in the next year or two. This would cut into their pricing. This will probably blow over and at this price, it’s not a bad entry point. | 2007-05-09 | |
| Comment | 42.560 | Hap (Robert) Sneddon FCSI | $50 is at risk of moving below 200 day moving average and the momentum on the MACD is out of the stock. Be cautious. | 2007-05-08 | |
| SELL | 42.560 | David Baskin | Announcement that the banks were considering setting up an alternative system gave them a scare. It would take away a lot of volume. Have held a monopoly position. Consider taking some profits on part of your holdings. | 2007-05-08 | |
| SELL | 41.770 | Derek Webb, CFA | Stock missed earnings, when a stock misses earnings, it will tend to do it multiple times. | 2007-05-03 | |
| DON'T BUY | 41.770 | Paul Gardner, CFA | Last year they lowered their fees because they knew they would be getting competition from the banks. Pretty much fully valued now, so can't see where the growth will happen. | 2007-05-03 | |
| BUY on WEAKNESS | 48.700 | Bruce Campbell | Thinks there's a catalyst coming on this exchange. Feels they will get together with the Montreal exchange over the next couple of years. Buying on a bad day would probably be a good idea. | 2007-03-06 | |
| BUY | 47.660 | Peter Brieger | Likes the concept of an integration of world exchanges. As the world expands economically, this one cannot go it alone and will have to team up with one or more players. 3% yield. | 2007-03-02 | |
| TOP PICK | 50.700 | Peter Brieger | One of the best run exchanges in the world, while the P/E is about half. Recent drop of the stock based on news gives a good buying opportunity. | 2007-02-19 | |
| Comment | 53.260 | Chyanne Fickes | This will do well as long as the market does well. Expect at some point they will do a merger. | 2007-02-06 | |
| TOP PICK | 52.430 | Peter Brieger | As the world becomes a smaller space in terms of financial activity, more and more attention will be paid to this sector. Of the 10 major exchanges this is the cheapest, 2nd only to NASDAQ. As their earnings increase, he is looking for a 30 X earnings ratio, which would get you to about $70. | 2007-02-02 | |
| SELL | 50.550 | Michael Sprung | A lot of people have made a lot of money. Capital markets are very popular right now, but would take some money off the table. | 2007-01-29 | |
| DON'T BUY | 49.720 | John Zechner | Can't accept the value of the exchanges at this point. There is great cyclicality in this sector. Relative to financial services, the mid-20 multiple is pretty expensive. | 2007-01-22 | |
| BUY | 46.800 | Peter Brieger | Have announced they are going to go into a derivatives area in a major way. Expect they will take a shot at the Montreal Stock exchange when it goes public. One of the cheapest exchanges. A good way to play the world market. | 2007-01-15 | |
| BUY | 45.850 | Steve MacInnes | Monopolistic position with no competition. Throws off tremendous excess cash. Very shareholder friendly. He is bullish on equity markets. | 2007-01-11 | |
| DON'T BUY | 47.110 | Norman Levine | The best for this one is behind it for now. Canadian Market is very resource oriented and if they start running again, there might be more interest in this, but a number of big cap stocks that generated a lot of trading have been lost. | 2006-12-20 | |
| DON'T BUY | 47.470 | Bill Carrigan | A bellwether for the market. Had a peak in April, corrected back down to a high low, which is good. Now trying to match that peak. Thinks it’s late, so wouldn’t own. | 2006-12-06 | |
| DON'T BUY | 45.700 | Paul Harris, CFA | Has been a great investment over a period of time, but won’t be able to grow as fast as some of the other exchanges. Certainly has good opportunity to grow, but will slow down in 2007. Fully valued. | 2006-11-30 | |
| HOLD | 45.920 | Norman Levine | Very tied into the Canadian resource market. Wait until resources start taking off again. | 2006-11-14 | |
| BUY on WEAKNESS | 45.600 | Chyanne Fickes | Looks rather interesting. Expensive, but looking at what has happened to the other exchanges, with takeovers and mergers going on, it should do pretty well. Wait for a pullback, perhaps to the lower $40’s. | 2006-11-06 | |
| DON'T BUY | 50.080 | Laura Wallace | 3rd term, earnings could be a little disappointing. There could be some weakness in the near term. There is consolidation going on in this sector. A little expensive. | 2006-10-24 | |
| DON'T BUY | 47.250 | Larry Berman CFA, CMT, CTA | Essentially it has a bit of a distribution developing indicating the market is starting to struggle. He expects weaker markets and, if so, this will test the June/July lows which would be your next buying opportunity. | 2006-10-11 | |
| TOP PICK | 50.000 | Michael Smedley | A tremendous cash cow. The best stock exchange in the world to buy. | 2006-09-21 | |
| BUY | 49.120 | Rob Callander | A very successful company which is continuing to grow and continues to have opportunities. Extremely well run. | 2006-09-12 | |
| BUY | 48.400 | Ian Nakamoto | Any company that can spin up a lot of cash flow, pay dividends and buy back stock he likes a lot. | 2006-09-11 | |
