| TOP PICK | | Allen-Vanguard Corp. | VRS-T | 2.400 | Produce jammers for roadside bombs. Have won a lot of contracts but haven't received the purchase orders, which is why the stock has come down. Latest quarter was a bit weak. Revenue that had been expected in 08 will probably come in 09. Trading at around 7X earnings. Will double earnings from 08 to 09. Reducing debt. | 2008-05-28 | |
| TOP PICK | | ADF Group | DRX-T | 4.060 | Manufactures huge steel products for high towers. Product is so specialized that there is not a lot of competition. Producing at about 50% capacity so there is good upside in terms of getting new contracts and increasing margins. Doing about 20% EBITDA margins and stock is trading at about 8X this year's earnings. Have good visibility in their backlog until about 2008/2009. Probably no debt by the end of the year. | 2008-05-28 | |
| BUY | | Sierra Wireless | SW-T | 16.610 | Essentially do wireless modems for laptops. Probably has the most volatility in the Canadian market in terms of stock price and earnings. Competition is growing. Had great results in the recent quarter. Not expensive. Treat it as a trading stock, i.e. on a short-term basis. | 2008-05-28 | |
| DON'T BUY | | ZCL Composites Inc. | ZCL-T | 8.490 | Main business is doing fibreglass tanks for gasoline companies. Some US states have laws that tanks must be fibreglass. Huge potential in North America. Has seen some sales ramp up and earnings have come up as well but not as well as the market expected. Expensive at 25X or 30X earnings. Would buy it at 15X earnings. | 2008-05-28 | |
| BUY | | Bird Construction Income Fund | BDT.UN-T | 42.000 | One of the most interesting companies in the engineering and contracting space. Probably have one of the best histories in terms of profitability and margins. Very well managed. Long-term hold. | 2008-05-28 | |
| Comment | | Allon Therapeutics Inc. | NPC-T | 1.050 | Main technology is trying to develop a drug for Alzheimer's. Have had good success to now. Still not a commercial product so there is still a lot of risk. Good potential. Has been looking at this one. | 2008-05-28 | |
| BUY | | Neo Material Technoligies Inc. | NEM-T | 4.650 | Chinese company trading in Canada. Industrial powders used in technology consumer products like hard drives, etc. Not expensive at 12X earnings. Good growth. Fear is that if there is a slowdown in the US it might hurt sales. Good technology. | 2008-05-28 | |
| Comment | | Zoomed | ZMD-X | 0.390 | Communication device going from doctor to pharmacy. Have had good success. Good customer base. Still at the early stages. A micro cap and still needs to be well financed in order to expand its technology to be used in every hospital in North America. Good track record to now. | 2008-05-28 | |
| DON'T BUY | | Enablence Technologies Inc. | ENA-X | 1.400 | Have a technology that is essentially fibre to the home. Seems to be better technology at lower cost. Still at the product testing part, so sales as yet. Could have good sales if it works and it becomes a leader. Investors became too bullish and that's why the stock has run up. | 2008-05-28 | |
| DON'T BUY | | D-Box Technologies (A) | DBO.A-X | 0.410 | Technology that can be used in video games and in home movie theatres. They are going everywhere trying to sell the product. Product used to be very expensive and they are now trying to bring the costs down. Concept is nice. Question is, how much are people willing to pay to have this seeking while watching the movie. | 2008-05-28 | |
| DON'T BUY | | Railpower Technologies Corp | P-T | 0.510 | Changing power systems of rail changers. Technology has been good but weren't able to make any profits. Have been selling at a loss. Trying to restructure and now that they have a financing in place they possibly can be more successful in getting sales. Would like to see some sales ramp up. | 2008-05-28 | |
