| Comment | 9.050 | Sandy McIntyre | Market is concerned about declines in transactions in Ontario but also register mortgage renewals, re-financings, etc. Developing a database management system for the Ontario hospital system. Distribution is safe and is a possible takeover target. | 2008-08-15 | |
| BUY | 8.540 | Michael Simpson, CFA | Involved in Ontario land registration. Some concerns about slower real estate transactions but there are still a lot of transactions as mortgages renew. Diversifying into health care. Have a monopoly until 2017. 70% payout ratio. | 2008-08-13 | |
| BUY | 9.560 | Sandy McIntyre | (Market Call Minute.) Land Registry office for the province of Ontario. Great technical capability. | 2008-05-05 | |
| PAST TOP PICK | 9.710 | Ravi Sood | (A Top Pick Nov 17/06. Note change.) When it converts over to a corporate structure, it will be able to maintain its level of distribution. A fabulous target for private equity. | 2008-04-21 | |
| PAST TOP PICK | 10.250 | Michele Robitaille | (A Top Pick Dec 15/06. Up 15.3%.) A defensive play. Slower growth, but very stable. Has a monopoly on the property licensing in Ontario. Distribution is very safe. | 2007-11-28 | |
| TOP PICK | 9.920 | Michael Simpson, CFA | Provides the land registry in Ontario. Have a monopoly until 2017. $87million cash on the balance sheet. Expanding into other services such as hospital billing. | 2007-11-08 | |
| BUY | 9.860 | Michele Robitaille | Have a monopoly on the land Registry system in Ontario. Decent value at this price. Yield is sustainable over the next couple of years. Will give you slow steady growth. | 2007-10-03 | |
| HOLD | 10.350 | Kevin Hall BComm, CFA | Good fundamental story. Pretty much has a monopoly position in providing services for land Registry in Ontario. Not a ton of growth, but very stable. Low payout ratio. North of $10 it is fully priced. | 2007-07-11 | |
| PAST TOP PICK | 9.620 | Michele Robitaille | Dec 15,2006
Then $8.85
Had been a bit beaten up, and the valuation hadn't come back. A boring stable business. Not a lot of risk to their distributions. | 2007-06-11 | |
| BUY | 9.390 | Robert Lauzon | Have a monopoly on land Registry in Ontario. Good business model. Try to buy at $9.75 or below. | 2007-03-30 | |
| PAST TOP PICK | 9.610 | Michele Robitaille | (A Top Pick Dec 15/06. Up 9.2%.) Land Registry in Ontario. Very solid, stable company. Still likes. | 2007-03-23 | |
| BUY | 9.960 | Michael Simpson, CFA | Electronic land Registry in Ontario with a monopoly on till 2017. Excellent company. Very healthy margins. There could be other avenues of growth. | 2007-02-23 | |
| HOLD | 9.750 | Andrew Guy, CFA | Generates great cash. Very strong market share. Valuation is high. | 2007-02-08 | |
| BUY | 9.450 | Paul Gardner, CFA | Very stable. Yield of about 6%. Probably not that bad of a holding for an older person. | 2007-02-05 | |
| TOP PICK | 9.400 | Michele Robitaille | (A Top Pick Dec 15/06. Up 5.8%.) Electronic land Registry. Very strong, dominant market position with an Ontario contract that runs until 2017. Low payout ratio of about 70% giving them flexibility. Growth will be relatively lower at about 2%-3%. Good core holding. | 2007-02-02 | |
| BUY | 8.980 | Robert Lauzon | Basically a monopoly in Ontario have land registry system. About 70% of its cash flow is very stable. | 2007-01-22 | |
| TOP PICK | 8.850 | Michele Robitaille | Biggest revenue is the Ontario land registry system. Very solid business model. Relatively stable market. Good growth prospects. 70% payout ratio. | 2006-12-15 | |
| BUY | 9.100 | Michael Decter | Likes the story. There are lots they can add to their business in terms of other business lines over time. | 2006-11-24 | |
| BUY on WEAKNESS | 8.960 | Alex Ruus | Basically a monopoly business. Under $8 it’s a screaming Buy. | 2006-11-22 | |
| TOP PICK | 8.910 | Ravi Sood | Grade A management team. A monopoly type business in Ontario. World-class technology that they can export into different business verticals internationally. | 2006-11-17 | |
| HOLD | 8.650 | Dean Orrico | Continues to like this one. A good business with a monopoly position in the Ontario Land Registry. The fundamentals of this business will continue to drive higher levels of cash flow and you may be able to see them build some tax pools before 2011. Very high competitive yield. | 2006-11-10 | |
| BUY | 8.650 | David Driscoll | Still sees good growth in this trust. In a good situation. | 2006-11-09 | |
| BUY | 9.000 | Stephen Carlin | Likes and is buying. | 2006-11-08 | |
| BUY | 10.460 | Kevin Hall BComm, CFA | Have an exclusive arrangement with Ontario to 2017 to provide access and maintain the database on the electronic land registry service. Sees some growth going forward. Branching out into payment systems for lawyers and hospitals. | 2006-10-27 | |
| BUY | 10.600 | Paul Gardner, CFA | A spin-off from the province of Ontario. Land Registry. Pretty consistent business. Not sure where the growth is going to come from. Will be weakened by a poor housing sector and economic activity in Ontario. We haven't seen that is yet. | 2006-09-05 | |
| TOP PICK | 10.590 | Garth Jestley | Electronic land Registries. Has a contractual monopoly. Continues to bring on old paper-based records into its registry. | 2006-08-11 | |
| TOP PICK | 10.800 | Patrick Kim | Very stable business. Low competition. Have exclusive access to the electronic land registry system in Ontario until at least 2017. A lot of organic growth opportunities in converting paper data into electronic. | 2006-08-04 | |
| DON'T BUY | 10.590 | Sandy McIntyre | Software for accessing Ontario land registry. Database is licensed for about 17 years. Has a lot of leverage. Residential real estate business is very cyclical and registrations can go down for long periods. Buy in a “down” residential market. | 2006-07-28 | |
| DON'T BUY | 10.040 | Greg Guichon | Passed on the original IPO as the government would be selling their holdings in 6 months. Also was not convinced that management would stick around. Likes the model and the business. | 2006-07-14 | |
| DON'T BUY | 9.650 | Dean Orrico | They try to give exposure to a broad array of different types of relatively small to mid-market companies. Questions some of the companies they have acquired. | 2006-06-23 | |
| BUY on WEAKNESS | 9.780 | Robert Lauzon | Provides software to access the Ontario land registry system. Gets fees on searches and registries. Cash flow is fairly stable. A monopoly in Ontario. Will buy more at better valuations. | 2006-06-21 | |
| BUY | 9.800 | Neil Wickham | Has a very positive outlook for its future. This is a business that is a long way from maturity and has room for growth. Large enough and stable enough that the downside should be limited and the upside should have some room. | 2006-06-20 | |
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