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

Recent Opinions

Date Signal Company Expert Opinion Price
2014-10-24 N/A A Comment -- General Comments From an Expert
A Commentary
James Telfser

Markets. Built up a fair amount of cash leading to the correction and has now put some of this to work. Had taken some of his cues from the market on the US treasury side. Also, just following the technicals in the market, he saw a couple of big rallies into the close in the US, and it looked like the market wanted to go a little bit. Also, there was a positive in the number of people being fired in the US. It was more of a tactical decision where he thought the market had overshot on the down side. Has been trimming some of those positions in the last couple of days. Doesn't think we are going to get back to new highs. We have come a long way off from the bottom, so it is prudent to take some money off the table, especially the way the oil price has been struggling.


Price: $0.020
Subject: CANADIAN
Bias: CAUTIOUS
Owned: _N/A
2014-10-24 N/A A Comment -- General Comments From an Expert
A Commentary
Jason Donville

Markets. Since the 2nd world war, most of the economies and stock markets have followed a very similar pattern. We come out of a slow period, the economy picks up, we start getting inflationary pressures, the Central Bank starts raising interest rates to dampen it and everything slows down. That is the cycle. However, in the last 5-6 years, we really haven't seen really high levels of growth coming out of the last trough of 2008-2009. The likelihood of a Central Bank going to raise interest rates to slow down growth, is very, very low. Doesn't think we are going to get a big correction in the stock market. The price of oil and the price of copper tell you there is not a lot of growth out there. Thinks we are going to be in a muddle along economy. In this correction we are going through, we are pretty much there. Feels we are going to be in a stable and soon to be rising market. Lower oil prices is like a huge tax windfall and very positive for the economy. Feels the next 3-6 months for the stock market are going to be good. We tend to get our corrections in September and October, and then we get pretty good markets from the end of October through until probably May.


Price: $0.020
Subject: GROWTH & FINANCIALS
Bias: OPTIMISTIC
Owned: _N/A
2014-10-24 N/A A Comment -- General Comments From an Expert
A Commentary
Jason Donville

Energy. We have been in this channel of somewhere between $80 and $110 range in the last 5 to 7 years. With fracing technology will we actually start setting a new lower level to that range? Most of the feedback he has heard from oil/gas analysts is that the costs of getting oil out of the ground has not changed that much. As a consequence, we are probably going to steady somewhere around $80 as a lower limit. If we shoot through $80 and into the $70's for a few months, supply is going to pulled back quite quickly. Thinks oil does become quite interesting here in the low $80's. Don't be a seller of oil stocks. Look to pick up bargains as we bounce along that $80 mark. Expect that in 18 months we will be back over $95.


Price: $0.020
Subject: GROWTH & FINANCIALS
Bias: OPTIMISTIC
Owned: _N/A
2014-10-24 N/A A Comment -- General Comments From an Expert
A Commentary
Jason Donville

Lifecos or Canadian Banks? He still likes the banks better. They seem to have a lot more latitude in terms of growth. Likes their quality of management, although Manulife (MFC-T) would be on a par. If he had to choose one bank, it would be Toronto Dominion (TD-T), but all the Canadian banks are good right now.


Price: $0.020
Subject: GROWTH & FINANCIALS
Bias: OPTIMISTIC
Owned: _N/A
2014-10-24 HOLD Air Canada (B)
AC.B-T
James Telfser

Generally likes the airlines. Cdn$ has been causing a bit of headwind, and is not quite being offset by fuel prices. If you step back from all the short-term moves, such as jet fuel and currency, they have been doing some great things. They are really revamping their business. For the last 3 months their numbers have been out of the park. Expects this quarter is going to be a good one.


Price: $8.590
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-10-24 COMMENT AutoCanada Inc.
ACQ-T
James Telfser

Valuation is better than it was at $90. The story is that they need to make acquisitions to grow into the multiple that they are at. He would argue that a rollup is great, but there comes a point when rollups aren’t great any more. It is hard to find acquisitions and hard to integrate them into the business successfully. Doesn't feel this is in the top 20 names in Canada that you should hold. Looks a lot more attractive for a trade rather than something that he would want to hold for the next 12 months.


