| BUY | 33.000 | Robert Floyd | Has reformed reasonably well. Last quarter's numbers were decent. Showing decent growth in the Canadian operations. Would have liked to have seen a bigger improvement in their US operations. | 2008-08-21 | |
| PAST TOP PICK | 33.620 | Bruce Campbell | (A Top Pick July 30/07. Up 4%.) Picked this as a defensive holding. Performed poorly until recently. Reported a great quarter. Their US asset growth is only 4% of the total. | 2008-08-18 | |
| DON'T BUY | 29.740 | Brian Acker, CA | Has always been overvalued. Model price is $26.36, a -6% differential. There is a lot more value elsewhere. | 2008-08-06 | |
| BUY on WEAKNESS | 29.530 | Peter Brieger | This is the kind of stock that you buy when things are going to be tough for a while. Would look to buying at $25 or $26. | 2008-08-05 | |
| BUY | 27.840 | John O'Connell, CFA | Trying to expand in the US, which has been challenging. Has done a very good job in growing its business. Trading at reasonable valuations. | 2008-07-31 | |
| SELL | 27.590 | Norman Levine | (Market Call Minute.) A lot of its traffic is drive through and this will be down. Also feels it is overpriced. | 2008-07-21 | |
| PAST TOP PICK | 28.040 | Neil Wickham | (A Top Pick Mar 20/07. Down 18%.) Didn’t meet earning target in the 1st quarter. Also a couple of lawsuits by franchisees turned investors off as well as consumer weakness. Still good value in cash flow earnings and growth. Attractive Buying opportunity. | 2008-07-14 | |
| PAST TOP PICK | 28.710 | Gavin Graham | (A Top Pick Aug 8/07. Down 18%.) Still likes. | 2008-07-07 | |
| WAIT | 30.760 | Pat McKeough | Soaring food prices are pushing up their costs and it can't necessarily pass this on to its customers. Have to make it up on volume and this is not easy to do. | 2008-06-20 | |
| BUY | 32.050 | Bruce Campbell | Near a 52-week low. Able to pass through price increases. Good price level. | 2008-06-13 | |
| PAST TOP PICK | 32.670 | Bruce Campbell | (A Top Pick May 9/07. Down 5%.) Has been a good place to hide. Last quarter was a little weak in the US. | 2008-05-26 | |
| DON'T BUY | 33.690 | Peter Brieger | Conceptually this might be a recession proof stock but the price/earnings ratio is much too high. | 2008-05-01 | |
| Comment | 34.620 | Robert Floyd | The US market is much tougher than it is in Canada and their same store sales are much weaker. Very competitive business. | 2008-04-29 | |
| BUY | 34.340 | Duncan Stewart | (Market Call Minute.) It should be relatively economically insensitive. A consumer staple. | 2008-04-25 | |
| DON'T BUY | 34.300 | Gordon Higgins, CA, MBA, CFA | Growth rate is going to slow as there are only so many locations. A fantastic operation. Very profitable. Just increased coffee prices. Their bottom line will remain extremely solid but you are paying full price. A $35 stock price would be generous. | 2008-04-17 | |
| PAST TOP PICK | 34.710 | Bruce Campbell | (A Top Pick Apr 2/07. No change.) Even though they raised prices, people will still buy there. A good place to hide. Multiple is lower than it was. | 2008-04-11 | |
| PAST TOP PICK | 34.950 | Gavin Graham | (A Top Pick Apr 23/07. Down 2% including dividends.) Rumour is that they are going to increase the cost of coffee. Clients will pay. | 2008-04-09 | |
| PAST TOP PICK | 34.280 | Gavin Graham | (A Top Pick Mar 6/07. Up 0.1% including dividends.) One of the best brands in Canada and has executed extremely well. They have the power to pass on pricing increases. A good Buy. | 2008-03-06 | |
| Comment | 35.410 | David Baskin | (Market Call Minute.) Not a bad price right now. Quality retailer. Recession resistant. Doesn't think they will make as much headway in the US as they want. | 2008-02-19 | |
| Comment | 34.500 | Brendan Caldwell | Would characterize this as a good yield play although the dividend is very low. He could see it growing over time. | 2008-02-01 | |
| DON'T BUY | 34.360 | Laura Wallace | Thinks it will probably do quite well in a slowdown. Their potential growth and their difficulty is in their US holdings. Expensive in the near term relative to the potential. Would consider in the high $20's or the low $30's. | 2008-01-30 | |
