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Compiling comments that experts make about stocks while on public TV.

Recent Opinions

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Date Signal Company Expert Opinion Price
2016-07-29 N/A A Comment -- General Comments From an Expert
A Commentary
Eric Nuttall

Markets.  Crude oil came down below $41 this morning.  Everyone is watching the 200 day and seeing if it holds.  It seems to have held so far.  The inventories of Gasoline are a concern.  Inventories are high because demand for fuel oil last winter was weak.  Over the next couple of months refineries will go down as normal and normalize demand.  This is a short term impact.  Production of oil is down around the world.  Summer is typically a crummy time for oil.  He calls for $60 crude in 2017 and $65 in 2018, by which time the world will be short oil.  He is going to deploy cash he is sitting on this fall.


Price: $0.020
Subject: ENERGY & SMALL CAP EQUITIES
Bias: BULLISH on ENERGY
Owned: _N/A
2016-07-29 N/A A Comment -- General Comments From an Expert
A Commentary
Lorne Zeiler

Markets. People are thinking the equity market is more attractive than the alternatives of fixed income and dividend paying stocks, and have been putting money in. It is interesting that the markets most hit, particularly in Europe, have actually been some of the better performers this month. Feels the Fed has turned less dovish, and are hoping to raise rates, and he anticipates one hike before year-end. He’s been looking at some of the stocks that have been beaten down. There are some high dividend payers that may not have met expectations, or are seeing some declines in earnings, and those have been punished quite a bit. He is also looking at some, where growth is coming but not visible in the next 3-6 months.


Price: $0.020
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: _N/A
2016-07-29 N/A A Comment -- General Comments From an Expert
A Commentary
Lorne Zeiler

Sell before ex dividend date or after? The finance theory is basically that the market actually prices in the dividend when people are pricing out the stock. He back tested and found it made no difference at all on the earnings.


Price: $0.020
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: _N/A
2016-07-29 N/A A Comment -- General Comments From an Expert
A Commentary
Lorne Zeiler

A reasonable high this year for the TSX? That would be a question of what we see happening with gold prices, which has been a huge contributor to the overall returns to the TSX. Gold prices have not moved nearly as much as the stocks, many of them have doubled. Energy has gone up, but oil prices have come down by about 20%, yet energy stocks are generally holding in pretty well, having fallen off by about 7%. It wouldn’t surprise him to see another 3% from here.


Price: $0.020
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: _N/A
2016-07-29 N/A A Comment -- General Comments From an Expert
A Commentary
Lorne Zeiler

How much do interest rates have to increase before high dividend payers, like REITs and utilities, get hit with selling? If you got one move by the Fed, it could easily lead to a 5%-10% selloff.


Price: $0.020
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: _N/A
2016-07-29 COMMENT A Comment -- General Comments From an Expert
A Commentary
Lorne Zeiler

Canadian financials? Last year, even though earnings were pretty good, everyone was worried about where growth was going to come from and what was going to happen to the overextended consumer. The banks fell about 10%. This year has been the exact opposite. The banks have had a pretty good run. Banks, from a long term perspective, are a great hold, and are basically trading in line with their historical average of about 12-14 times earnings. You get a great dividend, between 3.5% and 4.9%. It wouldn’t surprise him that if there is an issue with rates going up, banks could be hurt. Lifecos haven’t done nearly as well as banks, and are now trading below BV. You get a higher dividend than what you typically get from banks, and picking them up at a lower multiple. Also, they have a larger business tied to the wealth management space, so there is less concern with interest rates.


Price: $0.020
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2016-07-29 COMMENT A Comment -- General Comments From an Expert
A Commentary
Lorne Zeiler

Business development companies (BDCs)? A very broad category which goes all the way from private equity to private debt. The amount of leverage they can have can get up to a level of 200% or more, or more recently at 25%-50%. His firm has been looking a lot at private markets and private debt space. It is a great opportunity. Regulations have made it very difficult for the banks to lend to certain areas, so they are very slow in acting. He has been able to find a lot of alternative strategies paying in the 6%-7% range. Two of the better names are Apollo (AINV-N) giving a 14% distribution and BDC (?). You really have to look at the individual names, because the characteristics of that sector are weighted.