Price: $58.970
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-10-24 COMMENT Avigilon Corp
AVO-T
James Telfser

High definition cameras. Loves to follow this name. Had been Short this not too long ago. Feels it might be in for trouble in the near-term. Any time you have a company that has a product or service that is not too difficult to replicate, you know their competitors are going to try to copy. High levels of revenue growth are built into the stock, and he tries to stick to the value side of things which gives you a margin of error.


Price: $15.320
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-10-24 HOLD Avigilon Corp
AVO-T
Jason Donville

Its strengths and weaknesses are roughly in balance, so this would be a Hold, and we need to see a resolution on something. There seems to be something going on underneath the surface of the company, which he feels has to do with the personalities of the people at the top. At this price it looks cheap, but he wouldn't be a seller or adding until there was some conclusion.


Price: $15.320
Subject: GROWTH & FINANCIALS
Bias: OPTIMISTIC
Owned: Unknown
2014-10-24 BUY Brookfield Asset Management (A)
BAM.A-T
James Telfser

Sold off from its highs of $55. An interesting play that he likes. You are getting real estate, infrastructure, utilities and into the asset management side of their business. Very defensive type business model.


Price: $52.760
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-24 HOLD Bombardier Inc (B)
BBD.B-T
James Telfser

A lot of people are Short on this. If they can have a nice earnings beat, he thinks there could be a very nice pop on the stock. If you own, he would not be selling, but holding to see how this quarter goes. The Cdn$ actually benefits a company like this.


Price: $3.830
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-10-24 COMMENT Bank of Montreal
BMO-T
James Telfser

Nothing has changed much for the banks, and he has been gun shy for the last year thinking they were going to slip on some of their earnings announcements. They haven't yet. He took a small position in this because of their US exposure. Mortgage rates keep going down, which should be a boost to the banks.


Price: $81.510
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-24 WATCH Canam Group Inc.
CAM-T
James Telfser

Makes bridges and industrial buildings. This has had a bit of a wild ride. Had 2 quarters where they really disappointed. The 1st quarter this year was weather related, and this last quarter they missed expectations because their back log was too big. Margins got squeezed and they weren’t getting the amount of work done. They have to hire a lot of people to get through that back log. If you hold this name, watch next week when they report to see where this company goes. He thinks it was just 2 short term misses. He has a lot of faith in management.


Price: $11.320
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-24 PAST TOP PICK CCL Industries (B)
CCL.B-T
James Telfser

(A Top Pick Nov 26/13. Up 36.9%.) Labels. Growth will be about 3%. Considers this as an anchor position in his portfolios. This gives a lot of kickers, in that they can make acquisitions. Generates a lot of cash. Every acquisition they have made has been hugely accretive.


Price: $114.500
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-24 PAST TOP PICK Com Dev International Ltd.
CDV-T
James Telfser

(A Top Pick Nov 26/13. Down 5.69%.) Sold his holdings but is now back into it at lower levels. A very lumpy business where you are selling big projects. All the budget constraints on satellites in the US affected them. To offset that, there is positive news coming out of their ExactEarth, which tracks ships, etc. all over the globe through satellite.


Price: $3.670
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-24 BUY Chesswood Group
CHW-T
Jason Donville

Great company. Doesn't quite have the ROE that he looks for, but even so it is a Buy. Thinks the dividend is going to be fine. Got a little bit ahead of itself when it went up to $18-$19. At this price it is quite attractive.


Price: $13.970
Subject: GROWTH & FINANCIALS
Bias: OPTIMISTIC
Owned: No
2014-10-24 BUY on WEAKNESS Clearwater Seafoods Inc.
CLR-T
James Telfser

A very interesting consumer staple name in Canada which has good upside. Pricing has been very firm on shellfish. This company has a very defined growth strategy, looking for new quotas or companies they can buy to get more supply, to be able to sell more. In the meantime, you are getting a company that generates a reasonable amount of cash. They pay a little dividend, and it is not a bad business to be in. Defensive in that they sell globally. Demand for seafood is picking up. He would wait for a bit of a pullback.