| HOLD | 49.460 | Laura Wallace | This stock will move with the market. Pursuing an acquisition strategy. If your own, continue to hold even if there is some short-term volatility. | 2006-08-21 | |
| DON'T BUY | 48.700 | David Driscoll | Doing OK, but the big problem is that as more and more large companies get taken out, there is more stress on them to bring out more issues, which will probably be from junior resources. If commodities dry up, their earnings will suffer. | 2006-08-17 | |
| PAST TOP PICK | 48.400 | Gavin Graham | (A Top Pick Sept 6/05. Up 27%.) There is talk of them teaming up with IMX (?) which would be positive. This is a play on increased volumes, increased turnovers and increased plays. | 2006-08-10 | |
| BUY | 49.440 | Paul Gardner, CFA | This was a terrific story over the short and long-term when it came out. They are possibly getting into junior trading with other exchanges. The trend is consolidation were they can get terrific efficiencies. A good long-term hold. | 2006-08-08 | |
| DON'T BUY | 43.350 | Larry Berman CFA, CMT, CTA | Thinks the environment for stocks is turning down, and typically, this would not be a good thing to invest in. | 2006-07-24 | |
| Comment | 43.100 | Robert Floyd | Had been a great performer, but flattened out this year because it had been overpriced. At this stage, it has to show some future growth which would include linking up with another exchange, possibly Montréal. | 2006-07-14 | |
| HOLD | 44.930 | David Burrows | Did a great job expanding their revenues and their profitability. Some consolidations in exchanges around the world which will probably continue. Trading volumes have been reduced. If basic materials become less attractive there will be less new financings resulting in fewer fees. If you own, use a stop loss. | 2006-07-12 | |
| BUY | 43.120 | Peter Gibson | There is a lot of talk about a merger. A great looking company. ROE level is over 50%. The rate of change is very strong. Stock has sold off sharply. His models show it is on the verge of a rebound. | 2006-06-22 | |
| BUY | 42.290 | Neil Wickham | Has been a fabulous performer. Very positive on the stock market going forward. There is a fair amount of mergers going on around the world and this stock could be involved in some activity in the next little while. | 2006-06-20 | |
| WAIT | 43.340 | David Burrows | You would only buy this if you believed the market was going to trend higher. He is not prepared to say that at this time. Wait for the market to settle. | 2006-06-15 | |
| Comment | 45.370 | Peter Brieger | Current multiple is 14.4 on its earnings. Compared to all the other indexes in the world, this is incredibly cheap. This raises the spectre of M&A activity. If we are in a trend of worldwide consolidation, this could be up for grabs. | 2006-06-12 | |
| BUY | 45.370 | Gavin Graham | Gushing new cash with all of the new issues, all they takeovers and increased volumes. This is a great play on the commodity story if you believe in that. | 2006-06-12 | |
| DON'T BUY | 44.800 | James Cole, BA, CFA | Sufficiently cautious on the outlook for equity markets that he would prefer to see a much lower valuation. | 2006-05-31 | |
| BUY | 46.490 | Robert Floyd | There has been talk about it turning into a trust. The type of business that would lend itself to a trust. The outlook for the stock is continuing to be favorable. | 2006-05-16 | |
| BUY | 46.480 | Gavin Graham | Dropped a little bit because they said they were going to cut the fees. 2.9% yield. | 2006-05-03 | |
| SELL | 46.480 | David Baskin | Doesn't like what he sees with the New York stock exchange stock and with the NASDAQ. Thinks the craze for owning stock exchanges has peaked. Feels the hot money is going to be leaving the sector. | 2006-05-02 | |
| DON'T BUY | 48.750 | Brian Acker, CA | His model price is $35.27 which is a -27% differential. Way too expensive for him. | 2006-04-27 | |
| DON'T BUY | 52.380 | Michael Sprung | Exchanges seem to be where the action is at right now. This exchange is seeing some of the excitement from other exchanges filtering through and the price is discounting a lot of this. | 2006-04-21 | |
| BUY | 50.650 | Chris Smith | If you are positive on equities and that there will be a fair amount of financing going on, this will be good for this stock. A good broad based way to play the equity market. | 2006-03-21 | |
| BUY | 53.050 | Gavin Graham | 1.9% yield. As long as the income trust boom continues and resources continue strong they will do well. | 2006-01-31 | |
| BUY on WEAKNESS | 47.700 | Bruce Campbell | The performance of the stock is based on volume of new listings, IPO’s, etc. which they get listing fees for. Expect there will be a market pullback of $1/2 because of its strength in January. | 2006-01-24 | |
| BUY | 47.000 | Paul Harris, CFA | Should certainly do well over the next year. Commodities and energy should continue to do well. | 2006-01-09 | |
| DON'T BUY | 46.200 | Brian Acker, CA | Doesn't expect there will be a special dividend. They had had a big change in accounting where all their equity was basically sucked out. Have I look at their 3rd quarter financials. Trading way above his model price of $33.56 which is a -26% differential. | 2005-12-21 | |
