| HOLD | 18.200 | Ben Cheng | (Market Call Minute.) The terminal where Fording (FDG.UN-T) and Teck Cominco (TCK.B-T) ship out their coal. | 2008-08-07 | |
| BUY on WEAKNESS | 17.290 | Robert Lauzon | (Market Call Minute.) Buy it under $16 a share. | 2008-04-28 | |
| BUY | 18.060 | Robert McWhirter | Ranks 20 so it is in the top 5% of his model. Earnings expected to be $1.24 for the Dec/08 year-end, which is up 41% against a 16 P/E so you have about a .4 to growth. ROE of about 18%. This provides the opportunity to participate in the rising price of coal. Decent yield. | 2008-04-08 | |
| Comment | 14.540 | Michael Decter | Has had a bit of a lift and is probably due to a rebound in the view of coal. | 2007-11-12 | |
| TOP PICK | 14.670 | Kenneth P. Norquay, CMT | This one had a real run up to early 2005, cooled off and now is starting to run up again. Buy because of the uptrend. The uptrend is steeper than the overall market. | 2007-11-09 | |
| HOLD | 15.050 | Veronika Hirsch | Benefiting from coal price negotiations going on now. Coal prices are expected to go up 25% to 40%. Not a fan of smaller coal exploration companies. | 2007-10-31 | |
| BUY | 11.930 | Chris Rankin, MBA, CFA | Will stand to benefit from increasing trade over time. | 2007-02-09 | |
| DON'T BUY | 12.000 | Michele Robitaille | Operating outlook looks reasonable. Demand for met coal has come off. Expects a weaker year. Company has offered rights to unit holders. Exercising them and then selling is not a bad strategy. She is lightening up on her holdings. | 2007-02-02 | |
| Comment | 11.900 | Brendan Kyne | A wonderful long-life asset. Was an ideal trust. Feels their profitability will continue to grow but sees the price of metallurgical coal dropping 20% this year. | 2007-01-29 | |
| HOLD | 10.940 | Kevin Hall BComm, CFA | A loading facility for coal. Have some exposure to the price of coal. Wouldn't add to it at this point. | 2006-10-27 | |
| Comment | 10.750 | Sandy McIntyre | A coal-handling terminal. Right now, its throughput is at the lower end of the range so your 4th and 1st quarter numbers are not going to be as positive. Has a fabulous balance sheet and is very well managed. | 2006-10-13 | |
| HOLD | 10.560 | Kevin Hall BComm, CFA | Fording Coal (FDG.UN-T) had guided lower in the production of coal to China who built up their inventories and are not taking as many shipments. This company is being impacted by that. Yield is quite attractive. | 2006-05-05 | |
| BUY | 10.520 | Gavin Graham | A volume story based on the amount of coal shipped out of its terminals. Volume has dropped. Expect to see substantial growth in earnings when coal prices rise and volume goes up. In the meantime, you get 11% yield. | 2006-05-03 | |
| BUY | 11.450 | Robert Lauzon | Fell in price over the last 2 weeks because of less volume in coal shipments next year from Fording (FDG.UN-T). Not a major concern. Good price. | 2006-04-07 | |
| HOLD | 12.650 | Michele Robitaille | A good way to play the metallurgical coal without having direct exposure to the commodity. They have an external contract management that investors have looked at with a little bit of dismay because of the fees. Good management team. Payout ratio is about 90%. Doesn't see distributions going up. A good core holding. | 2006-01-06 | |
| BUY | 12.700 | Michele Robitaille | Constructive on metalurgical coal going into 2006/2007. Good place to be in a rising interest rate environment. There is some upside to the story as they are looking to do a tax reorginization which could result in more distributable cash. Also looking to expand to help clear some of the bottle necks. | 2005-07-15 | |
| BUY | 11.250 | Greg Guichon | Operates largest coal loading facility on the N.A. west coast. Last quarter took a currency hedge loss. Also, last year showed a large profit from their Fording Coal (FDG.UN-T) holdings, so the comparison was a problem. Actually, tonnage and profitability is increasing. Still likes it. Note: Management's percentage of ABITDA increases. | 2005-05-20 | |
| BUY | 11.690 | Michele Robitaille | Has been driven by high metalurgical coal prices. Distribution will be sustainable. Outlook is positive. | 2005-04-15 | |
| DON'T BUY | 12.490 | Dean Orrico | Coal is a very cyclical business and they play that sector through this trust. Expect coal to be very volatile. This trust is getting a little excessive in terms of valuation, so have started taking some profits in the last few weeks. | 2005-04-01 | |