Price: $11.240
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2014-10-24 DON'T BUY Capital Power
CPX-T
James Telfser

For a long time hold, this is probably one of the better utility names that he likes. A good play. Power prices have been quite low in Alberta where they have a lot of their business. Struggled in this most recent quarter and got hit pretty hard for a utility. A more interesting name, that has more upside in the next 6 to 24 months, would be Brookfield Asset Management (BAM.A-T).


Price: $25.870
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-10-24 HOLD Crew Energy Inc.
CR-T
Jason Donville

One of the premier up and coming natural gas names. If you are bullish on natural gas, this is a good name. Stock is still weak here. Don't sell your energy stocks now, wait until the coldest time of the year, such as January.


Price: $7.320
Subject: GROWTH & FINANCIALS
Bias: OPTIMISTIC
Owned: Unknown
2014-10-24 TOP PICK Constellation Software Inc.
CSU-T
Jason Donville

(A Top Pick Oct 18/13. Up 61.96%.) His target price for the end of 2015 is $400. They are the best allocators. Have a strong balance sheet. If you are only going to own one stock in Canada right now, this would be it. Trading at 16.5X 2015 earnings, and is growing at 30% a year.


Price: $295.590
Subject: GROWTH & FINANCIALS
Bias: OPTIMISTIC
Owned: Yes
2014-10-24 DON'T BUY Difference Capital Financial
DCF-T
Jason Donville

This is going to be a tough company for the retail investor to own into. There are obviously some very good personalities behind this company, but there are not a lot of earnings right now. They have a lot of investments that are in non-public companies or almost like venture capitalist type of investments. There are probably better ways to play this area.


Price: $1.360
Subject: GROWTH & FINANCIALS
Bias: OPTIMISTIC
Owned: No
2014-10-24 DON'T BUY DHX Media
DHX.B-T
James Telfser

Valuation on this is too rich for him. They are building in a lot of the positive news that has happened. It has been a good story.


Price: $8.980
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-10-24 TOP PICK Cipher Pharmaceuticals Inc.
DND-T
Jason Donville

We are in an environment right now where pharmaceutical companies are very hot commodities. You either have to acquire things or you have to be acquired. This company is attractive in both respects. Have a great lead drug for teenage acne which is doing very well. Also, have a lot of cash. This could simultaneously be a very attractive acquisition or they could turn around and use that cash to buy other things in their product offering. They have a lot of options right now. His guess is that we are going to get reconciliation one way or another in the next six months. They are either going to buy a bunch of stuff or going to get a big pop in their rating or get taken out by somebody at a higher price. Trading at 13X earnings with about a 35% ROE.


Price: $11.600
Subject: GROWTH & FINANCIALS
Bias: OPTIMISTIC
Owned: Yes
2014-10-24 HOLD Encana Corp
ECA-T
James Telfser

Has been impressed with this company. All the deals they have been doing recently to transform themselves into what it is today, is going to be good for them in the long run. Balance sheet is a lot cleaner now than it used to be. They are executing on the plan that they set out for themselves. Would look at this one if the market started to turn around.


Price: $20.630
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-10-24 HOLD Element Financial
EFN-T
James Telfser

Great story. Doesn't hold, but one of the ones that are at the top of his radar. Looks interesting where it is trading. Made some big deals. He likes companies that make transformational deals where the market is not giving credit. Analysts’ estimates revisions have been very high. A little higher on evaluation side than where he wants to be, so hasn't pulled the trigger yet.


Price: $12.840
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-10-24 DON'T BUY Element Financial
EFN-T
Jason Donville

This one makes him a little bit nervous in terms of valuation and the rate at which they acquire businesses and the kind they acquire. At this stage in the cycle, this is not one that he would be an owner of. Generally speaking, as the economic cycle goes longer and longer, investors  should lighten up on financials. Some day, when things go bad, financials will lead us into it.


