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| Jean-Francois Tardif of Sprott Asset Management |
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| DON'T BUY | Cameco Corporation | CCO-T | 27.670 | The good thing going for them is the price of uranium. If uranium goes to $150 in 8 years the stock will be higher. Seem to have problems in everything they do. Prefers Paladin (PDN-T). | 2009-07-07 | ||
| DON'T BUY | General Electric | GE-N | 11.010 | A little bit like gambling. Balance sheet is massive and they have massive amounts of assets that you don't know about for sure. Economy is still going down, therefore more write-downs probably and more problems in the financial system. | 2009-07-07 | ||
| HOLD | Northstar Healthcare | NHC-T | 0.570 | Since its IPO they have bad one bad quarter after another. The only positive is that the CEO has indicated he wants to buy the company, possibly for $1. | 2009-07-07 | ||
| DON'T BUY | Teck Resources Ltd. (B) | TCK.B-T | 18.840 | Doesn't like this one. Produces 4 commodities including coal, zinc, copper and molybdenum. He is very bearish on the economy and thinks it will stay weaker way longer than people think. Therefore demand for these commodities will be weak for a year or two and the price will go down. | 2009-07-07 | ||
| Comment | Trans Canada Corp | TRP-T | 30.510 | Globally most stocks are up but this one is down substantially. Thinks the market is turning here and there will be setbacks. This stock, because it is down, is a lot less risk. Nice dividend and will probably have a little bit of growth over time. | 2009-07-07 | ||
| TOP SHORT | iUnits S&P/TSX 60 ETF | XIU-T | 14.970 | iUnits S&P TSE 60 ETF. A lot of people feel that markets are at risk. By Shorting this, you are hedging against the setback that is potentially coming. This ETF has 60 stocks so you are diversified. An alternative to selling stocks. | 2009-07-07 | ||
| TOP PICK | Uni-Select Inc | UNS-T | 23.600 | Canadian leader in used car parts. Also have a lot of business in the US. Recession resistant. Trades at about 10X earnings. 2% yield. All earnings are free cash flow, which they can use to make acquisitions. | 2009-07-07 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Jean-Francois Tardif announced his retirement on today's Market Call. I know he will be missed by the viewers of BNN as well as by us at StockChase. We wish him the very best in his new life. Good luck Jean Francois from all of us. | 2009-07-07 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Short Selling: Not an easy thing to do. There are different styles but it is hard to differentiate. Some Short by sector but he does a stock by stock. Shorts if he knows the company is specifically not doing well. Doesn't recommend Shorting for individuals, as it is too hard and too stressful and too dangerous. | 2009-07-07 | ||
| WAIT | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Natural Gas: ETFs are not an efficient way of playing ga Prices are different than today's spot. There is a price in the spring, next year and the year after so they always need to roll over those futures. Can be expensive. Stocks are already up from their lows, which reflects that gas prices are going up, which he believes but it's just a question of when. Wait for the gas stocks to come down and then buy those that have great balance sheets. | 2009-07-07 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Gold: Bullish on gold. US is printing a lot of money and the deficit is close to 15%. Probably more next year and the year after. He is extremely bearish on the US$. Everybody should own some gold as a protection against all the global governments printing money. | 2009-07-07 | ||
| PARTIAL SELL | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Canadian Banks: These are way better and have done better than most global banks. The stocks have done very well but if you believe, like he does, that there will be ups and downs in the market, this would be a good time to Sell some and then buy them back at a lower price. | 2009-07-07 | ||