| BUY | | Sonomax Hearing Healthcare Inc. | SHH-X | 0.275 | An earpiece technology company, which can be used for Bluetooth, hearing aid, etc. Signed something with Wal-Mart. Technology works great and they are having some success on the hearing protection side. Still to be seen as a mass-market consumer product. Speculative play. | 2008-01-09 | |
| TOP PICK | | Waratah Coal | WCI-X | 2.120 | A thermal coal project in Australia. Still not producing. Have a huge land base. They have drilled and potentially found 1.7 billion tons. Will be a huge project. There is a port available but they need to find a partner to build a railway. Also need to get permitting. | 2008-01-09 | |
| TOP PICK | | Allen-Vanguard Corp. | VRS-T | 4.440 | Made a big acquisition last fall, which essentially will more than double the company. They are guiding up $160 million of EBITDA. Trading at around 5X earnings and is extremely cheap. There are only 2 players. | 2008-01-09 | |
| DON'T BUY | | NovaGold Resources Inc | NG-T | 11.150 | 2 Gold projects in northern British Columbia. Very big deposits. Stock came down because one of their projects had too high a capital cost. He is not a big believer of this area for the moment. | 2008-01-09 | |
| BUY | | Neo Material Technoligies Inc. | NEM-T | 4.850 | Manufacture industrial powders such as metal powder that is used in TV screens, etc. Have technology that purifies them to a level that is very interesting to electronic companies. Trades around 12X earnings. There is good potential. | 2008-01-09 | |
| DON'T BUY | | Timminco Ltd. | TIM-T | 15.000 | Manufactures silicon for solar panels. They are developing a process to purify it to 99.59%. Market is very bullish on the name. Have gotten some contracts but haven’t given a lot of details on them. Still not producing earnings. He would like to see some earnings out of them. | 2008-01-09 | |
| DON'T BUY | | Ballard Power Systems | BLD-T | 5.110 | Recently divested their automobile fuel cells research team. Now focusing on fuel cells for smaller applications such as industrial lifts or homes. Still no earnings. | 2008-01-09 | |
| DON'T BUY | | Kangaroo Media Inc. | KTV-T | 0.520 | Manufacture handheld devices for watching sporting events, etc. Started with Formula One and are going into other sports. The big problem is they need to find partners to either sell the device or produce the programming. Not sure the end market is very big for this and the margins are high enough. | 2008-01-09 | |
| DON'T BUY | | Railpower Technologies Corp | P-T | 0.710 | Almost went bankrupt. They are trying to get an electronic version for the rail lines. Had high debts and were burning a lot of cash. Were losing money on their first 2 projects. Recently found some financing with convertible debts from Teachers. Needs to see some contracts being signed. | 2008-01-09 | |
| BUY | | Eldorado Gold | ELD-T | 6.640 | Have had some permitting problems but it is just a question of time and it will be a big producer. | 2008-01-09 | |
| DON'T BUY | | Route 1 Inc. | ROI-X | 0.110 | Have a USB key that you plug into your PC, which enables you to automatically connect to your office computer with access to all the programs. Product seems good but have had relatively little success in sales. Have been doing a lot of financing and burning a lot of cash. | 2008-01-09 | |
| BUY | | Manitoba Telecom Services | MBT-T | 43.580 | Last quarter was a turnaround. The yield is high. The company will not have the choice but what had to start restructuring to produce more earnings. Expect that part of their business will be transformed into a trust. | 2006-04-12 | |
| BUY | | Petro-Can | PCA-T | 56.780 | One of his favourite integrateds. One of the cheapest integrateds on the market. Expect to see production start growing rapidly in 2007. | 2006-04-12 | |
| TOP PICK | | Cryptologic | CRY-T | 31.030 | Has a bit over $8 per share. Trading around 11 X earnings. Will lose a big client this year which is why the stock has dropped. Have grown very earnings 30/50% per year over the last couple of years. | 2006-04-12 | |