Price: $12.840
Subject: GROWTH & FINANCIALS
Bias: OPTIMISTIC
Owned: No
2014-10-24 COMMENT Empire Company (A)
EMP.A-T
James Telfser

Empire (EMP.A-T) or High Liner (HLF-T)? He would choose this company. It is defensive in this environment of volatility. The last quarter they reported was quite strong and they beat expectations. Margins had grown. Saw some of the synergies from the Safeway acquisition start to come through, and he thinks this is going to just accelerate. Food inflation has actually been okay.


Price: $76.500
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-24 BUY Equitable Group
EQB-T
Jason Donville

Good company. Screens very well right now. He has made his bets on Home Capital (HCG-T), which has a higher return on equity. In the context of everything he looks at, both of these would be a Buy.


Price: $65.700
Subject: GROWTH & FINANCIALS
Bias: OPTIMISTIC
Owned: No
2014-10-24 TOP PICK Firstservice Corp
FSV-T
James Telfser

Considers this as an anchor in financial services. Huge amount of recurring revenue from a lot of their brands. They manage residential buildings as well as owning a lot of interesting businesses. The crown jewel for them is their Colliers brand, which is selling businesses, but also managing portfolios of commercial buildings. This business has been growing in the low double-digits, and he expects it to continue. Margins have been growing. Dividend yield of 0.72%. A company that you can hold for many years and be rewarded.


Price: $62.620
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-24 TOP PICK CGI Group (A)
GIB.A-T
Jason Donville

The long-term on this company is that every year it has 20% ROE. Trades at 9.9X 2015 earnings. Well-managed and throws off a lot of cash flow. They buy back their stock. He is pretty comfortable that it will be 20% higher. It should be $8 higher in year’s time.


Price: $37.470
Subject: GROWTH & FINANCIALS
Bias: OPTIMISTIC
Owned: Yes
2014-10-24 PAST TOP PICK Home Capital Group
HCG-T
Jason Donville

(A Top Pick Oct 18/13. Up 39.04%.) There is a tremendous amount of intellectual capital tied up in the building. You get a steady 20% ROE. Very, very low loan losses, because their loan to value is very, very low.


Price: $52.120
Subject: GROWTH & FINANCIALS
Bias: OPTIMISTIC
Owned: Yes
2014-10-24 COMMENT High Liner Foods
HLF-T
James Telfser

Empire (EMP.A-T) or High Liner (HLF-T)? He would choose Empire.


Price: $22.030
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2014-10-24 HOLD High Liner Foods
HLF-T
Jason Donville

Checked back to about $20, but now seems to be finding its footing. If some people are nervous about where the economy is going, the food companies tend to be very, very defensive. Thinks it will back up into the $25 point in six months, if not sooner, and then you will be into profit territory.


Price: $22.030
Subject: GROWTH & FINANCIALS
Bias: OPTIMISTIC
Owned: Yes
2014-10-24 COMMENT High Arctic Energy Services Inc
HWO-T
James Telfser

A great name. Got knocked around like crazy in the last few weeks, which was completely overdone. They operate in Papua New Guinea, and have recently expanded their operations. Just bought 2 rigs, and they still have to contract the 2nd one. That is the catalyst that will get the shares really moving.


Price: $4.260
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-24 WAIT Liquor Stores N. A.
LIQ-T
James Telfser

You have to love how this rallies in all the volatility. Has been following this one for the last 2 years and it has been a complete disappointment. Management has done a great job of getting out there and telling the story of what they are going to do. They have a plan in place. He is getting a little more faith that management is going to be able to do what they say. We are only in the first or second inning of this turnaround. Dividend is safe.


Price: $13.330
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-10-24 HOLD Manulife Financial
MFC-T
James Telfser

Likes their Asian position. Asia is still growing at a pretty fast clip and is not a concern to him. Prefers Sun Life (SLF-T) which can do a little bit more with their capital.