| TOP PICK | 34.750 | Michael Smedley | In this market you need some sort of nice steady blue chips with the cheapest, finest coffee in the world that every Canadian can afford to buy. Very efficiently run. Still has a lot of space to grow in Canada. Good price. | 2008-01-22 | |
| PAST TOP PICK | 37.050 | Gavin Graham | (A Top Pick Mar 6/07. Up 5.5%.) Has to be one of the best consumer staples. | 2008-01-02 | |
| HOLD | 36.640 | Bruce Campbell | (Market Call Minute.) Buy on a little further weakness. Sell at $40. | 2007-12-31 | |
| BUY | 36.950 | Paul Gardner, CFA | Long line-ups in the morning are fully valued in the stock. Execution is twofold. 1) Solid menu, which it is and 2) execution in the US is required to give it great growth. Coffee sales in the US are less per store than in Canada. Doesn't think you'll go wrong by owning the stock. | 2007-12-28 | |
| BUY on WEAKNESS | 37.500 | David Cockfield | Likes what they're doing in the US. Earnings continue to grow. Relatively low yield, so consider it as a more aggressive stock, but on a long-term basis it is certainly a Hold. | 2007-12-21 | |
| HOLD | 39.560 | Robert Floyd | (Market Call Minute.) Has done well. More of a defensive security. Probably has a little bit further to go. | 2007-12-11 | |
| TOP PICK | 37.910 | Michael Smedley | Has been strong even in this weak market. Has grown and shown good numbers. Good brand name. | 2007-11-27 | |
| TOP PICK | 37.910 | Fred Ketchen | Interesting menu and they have the health thing going for them. The US holdings is very limited. | 2007-11-27 | |
| PAST TOP PICK | 37.980 | Gavin Graham | (Top pick March 6, 2007, up 8.8%) Would continue to buy. Not overly expensive. Their expansion will continue. Inverse increase in raw material prices. | 2007-11-19 | |
| TOP PICK | 37.310 | Bill Carrigan | This is a safety play. Consumer discretionary. One could argue that there was a large inverse head and shoulders from February to now. | 2007-11-13 | |
| WEAK BUY | 36.040 | Veronika Hirsch | One of the few Canadian consumer stocks that she still likes. Management is strong enough to figure out what to do with their US assets. Their Canadian business is doing phenomenally well. Not a lot of growth, but a solid company. Expect there will be an increase in dividends. | 2007-10-31 | |
| HOLD | 35.700 | Gavin Graham | Up 13% over the last year but no higher than in Jan. and Feb. Their products are tied to the price of wheat but Tims have pricing power. He has owned since the low 30's. | 2007-10-29 | |
| VAGUE | 36.050 | Michael Sprung | Haven’t participated in this stock. There total capitalization is huge. They came out with good numbers today. Not as successful in the U.S. The stock is overvalued at this point. | 2007-10-26 | |
| WEAK BUY | 36.050 | Brooke Thackray | Now’s a good time to get into the market. A good sector. Rescission proof. Positive revenue. Going to do well from here. Should do quite well. Would buy at this price. | 2007-10-26 | |
| VAGUE | 36.510 | Norman Levine | They make themselves out to be a growth stock, are hoping to open more stores in the US. He likes the outlook. He's not looking at it right now though. | 2007-10-23 | |
| TOP PICK | 35.620 | Bill Carrigan | Believes it is the place to be. It is a must own stock if you are nervous about the market. | 2007-10-17 | |
| Comment | 35.970 | Robert Floyd | Not too excited by this one. Numbers will be coming out on October 26, which will give a better idea as to how growth is proceeding in the US. | 2007-10-12 | |
| TOP PICK | 36.000 | Bill Carrigan | When he compares it to the TSX60, it is one of the stronger stocks. Has a nice base and is breaking out. If there's trouble in the market, he feels this is a place people will want to hide. | 2007-10-10 | |
| DON'T BUY | 34.410 | Gordon Higgins, CA, MBA, CFA | Doesn't feel the product offering is as good as it was. US growth is not as good as Canadian. You are paying up for the growth and not sure there is that much more in it. | 2007-09-12 | |