| BUY | | First Nickel Inc. | FNI-T | 1.260 | Have been looking at this company. The stock has not followed nickel prices, probably since they just started their production. Starting to look nicely valued. Could be 20/30% upside easily. | 2006-04-12 | |
| BUY | | Hudbay Minerals Inc. | HBM-T | 11.600 | Trading around 10 X earnings. Likes this one very much. Even if zinc prices drop 15%, it was still produce a lot of cash flow. | 2006-04-12 | |
| TOP PICK | | Canaccord Capital Inc | CCI-T | 22.400 | Has been growing nicely in terms of earnings. Trading at about 6.6 to EBITDA. Can see it reaching 10 X buy producing more earnings or converting into a trust. | 2006-04-12 | |
| DON'T BUY | | Yukon Zinc | YZC-X | 0.680 | Likes zinc. Not a fan of this company, because it is a large deposit with a big by-product of selenium and buy producing that, they would have a big market share end of the commodity dropped, the price of the stock would fall dramatically. | 2006-04-12 | |
| BUY | | Centurion Energy International | CUX-T | 13.370 | Not the cheapest stock out there but there is a lot of growth. They recently announced a joint-venture in an LNG project which will give them much higher prices. | 2006-04-12 | |
| BUY | | Agnico-Eagle Mines | AEM-T | 36.570 | Will show a lot of growth in terms of production. They also have a big zinc exposure in their mines. | 2006-04-12 | |
| TOP PICK | | Great Canadian Gaming Corp | GC-T | 12.550 | The market is looking for $.50 in earnings. If they can turn around their costs, they can easily produce $1a share. Management owns 25/30% of the company. | 2006-04-12 | |
| DON'T BUY | | IPSCO Inc | IPS-T | 120.360 | Not a fan of this company. Great company with very solid operations but the valuation is too high. | 2006-04-12 | |
| BUY | | Sino-Forest Corp | TRE-T | 6.080 | Trading around 10 X earnings and expect the stock price will go higher. Demand for their wood product is very high. | 2006-04-12 | |
| DON'T BUY | | Imaging Dynamics Company | IDL-T | 2.860 | Made some good progress in sales, but he was expecting more. Have a good product, but as a small company, it is always difficult to sell to big organizations. Would be interested at $1.60 and some ramp up in sales. | 2005-11-21 | |
| BUY on WEAKNESS | | Teck Cominco Ltd. (B) | TCK.B-T | 53.200 | Likes it in general, Well diversified across a lot of commodities. Very well managed in terms of operations.Long term good exposure to zinc prices. Would like it 10/15% lower. | 2005-11-21 | |
| TOP PICK | | Mega Bloks | MB-T | 25.750 | Likes their US acquisition in June. It was a strategic acquisition as it deversifies them into arts and crafts. Should be some good synergies. Trading around 14 X next year's earnings. | 2005-11-21 | |
| DON'T BUY | | Westaim Corp | WED-T | 4.400 | Thinks their technology is OK in terms of their television, but they are behind in getting a partner. They're behind the curve in getting to the market. A very risky play. | 2005-11-21 | |
| DON'T BUY | | BCE Inc. | BCE-T | 26.600 | Thinks there's a big problem they are facing, VoIP. This is a big threat to them and he is seeing it across Canada. The cable companies are coming out with solutions. | 2005-11-21 | |
| DON'T BUY | | International Uranium Corp | IUC-T | 6.270 | Very bullish on uranium stocks in general. This is a good company with a good project, but the stock is quite expensive. | 2005-11-21 | |
| TOP PICK | | Kingsway Financial Services | KFS-T | 21.800 | Expectations for earnings are very low. The market is expecting the same earnings as this year for next year. Stock is trading around 7.8 X next year's earnings, so it's extremely cheap. Thinks they can beat the earnings out there. | 2005-11-21 | |
