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Sherritt International Corp. Stock Symbol: S-T

Notes:60% coal, 30% Cuba in oils and nickel mines.

Last Price Recorded: 4.2700 on 2014-09-01 01:14:13

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Date Signal Expert Opinion Price
2014-08-15 DON'T BUY Brian Acker, CA

This is the worst company out there. Its management is poor. An activist investor tried turning this thing around, but didn’t succeed. It trades under his last support line of EBV-3. The market is saying the state of the assets is not what it is worth.


Price:
$4.060
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH on US MARKET
Owned:
No
2014-08-15 WEAK BUY David Cockfield

This is a speculative stock. They have a major project in Madagascar with great partners, but the politics are questionable. There are some environmental aspects to it, but the deposit is excellent. Their technology really fits that particular ore deposit. If this project goes bad, he doesn’t know where the stock will go from there.


Price:
$4.060
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2014-08-08 WAIT Jaime Carrasco

If you are looking at base metals, this would be one he would be interested in. It is well run, well diversified and controls a lot of resource. It might be a little early, but this is definitely one he would be looking at when the time is right.


Price:
$4.000
Subject:
RESOURCE, UTILITY & REITs
Bias:
CAUTIOUS
Owned:
No
2014-07-08 SELL Paul Gardner, CFA

Bonds.  He was a long term holder of their bonds.  There was execution risk, but you had the Saskatchewan assets. Once they sold those, he got out. 


Price:
$4.690
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
BULLISH
Owned:
No
2014-07-07 BUY James Dutkiewicz

Bond 8.0% November 2017.  It is an improving story.  They sold down some existing gas assets.  Nickel prices are rising.  They are paying down debt.  A good yield enhancer and a short maturity date.


Price:
$4.710
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Yes
2014-06-27 HOLD Dennis Da Silva

Sold their thermal coal business, and have about a year to either 1) find an acquisition or 2) pay down existing debt. About as pure a way to play nickel as you’ll find. Just ramping up their Madagascar project. Indonesia has an export ban on iron ore, and if you think that will continue for at least another 6-12 months, there will be continued erosion in nickel inventories and continued strength in nickel. For every 10% increase you see in the price of nickel, you get a 30% increase in EBITDA. Tremendous leverage.


Price:
$4.320
Subject:
CANADIAN RESOURCE
Bias:
UNKNOWN
Owned:
Yes
2014-06-27 COMMENT Jaime Carrasco

Has looked at this in the last couple of months, only because he has been looking at base metal producers. Not ready to invest in any of them because he is still uncomfortable with the global economy. There are issues with the shadow banking in China that are also starting to blow up over the last couple of weeks. Too much uncertainty.


Price:
$4.320
Subject:
RESOURCE, UTILITY & REITs
Bias:
CAUTIOUS
Owned:
No
2014-06-11 HOLD Bruce Campbell (1)

This is a perplexing one. Have gotten past all the proxy battles, and nickel prices have done extremely well. Sold their coal, so the balance sheet currently is very good. The asset value is around $10, so it should trade quite a bit higher. Haven’t totally de-risked their Madagascar holdings, but they will do so over the next few months.


Price:
$4.500
Subject:
CANADIAN LARGE
Bias:
BULLISH
Owned:
No
2014-06-10 PAST TOP PICK Joey Mack

(A Top Pick Feb 24/14. Up 6.65%.) 7.5% Sept 24, 2020. The real story was that the company had just sold their coal business for $900 million. In the indenture for these bonds, they did have to put a bid in at 101. At this point they will be negotiating with bondholders. This company would like to pay down its short-term debt.


Price:
$4.680
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Yes
2014-06-02 BUY John Zechner

This is the cleanest play on the nickel market in Canada.  They have reduced exports out of Madagascar which lead to a huge increase in nickel prices.  As blocks of sellers get cleared out you could see the stock go higher.  He holds First Quantum.


Price:
$4.670
Subject:
NORTH AMERICAN - LARGE
Bias:
BULL
Owned:
No
2014-05-27 HOLD Gavin Graham

(Market Call Minute.) Had some corporate activist investors thinking management was doing a bad job, but the big thing is the new massive nickel mine in Madagascar, which is on stream and producing.


Price:
$4.830
Subject:
GLOBAL & NORTH AMERICAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
2014-05-22 COMMENT Todd Johnson

The volatility you have seen is very much a play on nickel prices, which were high a few years ago and plummeted to a very low level about 6 months ago. This has impacted the share price. He has found money in this company through their debt. They are rated just below investment grade and have bonds in 2018 and 2020 that yield roughly 7.5%. A much safer way to play this company.


Price:
$4.360
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
2014-05-14 WAIT Brooke Thackray

Nickel has performed extremely well. It came back from a strong run.  We are close to a mid-2012 resistance level.  Seasonally it does not do well this time of year.  He would wait until fall.


Price:
$4.470
Subject:
TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias:
CAUTIOUS
Owned:
Unknown
2014-05-12 TOP PICK Jim Huang

Fundamentally this is a nickel producer. Used to have a big coal business which they recently sold. Also, have an issue with being in Cuba, which precludes a US investor from buying the stock. The big reason why it has run up is because of the nickel price. The Indonesian government just declared that they would not export any unprocessed ore (mostly to China), which cuts out about 20% of global supply. Just bringing out one of the big mines in Madagascar, right place at the right time. Thinks there is a lot more upside here unless the ban gets lifted.


