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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
2016-02-04 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Market. January was a shock for everyone; how suddenly it fell, followed by a great deal of volatility, and Japan going into negative interest rates. Feels it is almost a global restructuring of markets, industries, etc. We came out of a fairly long period of a good bull market, but there had been some excesses built into that, a lot of it fed by low interest rates. Now a lot of companies are in stress, especially with low commodity prices. We are beginning to see a realignment of industries. Although it is painful, especially with the volatility, it presents quite a few opportunities for investors. This is the time you really should be looking to upgrade holdings in your portfolio as to where you can get positions of the better quality companies. He has been picking away at some positions buying a little bit, and if it goes down, maybe averaging down. If he puts in a bid and it doesn’t get a hit, he doesn’t chase it.


Price:
$0.020
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
_N/A
2016-02-04 COMMENT Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Gold? A lot of people have had a connection between gold and inflation, and yet the correlation between the 2 has not been that strong. The thought that we could be heading towards a deflationary situation, has made something like a hard asset like gold look more attractive. As a value investor, gold companies are very tough investments to buy, as they always trade at extraordinary multiples. However, if you look at them over a business cycle and what you are paying for them at any particular time, you can do pretty well. He always limits gold exposure in his portfolios to 5% or less. He would look at the strong primary players. His favourite would be Goldcorp (G-T) right now, and Agnico-Eagle (AEM-T) has some interesting projects coming online.


Price:
$0.020
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
Yes
2016-02-04 HOLD Must be logged in to use chart ALA-T Altagas Ltd

Valuation is beginning to look fairly reasonable. Just announced they are going to sell their non-core natural gas and processing assets to Tidewater (TDW-N), and going to end up owning almost 20% of that company. It looks like management has been taking strides to enhance the productivity of the assets that they have. Dividend seems to be very well covered from available funds of operations. Looks like a reasonably good company to own.


Price:
$31.850
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
No
2016-02-04 PAST TOP PICK Must be logged in to use chart ARE-T Aecon Group Inc

(A Top Pick Feb 25/15. Up 24.9%.) Were really impacted because of great exposure in Alberta, but thinks that was an overreaction by the market. Have been gaining some significant contracts. Still a Buy.


Price:
$14.290
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
Yes
2016-02-04 TOP PICK Must be logged in to use chart ARX-T Arc Resources Ltd

In exploration, development, crude oil, natural gas and natural gas liquids. They are in 5 core areas. One that they are putting a great deal of emphasis on is the Montney area, where they have had great success. Trading at 6 to 8 times price to cash flow. Has a very strong balance sheet and very good participation in their DRIP program. Dividend yield of 6.56%.


Price:
$18.290
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
Yes
2016-02-04 COMMENT Must be logged in to use chart BBD.B-T Bombardier Inc (B)

A speculation, not an investment. It is something you could make a whole lot of money at or it could go to zero. An overlevered company that has been poorly managed for a number of years. There is a strong control block that doesn’t want to let go. Has been largely propped up by government largess, both provincially and federal. Thinks their C series is too delayed and too late.


Price:
$0.870
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
Unknown
2016-02-04 COMMENT Must be logged in to use chart BMO-T Bank of Montreal

All the banks look fairly reasonable, and it’s just a matter of which ones you want to own. It has taken this one a long time to get any payback and reasonable return on investment on their ventures into the US. They recently had some good moves. Sold their retirement service business as well as some other non-core assets. Selling at a bit of a discount at 1.3X Book, where others are higher. If it got a lot cheaper, he would certainly be looking at it. Dividend yield of 4.5%.


Price:
$74.510
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
No
2016-02-04 TOP PICK Must be logged in to use chart BNS-T Bank of Nova Scotia

For a long time this bank had a premium valuation. With their exposure to South America, which is largely dependent upon mining, that valuation has come off quite a bit. Their main exposure is in Mexico, Chile, Peru and Colombia, and the view is that their GDP growth is likely to be under 3% for the next year or so. However, they are gaining market share there. Efficiency ratio is fairly strong, so it is a profitable region for them. Trading at about 1.4 X Book. Dividend yield of 4.82%.


Price:
$56.860
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
Yes
2016-02-04 COMMENT Must be logged in to use chart BTE-T Baytex Energy Corp

Hasn’t been attracted enough to Buy it. They have pretty well-managed in the current environment as well as any company could. He would look at this as a possible company to own. You don’t want to take a rifle approach to the energy sector by picking just one company. If you can diversify amongst the companies that have strong management, relatively good balance sheets, not a lot of debt that is immediately due, you are going to prosper.


Price:
$2.820
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
No
2016-02-04 PARTIAL BUY Must be logged in to use chart CCL.B-T CCL Industries (B)

Ever since they bought Avery Labels, this has been a wonderful stock to own. Very well-managed and well financed. At these levels, you could pick away at it. He would get quite excited at around $175-$180.


Price:
$191.210
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
No
2016-02-04 COMMENT Must be logged in to use chart CP-T Canadian Pacific Rail

Versus Canadian National (CNR-T), he is paying close to 4X book on CNR, and 5.5X on CP. This company has to earn a much more substantial ROE for all other things to be equal. He is not just looking at ROE, but also at total returns, including dividends. They have both pulled back considerably from their highs, but that has been because of a weakening economy. He still looks at CNR as the benchmark railroad in North America.


Price:
$169.800
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
No
2016-02-04 DON'T BUY Must be logged in to use chart DH-T DH Corporation

Service a lot of the financial industry in several business lines. Thinks people are concerned lately about some of their movements into more technology-related lines where multiples are quite high and assets are not quite so tangible. He has a hard time valuing this. Trading at around 12-13 times earnings. They are making a big bet on financial technology, but are up against some very big players. Wouldn’t be a buyer at this time.


Price:
$30.910
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
No
2016-02-04 TOP PICK Must be logged in to use chart HBM-T Hudbay Minerals Inc.

(A Top Pick Feb 25/15. Down 70.84%.) The primary concern is what the pressure is going to be on their debt covenants at current copper prices. Given the production they have coming online in the next couple of years, you should see those covenants relax. Should finish this year with about $200 million in cash at least, and they still have fairly large credit facilities. There are also some good assets coming on stream. Dividend yield is 0.65%.


Price:
$3.080
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
Yes
2016-02-04 COMMENT Must be logged in to use chart KEY-T Keyera Corp

Really likes this company. A diversified company within the energy industry. With natural gas midstream processing, natural gas liquid extraction, logistics, marketing, etc. they pick up some profitability at various points within the value chain. Extremely well-managed and a good balance sheet. His only problem over the years is that it has been more expensive than what he has wanted to pay. Currently trading at 23X forward earnings and 11 or 12 times cash flow. A client brought some into his firm, but has never bought this himself.


Price:
$38.910
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
Yes
2016-02-04 HOLD Must be logged in to use chart NA-T National Bank of Canada

Has one of the best yields in the group at 5.4%. In terms of Price to Book it is trading on the lower side. Exposure to the oil sector is a lot stronger than it was 3-4 years ago, but they have been doing well in wealth management, capital markets, etc. A strong capital ratio that is up with the rest of them. Recently increased their dividend.


Price:
$40.140
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
No
Showing 1 to 15 of 2,973 entries
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