| BUY on WEAKNESS | Paladin Resources | PDN-T | 3.870 | Accomplished what they said, which speaks highly of management. Have many other projects to go. This would be the “go to” stock for uranium. Very bullish on uranium. Hopes that it has a massive hit so you can buy it on weakness. | 2009-07-07 | ||
| PAST TOP PICK | Morneau Shepell Inc | MSI-T | 9.000 | (A Top Pick June 23/08. Down 11.68%.) Consultants to pension funds. Very recession resistant. Nice dividend. | 2009-07-07 | ||
| TOP PICK | Futuremed Healthcare | FMD-T | 7.310 | Distribution services for nursing homes. Generates a lot of free cash flow. Nursing homes are a growing market. Recession resistant. 13% distribution. | 2009-07-07 | ||
| Comment | Osisko Exploration Ltd. | OSK-T | 6.550 | Thinks this will become a huge mine. A lot of speculation that it could be a takeover by a major in 2009. | 2009-07-07 | ||
| BUY | Premium Brands Holdings Corp | PBH-T | 9.900 | Likes companies that are resistant to recession. Also Olympics are coming and this company is in the convenience food business in Western Canada. Just that a merger and the normal dividend will be the same as what the distribution was. | 2009-07-07 | ||
| PAST TOP PICK | Cervus Euipment Corp. | CVL-T | 11.950 | (A Top Pick June 23/08. Down 44.2%.) Deere dealerships. Expected agriculture to not get hit with the down draft. Still bullish on agriculture. Makes more than $2 a share but earnings are expected to go down this year. Extremely cheap. Yield of 8.9%. Bullish on Western Canada. Good management. | 2009-07-07 | ||
| Comment | Timminco Ltd. | TIM-T | 1.230 | This is a long-term view that the price of oil is going to go up in the future. If that comes to be true, there has to be other ways to produce electricity. Solar energy is probably one of the best ways to do this. Almost every stock in the solar industry got crushed last year because of the drop in the price of oil. If you still believe in the solar industry for the next 10 to 20 years this is one that will be producing. | 2009-07-07 | ||
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| HOLD | Centamin Egypt | CEE-T | 1.590 | Gold in Egypt. Have done what they said. Have a mine and are now producing. There is still way more upside in finding gold and he thinks the number can get bigger. He always prefers finding “the next one” rather than a company that has made it. Thinks the big moves are behind it. | 2009-07-07 | ||
| DON'T BUY | ProShareUltraShort RealEstate E.T.F. | SRS-N | 21.530 | ProShare UltraShort RealEstate ETF. Believes that real estate will continue to go down however, if you buy a Double, it is being rebalanced every day and you are not going to get the returns you expect. It's only good for a day. | 2009-07-07 | ||
| PAST TOP PICK | Forbes Energy Services | FRB-T | 1.150 | (A Top Pick June 23/08. Down 86.74%.) Oil and gas prices went down a lot faster than he expected. Sold his holdings last fall. | 2009-07-07 | ||
| DON'T BUY | HBP US 30 yr Bond Bear+ ETF | HTD-T | 15.360 | US 30 yr Bond Bear+ ETF. If US$ falls, interest rates will have to go up substantially so holding bonds will be bad and Shorting will be good in the long term. In the short term he thinks bonds could do well. This one is a Double, which is good for a day but every day it needs rebalancing so you might be eroding the value over time. | 2009-07-07 | ||
| PAST TOP PICK | Agrium | AGU-T | 55.490 | (A Top Pick May 27/08. Down 31.4%.) Very confident for the long-term. A lot of farmers skipped fertilizing this year but this is short-term. One of the best Canadian companies to own. | 2009-05-21 | ||
| Comment | Cott Corp | BCB-T | 6.120 | (Market Call Minute.) This is a turnaround. There is a lot of risk but he did buy some based on his strategy to buy after a good quarter. | 2009-05-21 | ||
| Comment | Cascades Inc | CAS-T | 5.110 | Last quarter results were very good, which is very favourable. Have a lot of debt, which is not easy to finance. He has to do more work studying this one before buying. Expects there is a lot of upside here. | 2009-05-21 | ||