Price:
$4.720
Subject:
NORTH AMERICAN
Bias:
OPTIMISTIC
Owned:
Yes
2014-05-02 COMMENT Bruce Campbell (1)

Nickel prices have been going crazy. This company is up 63% from its bottom in February. There is a proxy battle which is coming to a head this month. Doesn’t think it will succeed, but it will point out some inefficiencies that will now get fixed. There is a lot of talk about nickel going to $12 a pound, and if it should do that, this company is going to go quite a bit higher.


Price:
$4.690
Subject:
CANADIAN LARGE
Bias:
SELECTIVE
Owned:
Yes
2014-04-16 COMMENT Rick Stuchberry

This is always a stock that looks cheap because of the asset base. Has good assets, but they are in jurisdictions that cause people some headwinds. One of these days this thing will do better. Feels this is more of a trading situation than an investing situation. If you own and are not a trader, maybe you should take this as an opportunity to lighten up.


Price:
$4.780
Subject:
CANADIAN LARGE & ADRs
Bias:
CAUTIOUSLY OPTIMISTIC
Owned:
No
2014-04-03 DON'T BUY Dennis Da Silva

Nickel has had a big run and is the superior of the three base metals.  Indonesia has a ban on export of ore.  They need to get the companies there to build a smelter.  This is a nice clean way to play nickel, but he has not done it.  Russia is a big nickel producer also.


Price:
$4.180
Subject:
RESOURCE
Bias:
SELECTIVE
Owned:
No
2014-04-02 HOLD Michael Bowman

Thinks there is a lot more to the story. There is an activist investor now and we’ve never really had activist investors until just a while ago. He applauds activist investor that comes in and wants a seat on the board and wants to see the share price going higher. This creates a bit of a fire under stock prices. The company has a nickel mine in Madagascar and are anticipating by year-end that the mine will be up to 90%. Earnings on this company is at about $0.30 and next years earnings estimates are somewhere near $1. Stock has great momentum.


Price:
$4.140
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
CAUTIOUS
Owned:
No
2014-03-17 DON'T BUY John Zechner

If you are bullish on Nickel it is one of the more direct ways to play it.  He does not favour it and is not bullish on nickel. Prefers Hud Bay or First Quantum.


Price:
$3.360
Subject:
NORTH AMERICAN - LARGE
Bias:
SELECTIVE
Owned:
No
2014-03-12 BUY Lyle Stein

Nickel is $7 a pound while it was $6 at the beginning of the year. Nickel prices have been going down for 3 years so, because of their Madagascar mine, this company has been suffering. Indonesia ruled that their ore cannot be taken out without processing it, so nickel prices have been rebounding. Oil business is very profitable and a good generator of free cash. This is a call on what nickel prices are 5 years from now. You want to buy mining assets when they are well below Book and this one is.


Price:
$3.310
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2014-03-04 WATCH Bill Harris, CFA

Has done well with bonds over the last 7 years.  They have this window of time when they can decide what to do with the proceeds from the sale of the coal business without paying down the debt.  Nickel is the kind of market that it is supposed to have a floor.  He doesn’t have the stomach right now, but is watching it and might own it soon.


Price:
$3.090
Subject:
RESOURCE
Bias:
SELECTIVE
Owned:
No
2014-02-24 TOP PICK Joey Mack

7.5% Sep 24, 2020.  They did an asset sale, but these bonds are protected from asset sales.  They may have to go and buy back all the bonds above par.  Putting all that money to debt reduction is good for credit.


Price:
$2.960
Subject:
FIXED INCOME
Bias:
CAUTIOUS on BONDS
Owned:
Yes
2014-02-21 WAIT David Cockfield

Owned in the distant past.  Moved out when they went to Madagascar because it was too big a jump into a questionable jurisdiction.  They moved into coal but it did not offset the risk factors there.  Follows it but is not anticipating jumping in.  Wait and see if the project pays off.


Price:
$2.930
Subject:
CANADIAN
Bias:
BULLISH on CANADIAN MARKET
Owned:
No
2014-02-21 HOLD Colin Stewart

They put so much capital into this project and usually there are massive cost overruns on a project this big and then the company would have to raise capital or cut the dividend.  Don’t buy more but it is worth holding if you have it.  If someone is bullish on Nickel then this would be something to look at.


Price:
$2.930
Subject:
NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias:
SELECTIVE
Owned:
No
2014-02-11 WEAK BUY Paul Gardner, CFA

The story is all about their massive project in Madagascar. The run right now is about 70%, which is really good as they have been delayed on getting up to full capacity. Great asset and great cash flow generator. The trouble is, they have entered loans between all the companies involved. It’s really all about nickel prices, which have not really recovered.


Price:
$3.380
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
No
2014-02-04 COMMENT Christine Poole

All eyes are focused on their nickel project in Madagascar. Just starting production. Until that really gets going and investors have a really good sense of the profile for that project, there is a question mark as to what that mine will be. Nickel as a commodity is not doing much. Yield of 5%.


Price:
$3.300
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2014-01-29 COMMENT Hank Cunningham

Your opinion on their bond maturing in 2020? This bond has had a history because of its involvement in Cuba. The major dealers in Canada would not underwrite their securities so it has always had a reasonably good balance sheet but is rated below investment grade. They have rallied lately and it has gone down about 150 basis points and its current level is at about 8%. Nickel production is up and running full time and the nickel glut has seemed to have come to an end. He would recommend that no more than 5% of a fixed income portfolio be in such securities, and even then, he is reluctant to buy individual bonds. He prefers ETFs if he were going to buy high yields at all.


Price:
$3.500
Subject:
FIXED INCOME
Bias:
BEARISH on BONDS
Owned:
Unknown
2014-01-27 WAIT Bill Harris, CFA

(Market Call Minute) It likes there will be too much nickel in the long term.


