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| Nick Majendie of Verus Wealth Management |
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| BUY on WEAKNESS | Canadian National R.R. | CNR-T | 58.000 | Looking for further weakness in order to buy. | 2009-12-09 | ||
| BUY | Trans Canada Corp | TRP-T | 34.530 | Excellent outlook. About 85% of CapX program is regulated or long-term contracts so has a lot of confidence in earnings. Looking for growth of about 7%-9% a year over the next 5 years and with dividend growth at least 7% gives 11%-13% growth at least. | 2009-12-09 | ||
| BUY | Thomson Reuters Corp | TRI-T | 33.930 | Very good run earlier in the year but sideways for the last 3 months. Likes long-term prospects. Generates a lot of free cash flow. Expects increasing dividends over time. | 2009-12-09 | ||
| TOP PICK | H&R Real Estate Inv Trust | HR.UN-T | 13.450 | Made a major bet on the Bow office building in Calgary, which bit them when it wasn't properly financed. Still suffering from valuation on the overhang. Once cash flow starts coming in 2012 there will be a hefty rise in distributions which will give you 9%-10% on today's prices. | 2009-12-09 | ||
| TOP PICK | Barrick Gold | ABX-T | 43.520 | This will be the “go to” name in the gold industry. Largest in the world producing 7.5 million ounces a year and has a good growth profile. Cash flow multiple looks very reasonable. | 2009-12-09 | ||
| TOP PICK | Brookfield Properties | BPO-T | 12.140 | Has been penalized because of debt coming due in 2011 related to the Trizac acquisition a few years ago as well as the expiry of the Merrill Lynch lease in New York. Did a big equity issue and are very liquid currently. Almost 5% yield. Cash flow will grow 4%-5% in the next year. | 2009-12-09 | ||
| BUY | Silver Wheaton | SLW-T | 16.230 | Playing silvers through this company. Very interesting model. Huge increase in production with a fixed cost of about $4 a pound. Should increase production 2.5 times over the next 3-4 years. | 2009-12-09 | ||
| PAST TOP PICK | Telus Corp | T-T | 34.080 | (A Top Pick Apr 16/09. Up 19.32%.) Still a Buy. | 2009-12-09 | ||
| PAST TOP PICK | Boardwalk REIT | BEI.UN-T | 37.000 | (A Top Pick Apr 16/09. Up 39.99%.) Still a Hold. | 2009-12-09 | ||
| PAST TOP PICK | Fortis Inc. | FTS-T | 27.140 | (A Top Pick Apr 16/09. Up 24.56%.) Still a Hold. | 2009-12-09 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Gold. Had a tremendous run but is currently pulling back but he sees upward pressure on it. As long as deficits are very large among developing nations, people will be looking for a currency play. Gold companies are selling at very cheap multiples at current gold prices. His 3 principles are Barrick (ABX-T), Goldcorp (G-T) and Silver Wheaton (SLW-T) (precious metals). | 2009-12-09 | ||
| DON'T BUY | Bombardier Inc (B) | BBD.B-T | 4.510 | In flatish mode over the next year to 18 months. Order book is pretty good and increasing on the transportation end but is more for 2-3 years down the road. Aerospace offsets this. | 2009-12-09 | ||
| HOLD | Sunlife Financial | SLF-T | 28.120 | Have been giving guidance to investors as to what normalized earnings might be which has been very hard for analysts to figure out. Thinks the dividend is safe. A bit of a cloud hanging over the industry in terms of capital requirements and expect the stock will go sideways until this is clarified. | 2009-12-09 | ||
| Comment | Manulife Financial | MFC-T | 17.490 | Have guided that normalized earnings would be $1.85 per share making it under 10X earnings for the next year. You have to be patient. Expecting a cloud will continue to hang over the stock for a while. | 2009-12-09 | ||
| BUY on WEAKNESS | Canadian Pacific Rail | CP-T | 55.610 | Likes the long-term outlook very much because there is the potential for them to double earnings from $2.70 to over $5 over a 5-year period. Near-term look for further weakness. | 2009-12-09 | ||
| DON'T BUY | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Natural gas. Not very optimistic in the short term. A lot depends on the winter in the short term. Would prefer oily names right now. | 2009-12-09 | ||
| BUY | Brookfield Properties | BPO-T | 12.240 | Big concern is major debt repayment coming due 2011. Also concerns about US real estate market, especially offices. Merrill Lynch lease comes up for renewal in 2012. Did an equity financing which mitigates the risk. Very cheap and you will have to be patient. | 2009-08-27 | ||
| BUY on WEAKNESS | Teck Resources Ltd. (B) | TCK.B-T | 27.180 | Has had an exceptionally strong recovery. Did a good job of mitigating the debt risks. Copper prices have recovered and coal prices are set for the next year. Try for an entry point in the low to mid-$20’s. | 2009-08-27 | ||