| DON'T BUY | Canadian National R.R. | CNR-T | 45.750 | In the whole sector, this one probably has the best results. He personally finds it too expensive at more than 10X earnings. He has this one as a Short. | 2009-05-21 | ||
| BUY | Canadian Oil Sands | COS-T | 26.160 | (Market Call Minute.) Long-term he is very bullish on oil. Should be in anybody's portfolio for the long-term that is bullish on oil. | 2009-05-21 | ||
| DON'T BUY | Corriente Resources | CTQ-T (Dead) | 7.520 | Copper/gold operation in Ecuador. Currently in negotiation to sell the company and this could already be priced in. He finds this one risky. | 2009-05-21 | ||
| PAST TOP PICK | Freehold Royalties | FRU-T | 12.270 | (A Top Pick May 27/08. Down 28.65%.) 9% distribution is safe. One you can hold for many years into the future. Very little leverage. | 2009-05-21 | ||
| DON'T BUY | Nordion Inc | NDN-T | 5.910 | Doesn't feel that it has successfully created value. Stock is down so much that there is probably value but he stays away from companies that have destroyed value. | 2009-05-21 | ||
| BUY | Semafo Inc | SMF-T | 2.310 | 3 producing gold mines, all in Africa. Has had a very nice run. Surprised that it was never taken over when it was trading under $1. They are making money. If you believe gold is going higher it means they will make a lot of money. | 2009-05-21 | ||
| TOP PICK | Uni-Select Inc | UNS-T | 27.520 | Auto parts distributor. Growing and making small acquisitions. Trades around 10X. All free cash flow, which he likes. Dividend is likely to increase. They buy back shares. Lower risk, low growth company that he thinks you can make 10% to 20% a year. | 2009-05-21 | ||
| DON'T BUY | UEX Corp. | UEX-T | 1.450 | (Market Call Minute.) Like uranium but unfortunately it is in the same area as Cameco (CCO-T) where there are a lot of water issues that he can see. | 2009-05-21 | ||
| Comment | Medical Facilities Corp. | DR-T | 8.800 | Pretty safe investment, but the only thing he doesn't like is that it is a US asset in his personal preference is not to buy US assets. Numbers look good. Very resistant to recession. 12.6% distribution is pretty safe. | 2009-05-21 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Gold: US$ is going down and gold is going up. Expects gold will be well north of $1000 US by year-end. This area is a good place to park some of your money. He recommends holding some gold in a safety deposit box. | 2009-05-21 | ||
| DON'T BUY | Cline Mining Corp. | CMK-T | 0.465 | Very bearish on metallurgical coal. Demand for steel is down substantially year-over-year so it is reasonable to expect that coal prices will drop further. | 2009-05-21 | ||
| STRONG BUY | Student Transport of America Ltd. | STB-T | 3.510 | School buses are pretty much resistance to recession. 16% yield is pretty safe.Just bought some of this himself. | 2009-05-21 | ||
| Comment | Century Mining Corp | CMM-X(dead) | 0.185 | (Market Call Minute.) Gold so he likes it but it is in Ecuador and is a political risk. | 2009-05-21 | ||
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| TOP PICK | Atrium Innovations. | ATB-T | 13.020 | Biggest part of their business is food supplements (alternative medicine). Expecting more growth through acquisitions. Earnings per share are expected to be around $1.50 this year. 9X earnings. Most of the earnings is free cash flow. | 2009-05-21 | ||
| TOP PICK | Tim Hortons | THI-T | 28.220 | Franchise type of business so every $1 they make is free cash flow. Same-store sales growth goes up every year. Expects them to grow at 10% plus. Trading at almost its all-time low but earnings have grown. | 2009-05-21 | ||
| BUY | Osisko Exploration Ltd. | OSK-T | 6.250 | Not an expert on mining, but his company overall likes this one very much. Have massive deposits that they are currently developing. Just announced very high-grade intersection of gold, or inside the current pit. Could be an acquisition, probably next year. | 2009-05-21 | ||
