Viewing Expert Michael Sprung | StockChase
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Compiling comments that experts make about stocks while on public TV.

Viewing Expert

Michael Sprung , President

Sprung Investment Management

Address
25 Adelaide Street East, Suite 500
Toronto, ON
M5C 3A1

Contact Info
Telephone: 416-934-7160
Email:
Website: http://www.sprunginvestment.com/


Date Signal Chart Symbol Company Opinion Price
2016-12-21 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Market.This has been a year to remember for investors. When we entered the year, we didn’t have very high expectations, and yet look at the markets that we’ve had. That happened in spite of all the things that came in to shock the market. We had BREXIT, Trump winning, the migrant crisis, and at the same time we still have the carryover of the same problems with Italy, Portugal, Greece, etc. Those haven’t been resolved, and yet politicians have almost been taking a deny and delay tactic towards that. In spite of all this, the market just seems to keep moving up. People predicted that after the post Trump victory, markets might go down. A lot of people made the wrong bet on that side, and instead we have probably had one of the longest postelection rallies in history. We still go into the next year with relatively high valuations. All those problems are continuing to follow us, and yet expectations seem to be very, very high in the market. As a value investor, that makes him a little nervous. He is happy to be carrying a fair amount of cash on the sidelines, as there may be opportunities to catch some fallen angels next year. In the last quarter or so, he has probably been a net seller rather than a net buyer of securities.


Price:
$0.020
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
_N/A
2016-12-21 TOP PICK Must be logged in to use chart AD-T Alaris Royalty

Had recommended this very early this year, and it ran into problems. It is an alternative finance company, primarily for private companies that have a long-term track record of being profitable, where management is looking for a way to finance without giving up control. The company primarily advances preferred stock, which participates with the growth of the company. When Alaris makes an investment, they are sort of looking towards earning a 15% rate of return, and has a policy of paying out a 6% dividend. Dividend yield of 6.84%. (Analysts’ price target is $24.46.)


Price:
$23.580
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-12-21 TOP PICK Must be logged in to use chart AGT-T AGT Food & Ingredients

Has owned this for quite a while, and has a fairly low cost base on it. Lately it has started to come off into the mid-$30. At these price levels, it is something people can look at in safely buying. They are one of the largest processors of pulses globally. They’ve also expanded rapidly into food ingredients. Dividend yield of 1.69%. (Analysts’ price target is $44.)


Price:
$35.500
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-12-21 BUY Must be logged in to use chart ARE-T Aecon Group Inc

Within the engineering/construction companies, this is probably one of the better valued ones. They are not trading at all-time highs, and had a significant downdraft a few months ago, of which they have recovered about half. They are lagging the group, and part of the reason for that is that they had a bit more of a Western exposure. This company has significant operations in Ontario. Very well-run.


Price:
$14.920
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Unknown
2016-12-21 TOP PICK Must be logged in to use chart ARX-T Arc Resources Ltd

He always looks for companies that have strong financial backing. They recently sold some assets in south east Saskatchewan, which even further enhances their balance sheet, and allows them to have more choices in how they deploy capital going forward. Management has always been extremely good in deploying capital. He looks at this as being not only one of the survivors, but one of the benefactors of all the turmoil that has happened in the energy patch. He wouldn’t be surprised to see dividends start to increase again. Dividend yield of 2.62%. (Analysts’ price target is $27.30.)


Price:
$22.910
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-12-21 COMMENT Must be logged in to use chart ATD.B-T Alimentation Couche-Tard (B)

This has been a great story. It would fall into the growth camp of companies, where people are expecting growth to continue at a tremendous rate. They have really expanded on a rollup basis. He is always careful about companies where all of their growth comes from acquisitions. The multiples are just too large for him to handle.


Price:
$61.770
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
No
2016-12-21 DON'T BUY Must be logged in to use chart BB-T BlackBerry

This is in a major transition. They have gone from being a hardware company, trying to be a software company and still not earnings positive yet. These transformations can take years. The autonomous vehicle sector is going to be an extremely competitive field going forward. Whether this ends up being one of the dominant players is going to be a guessing game at this point. Not sure he would consider this as an investment, because you can’t analyse what is going to happen going forward. It is more speculation.


