STOCKCHASE

19.000

Severely undervalued. Natural gas prices have created a selloff, which he feels has been overdone. Nice dividend. Have some of the best properties in North America for natural gas resource development. Well-managed. 3-5 year outlook for this.

2012-01-23

Comment

Finning Int

FTT-T

27.370

Very much dependent on capital projects going on globally. Just need an accretive acquisition in equipment distribution from Caterpillar (CAT-N). If you believe expanding economies are going to continue to accelerate growth this company will continue to do well.

2012-01-23

PAST TOP PICK

Goldcorp Inc

G-T

45.690

(A Top Pick Jan 14/11. Up 14.63%.)

2012-01-23

Comment

Kinross Gold

K-T

10.750

Everyone should have a position or some exposure to gold. Relative to its peer group, it is beginning to look like as if it has got a bit of value built into it. Biggest problem has been the possible write-down their Tasiast mine in Mauritania. This one is getting into range that he could be looking at it.

2012-01-23

TOP PICK

North West Company

NWC-T

19.920

Retailer in northern communities. Delivers fairly consistent results even in today's environment.

2012-01-23

BUY

Precision Drilling

PD-T

9.670

There is a large cutback in the natural gas drilling which has had an effect on the stock price. Represents pretty good value at under $10 and could be well up in the mid teens in the next few years.

2012-01-23

HOLD

34.220

Up about 15% from the beginning of the year. Possesses some of the best properties in the oil/gas sector. Traditionally has sold at a discount to the group. Have got a premium valuation for some of the assets they have sold off. Certainly sees upside over the next number of years.

2012-01-23

TOP PICK

Viterra Inc

VT-T

10.320

Doesn't feel the market appreciates the structural changes that are going on in the industry with the demise of the Canadian Wheat Board. Expect that grain handling margins will be going up because of this. Lately there have been stronger fertilizer volumes.

2012-01-23

Comment

Thomson Reuters Corp

TRI-T

29.200

Keep hitting a number of headwinds, not the least of which is the financial crisis of 2008, which slowed down sales.

2012-01-23

Comment

Progressive Waste Solutions Inc

0.020

Canadian banks? A lot of people have been buying for dividends in the last year or so and have been looking for companies that can grow and sustain dividends. The banks still fall into this framework. There are some headwinds coming up including basil 3 with their capital requirements banks will have to put up. Overall they are in a relatively good shape. Good for people that are looking for long-term holds.

2012-01-23

DON'T BUY

Tim Hortons

THI-T

49.030

Valuation has appreciated over the last year or so and he considers it as fully valued now. Not a great deal of capital appreciation if you buy now.

2012-01-23

PAST TOP PICK

Cenovus Energy

CVE-T

36.580

(A Top Pick Jan 14/11. Up 16.35%.)

2012-01-23

DON'T BUY

Agnico-Eagle Mines

AEM-T

37.690

Had a little bit of problem in Meadowbank, one of their projects but seem to be straightening it out. Production profile looking out over the next few years he can’t see the same amount of new production coming as some of their competition. All of the mining companies, particularly the gold, have been hit on the costs side. This wouldn’t be his first choice.

2011-12-19

BUY

Aecon Group Inc

ARE-T

10.350

Have had some changes in management and have been making some good improvements in their operations. Have realigned some of their operations. Industrial side has not been doing too well but they work they do in infrastructure as being good or better than expected. Good price. (See Top Picks.)

2011-12-19

BUY on WEAKNESS

BCE Inc.

BCE-T

40.630

Had a lot of good things going for them lately. Over the last couple of years, management has really demonstrated some solid improvements. In the last quarter there have been some good cost controls in effect. Losses in the wire line side were not as bad as expected. Expansion into fibre optic TV is offering a competitive alternative to some of the cable areas. Have consistently increased their dividend over the years. Good core holding for anyone with a long-term perspective. Currently the valuation is a little bit rich. Would prefer it at $36.

2011-12-19

BUY

BIN-T

19.200

There is a great deal of consolidation in waste management. What they have done, which is very, very smart, is expanding in areas contiguous with the areas where they already have operational efficiencies. Good entry point, but you will have to be patient with this stock.