| BUY | Questerre Energy | QEC-T | 1.300 | Talisman (TLM-T) just came out with a well in the Utica Shale play producing 1,000,000 MCF, which is actually pretty good because when the display works out they'll do horizontal (multi-fraqing) and will probably be able to produce 3 to 5 times more. All the juniors in this area should benefit. | 2009-05-21 | ||
| BUY | Centamin Egypt | CEE-T | 1.510 | (Market Call Minute.) Gold company. Great play in Egypt. | 2009-05-21 | ||
| WAIT | First Solar Inc. | FSLR-Q | 193.200 | This is probably the solar company with the best results. Has a relation with the price of oil in that if oil is low who needs solar? Last quarter, this company was still up year-over-year. Obviously they are gaining market share. Solar is one of the businesses that an investor should be in in the future. Since the market has had a huge run, he would not buy anything aggressively today. | 2009-05-21 | ||
| PAST TOP PICK | Coastal Energy | CEN-T | 2.890 | (A Top Pick May 27/08. Down 40.72%.) Thailand oil production. Producing 7500 barrels a day with more water than expected, down from 10,000. Very cheap. Still likes it. | 2009-05-21 | ||
| BUY | Junex Inc. | JNX-X | 1.380 | Talisman (TLM-T) just came out with a well in the Utica Shale play producing 1,000,000 MCF, which is actually pretty good because when the display works out they'll do horizontal (multi-fraqing) and will probably be able to produce 3 to 5 times more. All the juniors in this area should benefit. | 2009-05-21 | ||
| DON'T BUY | Forbes Energy Services | FRB-T | 1.000 | (Market Call Minute.) Oil/gas drilling. Just came out with poor results. Too much debt. | 2009-05-21 | ||
| WATCH | Agrium | AGU-T | 45.760 | Very bullish on agriculture for the mid to long-term. This stock is substantially down from its high. Bought a retail business a while ago and this will do fine in the long term. Currently it is trying to acquire another company and when this happens, you have arbitrators coming in. | 2009-04-07 | ||
| TOP PICK | Freehold Royalties | FRU-T | 10.120 | His 3 Picks are resistance to recession/depression. Thinks we will resume the bull market in oil but not triple digit before 2010 or 2011. This is a royalty company, which gets a percentage no matter what oil or gas prices are giving you downside protection. Have 16% pre-cash flow yield at $50 oil. If oil went back to its old highs, the stock price gain would be 50%. | 2009-04-07 | ||
| WAIT | Livingston Int'l Income Fund | LIV.UN-T | 4.050 | Custom brokers. Used to short this stock because they were selling a lot of cars from the US. Also border-crossing traffic is down for the year. Now looking at this because it is a monopoly and at some point it will be a great buy. Wouldn't be in a hurry to buy. | 2009-04-07 | ||
| BUY | Jean Coutu Group (PJC) (A) | PJC.A-T | 8.160 | (Market Call Minute.) Healthcare so would be resistant to recession/depression. Has issues, but overall it is pretty good. | 2009-04-07 | ||
| TOP PICK | Just Energy Group | JE-T | 11.630 | His 3 Picks are resistance to recession/depression. A marketer of natural gas and everyone needs gas for heating. Growing and have increased distribution many, many times and believes they will do it in 2009. Believes the yield of almost 11% is safe. | 2009-04-07 | ||
| TOP PICK | Uni-Select Inc | UNS-T | 27.000 | His 3 Picks are resistance to recession/depression. Biggest auto parts distributor in Canada. In a recession, people tend to repair rather than buy cars. Trades around 10X forecasted earnings. 1.7% dividend. | 2009-04-07 | ||
| Comment | Opti Canada Inc. | OPC-T (Dead) | 1.590 | (Market Call Minute.) High-risk oil sand stock. If you have the patience, this will be worth more later. | 2009-04-07 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Lithium: All the new cars that are battery-powered with the coming new technology will require this. Long-term, this commodity makes a lot of sense. The small companies that are involved in this commodity find it almost impossible to get financing so he has avoided buying. | 2009-04-07 | ||
