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Sherritt International Corp. Stock Symbol: S-T

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

Last Price Recorded: $0.6200 on 2016-02-12

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Date Signal Expert Opinion Price
2016-01-15 DON'T BUY Peter Hodson

This is a commodity stock with debt on the balance sheet which impacts the valuation. All commodities are in decline and at record lows.


Price:
$0.590
Subject:
CANADIAN SMALL & MIDCAPS
Bias:
OPTIMISTIC
Owned:
No
2015-12-30 COMMENT Lyle Stein

Holds this and it has been painful. The only pure play on nickel that you can buy globally today. A market cap of about $250 million Cdn. They have been chopping and chopping costs, and is roughly at $4 a pound, just about where the nickel price is. A great Hold if you’ve got some patience. The stock is well worth more than $2. We need a nickel price recovery. When inventories hit below 400,000 tons, they creep back up, and that is what he is watching.


Price:
$0.730
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2015-12-29 SELL Robert McWhirter

Sell and put into Bank of Nova Scotia (BNS-T)? Two very different stocks. This one ranks 613 in his dividend model. Earnings are expected to improve, but still be negative going from a loss of $1.14 to a loss of $0.82. In comparison, BNS ranks much higher and it looks like the banks as a group are going to improve. He would agree with your thinking.


Price:
$0.770
Subject:
CANADIAN DIVIDEND
Bias:
OPTIMISTIC
Owned:
Unknown
2015-09-24 DON'T BUY David Baskin

How many Canadian mining companies have stumbled at attempts at mining in Africa?  They are going to write a lot off of their balance sheet.  They have a big hunk of debt and lot of Nickel at a very low price.  The question is if they can finance their debt.  It smells like a value trap to him.


Price:
$0.790
Subject:
NORTH AMERICAN
Bias:
SELECTIVELY OPTIMISTIC
Owned:
Unknown
2015-09-21 DON'T BUY Alex Ruus

You have to know what the commodity is going to do before investing.  S-T has built one of the biggest nickel mines in the world.  But it is a relatively small company and he would go to a larger one if he wanted metals exposure.  He is worried about this one.


Price:
$0.890
Subject:
NORTH AMERICAN
Bias:
SELECTIVE
Owned:
Unknown
2015-09-18 COMMENT Mohsin Bashir

Primarily nickel and cobalt. Have projects in Madagascar. Just eliminated the dividend. Thinks they are buckling down the hatches and making sure they can ride out this low based metal environment. The depressed nickel prices are going to be weighing on them for some time.


Price:
$0.940
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2015-09-18 DON'T BUY Benj Gallander

Just eliminated their dividend. Debt level is very, very high. If you have a lot of guts and intestinal fortitude, he could see buying it. Anything you put in it, you have to think that you could lose at all. He wouldn’t buy it now.


Price:
$0.940
Subject:
CONTRARIAN INVESTING
Bias:
CAUTIOUS
Owned:
No
2015-08-17 HOLD Ryan Bushell

It has been a tough road.  They have a new nickel mine in Madagascar.  He would be concerned about mine construction, but they are basically done now.  Nickel prices are below $5 now so it is tough for the miners.  Longer term he likes the base metal side of things.  He thinks they have a good mine in Madagascar. 


Price:
$1.120
Subject:
CANADIAN LARGE (DIVIDENDS)
Bias:
SELECTIVE
Owned:
Yes
2015-08-11 DON'T BUY Christine Poole

She owns very little in base metals.  They have a new mine coming on and it has had some production problems.  You want to see stabilization in the commodities.  The strong US dollar is impacting demand for all the commodities.


Price:
$1.230
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
No
2015-08-04 DON'T BUY Benj Gallander

Currently at an all-time low. A few years ago he was interested in this and went to their AGM. After the meeting he decided he did not have enough confidence in management. Debt load was high and management didn’t have the skill level he was looking at for a turnaround. Since then, they have been hammered by commodity prices. Nickel prices are down at a 5-6 year low. It would not surprise him to see them go bankrupt. It really needs cooperation from commodity prices. Very, very dangerous situation.