Price: $20.540
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-10-24 BUY Magna Int'l. (A)
MG-T
James Telfser

An attractive time to look at a company like this. Valuation is still reasonable at around 10X earnings. Auto sales numbers in North America and Europe haven't been that bad. They like to give earnings back to shareholders in the form of buy backs or dividends. Prefers Linamar (LNR-T).


Price: $108.380
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-10-24 TOP PICK New Flyer Industries Inc.
NFI-T
James Telfser

Bus manufacturing. An interesting business that is quite stable. They sell a ton of buses into the US. The US has been making more and more money as the economy improves, and municipalities/states have been buying more buses. Likes the shift they are making into making acquisitions. Have bought a couple of companies over the last few years, including parts makers, and are getting to be a much more reasonable player in the after parts market business. EBITDA per unit, in this last quarter, blew analysts’ expectations away. Dividend yield of 4.55%.


Price: $13.100
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-24 HOLD Onex Corp
OCX-T
Jason Donville

Thinks the way to play this over the cycle is to try and anticipate when a lot of its private equity investments are going to crystallize. That is what generates the profitability and the asset value of the company. If you have a sense of when there is a big IPO cycle, then away you go. His sense is that cycle did probably peak 3-4 months ago, so if you own you probably have had your short-term little pop. Longer-term, this is evolving into a broad based company where they are always launching new funds. This is one that you just salt away and just let it go.


Price: $61.350
Subject: GROWTH & FINANCIALS
Bias: OPTIMISTIC
Owned: Unknown
2014-10-24 PAST TOP PICK Open Text
OTC-T
James Telfser

(A Top Pick Nov 26/13. Up 31.83%.) Still likes this a lot. Part of the thesis on this was that they were coming out with a whole new product refresh that was going to cause an uptick in license revenue growth, or they were going to use some of their cash to make some acquisitions. Both of those things have happened. Have a big Cloud component now. Their Red Oxygen is now selling very well into their customers. Last quarter they had over 20% license growth. Earnings beat quite handily and margins were growing. Has added to his holdings. Thinks they have good long-term prospects.


Price: $59.690
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-24 SPECULATIVE BUY Patient Home Monitoring
PHM-X
Jason Donville

A great little junior concept stock. Actually based in LA and have operations all over the US. This is an American company listed on the TSE. Management is saying all the right things, but it is still early days right now. Growth looks good. Company is going to be profitable right from the get-go. Management is committed to not raising a lot of money through equities, so you are not going to get diluted. He has a very small position in this, and he is going to watch it quarter by quarter and just grow up with the company. Too early to back up the truck.


Price: $0.440
Subject: GROWTH & FINANCIALS
Bias: OPTIMISTIC
Owned: Yes
2014-10-24 PAST TOP PICK Parkland Fuel Corp
PKI-T
Jason Donville

(A Top Pick Oct 18/13. Up 17.7%.) Sold his holdings at around $19.50, because the ROE was a little bit lower than what he was looking for. Just did an acquisition in Ontario and he may end up going back into the name.


Price: $20.670
Subject: GROWTH & FINANCIALS
Bias: OPTIMISTIC
Owned: No
2014-10-24 HOLD Questor Technology
QST-X
Jason Donville

Anything related to natural gas has been beaten up here. He has a small position in this and is waiting for the quarter. If it comes out good, he will be adding to his position. They are soon going to be looking at waste heat as well. Great little technology company.


Price: $3.420
Subject: GROWTH & FINANCIALS
Bias: OPTIMISTIC
Owned: Yes
2014-10-24 HOLD Rifco Inc.
RFC-X
Jason Donville

Later in an economic cycle and you get your first downturn, consumer finance companies are going to get a little beaten up. If you hold these for 10-15 years, it's fine as they always bounce back higher than before. If you are someone who is occasionally adding or subtracting to your portfolio, then these are the kinds of companies you want to lighten up on. The only offsetting factor is that one of its main competitors got bought out. Given where interest rates are, a lot of big financial institutions want to be in this space. Later in the cycle, he might be turning his holdings but currently he is holding on as he has a feeling that this one is going to get taken out by someone.


