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SNC-Lavalin Group Inc. Stock Symbol: SNC-T

Notes:Part #407 owner. Got Beijing subway contract for Olympics.

Last Price Recorded: 55.6800 on 2014-09-01 01:14:13

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Date Signal Expert Opinion Price
2014-08-15 BUY on WEAKNESS David Cockfield

This is one of his growth stocks. Likes this under $50. Not adding to his holdings at the moment. There are some real good kickers in this. They own a chunk of the 407 and have other assets they can sell. Just sold off a chunk of their Alberta energy holdings. Thinks they are riding the wave of big, international, engineering projects, which he feels are going to go on for decades.


Price:
$55.730
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2014-08-12 COMMENT Bill Carrigan

This is a stock that has been disliked for a long period of time. There was a reasonable Short position on it. It’s in the right space, i.e., industrial/infrastructure. It has finally broken out this year and he thinks the stock is on its way. A good place to be.


Price:
$56.400
Subject:
TECHNICAL ANALYSIS
Bias:
BULLISH on MATERIALS
Owned:
Unknown
2014-08-05 PAST TOP PICK Barry Schwartz

(A Top Pick Aug 6/13. Up 46.14%.) Stock had got too cheap and is now fully valued. Sold his holdings in order to Buy DIRECTV (DTV-Q).


Price:
$58.810
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2014-08-01 COMMENT Norman Levine

Bought this when they got new management. New management is very big on ethical behaviour and brought in some ethics people. During that time, it didn’t lose any business because of what had happened and continued to bring in new business at a great level. In the process of selling its Alta Link in Alberta. It has highway 407 and is talking about possibly selling 20% of it. Announced a merger with an English engineering firm which the market liked very much. Still trades at a big discount to other engineering/construction companies. Thinks there is significant upside. There are still more headline risks. There is still a multimillion dollar penalty that is going to be assessed against them. It will be a big headline again, but it is old news. If it falls, that will be a buying opportunity, because it doesn’t affect the company going forward.


Price:
$57.490
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2014-07-28 DON'T BUY Michael Sprung

Has been in transition over the last couple of years. Feels all of the scandals they had, a couple of years ago are pretty much behind them. New CEO has done a very good job of weeding out that element of the company. Have been making great gains in getting contracts, particularly domestically. It is now priced at a point where it is probably close to 20X earnings and is selling at over 4X Book Value. On ROE, they are going to earn about $3 on a BV of $14, and this is a little bit rich.


Price:
$57.030
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Unknown
2014-07-23 PARTIAL SELL Fabrice Taylor

Hit a rough patch awhile ago with a bribery scandal. Not a super risky company. They own a part of Highway 407, and they had really strong numbers from this. If you own, consider taking some profits.


Price:
$56.420
Subject:
NORTH AMERICAN
Bias:
SELECTIVE
Owned:
Unknown
2014-07-15 COMMENT Gajan Kulasingam

New CEO has done a good job in cleaning house and bringing in new top level management and re-establishing trust. Management would like to re-shift the business from minority interest and infrastructure assets, to a pure E&C (energy and construction) business, and grow the oil/gas segment. If you back out the concession assets, the core E&C business trades at stub value of around 5.5X. It is going to take some time for this strategy to turn things around. He would prefer WSP Global (WSP-T) or Stantec (STN-T).


Price:
$56.130
Subject:
Energy Infrastructure, Industrials & Utilities
Bias:
OPTIMISTIC
Owned:
No
2014-06-23 BUY Norman Levine

He has recommended it many times.  Bought it after the corruption scandal.  They brought in a new CEO who was clean and then some compliance people.  They have important assets that the market is undervaluing.  Likes their current acquisition.  They may pay out a special dividend.


Price:
$53.310
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2014-06-20 HOLD Patrick Horan

He would classify this as a Hold, but if there was a rise of 10%, he would be a Seller. They are doing relatively okay. He suspects we are not going to see the kind of margins that we have seen over the past decade. Not sure that all of the contracts that they had were completely legitimate.


Price:
$52.400
Subject:
NORTH AMERICAN
Bias:
BULLISH
Owned:
No
2014-05-27 BUY Gavin Graham

(Market Call Minute.) Sold AltaLink electrical grid to Berkshire Hathaway, which is a big chunk of change for them. Have got over the bribery scandal they had. Quality company with exposure to high growth areas.


Price:
$52.140
Subject:
GLOBAL & NORTH AMERICAN LARGE
Bias:
CAUTIOUS
Owned:
Unknown
2014-05-22 TOP PICK Jeff Young

This name has been in the headlines, for all the wrong reasons, for the last couple of years. They have come a long ways to fixing this. Company has a core engineering and construction business and they also have infrastructure investments. Just sold one of them, AltaLink, to Berkshire Hathaway. Also, have a piece of Highway 407 and have a very good valuation for this, much higher than people thought. Looking at these assets, you are really not paying much for the core business. They are working through some problem contracts where they basically have zero margins and as these move through the backlog, you start to see margins expand.


Price:
$51.500
Subject:
CANADIAN DIVIDEND
Bias:
BULLISH
Owned:
Yes
2014-05-13 COMMENT Michael Bowman

Looking at the problems the company was having; every time bad news came out the stock would drop to $40 and then bounced higher. Just sold AltaLink for $3.2 billion. There are rumours the company will be taking that $3.2 billion and maybe make a return of capital to shareholders. Thinks a lot of the problems are behind them. A really good company in a really good sector.


Price:
$51.180
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
OPTIMISTIC
Owned:
Yes
2014-05-09 DON'T BUY David Baskin

There was a tremendous headline risk on this stock because of the scandals having to do with bribery in North Africa and there were write-offs involved with Libya. The earnings reported today had 2 interesting things. 1.) There was a loss recovery in Libya, which boosted earnings, but 2) to him the most important thing was that the engineering/construction sector actually lost money. In other words in their core competence, designing and building stuff, they are still losing money. Sold his holdings about a year ago because he saw decreasing margins in their core business. They have all this work, but he is not convinced they can make any money on it.


Price:
$49.830
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
No
2014-05-08 COMMENT Michael Sprung

Still negotiating with the government to see the size of fines they might pay for past transgressions. Recently made a sale of over $3 billion, much more than people expected, which would easily cover any sort of fine. Have gotten their hands around management to straighten out procedures, and if anything, they are going to try to be cleaner than anyone else. Thinks this will stand them well. On a multiple basis, they stack up pretty well against competition. This is certainly one that he would look at today.


Price:
$51.620
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
No
2014-05-06 COMMENT Christine Poole

Sold her holdings because of the corruption scandals. Had a nice lift in the last week because they sold AltaLink to Warren Buffett. Now they have to do something with that money and reinvest in the business, which may take a while. She does like infrastructure build and there are a lot of energy projects out there globally. (See Top Picks.)


Price:
$50.580
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
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