Price:
$1.270
Subject:
CONTRARIAN INVESTING
Bias:
UNKNOWN
Owned:
No
2015-07-31 COMMENT Lyle Stein

His view is that this will survive. The balance sheet has been fixed. If nickel prices stay below $5 for more than 2.5-3 years, they may have some issues. Nickel prices have been very low for a long time, but this company is at the 50th percentile in terms of costs. Half of the world can’t produce nickel at current prices and make cash money. The thinks it is a pretty reasonable bet that nickel will be in deficit in 2016.


Price:
$1.340
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2015-07-28 COMMENT Bill Harris, CFA

Just hit a record low. They had a change of management and he is not up to speed on the reasons. Between the nickel situation in Cuba and Madagascar, it is just too scary. Madagascar hasn’t gotten up to speed quite as fast as it needs to. There is a huge amount of debt. Way too difficult for him to figure out.


Price:
$1.350
Subject:
RESOURCE
Bias:
BEARISH on RESOURCES
Owned:
No
2015-07-28 PAST TOP PICK Jim Huang

(A Top Pick Sept 3/14. Down 67.82%.) The story is that they are building the big mine in Madagascar. They built the mine expecting nickel prices were going to go up. That was working for a while, but then China slowed down greater than had been expected. They also have a lot of debt. A bit of a dicey situation right now. Sold his holdings at a loss.


Price:
$1.350
Subject:
NORTH AMERICAN
Bias:
OPTIMISTIC
Owned:
No
2015-07-27 DON'T BUY Bruce Campbell (1)

This, with a $10 Book Value, has something like an $8-$9 asset value. The stock is cheap. This is nickel which has been getting hit, oil and gas which has been getting hit and it is coal which is getting hit. It is completely out of favour. Have had cost overruns in Madagascar, but are getting closer to getting it fixed. There are better places to be.


Price:
$1.350
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
No
2015-06-19 DON'T BUY Benj Gallander

It has been beaten up but he does not like the debt load and is not overly impressed with the management.  Maybe he will look more closely at the end of the year.


Price:
$2.230
Subject:
CONTRARIAN INVESTING
Bias:
CONTRARIAN
Owned:
No
2015-05-22 DON'T BUY Bill Carrigan

This company has always had headwinds and is underperforming its peers. Chart shows a downward channel, and he would just avoid it and consider it as dead money.


Price:
$2.470
Subject:
TECHNICAL ANALYSIS
Bias:
UNKNOWN
Owned:
Unknown
2015-05-20 DON'T BUY Paul Gardner, CFA

Would you buy their 8% - 2017 bond? He likes the bond side, simply because when they owned the Saskatchewan metallurgical coal deposits, if Cuba and Madagascar failed, he would at least have an asset that he could grab and would make him whole. They have since sold the Saskatchewan holdings and are now left with Madagascar and Cuba, so you are now dealing with the underlying commodity price that keeps rolling off. The bond is being offered out at around 9% in today’s market, which tells you it is distressed. High-yield bonds should be trading at around 7%. Secondly you are going to have to deal with Madagascar, where the operations seem to be coming on, but there was a big delay.


Price:
$2.540
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
BULLISH
Owned:
No
2015-05-14 PAST TOP PICK Jim Huang

(A Top Pick May 12/14. Down 40.54%.) The thesis was based on their leverage to the nickel price. In the meantime, Indonesia decided they were not going to export raw ore to China, which is 25% of the total supply. Also, the Chinese economy has slowed down more than he thought it would. Sold his holdings, but that is not to say he won’t get back in.


Price:
$2.770
Subject:
NORTH AMERICAN
Bias:
UNKNOWN
Owned:
No
2015-05-07 COMMENT Benj Gallander

Looked at this closely, but didn’t have a tremendous amount of confidence in management. This is based on the price of nickel, what is going on in Cuba and what is happening in Madagascar. It has a lot of potential.


Price:
$3.050
Subject:
CONTRARIAN INVESTING
Bias:
UNKNOWN
Owned:
No
2015-05-06 PARTIAL BUY John Stephenson

Still an attractive company. Cuban relations seem to be improving with the US. The Ambatovy nickel project seems to be moving forward. He can’t see any reason why you wouldn’t consider a small allocation of this.


Price:
$3.040
Subject:
NORTH AMERICAN - LARGE & RESOURCE
Bias:
UNKNOWN
Owned:
No
2015-05-01 COMMENT Bruce Campbell (1)

If you do an asset value, you get a vote $8 on it. He owns the fixed income on this. It is moving nicely. Nickel prices have finally rebounded this week. Ambatovy just achieved 90 and 90, meaning running at 90% capacity of the mine for 90 days. That is a big deal, and costs came down. If they can keep that going and costs come down a bit further, the stock probably goes into the mid-$3.