Price: $0.020
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2016-07-29 COMMENT A Comment -- General Comments From an Expert
A Commentary
Lorne Zeiler

REITs or energy for dividends of 4%-6%? If you are looking to try to generate income, REITs are probably a better play, because the energy sector is going to be more of a reflection of what is happening with the energy price, giving you a lot more volatility than what you would see in the REIT sector.


Price: $0.020
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2016-07-29 COMMENT A Comment -- General Comments From an Expert
A Commentary
Lorne Zeiler

Which bank pays the best dividend for the next 3-5 years in a TFSA? The National (NA-T) pays the highest at 4.9%. He likes this in that it hasn’t moved as much as Bank of Nova Scotia (BNS-T). If ranking in terms of quality, Toronto Dominion (TD-T), Bank of Montréal (BMO-T). In terms of more compelling valuations and upside, you have Bank of Nova Scotia (BNS-T), CIBC (CM-T) and National (NA-T). His one caution with CIBC is that they made a major acquisition in the US, so will likely do an equity raise. If you can wait for that equity raise to happen, this would probably be a little cheaper.


Price: $0.020
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2016-07-29 COMMENT AbbVie Inc.
ABBV-N
Lorne Zeiler

Its main product is Humira which works on the immune system. Basically for rheumatoid arthritis, IBD, any of the diseases that act on the immune system. Accounts for close to 60% of their revenue. They just had a great quarter. Saw 17% increase in sales for Humira. Has a fantastic pipeline and very aggressive growth targets. Trades at a pretty reasonable valuation considering it is a growth company. They anticipate double digit growth in each of the next 4 years, and to get revenues up to $37 billion a year. If successful and are able to get their operating margins where they say, by 2020, based on current valuations of 14.5X earnings, you will be paying about 8X.


Price: $66.230
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Yes
2016-07-29 DON'T BUY Athabaska Oil Sands Corp
ATH-T
Eric Nuttall

Not a name he would own.  They did a highly admirable job of deleveraging and doing a streaming deal on their oil.  Everyone knows the catalysts that have come and gone and now no one cares.  Everyone knows it is cheap and yet nothing is happening.  He would look to others.


Price: $1.230
Subject: ENERGY & SMALL CAP EQUITIES
Bias: BULLISH on ENERGY
Owned: No
2016-07-29 BUY Black Diamond Group
BDI-T
Eric Nuttall

He owns it for the yield.  They do camps and rentals for construction.  They raised capital recently to expand their business in construction.  It is a lot less volatile than the oil business.  The oil and gas industry wants to put money back to work.


Price: $5.070
Subject: ENERGY & SMALL CAP EQUITIES
Bias: BULLISH on ENERGY
Owned: Yes
2016-07-29 TOP PICK Birchcliff Energy Ltd.
BIR-T
Eric Nuttall

They did an asset acquisition off ECA-T.  They de-levered their balance sheet.  They diluted a major shareholder.  They extended their inventory by many years.  He estimates it is trading at a PE of 6 and should get re-rated to 7.


Price: $9.440
Subject: ENERGY & SMALL CAP EQUITIES
Bias: BULLISH on ENERGY
Owned: Yes
2016-07-29 WEAK BUY Baytex Energy Corp
BTE-T
Eric Nuttall

It is a company he likes.  It is a buy below $6 and a sell in the high $6s to low $7s.  His preference is Enerplus Corp (ERF-T) where he gets more exposure to nat gas.


Price: $6.130
Subject: ENERGY & SMALL CAP EQUITIES
Bias: BULLISH on ENERGY
Owned: Unknown
2016-07-29 SELL Bellatrix Exploration Ltd.
BXE-T
Eric Nuttall

Sell it and buy almost anything else.  The management team has tripped and fallen so many times.