2011-12-19

PAST TOP PICK

CAE Inc

CAE-T

9.740

(A Top Pick Jan 14/11. Down 18.38%.) He is looking to buy more. People have lost faith on the military side of their business, which is about half their business. Civil side has been picking up a bit. There are a lot more aircraft being ordered and their training programs are going to expand going forward. Have broadened out a little into the healthcare sector.

2011-12-19

Comment

Cascades Inc

CAS-T

4.040

Longer-term prospects are very good. Input costs have been getting higher and their ability to pass on the costs in the current market has been limited. However it is getting to a price level where he is watching it.

2011-12-19

HOLD

Jean Coutu Group (PJC) (A)

18.560

On a longer-term basis, this is extremely undervalued given the properties they own but with gas selling in the low $3 the stock price is reflecting this. One of the best positioned companies to take advantage in the event of a turnaround in gas prices.

2011-12-19

Comment

Enerplus Corp

ERF-T

24.770

Have made some improvements in operations in the last year or so, especially in some of the smart metering that they are getting into over the longer term. That is supposed to help them. Relative to their earnings, the dividend is at a fairly high payout ratio so there is a question if they can stay at current levels.

2011-12-19

PAST TOP PICK

Goldcorp Inc

G-T

46.140

(A Top Pick Jan 14/11. Up 17.47%.) Likes companies that have a good roster of projects going forward that are in development that could come on stream. Production should grow from 2,600,000 ounces a year to over 3 million over the next few years. Very efficient and well managed company.

2011-12-19

WATCH

Kinross Gold

K-T

12.080

Have a big bet that they have made in Africa and there are some concerns with regards to cost escalations but also how much it is going to be to develop the site. If successful, it has potential to be a big success. With the pullback in the price of gold and the inflation and worries about costs estimates to develop the mine, the stock has pulled back. Too high a risk.

2011-12-19

TOP PICK

Manulife Financial

MFC-T

10.250

This is a stock that no longer seems to get any respect, yet over the last 2 years, management have done a great deal to de-risk the company, hedge the exposure to interest rates and equity markets. Have also redesigned a lot of their product mix, which makes him less risky than a lot of their previous products. Continuing to expand on a global basis.

2011-12-19

BUY

Precision Drilling

PD-T

9.670

Has pulled back significantly in price and represents extremely good value. Expects to see drilling activity pick up over the next 6 months or so. Day rates are getting better for drilling equipment.

2011-12-19

DON'T BUY

PJC.A-T

13.320

Has gone a long way to straightening out some of the difficulties they were having in the US. Still own a little bit of Rite Aid but have been fixing in terms of monetizing in order to reduce their exposure. All the alien drug companies have been faced with provinces’ handling of generic drugs. Last quarter was a little bit weak. Same-store sales were okay but margins on some of the sundry items were not as high as he would have liked. This is reflective of the competitive environment out there. He would prefer Shoppers (SC-T).

2011-12-19

Comment

Potash Corp of Saskatchewan

POT-T

39.980

With any commodity stock, there is no telling where the bottom can be. Potash pricing has been fairly flat. There has been more and more M&A activity taking place in potash. With this one, you are playing a one commodity bet. As the potential to do very well, but also the potential to be weighed down for the time being.

2011-12-19

Comment

Power Financial Corp

PWF-T

24.810

Primary components are Paraba (?), Great West life (GWO-T) and Investors Group. What drives this company's price is the outlook for great West life and investors group. Selling at reasonable multiples to earn 13%-15% return on equity. Yield is about 5%. Not a bad place for a longer-term investor.

2011-12-19

DON'T BUY

Just Energy Group

JE-T

10.700

Have been looking for areas with more growth prospects and searching for new products and distribution channels. Their customer and the turnover has been of some concern to investors. Carrying an extremely high yield and there is some question whether the dividend is sustainable.

2011-12-19

BUY

Viterra Inc

VT-T

10.370

With the government planning to scrap the wheat board, will this benefit companies like this? This company will be one of the prime beneficiaries if the wheat board is disbanded. They are already one of the main grain handlers. Into agro products in Canada and Australia. Very attractive price.

2011-12-19

DON'T BUY

Transalta Corp

TA-T

20.480

Not certain that it has found its bottom yet. Have had some well-known problems over the last year or 2, which is pretty much discounted in the stock. Not sure what the catalyst is to move the price up again. Management has not delineated to investors’ satisfaction what they plan to do to improve the earnings profile.