| DON'T BUY | 34.540 | Brian Acker, CA | He has a model price of $26.60 giving it a negative 18%. Has always been expensive to him. | 2007-08-30 | |
| BUY | 35.890 | David Burrows | Has consolidated its early gains. Facing some challenges rolling out their stores in the US, but those are growing pains. Have a great loyalty in the Canadian market. A fairly defensive group. | 2007-08-09 | |
| TOP PICK | 35.570 | Gavin Graham | Same-store sales growth in the US was almost 4%. Doing 6% to 7% in Canada. They are creating a Tim Horton credit card and the average hit on these is about $1.50 higher. Good management. | 2007-08-08 | |
| DON'T BUY | 33.450 | Laura Wallace | Latest quarterly earnings, while good, showed that the challenges remain in the US market. Expensive until there is further clarity that they are going to be successful in the US. | 2007-08-02 | |
| TOP PICK | 32.950 | Bruce Campbell | Reporting this Friday and the numbers will be good, particularly in Canada. The US will be sort of mediocre. The stock is 20% below where it was near the beginning of the year. Looking for 20% growth for a few years. | 2007-07-30 | |
| SELL | 32.720 | Jeff Parent | Not looking very good technically. We consider selling because of the downtrend. | 2007-07-06 | |
| TOP PICK | 32.990 | Jean-Francois Tardif | Not making money out of the US and he doesn't think it will commit a lot of money to that operation. Think they will work back to profits. Sales growth per store in Canada is very healthy. With fewer large caps available to investors, he expects they will move to this stock. | 2007-06-21 | |
| BUY | 33.050 | Michael Decter | Very positive on this company. Had gotten a little ahead of itself. Very solid in Canada and think they will find their way in the US. | 2007-06-20 | |
| DON'T BUY | 33.140 | Laura Wallace | In order for Tim's to grow at the same rate as they have in the past is to expand into the US. US market sales have been disappointing.
Stock price is 20 times earnings.
Thinks it's a great company but the multiple is too high, and it's tough sledding ahead. | 2007-06-08 | |
| SELL | 33.410 | Robert Floyd | Operations in Canada are very strong and same store sales continue to look strong. Real issue is the US operation where there is much more competition. Fully valued in the mid-$30. | 2007-05-30 | |
| HOLD | 33.410 | Norman Levine | Sees great potential for increasing productivity in Canada by using electronic payments. The growth side is really in the US and there are big question marks there.. | 2007-05-30 | |
| DON'T BUY | 34.510 | Laura Wallace | Their US strategy is going to be very difficult to execute. US is an extremely competitive marketplace. Trading at a multiple that assumes a continual high rate of growth. | 2007-05-23 | |
| DON'T BUY | 34.550 | Bill Carrigan | Has made a big move. Everybody wanted to get into the stock and they are in there. He wouldn't be too excited about it. | 2007-05-15 | |
| SELL | 34.890 | Robert Floyd | One of the issues in the last quarterly report was Canadian same-store sales were a lot stronger but far less in the US. | 2007-05-11 | |
| TOP PICK | 34.900 | Bruce Campbell | 25 PE stock, so not a value play. A growth stock.8%-10% same store sales growth in Canada. US were only 4% so stock weakened off. | 2007-05-09 | |
| DON'T BUY | 35.270 | Brian Acker, CA | only 3 estimates, is over valued, not mis-priced. | 2007-05-02 | |
| PAST TOP PICK | 35.280 | Michael Smedley | (A Top Pick May 10/06. Up 11.2%.) Extraordinary competent. Great expansion plans. Still a Buy. | 2007-05-01 | |
| BUY | 36.400 | Gavin Graham | In the accumulation stage right now. Could surprise to the upside with institutional buying. Will always look expensive, but as long as it delivers as well as it has, it is a buy. It will go higher from here. | 2007-04-23 | |
| DON'T BUY | 36.250 | Robert Floyd | Because of its branding, it carries a very high multiple. He can see a high valuation on this type of business. | 2007-04-19 | |
