| DON'T BUY | 7.560 | Kevin Hall BComm, CFA | One of Canada's largest trucking firms. Trucking is very cyclical and will move with the economy. Thinks they are intending to convert back to a corporate structure and distributions will be reduced. A little early to be looking at this one. | 2008-05-06 | |
| DON'T BUY | 7.770 | Ross Healey | The balance sheet is slipping which probably means they’re paying too much out. They should cut their pay out, to be positioned as a regular corporation. It’s around its book value. It’s fair market value continues to plummet. | 2008-03-26 | |
| BUY | 6.730 | John O'Connell, CFA | Has been a very well run company, but a very poor performing stock. Market is concerned about trucking companies during a recession or economic slowdown. Have announced they are going to go through a strategic review and wouldn't be surprised if the company was broken up with parts being sold off. Very inexpensive. The company is in no jeopardy. (ED. 23% yield.) | 2008-03-03 | |
| WAIT | 8.990 | Sandy McIntyre | (Market Call Minute.) There will be an opportunity over the next 3 to 5 months. | 2008-02-26 | |
| BUY | 8.330 | Michael Simpson, CFA | Largest trucking firm in Canada. Have various different divisions. There have been concerns about their debt level heading into a slowdown. Has also been hurt by the strong Cdn$. Plan to sell some real estate and a waste management division in Quebec to help their debt. At these levels it's a good buying opportunity. 19.4% yield makes him a little nervous. | 2008-01-22 | |
| DON'T BUY | 9.850 | Michael Simpson, CFA | Largest trucking company in Canada. Recent Q3 results reflected the higher Cdn$ and the slowdown in manufacturing. Also have concerns on their debt levels. | 2007-11-08 | |
| HOLD | 11.410 | Chris Rankin, MBA, CFA | Cheap valuation, tough industry fundamentals. | 2007-10-19 | |
| VAGUE | 11.210 | Patrick Kim | Wont be affected really by U.S dollar value. May be affected by slowdown in U.S economy. | 2007-09-21 | |
| DON'T BUY | 12.000 | Ben Cheng | There is some question about their balance sheet. When they were acquiring other companies, they were able to issue units at higher prices to pay for them. With the cost of capital being higher, they only have a limited number of options. | 2007-09-05 | |
| PAST TOP PICK | 13.730 | John O'Connell, CFA | (A Top Pick Aug 25/06. Down 12%.) Still likes the name. Struggling because of the income trust stigma that it is going to have to deal with. While diversified product line. Good growth profile. | 2007-07-31 | |
| Comment | 14.600 | Michael Simpson, CFA | Largest trucking firm in Canada. Seeing weakness in central Canada with a high $ affecting manufacturing. Have some interesting assets that they could sell. Debt level is a bit higher than what he likes of management is creative and is looking for growth in the next cycle. | 2007-07-04 | |
| DON'T BUY | 14.210 | Ben Cheng | Trucking industry is on a bit of an uptrend. Better/cheaper companies are available such as ATS Andlauer (ATS.UN-T), Trimac (TMA.UN-T), Mullen Trucking (MTL.UN-T) or Contrans (CSS.UN-T). This one has been very acquisitive. Multiple is too high for him. | 2007-05-29 | |
| PAST TOP PICK | 14.210 | John O'Connell, CFA | (A Top Pick Aug 25/06. Down 8%.) Largest trucking operation in Canada. Very strong financial control. Very efficient operation. | 2007-05-29 | |
| BUY | 14.000 | Andrew Guy, CFA | Trucking business. Has grown very rapidly through acquisition. Very strong Ontario-Quebec base and moving into western Canada, where prospects look good.. Strong management. Economically sensitive. Good for a long-term hold. | 2007-04-09 | |
| PAST TOP PICK | 14.000 | John O'Connell, CFA | (A Top Pick Aug 25/06. Down 12.6%.) Was hit by the new income trust rules. Likes it as a trust or a corporation. Management has significant ownership. While diversified. | 2007-03-30 | |
| BUY | 13.670 | Michael Simpson, CFA | The largest trucking firm in Canada. Good management. Payout ratio of about 80%. There could be some softness in central Canada, but longer-term, they will continue to grow and consolidate. | 2007-03-20 | |
| BUY | 14.130 | Chris Rankin, MBA, CFA | Trading at a discount to its comparables. Expect there is some money to be made with this company. | 2007-02-09 | |
| BUY | 14.000 | Andrew Guy, CFA | Expectations of a slowing economy in Ontario and Quebec have had an effect on the price. Good management. Expanding into the western provinces. | 2007-02-08 | |
| PAST TOP PICK | 13.620 | John O'Connell, CFA | (A Top Pick Aug 25/06. Down 12.4%.) Likes the way the business is run. Retaining cash flow in order to grow through acquisition. Feels distributions are solid. | 2007-01-25 | |