Price:
$3.540
Subject:
RESOURCE
Bias:
CAUTIOUS
Owned:
No
2014-01-21 DON'T BUY John O'Connell, CFA

This is all about how they get the stuff out of the ground in Madagascar. It has been a huge science experiment and investing in science experiments is never a good idea. Has a lot of high-yield debt.


Price:
$3.760
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
No
2014-01-07 SELL ON STRENGTH Bruce Campbell (1)

Been a disappointment.  They sold their coal assets last week, odd timing he thinks.  Balance sheet is better and dividend is safe.  It is much more of a nickel company now.  You have to focus on what’s the outlook for Nickel.  If you have a recovery, this one is levered and it should do great.  He would see if it hit $4.50.


Price:
$3.550
Subject:
CANADIAN LARGE
Bias:
SELECTIVE
Owned:
Unknown
2014-01-06 BUY James Dutkiewicz

2017 bonds.  It is primarily dependant on Madagascar.  He has always been concerned about operations in Cuba, which closes them off to US, fixed income or capital markets.  He is more comfortable in the bonds than in the equity and the dividend.


Price:
$3.640
Subject:
FIXED INCOME
Bias:
CAUTIOUS
Owned:
Unknown
2013-12-17 WATCH Mike S. Newton, CIM FCSI

Suffering from tax loss selling right now. Business is well known and well understood and run by pretty talented people. You have to get technical and ignore the fundamentals. He would not recommend buying this until it starts to break out.


Price:
$3.030
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
BULLISH
Owned:
No
2013-12-16 BUY on WEAKNESS Bruce Campbell (1)

Lots of value.  Not owned for a year or so.  $3 means you are getting paid to wait, 4%+ dividend.  Asset value of $10 to $11.  Nickel is out of favour.  Third nickel, oil and coal each.  Could be broken up to realize value.


Price:
$3.050
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
No
2013-12-12 WATCH David Cockfield

Has been hitting new lows, partially due to tax loss selling. The big problem was when they went into the Madagascar project. Politics there are a little bit turbulent. There are a number of environmental issues and the press has not been good to them. The project has reached the point where it looks like it is going to be producing some reasonable cash flow, however, metal markets are not nearly as good as they were when they started the project. Their coal and Cuban assets are still quite good. After all the tax loss selling is done, we may see the stock turn up.


Price:
$3.070
Subject:
CANADIAN
Bias:
OPTIMISTIC
Owned:
Unknown
2013-12-11 DON'T BUY Michael Sprung

Has not bought this, but some clients brought some in with their accounts. He has been focusing on other players in the mining sector. Their big project, Ambatovy, in Madagascar is almost a make or break project for them. There have been a bit of cost escalations there along with some delays. On a price basis, the stock looks very, very cheap. There are other, more diversified plays that he would prefer. (See Top Picks.)


Price:
$3.090
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
Yes
2013-12-04 DON'T BUY Don Vialoux

Normally you would think that a change in the nickel price would have impact on the stock. Nickel has very strong seasonality from around this time of year through until May of each year. However, the stock is not following that pattern. Chart shows the trend is still on the downside and, as yet, still hasn’t shown signs of bottoming. Significantly below its 20 day moving average.


Price:
$3.290
Subject:
SEASONAL & TECHNICAL
Bias:
BULLISH
Owned:
Unknown
2013-12-03 PAST TOP PICK Irwin Michael, B.Com, MBA

(Top Pick Nov 16/12, Down 25.74%)  It is a sum of the parts story.  It is the Madagascar project and people are looking at the nickel price.  If it stays down a long time a lot of their competitors will shut down.  Over 5% dividend.  He would like the company to buy back stock. 


Price:
$3.330
Subject:
VALUE
Bias:
SELECTIVE
Owned:
Yes
2013-12-02 DON'T BUY Laura Lau

Liability with the spill in Alberta is not yet known.  Nickel prices are affecting the stock right now.  Madagascar ramp up is not going as expected and that is what people are concentrating on.  Dead money but with the 5% dividend.


Price:
$3.390
Subject:
DIVIDEND STOCKS
Bias:
BULL on GLOBAL GROWTH
Owned:
Unknown
2013-11-29 COMMENT John Zechner

This one always comes down to what you think will happen in the nickel market. There are a few people getting a little more positive on nickel recently in terms of a capital spending basis and in terms of supply and demand. Nickel has been under pressure for a number of years. If you are positive on nickel, this is the more direct play. On a seasonal basis, this would be the time to Buy.


Price:
$3.450
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
No
2013-11-22 HOLD Rick Stuchberry

Tarnished with the materials brush. In the last year the materials sector, mining and gold, have been a rough place to be. Buyers were positioning themselves for growth that was coming down the road and that growth was postponed. China was slower than people thought, but really North America did not pick up and get going. We are running about 2%, which normally would be at about 2.5% or a bit higher. At some point we will get a recovery with some traction, and then the materials stocks will start to perform. If you own and can be patient a little bit longer, a couple of more months, and if things aren’t happening by this spring you’ve got to really take another good look at this. We are into some strong seasonal strength in the market here.


Price:
$3.500
Subject:
CANADIAN LARGE & ADRs
Bias:
OPTIMISTIC
Owned:
No
2013-11-21 COMMENT Douglas Kee

Has done a lot of work on this for the last 12 months and he believes the yield is safe. Basically the oil side of the business and royalties on the coal side are paying the dividends. Nickel operations in Cuba are very efficient and they are expanding those. Question mark is the Madagascar mine that is coming on stream. Those are running at about 50% now and really have to get over 70% to know if it is working. This is a long-term call on nickel prices. Nickel prices are basically determined by demand from China where the economy has slowed. A longer-term call.