| Comment | Sterling Resources | SLG-X | 0.900 | Have different projects. The problem is they recently raised money at 15% interest rate and will probably need to raise more in the future to advance their projects or else sell a portion of their assets. Based on where he expects the price of oil to go, their assets are worth a lot. | 2009-04-07 | ||
| Comment | Birchcliff Energy Ltd. | BIR-T | 6.250 | There is a very brilliant investor behind it and it trades at a very high multiple. He prefers to buy stocks on a discount. | 2009-04-07 | ||
| BUY | Atrium Innovations. | ATB-T | 13.030 | (Market Call Minute.) Likes this one. Trades at about 10 or 11 times earnings. Good cash flow. | 2009-04-07 | ||
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| BUY | Genivar Inc | GNV-T | 22.800 | Infrastructure is an area that should be somewhat resistant to a recession/depression because governments will be spending. Extremely well run. 60% of their business is from federal, provincial and municipal governments. 6%-7% distribution. Good long-term hold. | 2009-04-07 | ||
| BUY | Dynasty Metals & Mining Inc. | DMM-T | 4.900 | Located in Ecuador but government seems to be opening up to mining companies. Just a matter of time until this company goes ahead with their projects. Stock is extremely cheap. Thinks the political issue will go away. You have to have the stomach and the patience, as it could be volatile. Sure it will do very well over 5 years. | 2009-04-07 | ||
| BUY | Bankers Petroleum | BNK-T | 1.720 | (Market Call Minute.) Great management but at $50 oil it's at a breakeven point. If oil goes down, there are risks. Thinks the company would like to sell themselves so he kind of likes it. | 2009-04-07 | ||
| PAST TOP PICK | Questerre Energy | QEC-T | 1.180 | (A Top Pick April 29/08. Down 42.1%.) Was concerned last fall about anything in the resource area so he sold this. Still believes in this company and the Utica Shale in Quebec. | 2009-04-07 | ||
| Comment | HBP S&P/TSX 60 Bear+ ETF | HXD-T | 24.600 | Double short on the S&P/TSX 60. This is for traders as this can move up or down very quickly. You need to have a good market sense. Doubles are for traders, not for buy and hold. For short-term trade, he believes the market could drop in the next 30 days. | 2009-04-07 | ||
| DON'T BUY | Strateco Resources Inc. | RSC-T | 1.150 | (Market Call Minute.) Uranium in the ground. They need money to get it out so he doesn't like the financing risks. | 2009-04-07 | ||
| DON'T BUY | 5N Plus | VNP-T | 5.730 | One of the best companies in this sector. Produce the product that goes into solar panels. Made close to 30% net margin after taxes last quarter. Extremely well run. Because energy prices have come down, and no one can finance new projects demand for solar panels has dropped dramatically. Sold his holdings because of the risk for the next few quarters. | 2009-04-07 | ||
| PAST TOP PICK | Coastal Energy | CEN-T | 2.950 | (A Top Pick April 29/08. Down 30%.) Has done relatively well compared to other small-cap resource stocks. Now producing about 10,000 BOE's a day. There are more projects to come and he is looking for 20,000 BOE’s a day by 2010. Extremely cheap at 5X earnings and 2.6X cash flow. He is still buying. | 2009-04-07 | ||
| PAST TOP PICK | Pro Shares Ultra Short Mid Cap 400 ETF | MZZ-N | 55.300 | (A Top Pick April 29/08. Up 31%.) A double short on mid-cap stocks in the US. Problem with double shorts or double longs is that you have to rebalance every day giving a loss over time so it is great to trade but not a long-term Hold. | 2009-04-07 | ||
| Comment | Forbes Energy Services | FRB-T | 0.760 | Driller for oil/gas companies. Because commodities are down, the producers are not drilling. Have quite a bit of debt. | 2009-04-07 | ||
| Comment | Gold Wheaton Gold | GLW-T(Dead) | 0.220 | Finds projects that have gold in the ground. They pay a percentage up front and then get the gold later with additional money. A great exposure in the long term to gold. This is really a call on gold. Every investor should have a little bit of gold. Hoping for gold to be $1200 by the end of the year. | 2009-04-07 | ||