Price: $1.120
Subject: ENERGY & SMALL CAP EQUITIES
Bias: BULLISH on ENERGY
Owned: Unknown
2016-07-29 TOP PICK Cardinal Energy Ltd
CJ-T
Eric Nuttall

Good sensitivity to oil without the financial leverage.  Decline rates are low. 


Price: $9.040
Subject: ENERGY & SMALL CAP EQUITIES
Bias: BULLISH on ENERGY
Owned: Yes
2016-07-29 HOLD Canadian National R.R.
CNR-T
Lorne Zeiler

Trading at fair value, but doesn’t expect a lot of upside in the near term. He really likes that even though they have had declining revenues by about 11%, they are the leaders in their industry, the most cost-effective player and have been able to raise prices. In spite of the revenue decline, they are only down about 2.5% in terms of earnings. A cautionary note for the near term is that transport stocks tend to move with the market, and often tend to lead the market. If we see a 5%-10% pullback, this is good to follow. Trading at 18X forward earnings, a level that it has been trading at for the last 3-4 years. Doesn’t expect a lot of earnings growth in the near term. 16X forward earnings would be a great entry point. Dividend yield of 1.8%.


Price: $82.770
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Yes
2016-07-29 PAST TOP PICK Crescent Point Energy Corp
CPG-T
Eric Nuttall

It seems to have found pretty good support @$19.  He believes that the large caps are fairly to overvalued.  CPG-T eliminated the drip.  They have a strong balance sheet and strong hedges.  Below $19 it is a fair buy.


Price: $19.090
Subject: ENERGY & SMALL CAP EQUITIES
Bias: BULLISH on ENERGY
Owned: Yes
2016-07-29 TOP PICK Computer Program & Systems
CPSI-Q
Lorne Zeiler

Provides end to end solutions for patient care for small, rural hospitals, acute care facilities and financial planning and accounting software. They made an acquisition and lost some clients as a result, and the stock came down significantly. They see some great synergies, and are actually ahead of schedule. There are a lot of positives going on with the company. It has a great pipeline. They figure about 150% growth in terms of sales. There is a new compliance regulation coming out, which a lot of smaller players will not be able to comply with. Trading at about 11X forward earnings. Dividend yield of 6.46%.


Price: $39.640
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Yes
2016-07-29 HOLD DH Corporation
DH-T
Lorne Zeiler

Have done a major restructuring, and did a major acquisition. While a solid company, you are likely not going to see the visibility, i.e., an increase in earnings related to the acquisition, for at least 12 months. He just sold his holdings. Thinks the 4% dividend yield is safe. Below $30 would not be a bad entry point.


Price: $32.250
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: No
2016-07-29 TOP PICK DHX Media
DHX.B-T
Eric Nuttall

One of the largest children’s content owners.  They get paid every single time a child watches a show.  They have a significant YouTube strategy.


Price: $7.100
Subject: ENERGY & SMALL CAP EQUITIES
Bias: BULLISH on ENERGY
Owned: Yes
2016-07-29 SELL Encana Corp
ECA-T
Eric Nuttall

It had a massive run.  It still needs $60 to tread water.  The market does not appreciate the significant challenges they still face. 


Price: $10.500
Subject: ENERGY & SMALL CAP EQUITIES
Bias: BULLISH on ENERGY
Owned: Unknown
2016-07-29 BUY Enbridge Income Fund Holdings
ENF-T
Lorne Zeiler

When Enbridge (ENB-T) has a mature project, they push it over to this, and then it becomes an income vehicle. Pays a very high dividend. In terms of visibility, they put more projects on so it is trading at a very reasonable multiple. They can easily pay the dividend, which is close to 6% now. They expect 10% plus increases per year going into 2019. If you take the current price and go into 2019, that is going to be a yield of close to 8%. A solid underlying company, but there will be some volatility.