Price:
$3.500
Subject:
CANADIAN DIVIDEND
Bias:
UNKNOWN
Owned:
Yes
2013-11-19 PAST TOP PICK Bill Harris, CFA

(Top Pick Nov 5/12, Down 25.03%)  He just can’t find a floor for nickel.  Loves the company and the people but Nickel has gone down so much.


Price:
$3.440
Subject:
RESOURCE
Bias:
DEFENSIVE
Owned:
No
2013-11-18 DON'T BUY Jon Vialoux

We are in the period of seasonal strength for materials. November 19 is the average start date. The average gains from November all the way through to May gets up to a whopping 20%. However, looking at the technicals, this shows lower lows and lower highs and there is no indication of a base yet. Everything is negative. The trend is negative and the 50 and 20 day are pointing lower.


Price:
$3.440
Subject:
TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias:
BULLISH
Owned:
Unknown
2013-11-18 DON'T BUY Larry Berman CFA, CMT, CTA

A tough one.  Terrible stock for a while.  You are trying to catch a falling knife.  You want to see a period of it stopping making lower lows.  He can`t like the stock while you are looking for a bottom.  Not a fan of coal for the next couple of years.


Price:
$3.440
Subject:
TECHNICAL ANALYSIS & ETF's
Bias:
UNKNOWN
Owned:
Unknown
2013-11-11 DON'T BUY Benj Gallander

Looked at it 3-4 weeks ago.  He cannot get past the debt levels.  That is the major problem with the company.  Otherwise it is intriguing as a contrarian investment.  Tremendous upside if they turn it around.


Price:
$3.400
Subject:
CONTRARIAN INVESTING
Bias:
CONTRARIAN
Owned:
No
2013-10-31 DON'T BUY David Baskin

Have bad assets right now in terms of coal and nickel, which are not what people want. This company needs a catalyst.


Price:
$3.570
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2013-10-28 PAST TOP PICK Gavin Graham

(A Top Pick Nov 12/12. Down 20.87%.) Still, a recommendation and a Buy. Half of its assets are in Canada and most of that is thermal coal for the Alberta power plants. Cuba is a political risk and nickel has been dreadful. The Madagascar mine is on but waiting to get it 77% throughput to put it on the balance sheet. Balance sheet is BB rated. 4.7% dividend.


Price:
$3.650
Subject:
GLOBAL & NORTH AMERICAN LARGE
Bias:
BULLISH
Owned:
Yes
2013-10-16 DON'T BUY Bruce Campbell (2)

Not a company he would own.  It has to do with where they are.  There is no momentum in the commodities they are in. 


Price:
$3.510
Subject:
CANADIAN
Bias:
SELECTIVE
Owned:
No
2013-10-11 DON'T BUY Don Vialoux

Historically this normally has positive seasonal strength from around the middle of November right through until April of each year. What is driving it right now is the new nickel facility. If they get that going, it could be a big bonus for them. However, technically it is 1) in a downward trend, 2) underperforming the Canadian market and 3) trading below its 20 day moving average. Not a good situation right now.


Price:
$3.490
Subject:
TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias:
OPTIMISTIC
Owned:
Unknown
2013-10-04 COMMENT Andrew Hamlin

A conglomerate of a bunch of businesses. Have assets in Cuba as well as in Africa. Had a 52-week low here and it starts to look reasonably attractive. You have to be a little cautious of the macro themes going on in the businesses there.


Price:
$3.620
Subject:
GROWTH & INCOME
Bias:
OPTIMISTIC
Owned:
No
2013-09-27 DON'T BUY Veronika Hirsch

Thinks Teck Resources (TCK.B-T) assets are way more attractive. Has a new mine in Madagascar that is coming into production, and even that is causing issues because Madagascar is one of those poor countries with very few successful assets and operations. She worries that there will be attacks on it one way or another.


Price:
$3.740
Subject:
CANADIAN & ALTERNATIVE
Bias:
UNKNOWN
Owned:
No
2013-09-23 DON'T BUY David Cockfield

Got out of the stock when they got into Madagascar as he felt there was too much to be spent. It was a huge project in a potentially unstable political environment. The positive side was that they had some super partners. Still doesn’t think it is clear enough for him to step back in. He wants to see how they operate, and if the politics settles down.


Price:
$3.760
Subject:
CANADIAN
Bias:
OPTIMISTIC
Owned:
No
2013-09-20 BUY Irwin Michael, B.Com, MBA

This company is very frustrating to all investors and many of them have thrown in the towel. This is a “sum of the parts” story. Oil and gas, coal, nickel and copper. Madagascar should be going into commercial production in the 4th quarter. He believes the NAV is $8. Dividend of over 4%.


Price:
$3.860
Subject:
VALUE
Bias:
BULLISH
Owned:
Yes
2013-09-16 DON'T BUY Brian Huen

He has been quite negative, given the exposure to nickel.  Madagascar still has problems getting to the ramp up level.  Nickel prices will be challenged because of the supply prices.  There are lots of talks of breaking up the company.  He would not go in until he is more confident it will happen.


Price:
$3.900
Subject:
MATERIALS, CONSUMERS & RISK-ARBITRAGE
Bias:
BULLISH
Owned:
Unknown
2013-09-04 SPECULATIVE BUY Michael Sprung

When you look at the numbers, it looks like a very inexpensive stock. Selling at a fraction of Book Value, often a good time to buy a mining company. The main problem he has is that it is really dependent on the development of one mine in Madagascar, which is a sort of “make it or break it” mine. That makes it more speculative.