| BUY | 45.720 | David Baskin | Pretty much a monopoly. Volume has gone up with the government’s announcement on trusts and dividends. Volume will probably continue to rise. Not cheap. Won’t have the explosive rise it had since its listing, but has a lot of downside protection. | 2005-12-19 | |
| BUY | 44.500 | Peter Gibson | Has done very well because of very strong trading volumes and tremendous profit growth. The ROE has some growth in it still. The ROE level is very high, so there should still be some book value growth. | 2005-12-09 | |
| BUY | 38.190 | Pierre Bernard | The governments declaration on income trusts is good news for the market in general. This stock has a great growth profile. | 2005-11-23 | |
| BUY | 36.750 | Shauna Sexsmith | They've changed their accounting policy to basically smooth the income stream from new listings by amortizing them over a 10 year period. Finds this questionable but all the publicly traded stock exchanges in the world do it. Good quality longer term. Will be volatile for a while. | 2005-11-16 | |
| DON'T BUY | 38.350 | Brian Acker, CA | Overpriced. Has a model price of $31. | 2005-11-14 | |
| HOLD | 38.390 | David Burrows | The publicly traded exchanges in North America have been doing remarkably well. This one has lagged a little bit. When they came out with their earnings recently the October trading volumes are down. There is good strength all around this area and this one is not broken. | 2005-11-11 | |
| PAST TOP PICK | 37.500 | Michael Smedley | (A Top Pick July 20/05. Down 8.5%.) Is not concerned and has added to his holdings in the past month. Great cash flow and can have a strong dividend. | 2005-11-10 | |
| BUY | 37.500 | Rob Callander | Likes exchanges and most of them are doing extremely well. This one is one of the most efficient and best run in the world. | 2005-11-10 | |
| BUY | 36.150 | David Baskin | The intersting thing is what happens when the NYSE goes public. Feels when that happens, this one will get its second wind. | 2005-11-08 | |
| BUY | 36.000 | Bill MacLachlan | The market was quite concerned with the changes in accounting. This will have no material impact on the cash flow. Not that significant. Any weakness because of this will be a good buying opportunity. | 2005-11-04 | |
| WATCH | 36.500 | David Burrows | THe public exchange companies are all doing very well. They are having an accounting restatement affecting last year's revenues and that concerns him. | 2005-10-26 | |
| DON'T BUY | 36.450 | Laura Wallace | Has come off recently because of the possible changes that would affect trusts. It's not only their limitation of becoming a trust, but listing fees will be reduced. | 2005-10-19 | |
| DON'T BUY | 39.680 | Rob Callander | Has done a spectacular job of turning its business around, improving its operating profit margins 50%. Very innovative. Getting into a lot of different businesses. Share price fully reflects its value. If you own, consider taking some profit. | 2005-10-05 | |
| PAST TOP PICK | 39.760 | Michael Smedley | (A Top Pick July 20/05. No change.) Got knocked back on rumours of becoming a trust. A good price and would buy more. | 2005-09-27 | |
| DON'T BUY | 39.150 | Laura Wallace | Good base business, but unlikely to grow at the same pace that it has. At current multiples, the stock is expensive. | 2005-09-26 | |
| HOLD | 39.150 | Bill MacLachlan | It should become an income trust, but will have to wait for the feds. A tremendous cash generator. | 2005-09-23 | |
| BUY on WEAKNESS | 41.700 | Matt Baillie | It might become an income trust. A cash cow. Somewhat of a monopoly and doesn't have much capital expenditures. Moved up to quickly today. | 2005-09-08 | |
| TOP PICK | 38.000 | Gavin Graham | A leveraged energy play in a way because of the number of new issues of income trusts and new exploration/production companies. 3.6% dividend. | 2005-09-06 | |
| VAGUE | 36.920 | Gordon Higgins, CA, MBA, CFA | Almost a quasi monopoly. If you want to trade stocks in Canada, that's where you have to be. Every new company has to pay a listing fee. There are ongoing fees to stay listed. Great cash flows. At these levels, not sure how much more there is on the upside. If equity markets pull back, this stock will definitely pull back. | 2005-08-11 | |
| DON'T BUY | 39.450 | Peter Brieger | Much more expensive than the other financials so not contemplating buying it. | 2005-07-21 | |
| TOP PICK | 39.850 | Michael Smedley | Great dividend flow and a history of extra dividends. | 2005-07-20 | |
| HOLD | 39.850 | Danny Tomka | The closest thing you are going to come to a toll booth. Anyone wanting to come through public listings on the Canadian market has to go through here. A bit volatile. As the markets go, the earnings go. Return on capital is extremely high as it requires virtually no capital in. The primary driver lately has been all the trusts. Trades at a hefty valuation. | 2005-07-20 | |
Experts that have talked about TSX Group