Price: $32.500
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Yes
2016-07-29 WAIT Grenville Strategic Royalty
GRC-X
Eric Nuttall

It is in the penalty box as they had a bad quarter after a CEO transition.  He is looking for improvement in the sustainability of the dividend and some cost rationalization.  It is a ship that is turning in the right direction.  It may take another quarter or two.  Wait for the next quarter.


Price: $0.410
Subject: ENERGY & SMALL CAP EQUITIES
Bias: BULLISH on ENERGY
Owned: Unknown
2016-07-29 DON'T BUY Husky Energy
HSE-T
Eric Nuttall

He usually buys oil spills and fires.  But although this one is cheap he would go for the mid-caps.  They have better balance sheets, better economics, can grow faster yet trade at a discount at present.


Price: $15.360
Subject: ENERGY & SMALL CAP EQUITIES
Bias: BULLISH on ENERGY
Owned: Unknown
2016-07-29 COMMENT Johnson & Johnson
JNJ-N
Lorne Zeiler

Trades at a higher multiple, because it is a better quality company. Very well-managed. There are 3 income streams 1) pharmaceuticals, 2) devices and 3) the consumer. This is basically international. The dividend is likely to grow, but slowly. This is a name that will hold up if we get market declines. He wouldn’t expect significant growth.


Price: $125.230
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2016-07-29 BUY Kelt Exploration
KEL-T
Eric Nuttall

People are warming up to nat gas.  Oil rig counts are down and gas is a byproduct of oil exploration.  Last week’s storage of nat gas was the lowest in 10 years.  It is a hot summer.  They are coming out with two exploration well results when they report next week.  You have a management team that holds a lot of stock.  Their debt is a little higher than many peers, but he does not view it as a problem.


Price: $4.460
Subject: ENERGY & SMALL CAP EQUITIES
Bias: BULLISH on ENERGY
Owned: Unknown
2016-07-29 TOP PICK LyondellBasell Industries
LYB-N
Lorne Zeiler

Basically a manufacturer, designer and technology company around plastics and polymers. They also have a refining division. Valuation is really cheap. The company did quite well, particularly when there was a disparity between oil and gas. Trading at about 7X forward earnings. He anticipates earnings to be on a declining scale in 2016, but likely to stabilize in 2017. Dividend yield of 4.52%.


Price: $75.260
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Yes
2016-07-29 WAIT Martinrea
MRE-T
Eric Nuttall

He sold a month ago.  Sentiment got bad regarding the peak of auto sales and Tesla as a competitor.  He would hold on to it.  It is slow growth.  If they bring down costs then there is margin expansion. He plans to revisit it in a couple of months.


Price: $8.710
Subject: ENERGY & SMALL CAP EQUITIES
Bias: BULLISH on ENERGY
Owned: No
2016-07-29 PAST TOP PICK Northern Blizzard Resources INC
NBZ-T
Eric Nuttall

They messaged that they wanted to be acquisitive in what was the buying opportunity of a lifetime.  But nothing has happened.  He does not know if the market is going embrace this name.


Price: $4.350
Subject: ENERGY & SMALL CAP EQUITIES
Bias: BULLISH on ENERGY
Owned: Unknown
2016-07-29 BUY NYX Gaming Group Ltd
NYX-X
Eric Nuttall

A frustrating stock this year.  He has been averaging down.  There were sellers this week that had had enough of the space and were selling.  The CEO was a buyer a few days ago.  It is a liquidity problem.  The only thing that has changed is the share price.  The space is growing at 10% and they are growing more than that organically.


Price: $1.900
Subject: ENERGY & SMALL CAP EQUITIES
Bias: BULLISH on ENERGY
Owned: Unknown
2016-07-29 SELL ON STRENGTH RMP Energy
RMP-T
Eric Nuttall

Has struggled with base decline rates.  They are undergoing a credit line review.  If you get a 20 or 30 cent bump then sell.