Price:
$3.740
Subject:
CANADIAN
Bias:
OPTIMISTIC
Owned:
Unknown
2013-08-23 COMMENT Bill Harris, CFA

He is okay on where base metals are today. He owned the bonds and has just taken all of that off and bought the stock. Gives a 4% dividend. Nickel price is low and China is just around the corner, which might tighten up the nickel market. The Madagascar project is built, paid for and coming on. Good things can happen to this company from here. Doesn’t expect spectacular returns. The biggest single risk is big iron prices in China.


Price:
$3.810
Subject:
RESOURCE
Bias:
OPTIMISTIC
Owned:
Yes
2013-08-14 BUY Michael Giordano

Very cheap. Trading at about 40% below BV. Nice 4.3% dividend while you wait. Madagascar operation is up and rolling. The one risk is their Cuban operations which have a lot of investors gun shy. Trading at 3.7X cash flow.


Price:
$3.910
Subject:
RESOURCE
Bias:
BULLISH
Owned:
No
2013-08-07 PAST TOP PICK Paul Gardner, CFA

(A Top Pick August 23/12. 9%.) 8% bond due November 15/18. Doesn’t own this anymore but does own the stock. It’s all about their Madagascar mine that is going into production this year and next. Expect it’s a better play using the equity which trades at a discount to NAV. He could see a 25% upside in the stock.


Price:
$3.770
Subject:
DIVIDENDS, FIXED INCOME & REITs
Bias:
CAUTIOUS
Owned:
Yes
2013-07-29 COMMENT Hap (Robert) Sneddon FCSI

It dropped below the lows of 2012 and 2011.  Now that level will be resistance.  Every time this stock stands up it gets whacked back down. 


Price:
$4.220
Subject:
TECHNICAL ANALYSIS
Bias:
SELECTIVE
Owned:
Unknown
2013-07-26 DON'T BUY Fabrice Taylor

Doesn’t know this particularly well but it is not a good time to be investing in commodities. China is going to slow down. They are going to buy a lot less of the things that companies like this produce. He would steer clear of any commodity stocks.


Price:
$4.280
Subject:
NORTH AMERICAN
Bias:
OPTIMISTIC
Owned:
No
2013-07-23 BUY on WEAKNESS Bruce Campbell (1)

(Market Call Minute.) Nickel, coal and cobalt. Buy this one under $4.


Price:
$4.340
Subject:
CANADIAN LARGE
Bias:
BULLISH on CANADIAN MARKET
Owned:
Unknown
2013-07-03 BUY Michael Giordano

Likes this. Trading at a ridiculous discount to what it’s worth. Part of this might be because it is located in Cuba. Brought on a restructuring expert to see what they could do to increase value. Well diversified and trading at a reduced valuation. Could see a 5 handle on this one in the next 6 months.


Price:
$3.930
Subject:
CANADIAN RESOURCE
Bias:
BULLISH on NORTH AMERICAN ECONOMY
Owned:
No
2013-07-02 PAST TOP PICK Paul Gardner, CFA

Bonds 11/15/2018 (Top Pick Jun 28/12, Up 10%)  Thinks this is all about trying to unlock value and Madagascar is almost done.  Now he is an S-T equity owner.


Price:
$3.960
Subject:
DIVIDENDS, FIXED INCOME & REITs
Bias:
SELECTIVE
Owned:
No
2013-06-28 COMMENT Benj Gallander

Are we somewhere near the bottom on basic commodities? Not sure where the bottom is on commodities. This has been a pretty well managed company for a long time. They have a certain advantage because of their Cuban operations and now bringing the Madagascar operations on line. Doesn’t follow this company really closely but finds it very intriguing the way they operate. Debt levels put him off a little bit.


Price:
$3.900
Subject:
CONTRARIAN INVESTING
Bias:
UNKNOWN
Owned:
No
2013-06-25 SELL Brian Acker, CA

It is a chronic underperformer.  Certainly he would sell the position, maybe on a bounce.  There are other great investments to put your money in.  Dividend is safe for at least a little while.  There is something wrong with their balance sheet.


Price:
$4.020
Subject:
NORTH AMERICAN - LARGE
Bias:
SELECTIVE
Owned:
Unknown
2013-06-20 WATCH Mohsin Bashir

Risks associated with assets in Cuba.  Won’t go up until commodities go up.  80% more volatile than TSX. 


Price:
$4.140
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH on US MARKET
Owned:
Unknown
2013-06-13 PAST TOP PICK Irwin Michael, B.Com, MBA

(Top Pick Jun 22/12, Up 23.18%)


Price:
$4.290
Subject:
VALUE
Bias:
SELECTIVELY OPTIMISTIC
Owned:
Yes
2013-06-11 HOLD Bruce Campbell (1)

(Market Call Minute.) You get paid to wait on this one. 3% yield. Could spin out the nickel side and create some value


Price:
$4.300
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
Yes
2013-06-11 COMMENT Christine Poole

Diversified industrial company including fertilizers, coal power, and currently have a big nickel project ramping up in Madagascar. Feels that people are waiting to see how that is going to turn out and what the costs are going to be. Nickel prices, along with a lot of the base metal prices, have not been going the right way.


Price:
$4.300
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
No
2013-06-03 COMMENT Ryan Bushell

One of his largest material holdings and he is very positive on it. Has a big project in Madagascar and management has stated that the project is on track. Unfortunately, nickel prices have been extremely weak. Doesn’t expect this will continue forever and this company is a lower cost producer so ultimately they will come out the other side and be in a good situation.


Price:
$4.620
Subject:
CANADIAN DIVIDEND
Bias:
OPTIMISTIC
Owned:
Yes
2013-05-31 DON'T BUY Brian Acker, CA

This has been a dog for 20 years. Why do you look at this one. We are going to be in a bull market in the US and there are 2000 other companies. Why, why, why do people focus on crap? There is 65% upside to his model price, but this is a chronic under performer.