| WEAK BUY | | Tahera Corp | TAH-T | 0.510 | A good company. Has a small diamond project which is moving forward quite nicely. His only problem is, what's next? They're doing some exploration. Not sure there's a lot of potential. Could be a takeover, but they've signed an agreement to sell their diamonds going forward, so not sure a takeover is really going to happen. | 2005-11-21 | |
| HOLD | | Calfrac Well Services Ltd | CFW-T | 34.750 | An oil service company. Have had 2 bad quarters in a row due to being in an area that was very wet and were'nt able to service. Feels it's just a short term event. Very good company and well run. | 2005-11-21 | |
| DON'T BUY | | Azure Dynamics Corp. | AZD-T | 1.240 | In the alternative energy sector. The stock has moved up very rapidly and is coming back now. Had some good initial contracts. Has huge potential around the world. Going forward, they may need a bigger partner. An interesting play under $1. | 2005-11-21 | |
| TOP PICK | | Petrobank Energy and Resources | PBG-T | 8.390 | Oil/gas production in South America. Also in the oil sands and have a technoilogy where they can extract the oil at a lesser cost than the traditional methods. Extremely cheap and very undervalued. A hidden jewel in the small cap market. | 2005-11-21 | |
| BUY | | National Bank of Canada | NA-T | 61.240 | Positive on bank stocks because they are very solid companies in Canada. This is the one he prefers. Tryting to grow across Canada. Also likes the Bank of Nova Scotia (BNS-T) with its international play.. | 2005-11-21 | |
| BUY | | Bank of Nova Scotia | BNS-T | 45.250 | Positive on bank stocks because they are very solid companies in Canada. The National (NA-T) is his first choice, but likes this one with its international play.. | 2005-11-21 | |
| DON'T BUY | | Canadian Natural Rsrcs | CNQ-T | 53.950 | If yyou're bullish on oil going forward, it's a good place to be. Good company, good operator. Have huge projeccts ion front of them for at least the next 10 years. Trading more expensively than its peers. Would like it at the $47 level. | 2005-11-21 | |
| DON'T BUY | | Cryptologic | CRY-T | 24.050 | Valuation is too high. Trading like it would become an income trust. | 2005-08-09 | |
| DON'T BUY | | UTS Energy | UTS-T | 4.400 | Essentially an oil sands play so has very high leverage to the oil price. Their project is essentially still far out. Has Petro Canada (PCA-T) as a partner. | 2005-08-09 | |
| TOP PICK | | Stantec Inc | STN-T | 36.900 | In the professional services of the engineering space. Provide planning and management of different engineering services for building hospitals, road infrastructure, etc in the oil sands. Have doubled their EPS in the last 4 years. Grown by acquisitions. A long term buy. | 2005-08-09 | |
| WAIT | | Nortel | NT-T | 3.720 | Has a neutral stance on this stock. Getting more positive on it because of the last results, but the last results were created by deferred revenue or software revenue which put their results more in line with what they were expecting. The space in general is getting better. Wait for another quarter to see the results. | 2005-08-09 | |
| BUY | | PetroKazakhstan Inc | PKZ-T | 52.500 | The biggest risk is essentially the political/country risk. You can see the volatility of it in the last several months. Extremely cheap if you compare it to the integrated companies here in Canada. There are also some interested outside buyers. Feels there's s ome good upside on this. | 2005-08-09 | |
| DON'T BUY | | Westaim Corp | WED-T | 4.320 | Have the iFire flat screen TV technology as well as the biotechnology segment which is doing quite well. Still waiting for a big joint venture with their iFire and they have to do that quite quickly as technology coming out of Asia is evolving very rapidly. Still a lot of speculation. | 2005-08-09 | |
| TOP PICK | | Mega Bloks | MB-T | 27.250 | In the tpy industry which is quite mature and having difficulties in some parts. This company has been able to grow globally. Recently did a good acquisition of Rose Art, an arts and crafts company which will make them more diversified. Feels they can double their earnings over the next 2 years at $2.20 per share. | 2005-08-09 | |