Price: $1.140
Subject: ENERGY & SMALL CAP EQUITIES
Bias: BULLISH on ENERGY
Owned: Unknown
2016-07-29 DON'T BUY Suncor Energy Inc
SU-T
Eric Nuttall

SU-T is 28% of the index.  As oil sells off, people flock to this one.  The stock was inflated and now as it rebounds, the risk seeking money will move to other names.  They just did a decent quarter based on refining gains. 


Price: $35.140
Subject: ENERGY & SMALL CAP EQUITIES
Bias: BULLISH on ENERGY
Owned: Unknown
2016-07-29 PAST TOP PICK Torc Oil & Gas Ltd
TOG-T
Eric Nuttall

He bought more this morning.  They did a transaction earlier this week.  Companies with cash can get assets off the dying. 


Price: $7.060
Subject: ENERGY & SMALL CAP EQUITIES
Bias: BULLISH on ENERGY
Owned: Yes
2016-07-29 BUY on WEAKNESS Whitecap Resources
WCP-T
Eric Nuttall

The stock is undervalued on a relative and absolute basis.  They spread themselves out more than some are confirmable with.  People have strong confidence in the management team.  Buy it on a pullback.


Price: $9.690
Subject: ENERGY & SMALL CAP EQUITIES
Bias: BULLISH on ENERGY
Owned: Unknown
2016-07-29 TOP PICK BMO S&P/TSX Laddered Preferred
ZPR-T
Lorne Zeiler

Rate reset preferreds started coming out in 2008. They declare a dividend which has a formula attached to it. Every 5 years that rate gets reset based on a formula, a 5-year Government bond and some kind of spread. Sold off a lot last year, because the yield curve flattened significantly and there was a fear the rate resets were going to be a lot lower. However, what has tended to happen, is that you are now getting yields of about 5.5%. Actually one of the few securities that if interest rates go up, you are going to benefit from it. He could see about 5%-10% growth, plus reset rates going higher if rates do increase.


Price: $9.960
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Yes
2016-07-28 N/A A Comment -- General Comments From an Expert
A Commentary
Andy Nasr

Markets.  People are worried about market valuations.  He thinks they are reasonable considering interest rates.  He looks for companies with great cash flow.  The market is up because corporate profits are up.  Both are up 40%.  He thinks corporate profit will increase in 2017.  He admits we are creating asset bubbles in specific areas.  Sovereign debt is very expensive.  The S&P PE multiple it just about where it should be historically.  He sees more potential in Europe.  You will get multiple and profit expansion.  The US is attractive because of the lower risk. 


Price: $0.020
Subject: GLOBAL
Bias: OPTIMISTIC
Owned: _N/A
2016-07-28 N/A A Comment -- General Comments From an Expert
A Commentary
Andy Nasr

Deflationary Periods from a Macro Perspective.  Negative interest rates are inflationary.  They create a disincentive for corporations and individuals to spend.  Companies generating stable cash flow are good investments under these conditions. 


Price: $0.020
Subject: GLOBAL
Bias: OPTIMISTIC
Owned: _N/A
2016-07-28 N/A A Comment -- General Comments From an Expert
A Commentary
Andy Nasr

Preferred Shares.  Be careful what kind.  Floating rate preferreds have gone down.  The coupon gets reset.  Fixed coupons have done well, but be careful of the credit risk.  It is a good way to supplement the income and to diversify the risk.


Price: $0.020
Subject: GLOBAL
Bias: OPTIMISTIC
Owned: _N/A
2016-07-28 WATCH A Comment -- General Comments From an Expert
A Commentary
Andy Nasr

Mortgage REITs.  Mortgage rates are close to historic lows.  If they go back up it would benefit the US mortgage REITs.  Income is declining because the end of the yield curve is declining.  If they go back up, then so should the mortgage REITs.