| BUY | 36.450 | Veronika Hirsch | Great story. Always expensive, but they deliver. Have increased dividends and earnings. Expect they will grow their dividends for the next 5 years. | 2007-04-18 | |
| HOLD | 35.730 | Norman Levine | Good, low risk growth in Canada. Huge growth potential in the US, but it is an unknown company. Now looking at electronic payments. A little expensive. | 2007-04-16 | |
| DON'T BUY | 34.880 | Michael Sprung | A valuation issue and as a value player, he just doesn't see it. A lot of assumptions of growth in the US built into the price. | 2007-04-11 | |
| BUY on WEAKNESS | 35.050 | David Baskin | Great company. Still a little expensive, but there are so few really quality retailers in Canada. Doesn't think the expansion in the US is promising, but their execution in Canada is terrific. Would prefer at $30. | 2007-04-09 | |
| TOP PICK | 35.150 | Bruce Campbell | Backed off about 10% from a recent rise. A “go-to” Canadian name. A premium valuation but as back to about a 20 multiple. Fairly safe. | 2007-04-02 | |
| TOP PICK | 34.710 | Neil Wickham | One of the classic retail businesses that just keeps growing at a steady pace over time. Relative to its past growth and expected growth, it is attractively priced. | 2007-03-20 | |
| BUY | 35.260 | Kyle McKay | Last quarter showed a phenomenal growth in their top line. US operations gained significant traction. Valuation is very reasonable. | 2007-03-19 | |
| DON'T BUY | 34.880 | Norman Levine | Great company, and in recent months a great stock, but it is fully valued, maybe even overvalued. Look at it closer to the $30 level. | 2007-03-13 | |
| BUY | 35.170 | Chyanne Fickes | Expensive. Very defensive play. Same-store sales are much better than their competition. Have a 76% market share in Canada. Will be going into electronic payments later this year, which will add to their profits. | 2007-03-12 | |
| HOLD | 35.110 | Jeff Parent | Would sell if the stock doesn't trade above $36 in the next couple of months. Consolidation is at about the $34-$35 level. Would reduce his position at $34 and get out of it completely if it hit $33. | 2007-03-09 | |
| HOLD | 35.030 | Ross Healey | New to the index, so the market doesn't quite know what to make of it. FMV is around $60, but would be surprised if the stock could get over $40. | 2007-03-07 | |
| TOP PICK | 34.980 | Gavin Graham | Still has potential growth in Quebec and western Canada. Also have enormous growth in the US assets. | 2007-03-06 | |
| HOLD | 35.550 | Alex Ruus | A fantastic company. A little bit pricey at these levels. | 2007-03-01 | |
| HOLD | 34.940 | Norman Levine | Great company. The stock has gotten to a point where it's fully valued. | 2007-02-27 | |
| BUY | 36.000 | Michael Decter | Thinks it will fluctuate between $35 and $37 for another quarter. If the numbers are good again after the next quarter, you could see it heading up to $40. | 2007-02-26 | |
| TOP PICK | 35.820 | Michael Smedley | (A Top Pick Oct 19/06. Up 14.1%.) A super class of its own in fast foods. Have tremendous expansion in Canada in addition to their US holdings. Excellent management. | 2007-02-22 | |
| BUY | 36.880 | Peter Hodson | Has always been a good company and has always done a good job. Same-store sales are phenomenal. Good long-term buy. | 2007-02-19 | |
| BUY | 36.170 | Stephen Carlin | A perennially expensive retailer, but same-store sales growth has been fantastic. Continues to open new stores. Margins continue to grow. | 2007-02-14 | |
| Comment | 37.140 | Veronika Hirsch | Would have picked this as a Top Pick but at 25 X earnings felt it was too expensive. | 2007-02-07 | |
| HOLD | 36.490 | Norman Levine | Has a bit of the premium valuation in it. Prospects are good. Most recent same-store sales experience has been very good. | 2007-01-09 | |
| BUY | 36.470 | Kyle McKay | Had very strong 4th-quarter same-store sales. Stories should continue to do very well. Trading at a reasonable multiple act 22 X next year's earnings. | 2007-01-08 | |