| BUY on WEAKNESS | Suncor Energy Inc | SU-T | 34.260 | Could fall below the $30 mark but not if oil holds at the $70 level. Great buy at $30 or below. | 2009-08-27 | ||
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| BUY | Westjet Airlines | WJA-T | 12.150 | Airline business has been very difficult however this company stands out on a global basis in terms of its profitability. Well run. Has about 37% of the Canadian market currently and is going up. Long-term growth plans are excellent. | 2009-08-27 | ||
| BUY on WEAKNESS | Sunlife Financial | SLF-T | 32.380 | This will participate in a market correction, which he is expecting. Some concern because the dividend payout ratio is close to 50%. Normalized earnings in the current cycle are about $3 and he would look to buy it around $30 or below. Likes some of their exposure to India. | 2009-08-27 | ||
| BUY on WEAKNESS | Manulife Financial | MFC-T | 22.360 | Supports their decision to cut dividends as they are now building capital at the rate of $800 million extra, as they want to get their investment grade ratings back to previous levels. Would look to buy this at $20 or below. | 2009-08-27 | ||
| BUY | Imperial Oil | IMO-T | 39.420 | One of the class acts in the integrated space. Tremendous converters of capital to cash flow and profit. Average annual returns over the last 25 years has been above 13% a year including dividends and capital gains. | 2009-08-27 | ||
| PARTIAL BUY | Research In Motion | RIM-T | 79.920 | Has produced better-than-expected results over the last couple of quarters. Trading range is between the $70's and $130 level. You could start buying it and adding to your position on weakness. | 2009-08-27 | ||
| TOP PICK | Telus Corp | T-T | 34.110 | (A Top Pick April 16/09. Down 19.51%.) Yield of close to 6%. Long-term growth rate is going to be in the mid-single digit area. This, along with the 6% dividend, you should get 11%-13% average annual return. | 2009-08-27 | ||
| TOP PICK | Just Energy Income Fund | JE.UN-T | 12.780 | Sells and distributes gas on a fixed price basis. Expanding into the US. Very good scope for growth in the US. Can see cash flow growth of 10%-15% a year. Expecting their debt will be gone in the next couple of years. 9.7% yield. | 2009-08-27 | ||
| TOP PICK | BCE Inc. | BCE-T | 26.320 | Starting to show better than anticipated results. Very good free cash flow. | 2009-08-27 | ||
| PAST TOP PICK | Boardwalk REIT | BEI.UN-T | 36.480 | (A Top Pick Apr 16/09. Up 0.62%.) Think it can get into the $40's. | 2009-08-27 | ||
| PAST TOP PICK | Fortis Inc. | FTS-T | 25.400 | (A Top Pick Apr 16/09. Down 2.29%.) | 2009-08-27 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Jury is still out as to whether this is the start of a new bull market. More confidence in the banking sector in Canada. GDP will be in negative territory for the balance of the year (US). Don’t chance stocks that have quadrupled off their lows. Look for quality stocks with a predictable dividend. | 2009-04-16 | ||
| WAIT | Kinross Gold | K-T | 16.950 | They got a 10% interest in the best diamond mine in the world at a very good discount, but this is an investment, rather than a new departure in terms of strategy. Thinks they are good long term but people will take money out of gold in the short term. | 2009-04-16 | ||
| BUY | Barrick Gold | ABX-T | 33.930 | The most defensive of the major golds. You could start to accumulate it at these levels for a 2-3 year hold. The value looks the best amongst the golds. | 2009-04-16 | ||
| SELL ON STRENGTH | Talisman Energy | TLM-T | 15.220 | Not as likely as others for a take-over. Would start to pare back a position. | 2009-04-16 | ||
| DON'T BUY | Teck Resources Ltd. (B) | TCK.B-T | 10.800 | There are a lot of uncertainties regarding their debt but some things are starting to fall into place through asset sales. Have a debt payment coming due in October and will have to sell more assets. Copper prices are moving in their favour. Thinks they will fight their way through it. It’s in the upper end of its trading range. | 2009-04-16 | ||
| DON'T BUY | Bell Aliant | BA.UN-T | 24.280 | Paying almost 12%, but when it becomes a corporation in 2011 they are likely to cut dividend to about 2-1/4%. P/E ratio is a bit high – there is some capital risk. | 2009-04-16 | ||
| BUY | Suncor Energy Inc | SU-T | 30.690 | Better value than CNQ. He is assuming the PCA merger will go through. | 2009-04-16 | ||
| DON'T BUY | Canadian Natural Rsrcs | CNQ-T | 55.780 | Responded quickly when the industry started to deteriorate last year, but valuations are a bit rich. Prefers SU-T | 2009-04-16 | ||