| DON'T BUY | Elgin Mining Inc. | ELG-X | 0.195 | (Market Call Minute.) Coal price is down and probably going lower. | 2009-04-07 | ||
| BUY | EnerCare Inc | ECI-T | 6.910 | Extremely boring company of most listeners are probably paying every month for their water heater and every year the company increases the price by 1%-2% and no one knows it. Cash flow is almost guaranteed. Recession resistant. 10.75% distribution is very safe. | 2009-02-26 | ||
| DON'T BUY | General Electric | GE-N | 9.100 | Part of the finance world. Feels deceleration will probably continue for at least another 1 or 2 years minimum. This means most companies in the finance world have to sell assets. Not a “buy and hold” stock. | 2009-02-26 | ||
| DON'T BUY | Nordion Inc | NDN-T | 7.970 | Company has announced they are going to try to create value by selling divisions but it is very tough for anyone to finance any acquisitions. Earnings are awful and during a recession they are not going to get better. If the stock rallied he might Short. | 2009-02-26 | ||
| TOP PICK | Just Energy Group | JE-T | 10.890 | Market gas to homeowners with 5-year contracts. Recession proof. New management team has different strategies. Last 2 quarters have hit records with new customers. Expect them to grow 5%-10%. 15% yield. | 2009-02-26 | ||
| Comment | Toronto Dominion | TD-T | 37.970 | Losses in financials are going to continue. Wouldn't “Buy and Hold” any bank. You could buy for a trade and sell on a bounce. Just announced earnings that were okay. Balance sheet continues to expand which he doesn't like. | 2009-02-26 | ||
| TOP PICK | Liquor Stores N. A. | LIQ-T | 10.600 | Recession resistant. Made an acquisition last year of one of their competition, which should give them a margin expansion. 16% distribution with a chance of an increase this year. | 2009-02-26 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | He is currently about 20% Long and about 14% Short so he has a lot of cash. | 2009-02-26 | ||
| TOP PICK | Futuremed Healthcare | FMD-T | 7.960 | Distributor of medical products, mostly in Ontario. Just bought a Quebec company, which should grow revenues and margin expansion. 12% distribution is likely to be increased this year. Earnings per share should grow at 10%-20% also. | 2009-02-26 | ||
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| BUY | Premium Brands Holdings Corp | PBH-T | 7.480 | Food and sandwiches in convenience stores. Most of their business is Western Canada so he expects the numbers to be close to flat but he would be willing to wait with the 15.7% yield. They make good acquisitions. | 2009-02-26 | ||
| PAST TOP PICK | Bankers Petroleum | BNK-T | 1.480 | (A Top Pick Feb 12/08. Down 34.7%.) Sold at a profit. Have just upgraded total resources in the ground to 4 billion barrels but recovery will cost $40-$50. Long-term, it is extremely attractive. | 2009-02-26 | ||
| DON'T BUY | Laramide Resources Ltd. | LAM-T | 1.390 | Uranium company in Australia. Quite a large resource in the ground. In the short term, it looks like uranium could stay flat. In the long-term, with a shortage of uranium, uranium prices will go back up. Small company that has to build its project and financing is tough. | 2009-02-26 | ||
| PAST TOP PICK | Cargojet Inc | CJT-T | 2.510 | (A Top Pick Feb 12/08. Down 79.5%.) Has been oversold. Management owns 35% of the stock. One of the rare companies that will be up year-over-year in 2009. Thinks the 33% distribution is safe. Will continue to Hold. | 2009-02-26 | ||
| Comment | Centamin Egypt | CEE-T | 0.940 | Gold company in Egypt. Have about 13 million ounces of resource in the ground. Will probably be producing in the middle of the 2nd quarter. Lots of drilling potential to expand. Completely financed. Not cheap. You own this only if you are a believer in gold. | 2009-02-26 | ||