2011-12-19

Comment

0.020

Markets. Going into this year, his perception was that the markets were a little bit ahead of fundamentals. We have now seen the correction but have also seen the problems begin to build, whether they wear the European problems or the political intransigence that we have seen in the US. Those problems are going to continue to follow us through into 2012. This is created a lot of volatility in the market and it has been hard to make money. For a longer term focus, it has been a relatively good time to upgrade the quality of the holdings in your portfolio.

2011-12-19

Comment

Brookfield Asset Management (A)

0.020

Gold. He tends to invest through producers rather than bullion. Even as a value investor, he feels there is a good place for gold as a bit of a hedge in your portfolio. He would keep 5% to 10% at most. Longer term, there is room for the gold price to move up again.

2011-12-19

PARTIAL BUY

Silver Wheaton

SLW-T

29.390

Not sure that it will fall into much more. We have seen a retreat in a lot of the materials stocks. Reaching a point where it can be looked at as a possible entry point and start to accumulate a position.

2011-12-19

BUY

BAM.A-T

27.330

Extremely well managed. What has been holding the stock back recently is the general economy. Fairly well diversified play with interests in Brookfield Properties (BPO-T), Brookfield infrastructure as well as their own entities. Attractive price.

2011-12-19

TOP PICK

Churchill Corporation (The)

CUQ-T

10.900

Has pulled back to the extent that it is selling at quite a severe discount relative to its peers. A lot of this is because they have been coming off a lot of high-margin projects. Backlog has been building but in lower margin projects. Extremely well managed.

2011-12-19

TOP PICK

Alliance Grain Traders Inc.

AGT-T

19.250

One of the world's leaders in dealing with canola, soybeans, lentils growing demand. Have facilities globally positioned so are well-positioned to take advantage of global demand. Good long-term company.

2011-12-19

PAST TOP PICK

Cenovus Energy

CVE-T

31.390

(A Top Pick Jan 14/11. Up 0.68%.) Still likes this one. Assets that they own are very good. Have some downstream growing production. Possibility it could increase its dividend down the road. A story that gets better and better as time goes on.

2011-12-19

BUY

Aecon Group Inc

ARE-T

9.700

Have had some problems over the last few years but recently had a few positive announcements. There have been improvements in operations and some new contracts.

2011-11-25

DON'T BUY

Bank of Montreal

BMO-T

55.490

Over the last month, all banks have been hit pretty hard. Have a big presence in Chicago area and are expanding it with a recent acquisition. There has always been a question of when shareholders are going to see real benefits from return on capital. Doesn't feel its valuation is compelling. (See Top Picks.)

2011-11-25

TOP PICK

CAE Inc

CAE-T

9.250

Big in flight simulators and have recently been expanding into health areas with patient simulators in endoscopy and ultrasound. Stock has been pulling off because of concerns of military spending going forward but their civil side remains quite strong.

2011-11-25

TOP PICK

Canadian Imperial Bank of Commerce

CM-T

68.430

Made great strides in the last few years in de-risking the bank. Boosted their wealth management operations and he expects to see more improvements in this area. Less exposed to structured credit than what they have been. Have a compelling multiple compared to the group. Dividend yield in excess of 5%.

2011-11-25

BUY

Canadian Western Bank

CWB-T

26.150

Strong, steady performer over the last few years. In a very good area of the country, primarily Alberta. Extremely well managed. Yield of 2.14%, which is quite safe.

2011-11-25

PAST TOP PICK

Industrial-Alliance Life Ins

IAG-T

26.900

(A Top Pick Dec 1/10. Down 21.98%.) All of the insurance companies have been hurt by the environment with falling interest rates and declining equity markets. Add a big miss in their last quarter. Feels the dividend is safe.

2011-11-25

BUY

Inter Pipeline Fund

IPL.UN-T

17.800

Likes this one at these levels. Last quarter was fairly clean. Over the last period of time, more of their business is coming from fees and is less commodity dependent than it used to be. Have been expanding their operations at Cold Lake.

2011-11-25

Comment

Manitoba Telecom Services

MBT-T

30.190

Everybody's looking for their Allstream division to stabilize but the jury is still out on that to some extent. Good healthy yield. As a utility, they are alright for the time being.

2011-11-25

HOLD

Manulife Financial

MFC-T

10.840

Management, over the last few years, has taken great strides in de-risking this company. Sensitivity to equity markets and interest rates is a lot less than what it was in 2008. Has also built up their capital.