| TOP PICK | Telus Corp | T-T | 30.550 | 6.6% dividend. Came out with a warning about wireless numbers for first quarter. Can grow earnings 5% over the next 3-5 years. Multiple is very depressed right now compared to MBT or BCE. You are looking at a 11-12% return. Dividend is sustainable. | 2009-04-16 | ||
| TOP PICK | Boardwalk REIT | BEI.UN-T | 27.670 | Ideal company for these uncertain times. Largest apartment REIT across the country. People still need to live somewhere. Nice yield. Management owns 30% of it and don’t pay themselves salaries. Financing is all CMHC guaranteed. | 2009-04-16 | ||
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| TOP PICK | Fortis Inc. | FTS-T | 22.570 | Predictable earnings and growth over time. Yield 4.6%. They see double-digit returns. Risk would be if interest rates got into double digits. It’s a low risk investment. | 2009-04-16 | ||
| Comment | Bank of Montreal | BMO-T | 39.670 | Thinks they will hold their dividend for the next year, but it is the most susceptible of the Canadian banks if the credit crisis continues. | 2009-04-16 | ||
| TOP PICK | Just Energy Income Fund | JE.UN-T | 14.940 | Good track record with increasing its cash flow every year at 15% plus. Has no debt. When it converts to a corporation in 2010, it should be a very attractive equity. Expects it to double over the next 4-5 years. | 2007-08-29 | ||
| HOLD | Manulife Financial | MFC-T | 40.860 | He is looking to buy this in the mid-$30, but if it doesn't get there he will buy it anyways. Very well run company. Should grow at 15%-18% a year over the next number of years. | 2007-08-29 | ||
| PARTIAL BUY | Petro-Canada | PCA-T | 53.370 | Growth profile is finally coming through quite well. Cheap on a numerical basis. Feels you will be up to get this below $50. | 2007-08-29 | ||
| BUY on WEAKNESS | Encana Corp | ECA-T | 62.330 | The difficulty with natural gas price is it is partially weather driven and US drilling has not slowed down as expected. Likes the stock on weakness. Try to buy 10%-15% below its current price. | 2007-08-29 | ||
| BUY on WEAKNESS | Kinross Gold | K-T | 12.280 | Has a good growth profile and looks like very good value at this level. If there is a US recession, gold and gold stocks should handily outperform the market. | 2007-08-29 | ||
| DON'T BUY | AbitibiBowater Inc. | ABH-T | 2.090 | Would avoid this stock at these levels. Have extremely high debt. Outlook for newsprint is not good and consumption has been declining in North America on a regular basis. Cdn$ is definitely hurting them. | 2007-08-29 | ||
| TOP PICK | MacDonald Dettwiler & Assoc. | MDA-T | 48.000 | Electronic software. Best known for its defence division with high revenues. Also involved in the US in real estate and insurance electronically. In the UK with its HIPS program. Tremendous history of growing earnings. Expects them to continue to grow at | 2007-08-29 | ||
| TOP PICK | Barrick Gold | ABX-T | 33.750 | Very bullish on gold. Has excellent internal growth through a number of different projects. Valuations on a price to cash flow basis are extremely attractive. You will have to be patient with this. | 2007-08-29 | ||
| HOLD | Research In Motion | RIM-T | 86.800 | It's a value manager it is very hard to buy a stock like this that has a very elevated PE multiple. He would love to buy it with the type of growth profile he sees in it but it would have to be done at a much more reasonable multiple. | 2007-08-29 | ||
| WAIT | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Banks: - Sees 15% downside on banks. The most profitable and well run banks in the world. Expect their 4th quarter will be pretty much break even. | 2007-08-29 | ||
| Comment | Bank of Montreal | BMO-T | 65.400 | Just disclosed they are having continual difficulties getting their natural gas commodities trade book down to comfortable levels and are absorbing further losses. | 2007-08-29 | ||
| BUY | Goldcorp Inc | G-T | 24.690 | Has been quite suppressed by some production shortfalls and cost overruns, but he likes the gold area generally. One of the few commodities that will show upside over the next year. If you can be patient, this could be a very rewarding investment over th | 2007-08-29 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Gold: - One of the few commodities that will show upside over the next year. | 2007-08-29 | ||
| Comment | Yamana Gold Inc. | YRI-T | 11.330 | In the process of a 3 way combination with Northern Orion (NNO-T) and Meridian (MNG-T) and his company is an advisor on this transaction so he is not allowed to speak on this. | 2007-08-29 |