| DON'T BUY | 36.390 | Michael Sprung | Haven't liked the valuation on this one since it first came out. If you look at the franchise value, you are paying a very high price for it. Despite this, it is a Canadian favourite and a fairly good business model, but would question their increases in revenues, which are coming from new products and not sure they have the same margins. | 2007-01-05 | |
| TOP PICK | 33.710 | Gavin Graham | 15% less than when it went public in March. Still a fair amount of growth, especially in Quebec. Still expanding in the US and are doing pretty well. | 2006-12-28 | |
| BUY on WEAKNESS | 33.780 | Bruce Campbell | Has been waiting for something under $33 to Buy more. Same store sales are great. | 2006-12-21 | |
| BUY | 33.650 | Bill Carrigan | Hasn’t been around long enough to get a decent chart on it. Probably a safe consumer play. | 2006-12-20 | |
| HOLD | 34.780 | Norman Levine | Canadian operation is a gold mine for them and is a cash cow. Using the money to plough into US expansion, which is more of a question mark as to how successful they are going to be. | 2006-12-05 | |
| DON'T BUY | 34.500 | Gordon Higgins, CA, MBA, CFA | Grossly overvalued at around 34 X earnings. Same-store sales have been reasonable. Missed a little on the last quarter because of distribution problems. | 2006-11-28 | |
| Comment | 33.950 | John O'Connell, CFA | A great name and will continue to be a great performer. You have to watch to see if they are going to be successful in the US growth platform. | 2006-11-27 | |
| BUY | 34.980 | Rob Callander | Will probably have a lot of room for growth. Expanding their product line. Exception of the well managed. | 2006-11-23 | |
| HOLD | 33.950 | Norman Levine | Not earning any money yet in the US. Growth potential in Canada is very good. | 2006-11-14 | |
| BUY | 33.390 | Ian Nakamoto | A believer in this story. Still a lot more stores can be started. | 2006-11-07 | |
| TOP PICK | 31.390 | Michael Smedley | A highly organized company. Has been spun off from Wendy's (WEN-N). Now included in the TSX Standard & Poor. | 2006-10-19 | |
| BUY | 29.030 | Chyanne Fickes | Outlook for growth looks good. US stores seem to be doing well. | 2006-10-02 | |
| SELL | 28.980 | Norman Levine | They are spinning stock to Wendy's stockholders. US operations are not doing as well as the Canadian market. Recommends getting out if you own. He will not be buying this stock in the near future. | 2006-09-27 | |
| TOP PICK | 29.280 | John Zechner | Predicts there will be a lot of selling of this stock. The company is great. It is a good investment if you are thinking long term. Predicts it could go to $10.00 in the next twelve months. | 2006-09-27 | |
| DON'T BUY | 28.580 | Ben Stadelmann | This is the antithesis of a contrarian pick. Very popular stock. Well-run business. As a contrarian, would not buy. | 2006-09-14 | |
| WAIT | 29.030 | Rob Callander | A good company. Wendy's (WEN-N) has announced that they are spinning out all the Tim Horton’s shares so there will be a lot of Americans that will be trying to get rid of their shares. | 2006-09-12 | |
| DON'T BUY | 28.600 | Peter Hodson | Would hold off on this one because of the capital market play where people are shorting versus the parent. | 2006-08-28 | |
| HOLD | 28.600 | Chris Smith | Waiting for the next shoe to drop when the rest of Wendy's stock gets dumped into the market. Canadian operations are extremely well run but the US is a question mark. If you own, would hold and buy more when the stock has dropped further. | 2006-08-28 | |
| WAIT | 28.610 | Bruce Campbell | He is hopeful that when the Wendy's shareholders get their stock, they will overwhelm the Canadian market with their selling and the price will drop to $24/$25 which is where he would buy. | 2006-08-25 | |
| DON'T BUY | 26.880 | Peter Brieger | A great franchise. Well run. At 27 X earnings, it is too expensive. Very pessimistic on their US chances. | 2006-08-09 | |
Experts that have talked about Tim Hortons
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