| DON'T BUY | 13.800 | Robert Lauzon | Trucking. More cyclical than he likes. Has performed well as a trust. They continue to need growth by acquisition so new government rules may slow them down. Concerned with the economy affecting this company. | 2007-01-22 | |
| PAST TOP PICK | 14.060 | John O'Connell, CFA | (A Top Pick Aug 25/06. Down 6.1%.) Like it as a company, not an income trust. Economy is slowing and trucking tends to slow as well. They where an acquisitive company but were using income units as currency. Feels they will be able to work their way through this. | 2006-11-27 | |
| TOP PICK | 16.010 | John O'Connell, CFA | Yielding about 9.5%. Very acquisitive and probably the largest trucking company out there. Management owns a big position in it. Has come under pressure recently, along with transportation, The most dominant trucking company in Canada. About 80% payout ratio. | 2006-08-25 | |
| SELL | 15.940 | Patrick Kim | He was not willing to accept the cyclicality in his portfolio. However, it has been one of the better performing trucking income trusts. In the most recent quarter, they are showing some cracks in their armour. Growth rate is slowing down. | 2006-08-04 | |
| BUY | 15.360 | Sandy McIntyre | A trucking business. Actively growing their Alberta presence. Business is a little soft which has shown in the stock price. Good management and they will do well. | 2006-07-28 | |
| BUY | 17.680 | Ben Cheng | Will probably have very decent earnings and very decent cash flow going forward. Have had good success in passing on the cost of fuel to the end users. | 2006-05-19 | |
| HOLD | 18.800 | James Leung | Canada's largest trucking company. They grow by accretive acquisitions. Their margins are very high because of their pricing power. They have increased distributions steadily. Getting to be fully valued. | 2006-01-27 | |
| DON'T BUY | 17.550 | Jim Huang | One of the earlier pioneers in converting into a trust. Has done very well in consolidating the trucking business. Being a bigger company has given them an advantage in competition for drivers. Have controlled their fuel expense fairly well. Currently priced to perfection. | 2005-12-06 | |
| PAST TOP PICK | 15.190 | David Baskin | (A Top Pick June 23/05. Down 10%.) Down because of the federal government's statement on trusts. Very interesting company and is trying to consolidate a very fragmented segment. A good entry point. | 2005-10-06 | |
| BUY | 16.700 | David Baskin | Historically the trucking business in Canada has been very fragmented and this company is acquiring firms, trying to put together a dominant company and doing a pretty good job of it. Has sold off a bit because of concerns on fuel prices, but transport companies have no difficulty in passing on fuel increases to their shippers. | 2005-09-19 | |
| PAST TOP PICK | 16.920 | David Baskin | (A Top Pick June 23/05. No change.) There are a lot of people who are concerned with trucking companies because of fuel prices. They pass fuel increases on to their customers through a fuel surcharge. Still likes. Nice distribution. Still some upside. | 2005-09-08 | |
| TOP PICK | 15.450 | David Baskin | Trying to consolidate the trucking company. Feels it has been sold off in recent weeks because of fuel costs. At 8.25% it's not a bad yield. | 2005-07-11 | |
| TOP PICK | 16.930 | David Baskin | Trucking business. Buying up other companies. Yield is not bad. Probably has the legs to get to $20 in the next 1/2 years. | 2005-06-23 | |
| BUY | 17.740 | Matt Baillie | The biggest trucking company in Canada and transportation is doing fantastically. Acquiring other companies that are having problems with costs on inflation, insurance or wages. Expect they will raise distributions. | 2005-01-27 | |
| BUY on WEAKNESS | 15.230 | Blair Wilson | Canada's largest trucking company and known for its success in integrating acquisitions. Solid balance sheet. Has a sector outperform on this trust. Would buy on a lower level. | 2005-01-07 | |
| WAIT | 31.670 | Jonathen Wellum, B. Comm, B. Sc | Wait for bad news, then buy this stock. Strong brand. Long term business, will be around awhile. | 2004-09-21 | |
| BUY | 11.550 | Blair Wilson | Recommend the stock. Low pay-out. Not a high risk. | 2004-08-31 | |
| DON'T BUY | 8.050 | Bill Shaw | A lot of competition. Not a fan of cyclical business's in trusts. | 2003-07-09 | |
| WAIT | 7.600 | Sandy McIntyre | Have to see a couple of years of their financials. Likes their concept. | 2003-05-07 | |
| BUY | 7.610 | Peter Hodson | Good, secure distributions. A rising interest rate environment in the future could be a problem. | 2003-02-04 | |
Experts that have talked about TransForce Inc.
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