| BUY | | Penn West Energy Trust | PWT.UN-T | 33.380 | Has a diversified place in the oil/gas sector in Alberta. One of the cheaper royalty trusts. | 2005-08-09 | |
| DON'T BUY | | Sierra Wireless | SW-T | 8.980 | Company has had a lot of problems and the stock has dropped quite a bit, so could be a takeover target. Last 2 quarters were very poor. Would have to be very accretive in technology for another company such as Qualcomm (QCOM-Q). Wouldn't buy this company on that prospect. | 2005-08-09 | |
| DON'T BUY | | Minacs Worldwide | MXW-T | 4.150 | Had some difficulties 2 years ago but have now been turning around. by cutting operational costs. Margins have been growing to about 10/11%. Wouldn't buy at this time as it is getting a bit ahead of itself. | 2005-08-09 | |
| BUY | | Alimentation Couche-Tard (B) | ATD.B-T | 20.800 | Essentially a long term buy. Doing a lot of acquisitions in the US. Getting a lot of synergies. The major risk in the performance of the stock is the fuel business. | 2005-08-09 | |
| TOP PICK | | Calvalley Petroleum Inc (A) | CVI.A-T | 4.050 | A speculative play. Exploring in Yemen. Not a lot of production, but they have a lot of acreage to explore. Think they will be quite successful. Feels they will be producing around 10,000 barrels a day in 2006 and more than double that in 2007. Management owns about 27% of the company. | 2005-08-09 | |
| BUY | | Cameco Corporation | CCO-T | 56.460 | Likes uranium and feels it will do very well in the future. A long term hold. Would buy around the $50/55 level. | 2005-08-09 | |
| BUY | | Shore Gold Inc. | SGF-T | 4.940 | A diamond play. Have had a big discovery and are still drilling a lot of holes. Had a good rally this year. One of the interesting diamond plays in Canada. Highly speculative. Good upside if the discoveries continue to grow. | 2005-08-09 | |
| DON'T BUY | | Stake Technology | SOY-T | 6.400 | An exciting business considering everybody is trying to get healthier. The stock is a bit expensive. Has always traded at a very high multiple. Would find it interesting if it traded at 15 X earnings. | 2005-08-09 | |
| BUY on WEAKNESS | | C.I.Fund Management | CIX-T | 19.880 | Has been one of the best growth stocks in Canada. Very good growth in assets under management. Recently had a good rally because of their attempt to acquire Amvescap in the US, but they have withdrawn their bid. Stock has dropped, but could come down further because prior to speculation it was trading around the $16/17 level. | 2005-08-09 | |
| BUY | | Encana Corp | ECA-T | 52.400 | Gas oriented. Has underperformed the sector recently so not that expensive compared to others. | 2005-08-09 | |
| DON'T BUY | | Suncor Energy Inc | SU-T | 47.270 | A good company and good projects. Very expensive compared to other producers. Will have to work until September to reconstruct their burnt-out facility, so there will be a production shortfall. | 2005-03-23 | |
| BUY | | Encana Corp | ECA-T | 81.510 | Bullish on oil/gas. Stocks have pulled back in the last few days, so this could be a nice entry point. He likes this company. Has a reasonable valuation. Selling off non-core assets. Going into a better and more predictable growth mode. | 2005-03-23 | |
| TOP PICK | | Mega Bloks | MB-T | 19.060 | Valuation is about 13 X forward earnings. Lego has been putting road blocks up to prevent their entry into different countries. Mega Blocks just won their case in Germany which is a $250 million market. | 2005-03-23 | |
| WAIT | | Rio Narcea Gold Mines, Ltd. | RNG-T | 2.110 | A Spanish gold and nickel producer. Just made a small gold acquisition last year. In a good position. Regulatory environment in Spain is pretty difficult and they just got approval foir their Spanish property. Would like to see a ramp-up of their production before buying. | 2005-03-23 | |