Price: $5.840
Subject: GROWTH & FINANCIALS
Bias: OPTIMISTIC
Owned: Yes
2014-10-24 HOLD Sunlife Financial
SLF-T
James Telfser

If looking for some stability in your portfolio and something for the long-term, this is a great stock. He tends to like insurance companies a little bit better than banks here. Valuations are reasonable. Have really improved their capital ratios, and they have a lot of cash so they can start doing something interesting with that.


Price: $39.160
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-24 TOP PICK Sandvine Corp.
SVC-T
James Telfser

Believes in their revenue growth story. This deep packet inspection, in being able to charge for different areas of your mobility and data plans, will ultimately benefit them down the road. Companies like Netflix or HBO will want to offer some kind of services, where they can pay for your data usage on those plans. World class products. 10% of their sales in the last quarter were from IBM (IBM-N). At these levels, your downside risk is very limited.


Price: $2.780
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-24 COMMENT Sierra Wireless
SW-T
Jason Donville

Good company but evaluation is pretty rich in his numbers. Estimated PE is 65, so as some point in time there is going to be a correction of valuation, or they have to have a massive surge in earnings to justify that valuation.


Price: $29.810
Subject: GROWTH & FINANCIALS
Bias: OPTIMISTIC
Owned: No
2014-10-24 WAIT Trinidad Drilling Ltd
TDG-T
James Telfser

This is one that he is watching. You have to be careful in this environment. Sentiment indicators on oil and gas are crazy low, but that doesn't mean they can't get lower. He is looking for some direction on the oil price, which will definitely play into the thesis on a name like this. A cheap name and a high-quality name.


Price: $7.280
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-10-24 WATCH Tourmaline Oil Corp
TOU-T
James Telfser

Had a nice bounce back but is now hitting lows again. A high-quality name. Good growth story. Superb management team. These are the types of names you want to focus on when we do hit bottom in oil/gas.


Price: $41.230
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-10-24 COMMENT Wanted Technologies
WAN-X
Jason Donville

Great company and great technology, but they have a kind of lumpy cycle. The financial year they are coming into right now is going to be a bit muted and the following year should be quite strong. This has to do with the timing of contracts and the timing of investments and launches. It might stall out on you for about 6 months until people start anticipating the following financial year. The catalyst for better earnings is still 6-9 months away. If you are in for a 3-4 year view, you are going to do well, but if your timeframe is shorter than that it may not be as happy an experience.


Price: $1.130
Subject: GROWTH & FINANCIALS
Bias: OPTIMISTIC
Owned: Unknown
2014-10-23 N/A A Comment -- General Comments From an Expert
A Commentary
Bill Harris, CFA

Markets.  We were incredibly oversold and so we are having a rally now.  Interest rates have collapsed this year from 3.0% to 2.2% this year.  It is worse for finding yield in fixed income so you have to go back into the stock market.  We really saw the hit in the mid-cap, retail investor stocks.  Oil came off also so oil stocks should be looked at.


Price: $0.020
Subject: RESOURCE
Bias: BULL on OIL
Owned: _N/A
2014-10-23 N/A A Comment -- General Comments From an Expert
A Commentary
Greg Newman

Markets. To really understand what has happened, you have to isolate what brought this market down. There were a lot of contributing factors such as Ebola, terrible events in Ottawa, but the key is understanding where Europe is going. There were encouraging data points out of Europe today and a big market rally, which was not surprising. If you can see more data points like that on its own, he thinks you have the next leg up of this bull market. Unfortunately. today is just one data point. You need more before you can be sure. Also, markets can go higher if investors become confident enough that the ECB has investors back. The ECB is mostly job owning. It might even be beyond the ECB at this point, and requires the involvement of Germany and a fiscal stimulus. This is what has markets so worried. If you can see PMI's rising in Europe like they did today, stocks look really good. Stocks do want to go higher and the Bulls do want to run, but you definitely need Europe. It is typical that there was the retracement we had today, but you wouldn't buy just based on this snap back. You would buy if you are seeing a change. If you see the weak data points that we saw in September in Europe as just a summer slowdown, and will be actually snapping back on their own, it doesn't matter that they are feeble. What investors need to see is that it is trending in the right direction. This is really a “wait and see” to see who does carry the next leg. It really does depend on Europe.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: _N/A
2014-10-23 N/A A Comment -- General Comments From an Expert
A Commentary
Greg Newman