Price: $0.020
Subject: GLOBAL
Bias: OPTIMISTIC
Owned: No
2016-07-28 N/A A Comment -- General Comments From an Expert
A Commentary
Greg Newman

Canadian Markets. There are a lot of areas that are so cheap that they just can’t get out of their own way. There are a lot of good yield proxies, some of the REITs that are paying 7%-9%; some of the industrial companies with really good dividends will probably have some very good upside. Then there are those that are not cheap, but have very good dividends, and even better EPS growth. There is a lot of cash on the sidelines. This is a market that is likely to go higher.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH
Owned: _N/A
2016-07-28 N/A A Comment -- General Comments From an Expert
A Commentary
Greg Newman

Economy. We are in an environment where we are going to have low interest rates for quite some time. The Fed will raise rates every chance they can, but it still does not replace the fact that there is “central bank” buying out there, and we are in a deflationary world which will take some time.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH
Owned: _N/A
2016-07-28 PAST TOP PICK A Comment -- General Comments From an Expert
A Commentary
Greg Newman

(A Top Pick Oct 2/15. Up 53.27%.) Emera instalment receipt (EMA.IR). This is something where you can put one 3rd down, get paid effectively 12% on a note. At that time, he thought we were heading into a tough macro as well as a tough time for the stock market. We are at a time right now where investors have to put down the other two thirds to get the whole play on it, but he is not interested in that. He recently got out of this.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH
Owned: No
2016-07-28 DON'T BUY Abbott Labs
ABT-N
Andy Nasr

Significant emerging markets exposure.  He sees better risk reward in other parts of the healthcare market.


Price: $44.450
Subject: GLOBAL
Bias: OPTIMISTIC
Owned: No
2016-07-28 BUY Ag Growth International Inc
AFN-T
Greg Newman

This has about an 83% payout ratio with a dividend yield of about 6%. They missed on their top line in Q1, but are guiding to a stronger 2nd half. The balance sheet is a little stretched at 3.7X net debt to EBITDA. Thinks this is one that you could own here. Dividend yield of 5.7%.


Price: $42.250
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH
Owned: Unknown
2016-07-28 BUY Altagas Ltd
ALA-T
Andy Nasr

(Market Call Minute) Two thirds of their portfolio is from renewable, stable power generation assets.  Little commodity price exposure and good valuation.


Price: $32.740
Subject: GLOBAL
Bias: OPTIMISTIC
Owned: Yes
2016-07-28 PAST TOP PICK Algonquin Power & Utilities Corp
AQN-T
Greg Newman

(A Top Pick Oct 2/15. Up 34.65%.) This had been cheaper than its peers, but growing better. It also had FX tailwinds, because most of its business was in the US. Now it is slightly more expensive than its peers, but still growing at 22% annually over the next couple of years. Thinks it can grow its dividend 10% year-over-year.


Price: $12.180
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH
Owned: Yes
2016-07-28 BUY Aecon Group Inc
ARE-T
Greg Newman

(Market Call Minute.) This has gone up very high, but still cheap relative to its five-year average. Thinks there is a lot more in the tank.


Price: $17.630
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH
Owned: Unknown
2016-07-28 HOLD Artis Real Estate Investment Trust
AX.UN-T
Greg Newman

Not the highest quality REIT, but he does like it here. 8% dividend yield and it is trading at a very reasonable valuation, 10.7X 2016. Payout ratio is at about 87%, and he sees that declining next year. 32% of its revenue stream is from the US. His problem is that it doesn’t have any growth rate over the next couple of years, due to the areas they are in.


Price: $13.610
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH
Owned: Unknown
2016-07-28 TOP PICK Brookfield Asset Management (A)
BAM.A-T
Andy Nasr

Exposure to several downstream entities.  Good exposure to inflation protected cash flows.  The fee income from their assets is increasing.  This should cause the stock to get re-rated and move higher.  There is significant upside in the next 12 months.