Price:
$9.780
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
No
2016-12-21 WAIT Must be logged in to use chart BIP.UN-T Brookfield Infrastucture Partners

SNC-Lavalin (SNC-T) or Brookfield Infrastructure (BIP.UN-T)?Infrastructure stocks have been particularly strong lately, and a lot of that has come post the Trump victory and expectations that there is going to be more spending, etc. Things have gone up a little too fast, so he would be a little wary of stepping into these at this point in time. He prefers Aecon (ARE-T) whose valuation seems to be a little better in terms of what he can expect to earn over the next few years.


Price:
$44.470
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
No
2016-12-21 PAST TOP PICK Must be logged in to use chart CAE-T CAE Inc

(A Top Pick Nov 13/15. Up 34.24%.) This has gone up considerably and is getting to a point where it is close to being fully valued. It has always been an extremely well-run and well thought out company, and one of the major players in the flight simulator/training business. If it were a few dollars higher, he would probably be taking some profits.


Price:
$18.690
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-12-21 COMMENT Must be logged in to use chart CPG-T Crescent Point Energy Corp

If this company meets all of its expectations, it is not too bad. He sees projections of cash flow somewhere near $5, 2-3 years out. If they achieve that, then you could certainly justify the current valuation. It has always had tremendous properties, of which they have been fairly successful at maturing. However, they continued paying a ridiculous dividend for many, many years, which was largely financed by their DRIP plan. They don’t do that anymore. Trading at over 4X BV, whereas at one time it used to be trading at 2X. Still a bit rich for him.


Price:
$18.600
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
No
2016-12-21 PAST TOP PICK Must be logged in to use chart ECA-T Encana Corp

(A Top Pick Nov 13/15. Up 54.92%.) During the debacle in the oil/gas industry, when prices started to plummet, this company was punished, and yet they have some of the best properties. They have always been a fairly well financed company. Expects they will continue to do well in this environment.


Price:
$16.500
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-12-21 COMMENT Must be logged in to use chart ENB-T Enbridge

Has always admired this company. For a long time, he didn’t own any because the price seemed to be well ahead of what his expectations were. He finds that generally true with pipelines today. The multiples are at 20X earnings in a lot of cases. On the other hand, you have the consistency of earnings, the expansion of the rate bases, and this company probably has been one of the better managed ones. Because this has a fairly significant position in the US, he wouldn’t hesitate to own this for the long-term.


Price:
$56.600
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Unknown
2016-12-21 COMMENT Must be logged in to use chart HBC-T Hudson Bay Co.

This looks cheap and has come down a long way. What he is trying to get a fix on is how much real estate do they really own. Is there any underlying value in there, to back up what he sees as a weak and very competitive and very margin expansion resistance retail world. They are caught on the side of being bricks and mortar, at a time when Internet is really taking away a lot of market share.


Price:
$13.170
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
No
2016-12-21 PAST TOP PICK Must be logged in to use chart MFC-T Manulife Financial

(A Top Pick Nov 13/15. Up 20.97%.) Has been a long time admirer. Particularly since the financial crisis, they have done so much to restructure the company and de-risk the balance sheet, changed the product mix so it is not quite as sensitive as it used to be. It should benefit from rising interest rates. They are very well positioned, not only in the US, but have expanded significantly in Asia. Sales in Asia have been doing extremely well. This could be just the beginning for them.


Price:
$24.610
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-12-21 HOLD Must be logged in to use chart NFI-T New Flyer Industries Inc.

Had been one of his Top picks, but hasn’t been buying it for some time. His cost base was well under $30. The company has been in transition for a few years, the most notable being when they merged with Motor Coach International. They are now the dominant bus and coach manufacturer in North America. If we do see significant spending on infrastructure, a lot of that is going to be going into transportation, and this company will get its fair share. He feels the prices are anticipating that. He wouldn’t sell this, and there may be opportunities to buy it a little bit lower.


Price:
$40.000
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
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