2011-11-25

BUY

National Bank of Canada

NA-T

63.820

Have recently been expanding some of their wealth management operations out West. Very well-managed. Dividend is about 2.84%. For a longer-term play, you could look at this at current levels.

2011-11-25

BUY

Power Financial Corp

PWF-T

23.960

Primary components of this company are Great West Life (GWO-T) and IGM Financial (IGM-T). Through the years has been a fairly good provider of dividends. Insurance companies have had difficulty in dealing with the environment of low interest rates and the declining equity values. You should be quite safe over the next 5 years.

2011-11-25

Comment

Research In Motion

RIM-T

16.980

Hurt really badly lately. Lost significant market share and share price seems to hit new lows almost every other week, No debt and cash on the balance sheet. Have capacity to expand earnings. Doing quite well over seas. Patents are valuable.

2011-11-25

Comment

Just Energy Group

JE-T

9.960

Only hesitation he has is that their dividend yield is quite high and they are paying out pretty much what they're earning. Has been investing and broadening out its products and services and distribution channels. Just acquired a retail electric provider. Expect they will do a little bit better going forward.

2011-11-25

Comment

Sherritt International Corp.

S-T

4.980

Have a big bet in Madagascar. If it is successful, it will really make this company but there are political risks and mine development risks. There have been a lot of cost pressures in the whole mining area. Would prefer to be in a more diversified operation of mines.

2011-11-25

PAST TOP PICK

Stantec Inc

STN-T

24.500

(A Top Pick Dec 1/10. Down 9.86%.) Still likes. Very well run engineering company.

2011-11-25

PAST TOP PICK

Progressive Waste Solutions Inc

28.140

(A Top Pick Dec 1/10. Down 19.74%.) Still likes it. Have some of the best properties.

2011-11-25

BUY

Teck Resources Ltd. (B)

TCK.B-T

32.660

A lot of mining stocks have taken quite a hit with the recent slide in commodity prices. This company is much different now than it was a few years ago. Balance sheet has been improving dramatically over the last little while.

2011-11-25

BUY

Talisman Energy

TLM-T

12.790

Has faith that in the longer term, this company will do it really well. On a valuation basis, it is one of the more compelling in terms of its price in the oil patch. Good management. Cash flow could get to well above $3 over the next few years

2011-11-25

BUY

Bell Aliant

BA-T

27.280

Long-term hold 20 – 25 years? Extremely difficult to look that far into the future. As a value investor, he only looks through a business cycle such as 3, 4, 5 or even 6 years only. There have been massive changes in the utilities over the last 25 years. A criticism has always been of being in a constrained market or growth but they have been investing a lot into fibre optics, which is beginning to get some traction for them. Dividend should be okay.

2011-11-25

TOP PICK

Cenovus Energy

CVE-T

30.150

You have a great play on the oil sands with this one. You also have the refining kicker. Have been expanding their operations and looking for joint ventures to help finance the development of a number of properties.

2011-11-25

Comment

Agnico-Eagle Mines

AEM-T

43.240

3rd quarter was a big disappointment for investors and the stock has been punished quite a bit. People are expecting to see some growth from production but perhaps more modest compared to their competitors. Not his 1st pick in gold.

2011-10-31

DON'T BUY

Aecon Group Inc

ARE-T

9.000

Feels there are some good things going on in this company. Have made some shifts in management to address their problems. Expect they would do better going forward. Has a ways to go to prove itself with investors again. 2% yield.

2011-10-31

TOP PICK

BIN-T

21.000

Well positioned in a recessionary environment. Extremely well-managed in strategic tuck in acquisitions for synergies. 3rd quarter was a disappointment because of their Northeast US operations. Results in Canada and southern US were in-line. Good price.

2011-10-31

Comment

Potash Corp of Saskatchewan

POT-T

47.180

NDP is promising to raise government royalties if they are elected in Saskatchewan on Nov 17. Stock has taken a hit. Need for food is bound to increase globally. There are other ways to the agriculture and the stock is you more volatility.

2011-10-31

TOP PICK

Royal Bank

RY-T

48.620

(A Top Pick Oct 20/10. Down 8.4%.) The dominant franchise in Canada. Because of US problems, they're selling at a discount rather than the premium they used to get. Management is taking steps to address their US problems. There will be expansion in their wealth management along with a more aggressive posture in their other areas. Good yield of almost 4.7%.