Price:
$4.640
Subject:
NORTH AMERICAN - LARGE
Bias:
BULL on US EQUITIES
Owned:
No
2013-05-29 HOLD Peter Brieger

Highly dependent on the price of nickel. As the price of nickel improves and their new mine starts to work out its kinks, it could be very interesting.


Price:
$4.680
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2013-05-10 TOP PICK Bill Harris, CFA

Just sold his Sherritt bonds because they may restructure the company in a way that is not good for the bonds but is good for the stock.  The stock itself with almost 4% yield should give him 10% return. 


Price:
$4.870
Subject:
RESOURCE
Bias:
DEFENSIVE
Owned:
Yes
2013-05-06 COMMENT Hank Cunningham

8% bond due Nov/18? This is a high yield (junk) bond and has suffered from the Cuba situation over its lifetime. Major underwriters in Canada avoid this company for that reason. He has no problem with this company.


Price:
$4.740
Subject:
FIXED INCOME
Bias:
BEARISH on BONDS
Owned:
No
2013-04-16 DON'T BUY Colin Stewart

Thinks their Madagascar mine is close to running. Certainly not running at full capacity yet. Took on a lot of debt to get that nickel mine up and running. This company has always traded at a fairly low valuation multiple to its cash flow and some of that is because it is a bit of a hodgepodge. They have oil and gas assets, coal assets, nickel assets as well as its exposure to Cuba. Can be tricky for investors to figure out. At this point, their leveraged balance sheet is somewhat of a concern.


Price:
$4.570
Subject:
NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias:
OPTIMISTIC
Owned:
No
2013-04-09 DON'T BUY Christine Poole

(Market Call Minute.) Metal prices on nickel and cobalt as well as thermal coal are working against them right now and she would like to see how their new mine in Madagascar ramps up.


Price:
$4.730
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
No
2013-03-07 HOLD Jim Huang

Perpetually cheap as assets tend to be in political unstable places. Their new mine in Madagascar has had trouble getting up to speed. In the meantime they are burning cash and increasing their debt load.


Price:
$5.110
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
No
2013-03-05 PAST TOP PICK Bill Harris, CFA

(A Top Pick March 7/12. Up 14%.) 8% bond due 2018.


Price:
$5.080
Subject:
RESOURCE
Bias:
CAUTIOUS
Owned:
Unknown
2013-03-04 DON'T BUY John Stephenson

On the surface, this would seem to be a really great company with nickel operations in Madagascar coming on. It has a Cuban story that seems like it is ready for a turnaround. Fundamentally the stock is okay but he feels the problem is that it is unloved on the street. There is really no catalyst for the name.


Price:
$5.110
Subject:
RESOURCE
Bias:
CAUTIOUS
Owned:
Unknown
2013-03-01 COMMENT Irwin Michael, B.Com, MBA

Big nickel project in Madagascar is taking longer than expected. Now looks like it will probably be in the 2nd half. Increased the dividend. It’s a sum of the parts story. Once their nickel project gets into full production, they have the potential to split themselves up. Feels the sum of the parts is worth more than the whole. 3.3% dividend while you are waiting.


Price:
$5.350
Subject:
VALUE
Bias:
SELECTIVE
Owned:
Yes
2013-02-28 BUY Paul Harris, CFA

Owns stock and bonds.  Bonds outperformed stock.  It is a viable company.  You are dealing with coal and nickel prices.  He thinks it is worth $9-$10 from a net asset value point of view.  Have some very good assets.  Are undervalued because of assets in Cuba.  Pays a nice dividend and increased last quarter even though they missed their numbers.  It is cheap at these levels.  Thinks it will go higher


Price:
$5.350
Subject:
NORTH AMERICAN/GLOBAL
Bias:
BULLISH
Owned:
Yes
2013-02-20 BUY on WEAKNESS Don Vialoux

Nickel has a seasonality that is very similar to copper, from November right through until May. Nickel prices have been going higher over the last 6 weeks. This stock has been responding to higher nickel prices. Has come off a little bit recently on weakness in the mining sector in general. Have a major project which is coming into production. The key is if they can bring the project on at a reasonable cost. Watch the resistance level at around $6. Forming a base pattern which indicates a stock is getting close to a short-term bottom.


Price:
$5.330
Subject:
TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias:
UNKNOWN
Owned:
Unknown
2013-02-19 COMMENT David Baskin

(Market Call Minute.) Have their big Madagascar mine as well as Cuba. He’ll feel better when Fidel Castro dies because he thinks this will open the door for the Americans to make up with Cuba.


Price:
$5.540
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
No
2013-02-08 BUY Rick Stuchberry

(Market Call Minute) Owns some competitors.  Good space and based on Asian play.


Price:
$5.690
Subject:
CANADIAN LARGE & iNTERNATIONAL ADR's
Bias:
BULL on GLOBAL GROWTH
Owned:
No
2013-01-30 BUY Bruce Campbell (1)

Has coal and oil, but essentially a nickel play.  Mine is not 100% producing yet.  3% yield.  If you believe China growth is real, this is not a bad place.  Quite cheap. 


Price:
$5.820
Subject:
CANADIAN LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2013-01-21 BUY Paul Gardner, CFA

[Caller asked if Dividend stocks under $10 are ok].  It depends how many shares are out there.  He has S-T, which is a best in class management team.  Their balance sheet is incredibly conservative.  Just finished Madagascar mine and did it at a sane cost.  Now they are executing and there is a change for a dividend increase.  It is not about the $10 but about the actual company.