Price: $45.000
Subject: GLOBAL
Bias: OPTIMISTIC
Owned: Yes
2016-07-28 COMMENT Bombardier Inc (B)
BBD.B-T
Greg Newman

A name he hasn’t liked for many years, but “speculatively” he now likes it here. They are free cash flow negative for 2017 and 2018. A good management team. Have made some tough decisions that is already starting to bear fruit. They have liquidity out to 2018. If they get their “blue sky” guidance, this is a stock that could triple over the next 3 years if they execute. The real risk is the aerospace cycle.


Price: $1.990
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH
Owned: Unknown
2016-07-28 DON'T BUY Barclays Bank PLC
BCS-N
Andy Nasr

(Market Call Minute) Prefers UK REITs to UK Banks at this point in the cycle.  The UK is ready to lower rates to stimulate the economy.


Price: $7.840
Subject: GLOBAL
Bias: OPTIMISTIC
Owned: No
2016-07-28 BUY Boardwalk REIT
BEI.UN-T
Andy Nasr

(Market Call Minute) There was an overreaction when oil got below $40.  It will be a challenge to figure out if they will stabilize occupancy by lowering rents.


Price: $55.390
Subject: GLOBAL
Bias: OPTIMISTIC
Owned: Yes
2016-07-28 DON'T BUY Cineplex Inc
CGX-T
Andy Nasr

(Market Call Minute) Prefers Cinemark Holdings (CNK-N) in the US.


Price: $50.700
Subject: GLOBAL
Bias: OPTIMISTIC
Owned: No
2016-07-28 BUY Cineplex Inc
CGX-T
Greg Newman

This has diversified itself away from the film place. The box office is now only about 50% with concessions at about 30%, and they are getting into E-gaming, building out the rec room, digital signage. He sees them being able to earn 15% compounded annual growth rate over the next couple of years. Pretty expensive relative to its 5 year, but if we are in an environment of multiple expansion, this is a good one to own.


Price: $50.700
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH
Owned: Unknown
2016-07-28 COMMENT Canadian Imperial Bank of Commerce
CM-T
Greg Newman

This is the worst of the 5 big banks at this point. They just made a US acquisition and paid 17X, and it trades at around 11X. It is likely going to be dilutive. They are going to go from the best balance sheet, highest CET1 to the worst as a result, with no earnings per share growth for the next little bit. The stock is OK, but you can get a much better growth rate and a very similar valuation with one of the other banks. He would go Royal (RY-T) or Bank of Nova Scotia (BNS-T). (See Top Picks.)


Price: $99.140
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH
Owned: Unknown
2016-07-28 DON'T BUY Coach Inc
COH-N
Andy Nasr

He would be reluctant to put it in his portfolio given the competition and the decline in foot traffic in the US.  The valuation and long term growth potential keeps him out of it.  Prefers TJX-N.


Price: $42.800
Subject: GLOBAL
Bias: OPTIMISTIC
Owned: No
2016-07-28 BUY Coca-Cola Bottling
COKE-Q
Andy Nasr

They are trying to refranchise some of their bottling agreements and are 2/3rds of the way through.  They should increase their margins.


Price: $143.940
Subject: GLOBAL
Bias: OPTIMISTIC
Owned: Unknown
2016-07-28 DON'T BUY Capital Power
CPX-T
Greg Newman

This is one where you are betting on what happens with their coal assets, and whether or not they are successful against the government. 190% payout ratio. He won’t buy this name right now because it is trading at 37X 2016 PE. Dividend yield of 7.5%.


Price: $20.760
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH
Owned: No
2016-07-28 DON'T BUY Crombie Real Estate Investment Trust
CRR.UN-T
Andy Nasr

(Market Call Minute) Decent for Canadian investors.  It had a good run.  He prefers some Western Canadian REITs that represent deeper value.


Price: $15.530
Subject: GLOBAL
Bias: OPTIMISTIC
Owned: Unknown
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