Price:
$2.660
Subject:
CANADIAN LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2015-03-31 DON'T BUY Paul Gardner, CFA

Bonds? He doesn’t own any thing in this company because of 1) the big Ambatovy mine in Madagascar took a little longer and the overall nickel market is terrible. 2.) He had owned their bonds because of their Saskatchewan assets, but once they sold off, it became a lot riskier. The underlying commodity has now sewered. For the bond, they have enough cash flow to do all right, but you need a recovery in the price of nickel.


Price:
$2.090
Subject:
LARGE CAP DIVIDEND PLAYERS, REITs & FIXED INCOME
Bias:
BULLISH on CANADIAN MARKET
Owned:
No
2015-03-26 DON'T BUY Benj Gallander

Lots of difficulties.  He did not come away from the AGM with their management.  It could be a success but right now he is just too scared.  They likely won’t go bankrupt but he does not have confidence in their management.


Price:
$2.210
Subject:
CONTRARIAN INVESTING
Bias:
CONTRARIAN
Owned:
Unknown
2015-03-23 BUY John Stephenson

Nickel is necessary to make stainless steel.  The problem is relatively weak demand and good supply.  Nickel is fine and S-T would be a way to play it.


Price:
$2.290
Subject:
NORTH AMERICAN - LARGE & RESOURCE
Bias:
OPTIMISTIC
Owned:
No
2015-03-03 COMMENT Dennis Da Silva

One of the big issues around nickel as a commodity is the export ban in Indonesia. They would like to have smelters built within the country for more value added revenue, rather than just exporting raw material. This has provided a bit of a support mechanism for nickel. This company is a very unique way to play the nickel side of the market. They sold their thermal coal royalty business, so really putting themselves in a more leveraged nickel business. Their Ambatovy mine in Madagascar is still in the ramp up stage, so there is still the sensitivity in ramp up risks. He sees good progress. With a couple more quarters of ramp up progress, with no negative surprises, this is something he might look at in the 4th quarter going into a stronger market in 2016.


Price:
$2.390
Subject:
CANADIAN RESOURCES
Bias:
OPTIMISTIC on ENERGY
Owned:
No
2015-02-13 COMMENT Brendan Caldwell

It will be interesting to see what the new rapprochement between Cuba and the US, will actually mean for this company over the next while. Not surprised the company has taken a bit of a hit since that announcement. Speculation might be that Freeport-McMoran (FCX-N) may want their property back, but he thinks that is a long ways from actually happening.


Price:
$2.330
Subject:
CANADIAN VALUE
Bias:
BULLISH
Owned:
Unknown
2015-01-27 PAST TOP PICK Joey Mack

(A Top Pick Feb 24/14. Up 2.9%.) Sept 24, 2020, 7.5%. He still likes this. Did a great job of terming out their debt right before the meltdown.


Price:
$2.140
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Yes
2015-01-23 HOLD Jaime Carrasco

His company has it with a sector outperform, but with a high level of risk. Target of $4 in 12 months. He hasn’t had any base metals for a while. Nickel prices are going to be in check because of the rise of the US$.


Price:
$2.150
Subject:
RESOURCE, UTILITY & REITs
Bias:
UNKNOWN
Owned:
No
2015-01-22 HOLD David Cockfield

The world demand for nickel of this type has gotten really subdued.  The key is how good their margins are going to be in Madagascar.  He considers it interesting, but is not comfortable with the risk.


Price:
$2.200
Subject:
CANADIAN
Bias:
CAUTIOUSLY OPTIMISTIC
Owned:
Unknown
2015-01-06 COMMENT Jim Huang

The stock has fallen, but not because the company is doing anything different. The mining space has been quite volatile. Especially with the oil price falling you see a lot of volatility in the mining space. They continue to ramp up their project in Madagascar and are set to produce a lot more nickel this year, which will drastically improve their earnings profile. Also, the partial lifting of sanctions to Cuba by the US is going to help them.


Price:
$2.790
Subject:
NORTH AMERICAN
Bias:
OPTIMISTIC
Owned:
Yes
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