| DON'T BUY | | Niko Resources | NKO-T | 62.560 | Sold off in the last couple of days. Most of the international players are highly leveraged to oil prices. Multiples are pretty high. | 2005-03-23 | |
| BUY | | True Energy Inc | TUI-T | 4.750 | Has been able to show good growth. Just completed an acquisition of Meridian Energy which will give them a good land base, so production will continue to grow. Trades around 20 X forward earnings which is about standard. | 2005-03-23 | |
| TOP PICK | | Systems Xcellence | SXC-T | 1.480 | Technology stock valuations have come down a lot and is a sector that still has potential to grow. Trades around 11 X forward earnings which is pretty cheap. They are going to double their earnings from last year's. Likes the health care sector that they are in. Revenue model is going more to a transactional basis rather than license. | 2005-03-23 | |
| DON'T BUY | | Queenstake Resources (merged to Yukon-Nevada Gold) | QRL-T | 0.275 | Have a lot of cost pressures which are increasing. This is worrying. Tends to avoid mines that have high costs as it is hard to tell where gold is going. | 2005-03-23 | |
| DON'T BUY | | Compton Petroleum | CMT-T | 12.050 | Hasn't been showing any growth. Last year production per share growth was around 4%. People are expecting around 10% this year. Can't go into a trust because of their debt covenents and legal issues. | 2005-03-23 | |
| DON'T BUY | | Duvernay Oil Corp | DDV-T | 30.000 | Has been a very good performing stock. Extremely expensive. Feels it will have good production growth per share. Trades at 5/6 X net asset value. | 2005-03-23 | |
| TOP PICK | | Russel Metals | RUS-T | 16.180 | Valuation is extremely cheap at 8 X earnings. Yield of 5%. The best company in the steel sector. Even if steel production drops, they will continue to be profitable. Also feels that earnings are too low. | 2005-03-23 | |
| BUY on WEAKNESS | | Tahera Corp | TAH-T | 0.480 | A good diamond play. Getting near production. Valuation is quite high. Prefers diamond plays when they have a big discovery and some years before production. Would consider in the $0.40/0.45 range. | 2005-03-23 | |
| DON'T BUY | | Northgate Minerals Corp. | NGX-T | 1.760 | A gold producer with a large copper by-product. The development of their project Kemess North will not have a big return on it. Too risky. | 2005-03-23 | |
| BUY | | Allen-Vanguard Corp. | VRS-T | 4.450 | Likes the stock. Showing good growth. Relatively cheap compared to comparable companies. | 2005-03-23 | |
| BUY | | Xillix Technologies Corp | XLX-T | 0.750 | Have a product for finding colon/lung cancer. The innovation in terms of product will be adopted by the industry. | 2005-03-23 | |
| BUY | | Calian Technology | CTY-T | 14.830 | Good company. Very service oriented. May rely too much on government contracts, but trading pretty cheaply. Big new contract which will possibly be extended over many years. Looking at it. | 2005-01-06 | |
| BUY | | Breakwater Resources | BWR-T | 0.530 | Very bullish on zink. This commodity is usually the late mover on the metals. Hasn't had it's big move yet. Inventories are coming down, so expects zinc prices to increase. Recently sold to go into Hudbay Minerals which had a lower valuation multiple. | 2005-01-06 | |
| BUY | | Hudbay Minerals Inc. | HBM-T | 2.020 | Very bullish on zink. This commodity is usually the late mover on the metals. Hasn't had it's big move yet. Inventories are coming down, so expects zinc prices to increase. Recently sold Breakwater to go into this stock which has a lower valuation multiple. | 2005-01-06 | |
| TOP PICK | | Patheon | PTI-T | 8.510 | Trading at a very cheap multiple at about 14 X versus its historical multiple of 20 X earnings. The last 3 quarters have started to see the earnings ramp up. Margins are better too. Also likes their Peurto Rico acquisition which can be very accretive to them. | 2005-01-06 | |