| DON'T BUY | Thompson Creek Metals | TCM-T | 3.950 | Molybdenum. He is bearish on base metals because of the recession/depression like scenario. The price of moly has already come down substantially. Steel demand has dropped the most it has in 60 years and moly goes into steel. | 2009-02-26 | ||
| PAST TOP PICK | Agrium (US) | AGU-N | 34.890 | (A Top Pick Feb 12/08. Down 29%.) Had misunderstood that farmers were not cash rich. They couldn't afford to fertilize as much as they should have. Acquisitions are making will be accretive. Expect it will go back to $100 in 3 years. | 2009-02-26 | ||
| WAIT | RuggedCom Inc. | RCM-T | 20.550 | Benefits from infrastructure. The only drawback is that it has done extremely well recently. Running up stocks is not a good idea so wait for a pullback of 15%-20%. Earnings are great. | 2009-02-26 | ||
| Comment | HBP NYMEX Oil Bull+ ETF | HOU-T | 5.800 | A Bull Plus meaning it's a double. You don't “Buy and Hold” these as there is a loss of value over time. Great product for traders. | 2009-02-26 | ||
| TOP PICK | Campbell Soup Company | CPB-N | 29.020 | Input costs for food are probably going to come down so margins will expand this year. 13X earnings. 2.5% yield. | 2009-01-13 | ||
| TOP PICK | Kraft Foods Inc | KFT-N | 28.820 | Sales are skyrocketing. 4.2% dividend. Trades at about 13 X this year's earnings. Costs of food input are coming down so margins should expand this year. | 2009-01-13 | ||
| SELL | Nortel | NT-T (Dead) | 0.385 | Have huge pension and business problems. They were having problems when the economy was booming. | 2009-01-13 | ||
| Comment | Viterra Inc | VT-T | 8.640 | Very little competition has helped margins over the last year and a half. Next year is tough as it is a mid-tier stock and he is not bullish on the multiple. Benefit from great crops and are hurt by bad crops. Considering buying this at some point. | 2009-01-13 | ||
| DON'T BUY | Teck Resources Ltd. (B) | TCK.B-T | 6.580 | Acquired Fording Coal for the metallurgical coal. Steel production is down substantially so the price of coal is dropping rapidly. S&P downgraded this company to BBB credit. Company has to pay down the debt by the fall of 09. They don't have the money. He is Short this one. | 2009-01-13 | ||
| TOP PICK | CML Healthcare | CLC-T | 12.820 | Medical Lab testing. 40% market share in Ontario. Trades at around 11X free cash flow so not super cheap, but still respectable. This preserves capital and gives a distribution of around 8%. | 2009-01-13 | ||
| Comment | Sterling Resources | SLG-X | 1.000 | Access to capital for all of the international smaller plays is basically nonexistent. This is one of only 2 oils that he kept. Well diversified. Have cash. Some of their assets are so big that they could farm out some of it. | 2009-01-13 | ||
| HOLD | Questerre Energy | QEC-T | 1.700 | Unconventional gas play. Likes Utica Shale. Early-stage so it is riskier. In the short-term, it doesn't matter because it will not be a meaningful producer until 2010/2011. | 2009-01-13 | ||
| BUY | Centamin Egypt | CEE-T | 0.700 | Building a gold mine in Egypt. Gold price is going well. Cost of mining will be helped by low oil prices. | 2009-01-13 | ||
| Comment | Temple REIT | TR.UN-X | 5.290 | Owns hotels in Fort McMurray. Have expanded substantially over the last 2 years. Have a lot of debt. At current oil prices, every new project up oil sands will be cancelled but hotels are fully booked in advance for quite some time. In the short-term, the 22.7% yield is safe. | 2009-01-13 | ||
| Comment | 5N Plus | VNP-T | 5.570 | Make something like 30% net margins after tax. Short term negative is that finance has shut down for solar panels. Demand for solar panels is down substantially for 3rd quarter. Company could be affected in the short-term. Outstanding company for the long-term. | 2009-01-13 | ||
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| Comment | Agrium | AGU-T | 32.640 | Thinks it will come down further. Acquired a huge business in the US last year and the earnings will be a lot more in Cdn$’s. Very cheap stock. Likes it long-term. | 2008-12-02 |