Banks or oil companies for sustainability of dividends? First of all, payout ratios on the banks are between 40% and 50%. He doesn't know if the Canadian bank has ever cut its dividend. You have the highest assurance of quality in banks. Energy names are in the penalty box with an uncertainty and a question mark around oil. Capital wants to go somewhere. If investors are not looking at oil and at telecom stocks, they're going to go to bank stocks.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: _N/A
2014-10-23 DON'T BUY Altagas Ltd
ALA-T
Bill Harris, CFA

He always tries to own some infrastructure.  These are great long term investments.  The problem is that the valuation is extreme.  A great company that is on his list, but he finds others elsewhere that are cheaper.


Price: $46.860
Subject: RESOURCE
Bias: BULL on OIL
Owned: No
2014-10-23 WATCH AltiusMinerals Corp
ALS-T
Bill Harris, CFA

They have the nickel royalty for Voisey Bay.  The nickel market is so messed up with Indonesia banning exports.  You might be able to get the stock relatively inexpensively soon.


Price: $11.440
Subject: RESOURCE
Bias: BULL on OIL
Owned: No
2014-10-23 TOP PICK Algonquin Power & Utilities Corp
AQN-T
Greg Newman

(A Top Pick Oct 2/13. 45.6%.) This is an interest-rate call. Also, based on the view that markets are not going to be easy over the next 12 months as they were over the last 12. This is a power/utility, a kind of gentle place to be. Yet they've got 30% adjusted earnings growth that he models over the next couple of years. Cheap at 8X versus its peers of around 7.7. He models a 10% dividend growth over the next couple of years. Dividend yield of 4.39%.


Price: $8.890
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2014-10-23 HOLD Arc Resources Ltd
ARX-T
Greg Newman

He is modeling this assuming that WTI oil is at $80 and stays there, and natural gas is at $3.50 and stays there. The balance sheet is still very strong. Cash flow is 1.1X versus its peers at around 3X. Cash flow growth would still be very strong at around 16%. Dividend growth rate would still be quite good with the payout ratio of about 117%, still sustainable relative to its peers at that level of about 145%. Valuation would still be good. An excellent operator with great resources. They stand to benefit from a lot of LNG opportunities opening up, seeing that they are 40% exposed to natural gas.


Price: $27.980
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2014-10-23 DON'T BUY Bonavista Energy Corp
BNP-T
Bill Harris, CFA

The internal numbers are not super sexy so it trades with the market.  The commodity is low.  Prefers others with better operating numbers.


Price: $11.080
Subject: RESOURCE
Bias: BULL on OIL
Owned: Unknown
2014-10-23 BUY Bonavista Energy Corp
BNP-T
Greg Newman

He still sees cash flow growth of about 11.4%, 2013-2015 with $80 oil and $3.50 gas. However, debt to cash flow does go higher at 2.2, which isn't horrible. Payout ratio goes to 134%, which is better than the group. It was cheap before at 5.1 with $96 oil, and at $80 oil it is 6.1, which is still cheap. If you are risk tolerant, you could buy this. LNG opportunities are starting to unfold.


Price: $11.080
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2014-10-23 BUY Baytex Energy Corp
BTE-T
Bill Harris, CFA

Likes it and thinks the dividend is sustainable.  Likes the management team.  They get a Canadian dollar western Canadian price.  The reduced differential should benefit them.