| WAIT | | ConjuChem Inc | CJB-T | 4.910 | Was concerned when their drug was causing nausea, so they sold. Thinks they will have to do a lot of work. Will watch to see if they can solve the problem. | 2005-01-06 | |
| WAIT | | Centurion Energy International | CUX-T | 14.350 | Has great potential. Have had good exploration results. Would wait to see more exploration results that would make its present mutiple worthwhile. | 2005-01-06 | |
| BUY | | Cameco Corporation | CCO-T | 39.500 | Thinks energy in general is going to be strong and especially likes uranium because of the global energy shortage. Expects uranium prices to continue to rise over the next 5/10 years. Has a lot of long term contracts, but will be renegotiated to higher prices. | 2005-01-06 | |
| TOP PICK | | Sino-Forest Corp | TRE-T | 3.380 | Paper and forest industry has been very difficult. Likes this one because of its exposure to China. Very cheap at 5 X earnings. The company has had the opportunity to buy more plantations allowing them to increase their production. | 2005-01-06 | |
| DON'T BUY | | A Comment -- General Comments From an Expert | A Commentary | 20.250 | A "wait and see" situation. Not very expensive. Buyers are not ready to pay high multiples. Not the lowest cost producer. | 2005-01-06 | |
| BUY | | Russel Metals | RUS-T | 14.670 | Has a very big yield. Has been profitable every quarter for the last 5/6 years. Well diversified in the steel product. Trading cheap at 10 X earnings. | 2005-01-06 | |
| BUY | | Trican Well Service Ltd. | TCW-T | 64.120 | YOu have to be positive on energy prices to own this type of stock. Mostly focused on cracking. Cheap. The winter season is when the energy service companies do their best. | 2005-01-06 | |
| TOP PICK | | Mega Bloks | MB-T | 18.450 | High margin business. Expanding internationally. Trades at a reasonable multiple of around 14 X next year's earnings. Expect that over the next 1/2 years they will start doing a few acquisitions which will give them diversification. Won the Lego lawsuit in Germany and expect they will start selling their product there. | 2005-01-06 | |
| DON'T BUY | | Bow Valley Energy | BVX-T | 1.830 | Largely exposed to the North Sea where most of the big players are working. Very small company to be there and have had some problems. Would have to prove that they are able to manage their growth. | 2005-01-06 | |
| WAIT | | Certicom | CIC-T | 3.760 | Have been following their results over the last year and have been taking a hard look at it. Would like to see some momentum in the earnings. Had a big contract with the US government which was very impressive. Would buy on news of more contracts. | 2005-01-06 | |
| DON'T BUY | | Northgate Minerals Corp. | NGX-T | 1.910 | Trading at a low multiple. Didn't like the numbers behind the feasability study for their expansion. Felt the expansion wouldn't be very profitable. | 2005-01-06 | |
| DON'T BUY | | Bennet Environmental | BEV-T | 4.370 | Has some credibility issues. No debt. Coming to a place where they are going to start losing money. | 2004-10-25 | |
| HOLD | | Tembec Inc. | TMB-T | 7.720 | Pulp prices have been coming down and he is not bullish on pulp. The lumber side seems to be doing pretty well and the lumber dispute could be over in a few months. | 2004-10-25 | |
| TOP PICK | | Transat A.T. Inc (A) | TRZ.A-T | 21.200 | In spite of its run, it's still extremely cheap. Earnings are ramping up and reducing their costs. Trading at 10 X earnings. $8 of net cash in the company which could be used for a special dividend or buy back stock. | 2004-10-25 | |
| BUY | | Golden Star Resources | GSC-T | 6.570 | A good gold producer. Internationally based. A little more expensive than some of the medium producers. | 2004-10-25 | |
| BUY | | Suncor Energy Inc | SU-T | 42.840 | A great company, but the valuation is too high. Long reserve life. Would consider at 20% lower. | 2004-10-25 | |