Price:
$5.860
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
BULLISH on DIVIDEND STOCKS
Owned:
Yes
2013-01-04 COMMENT Keith Richards

Formed a base and then had a breakout followed by a nice run up. Probably due for a little pull back. Next breakout target would be just under $7.  (He owns their bonds but not the stocks.)


Price:
$6.100
Subject:
TECHNICAL ANALYSIS
Bias:
BULLISH on FOREIGN
Owned:
Yes
2013-01-02 COMMENT Michael Decter

Interesting and very adventurous company. Very active in Cuba and now very active in Madagascar, developing a very big deposit. Pretty good entry point but the problem with big mining projects globally is that sometimes they run into cost overruns. Doesn’t know if they will be able to get the Madagascar project done on time and on budget. Great track record. Before investing, do some homework by going to the website, reading the last couple of quarters and seeing if they are on track on that project.


Price:
$5.910
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
No
2012-12-20 BUY David Baskin

Next big catalyst for this company will be when Fidel Castro dies because US and Cuban relations will thaw tremendously. Pays a pretty good dividend. Their bonds also have pretty good yields on them. A bit speculative, but pretty solid.


Price:
$5.760
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH on US ECONOMY
Owned:
No
2012-12-17 DON'T BUY James Telfser

2.9% yield.  Comes on his radar often because it is extremely cheap and the dividend is relatively safe.  It can be extremely volatile and so he stays away from these names.  If volatility goes down it should do well next year.


Price:
$5.350
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Unknown
2012-11-27 PAST TOP PICK Paul Gardner, CFA

(A Top Pick Nov 16/11. Up 14%.) 8% bonds. Fantastic assets. Low amount of risk.


Price:
$4.950
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
UNKNOWN
Owned:
Yes
2012-11-21 SPECULATIVE BUY Michael Sprung

Selling at deep value right now.  People are looking for the mine in Madagascar to either make it or break it.  Some people would argue the area is not as politically stable as in North America.  They still have other operations.  It could be a reasonable buy here but it is more speculative.  You could stand to make significant capital gains over the next couple of years.


Price:
$4.970
Subject:
CANADIAN LARGE
Bias:
BEARISH
Owned:
No
2012-11-16 TOP PICK Irwin Michael, B.Com, MBA

Madagascar.  On last conference call CEO was emphatic that commercial production in q1 next year company is able to split up company.  3.75% dividend.  You could get an inquisitor that wants to cut it up. 6-12 months hold.


Price:
$4.740
Subject:
VALUE
Bias:
OPTIMISTIC
Owned:
Yes
2012-11-12 TOP PICK Gavin Graham

Madagascar nickel mine is up and running.  Thermal coal is their largest asset, though.  3.6% yield and BBB rated.  Assumes Nickel will stabilize. 


Price:
$4.790
Subject:
NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias:
BULLISH on EMERGING MARKETS
Owned:
Yes
2012-11-05 SPECULATIVE BUY Larry Berman CFA, CMT, CTA

If there are problems related to politics that's a big negative always. But China is slowing, so stocks like this will stay weak for most of next year other than trading rallies.


Price:
$4.820
Subject:
N/A
Bias:
BEARISH on US ECONOMY
Owned:
Unknown
2012-11-05 TOP PICK Bill Harris, CFA

(Top Pick Nov 22/11, Up 14.60%) If China recovers, the nickel market will go up. Stock could go up 50% in a year.


Price:
$4.820
Subject:
RESOURCE
Bias:
SELECTIVE
Owned:
Yes
2012-11-05 COMMENT Randy LeClair

Bonds maturing in 8-10 years? Likes the 8-10 year term.


Price:
$4.820
Subject:
FIXED INCOME
Bias:
BULLISH on PREFERRED SHARES
Owned:
No
2012-10-02 HOLD John Zechner

(Market Call Minute.) His least favourite among the metals.


Price:
$4.890
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH on CANADIAN MARKET
Owned:
No
2012-09-24 DON'T BUY Peter Brieger

Once the new nickel mine in Madagascar gets going, it could change the outlook but it has been a long, tough struggle. When it is operating smoothly, he might have a look at this one. About 3% dividend yield.


Price:
$4.880
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
No
2012-09-21 COMMENT Bill Carrigan

He thinks the chart is showing a double bottom. The sector is good. Thinks it will do fine.


Price:
$4.810
Subject:
TECHNICAL ANALYSIS
Bias:
BULLISH
Owned:
Unknown
2012-09-13 HOLD Joey Mack

2014 bond. Should caller get out of it. Guest was a part of the 2018 issue. He likes the company. Comfortable that company can mature the bond, if not call it earlier. It is definitely a hold.


Price:
$4.710
Subject:
FIXED INCOME
Bias:
BULLISH on BONDS
Owned:
Unknown
2012-09-10 HOLD Irwin Michael, B.Com, MBA

Classic deep value play that no one likes. Nickel mill in Madagascar is the key part to watch. The sum of the parts is worth more than the whole so if it is every broken up you get more.


Price:
$4.680
Subject:
VALUE
Bias:
SELECTIVE
Owned:
Unknown
2012-09-07 DON'T BUY Ross Healy

This company has never created value. He has followed the balance sheet and through the years there has been absolutely no growth. This is a stock that he would not touch.


Price:
$4.440
Subject:
NORTH AMERICAN - LARGE
Bias:
DEFENSIVE
Owned:
No
2012-08-30 HOLD Lyle Stein

He gets paid 3.3% dividend while he waits but won't raise dividend because they are investing in Madagascar.  Is it worth holding?  It is one of his few pure plays.  Nickel.  Cuba is less and less of an issue once they get the Madagascar mine online.