| HOLD | 14.250 | Michele Robitaille | Most of the run up in the stock price is predicated on the significant increase of metalurgical coal prices ($125US). We are potentially at a peak in coal prices and could stay at this level for the next year or two and then will drop to a more sustainable level ($60/70Probably near its top here.US). That would be a good time to take some profits. | 2005-03-18 | |
| SELL | 14.000 | Fred Pynn | Take profits. Could be top of the coal cycle. | 2005-03-03 | |
| BUY | 13.170 | Garth Jestley | Has been a winner in the Asian demand for metalurgical coal play. Benefits by both greater throughput in their terminals and, as well, the tolls that it charges are tied, to a degree, to the price of coal. | 2005-02-18 | |
| WEAK BUY | 13.230 | Kevin Hall BComm, CFA | Have recently renegotiated their contracts and revenue is now linked to Canadian realized coal prices for Fording, their major shipper. Coal prices have just been announced and are double over 2004. A lot of upside and a lot has been priced into this fund. Thinks prices will stay fairly strong. | 2005-02-04 | |
| BUY | 12.530 | Michele Robitaille | Key drivers are the high spot price on coal and expectations that coal prices will go higher. Expect they will be able to put through some tonnage increases in 2005. | 2005-01-28 | |
| HOLD | 12.520 | John Priestman | A reasonable distribution for next year would probably be around $1.20/1.25 which is a substantial increase from what they have been paying for the last 4/5 years. Volumes and coal prices will be going up. | 2004-12-31 | |
| BUY | 11.670 | Ben Cheng | Because the price of coal is expected to remain high, 2005/2006 looks pretty decent. Distribution could be in the neighbourhood of $1.20 in 2005. | 2004-12-17 | |
| BUY | 10.500 | Gordon Higgins, CA, MBA, CFA | Reasonably optimistic on this. Coal prices include some spot prices as high as $130, but the trusts are pricing coal at $100. Be careful as the throughput to China is going to drive the price. | 2004-12-02 | |
| BUY | 11.310 | Norman Levine | Ina very sweet spot because it is the terminal that coal goes through to Japan. Coal is a very cyclical business, so not a BUY & HOLD. | 2004-11-29 | |
| BUY | 9.160 | Greg Guichon | Just signed a contract with another coal producer which will increase the volume throughput. This increases the stability of distributions. | 2004-10-08 | |
| DON'T BUY | 8.750 | Ben Stadelmann | 6 1/2% yield is pretty small. Good company. Has been a lot of consolidation in the coal industry and the revenue stream can be interupted by strikes, storms, etc. | 2004-09-16 | |
| HOLD | 7.150 | Benj Gallander | Comfortable with this trust, but wouldn't buy any more. | 2004-04-19 | |
| BUY | 7.190 | Garth Jestley | The boom of steel in China has created a demand for coal. 3 ways to play coal is Fording, Labrador Iron Ore and Westshore Terminal. All three are good. | 2004-01-21 | |
| BUY | 6.710 | John Priestman | One way to play Fording Coal. The price of coal is rising. | 2003-11-07 | |
| BUY | 5.880 | Dean Orrico | At about 11.5% cash on cash yield, which is pretty good value. Have secured the supply of coal into its terminals. Good price. | 2003-06-25 | |
| BUY | 5.580 | Sandy McIntyre | Priced reasonably well. Don't expect a lot of capital appreciation. | 2003-05-07 | |
| BUY | 5.250 | Sandy McIntyre | Current deal means stabilization of their terminal usage. | 2003-01-23 | |
| BUY | 4.950 | Ted Macklin | A good trust to own. Buying Fording assets will ensure use of terminals. | 2002-12-11 | |
| SELL | 5.650 | Bill Shaw | Fully valued. | 2002-08-08 | |
| BUY | 5.980 | Sandy McIntyre | Expects coal volumes will be down which will have a small affect on distributions. Has a clean balance sheet. | 2002-03-20 | |
| BUY | 6.110 | Garth Jestley | Debt free. Could be a takeover. Still some upside. | 2002-03-19 | |
| DON'T BUY | 5.850 | Sandy McIntyre | Having a dispute with the Vancouver Port Authority. Should be cleared up in 2 years. | 2001-09-06 | |
| TOP PICK | 5.930 | Ben Cheng | Coal shipments have been very high. Could have problems if Fording Coal cannot settle new labour contracts in the new year. | 2001-08-27 | |
| BUY | 5.400 | Bill Shaw | Decent strength. Should do well. Good mngmnt. | 2001-06-08 | |
| BUY | 5.250 | Bill Shaw | Expects a high shipping level. | 2001-05-23 | |
Experts that have talked about Westshore Terminals Inc.
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