2011-10-31

Comment

Sherritt International Corp.

S-T

5.730

New nickel mine in Madagascar is pretty much nearing completion. This is a key for them as it is such a huge project. There are some questions about political stability. Looks inexpensive. Higher risk than his clients could tolerate.

2011-10-31

PAST TOP PICK

Stantec Inc

STN-T

24.510

(A Top Pick Oct 20/10. Down 13.33%.) Still likes. Takes less risk than other construction companies.

2011-10-31

PAST TOP PICK

Crescent Point Energy Corp

31.750

(A Top Pick Oct 20/10. Down 2.37%.) Still likes. Continues to exploit its assets and selling off nonstrategic assets.

2011-10-31

TOP PICK

Talisman Energy

TLM-T

14.140

Has dropped along with a lot of energy stocks as well as because of delays in some of their projects. Starting to see good results in a number of their areas. Have very good landholdings to exploit going forward.

2011-10-31

BUY on WEAKNESS

Westshore Terminals Inc.

WTE.UN-T

24.310

The key for them is the need for exported coal. Coming off some operational problems. Looks okay for a long-term investor. Like to see it an little bit lower before committing.

2011-10-31

Comment

CPG-T

42.570

Payout ratio is over 100% but have a very large take up in their DRIP program. Nervous about the risk this imposes because of the dilution of shares. Continue to have excellent properties and positions. Great opportunities in what they can drill and explore.

2011-10-31

Comment

Canadian Tire Corporation Ltd. (A)

0.020

Markets. Not changing his strategy in a short rally like this. Problems still exist in the markets have been quite over reactive, both on positive and negative news. Expect we are seeing some profit taking. Expects we'll continue to see volatility in the foreseeable future. For investors in for the longer haul, there should be opportunities opening up.

2011-10-31

DON'T BUY

CTC.A-T

59.580

In a competitive environment and getting even more so. Just acquired Forzani Group so people are going to wait to see how it is going to be integrated. Facing a number of headwinds in the current environment including delinquencies on their financing side, slow growth in the economy, etc. Not that cheap at 12X earnings.

2011-10-31

BUY

Canadian Imperial Bank of Commerce

CM-T

75.380

Over the years has made its share of mistakes so has always sold at a discounted multiple to the group. On an ROE basis it is probably one of the most profitable banks. In the last few years, they have taken significant steps to de-risk this bank. Yield of close to 5%. (See Top Picks.)

2011-09-20

BUY

Canadian Pacific Rail

CP-T

50.820

Rails are pretty much a barometer on the economy. We are in a very slow growth economy so stock prices have pulled back quite a bit. At this price it is a relatively good buy.

2011-09-20

TOP PICK

Fortis Inc.

FTS-T

32.630

Have a fairly good rate base and seemed to be expanding it more than 5% per year. There will be dividend increases going forward. Have good operations. Good price.

2011-09-20

BUY

Research In Motion

RIM-T

22.600

Market seems to have a hate on for this stock and yet it has very good enterprise positioning. They are in many businesses that are not going to disappear. It is profitable and have potential room for growth. He is tempted at current levels. Cheap multiple.

2011-09-20

TOP PICK

Royal Bank

RY-T

47.040

(A Top Pick Sept 22/10. Down 15.08%.) You want to get banks, particularly those in Canada, when they are mis-priced relative to the rest of the group. This bank has had its share of problems recently. Sold off their US retail operations. For years and years, it has commanded a premium multiple. Good reward in 5 years.

2011-09-20

Comment

Sherritt International Corp.

S-T

4.930

Diversified base metals and coal. Have pulled back quite a bit with investors fleeing to safer havens. Very large project under development in Madagascar. Stock has been punished probably because of the perceived political risk. This mine could be extremely profitable for the company.

2011-09-20

TOP PICK

Progressive Waste Solutions Inc

28.890

Integrated oil company. Have some of the best properties. Has been punished with the recent pullback in oils. Buzzard operation is coming back on stream.

2011-09-20

PAST TOP PICK

Viterra Inc

VT-T

10.650

(A Top Pick Sept 22/10. Down 8.2%.)