Price:
$4.330
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
2012-08-30 WAIT John Stephenson

Sees good value but this is not a valuation issue but is really an issue of a couple of things. Stock primarily trades on nickel, which is fairly range bound. There is also geopolitical risk because it is located in Cuba. This makes it hard to see where the catalyst comes from to move it higher. When you see global PMI tick above 50 that will be the signal to back up the truck because the valuation is attractive.


Price:
$4.330
Subject:
RESOURCE
Bias:
CAUTIOUS
Owned:
No
2012-08-23 TOP PICK Paul Gardner, CFA

8% bond due November 15/18. This trades as a high yielder but the credit metrics has it is as an A low rated bond. Low leverage. Just finished their Madagascar project. Great management.


Price:
$4.720
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
UNKNOWN
Owned:
Yes
2012-08-16 DON'T BUY Dennis Da Silva

Over diversified and some think it should be broken out into multiple companies.  He stayed out because he is not constructive on nickel.  Doesn’t like the diversification discount.  Market doesn’t like it for some reason.  Stay away because of the Nickel.


Price:
$4.690
Subject:
CANADIAN RESOURCE
Bias:
UNKNOWN
Owned:
No
2012-08-10 COMMENT Bill Carrigan

Thinks it will find quite a bit of support here. Doesn't feel it will go any lower. There should be a recovery.


Price:
$4.700
Subject:
TECHNICAL ANALYSIS
Bias:
BULLISH
Owned:
Unknown
2012-08-08 DON'T BUY Veronika Hirsch

Delivered reasonably good numbers given the environment.  She is not happy about he new mine in Madagascar and they could face all kinds of political pressure.  There is not that much economic wealth in Madagascar.  Political pressure has been all negative and will continue to be so.  It will all cost them money and there will be negative headlines.


Price:
$4.630
Subject:
CANADIAN
Bias:
SELECTIVE
Owned:
No
2012-08-07 COMMENT David Baskin

Fairly cautious on this one.


Price:
$4.550
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
No
2012-08-03 BUY Michael Giordano

Very diverse (in Geography) resource company.  Stock is so beaten up lately.  They keep talking about creating shareholder value and it remains to be seen what that is but he remains a buyer.


Price:
$4.490
Subject:
RESOURCE
Bias:
BULLISH on NATURAL GAS
Owned:
Unknown
2012-07-31 DON'T BUY Brian Acker, CA

Would not touch it.  It is trading so far below his last support lines that he can’t give any guidance.  Model price of $8.57, 93% upside but it is trading at such a discount to its balance sheet that he can’t recommend it.  A catalyst could be that they finally get rid of the mine in Cuba.


Price:
$4.460
Subject:
NORTH AMERICAN - LARGE
Bias:
SELECTIVE
Owned:
No
2012-07-27 DON'T BUY David Cockfield Launched into a huge project in Madagascar with excellent partners. Feels it is too dominant in the actual future of the company. Political situation is, at best, uncertain. Until he can see the project is actually producing there is too much risk. 3.4% dividend.
Price:
$4.450
Subject:
CANADIAN
Bias:
CAUTIOUSLY OPTIMISTIC
Owned:
No
2012-07-06 DON'T BUY Jeff Parent B. Eng. FCSI Nothing is screaming “buy me“ in fundamentals. He would avoid a stock like this based on fundamentals. Technically, the downtrend seems to be bottoming out here. Could be a very miniature head and shoulders reversal. On the upside, best hopes would be $5.30 and downside could be another $.20 decline.
Price:
$4.930
Subject:
TECHNICAL INVESTING
Bias:
UNKNOWN
Owned:
Unknown
2012-07-04 TOP PICK Joey Mack 8% due Nov 15/18. This could almost be an investment grade company. Well run company giving you over 6% for 6 years.
Price:
$5.120
Subject:
BONDS
Bias:
OPTIMISTIC
Owned:
Yes
2012-06-28 TOP PICK Paul Gardner, CFA 2018 8% bond. Is the most he will do in a bond. Execution risk is low. Debt to Cap is 32%, which is low. He also owns the stock.
Price:
$4.840
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
SELECTIVE
Owned:
Yes
2012-06-22 TOP PICK Irwin Michael, B.Com, MBA NAV of around $8. Yield of 3.1% while you are waiting. Their big story is their new nickel mine that should be going into commercial production.
Price:
$4.910
Subject:
VALUE
Bias:
SELECTIVE
Owned:
Yes
2012-06-13 BUY Bill Harris, CFA His major position is in the bonds as it is a very solvent company. Stock yield is about 3% and the company makes about $.50 in earnings. Has a big growth nickel mine project in Madagascar. If you believe that nickel can go back to a relatively healthy environment with a nickel price of $10, this can become a $10 stock and you are getting a dividend while you wait. Have long-term fixed price, fixed volume thermal coal contracts in Western Canada but these prices have weakened. Have a lot of headwinds but they are making money and paying dividends.
Price:
$4.900
Subject:
RESOURCE
Bias:
BULLISH on OIL
Owned:
Yes
2012-06-13 DON'T BUY John O'Connell, CFA This company was really riding on the Madagascar project and it seems to be working really well. The major risks for the business are over. This is a cyclical and it is too early to be getting involved with some of these mining stocks. Would prefer others.
Price:
$4.900
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
No
2012-06-08 DON'T BUY Veronika Hirsch Getting very close to starting production at their Madagascar mine. She is not a fan of nickel as the fundamentals are weaker than those of copper. She has never seen a nickel mine coming into production without serious issues.
Price:
$5.050
Subject:
CANADIAN & ALTERNATIVE
Bias:
CAUTIOUS
Owned:
Unknown
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