2011-09-20

BUY

Teck Resources Ltd. (B)

TCK.B-T

36.110

With the pullback in base metals stocks, he has been looking at this one. The demand will be there for the longer term. As economies recover, the demand for resources is bound to go up. This one is capable of learning $5 and up. For a patient investor, this would be a good one.

2011-09-20

PAST TOP PICK

Talisman Energy

TLM-T

14.030

(A Top Pick Sept 22/10. Up 24.79%.)

2011-09-20

BUY on WEAKNESS

Westshore Terminals Inc.

WTE.UN-T

23.420

Has been looking at this but would like to see it a little less expensive. One of the primary handlers of coal going overseas and that demand is fairly robust and should continue to be so over the long run.

2011-09-20

DON'T BUY

Yellow Media Inc

YLO-T

0.550

Has never liked the construction of their business. The stock price is an indication that people are losing confidence. At current levels, it is more a speculation than an investment.

2011-09-20

HOLD

Daylight Energy Ltd

DAY-T (Dead)

6.740

Well-managed company in the oil patch. Projected cash flow could be around $1.50 or better. Looks fairly compelling at this price. Sufficient cash flow to continue paying the distribution.

2011-09-20

BUY on WEAKNESS

Agrium

AGU-T

79.310

Has been looking at it a bit lately. In all three areas of the fertilizer market that are important. Agriculture demand going forward will go up. Multiples are going to more compelling levels. Long-term capital gain potential. It is approaching levels where he would consider buying it. Around $75 it is compelling.

2011-08-23

TOP PICK

BIN-T

21.240

Likes the story. A well managed company. 40% Canada and 60% US. Strategic acquisition leads to growth. Throws off great cash flow. The market has ignored this company for so long. Will not be constrained in acquisitions like the rest of the market.

2011-08-23

TOP PICK

Bank of Nova Scotia

BNS-T

51.430

Likes the international flavor. Canada’s most internationally diversified bank. Best for credit discipline. Fewer surprises in terms of loan losses. Sells for a premium but worth it because of stability it supplies to a portfolio.

2011-08-23

WEAK BUY

Cameco Corporation

CCO-T

21.580

Made progress at cigar lake where they were having trouble. Sales were a bit sluggish. Uranium market is one he has always had trouble predicting. 10 year cycle to get a power plant into production. Demand will ultimately go up. Not sure how fast that is going to happen.

2011-08-23

BUY

Canadian Natural Rsrcs

CNQ-T

34.880

If longer term, it could take longer term to play out.

2011-08-23

BUY

Canadian Oil Sands

COS-T

21.880

One has to have a long-term perspective on this one. Oil sands have had a lot of controversy recently, in the US. Overall the If happy with the yield, it is a good long term investment.

2011-08-23

PAST TOP PICK

24.290

(Top Pick Aug 25/10, Down 12.37%) He was early on this call. One of the biggest Nat Gas participants in North America. Good balance sheet. They can survive what has happened to natural gas. In the longer term this stock could do extremely well.

2011-08-23

TOP PICK

24.290

One of the premier companies in unconventional natural gas. Gas has been depressed and may continue for a year or two. A dominant player. Management has shown they are innovative in how they develop properties, yield in excess of 3%.

2011-08-23

BUY

Power Financial Corp

PWF-T

26.410

Very attractive yield over 5%. Main components are the investors group and the mutual fund business and then Great West Life. Good businesses to be in in the longer term. You will not see this dividend cut. The family behind the company likes it.

2011-08-23

BUY

Rogers Communcations (B)

RCI.B-T

37.620

This is an extremely competitive marketplace right now. Recently we saw the revenues per customer dropped due to voice side. Cable side is doing all right. Good balance sheet and good yield. Can’t decide between Rogers and Bell, perhaps Bell is slightly preferred.

2011-08-23

BUY

Sunlife Financial

SLF-T

25.280

Thinks dividend is pretty safe. Lifecos are being discounted by the capital markets to a little more than they should. They have more capital appreciation in them than the banks but it may take longer for that to be realized. Can be owned safely in this environment.

2011-08-23

PAST TOP PICK

Stantec Inc

STN-T

23.050

(Top Pick Aug 25/10, Down 9.69%) Had been up on it in the last year. Primarily exposed in the US and an infrastructure, pure engineering company with now a little construction. Margins holding in their environmental group but transportation is lagging.

2011-08-23

BUY