Price: $36.220
Subject: RESOURCE
Bias: BULL on OIL
Owned: Unknown
2014-10-23 HOLD Baytex Energy Corp
BTE-T
Greg Newman

This is a good one. At this lower oil price, he still sees cash flow growth at around 18%. Dividend is still okay. Payout ratio would rise to 120%, but still pretty sustainable relative to its peers. Valuation would still be attractive at 6.8 versus the group at around 9. Cash flow would still be pretty good.


Price: $36.220
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2014-10-23 HOLD Canadian Apartment Properties
CAR.UN-T
Greg Newman

Interest rates have been falling, so REITs have been going higher. He personally thinks we are in an environment of pretty soft interest rates. Feels you can own this name. They have cost control and an occupancy rate of around 98%. They are starting to shift to building from acquisitions. They want to grow on some of their vacant land in Toronto and Vancouver. Trading in line with its five-year average, so it is not a bargain here. Payout ratio of about 81%.


Price: $25.010
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2014-10-23 TOP PICK Canadian Natural Rsrcs
CNQ-T
Bill Harris, CFA

Take advantage of this oil price selloff to pick this up.  Throws out an incredible wall of cash.  4 years out it will be extraordinary.


Price: $39.550
Subject: RESOURCE
Bias: BULL on OIL
Owned: Yes
2014-10-23 COMMENT Crescent Point Energy Corp
CPG-T
Greg Newman

If WTI is at $80 and natural gas is at $3.50, he is modeling a debt to cash flow of 1.1X on 2015 estimates, which is very reasonable compared to the group at that level at 3X. A 2015 estimated payout ratio, so their dividend sustainability would be 114%, which is not bad. The valuation they would trade at would be 7.4X enterprise value to cash flow. You want to be closer to buying at these levels then to selling.


Price: $38.070
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2014-10-23 BUY on WEAKNESS Chartwell Seniors Housing
CSH.UN-T
Greg Newman

A good story. He is modeling 7% compounded annual growth. Sees a strong 2nd half coming from ramped up sales and marketing. Have had this really nice strategy of recycling capital from non-core properties and putting them into higher quality, which should continue to drive multiple expansion. It is a potential takeover target. Long term tailwinds of seniors’ assisted living. He would try to buy it on a bit of a pullback.


Price: $11.170
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2014-10-23 TOP PICK Enbridge
ENB-T
Greg Newman

The view was that falling oil would mean less Alberta production. To really impact their growth visibility you're going to have to have enormous change in Alberta production. For that you probably need $60 oil. He sees EPS growth of 12% for the next 5 years. Low payout ratio of 43%, so they have plenty of room to revisit their dividend policy, which they might. There is a lot of growth coming from drop-downs. Their earnings are exceptionally high quality. Yield of 2.67%.


Price: $52.370
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2014-10-23 PAST TOP PICK Enerplus Corp
ERF-T
Greg Newman

(A Top Pick Oct 2/13. Up 6.62%.) Pays a good yield. Got to $26 and he did do some selling. He would be much closer to buying this as it has a good sustainable dividend. If you own this one Hold.


Price: $17.330
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2014-10-23 PAST TOP PICK Franco-Nevada Corp.
FNV-T
Bill Harris, CFA

(Top Pick Nov 19/13, Up 29.87%) It is a distressed lender to the gold industry. 


Price: $59.450
Subject: RESOURCE
Bias: BULL on OIL
Owned: Yes
2014-10-23 BUY Fortis Inc.
FTS-T
Greg Newman

90% regulated, so it is a good place to seek shelter from the storm. Also, has the advantage of having $4.2 billion of rate-based expansion within their existing asset footprints within the next couple of years. He is modeling EPS growth of around 8%. It has a 53% 2015 estimated payout ratio, so you are going to get paid this nice dividend. There will be some dividend growth. Not too expensive.


Price: $34.600
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2014-10-23 TOP PICK Gear Energy
GXE-T
Bill Harris, CFA

Looks like it can grow 20% organically. Great operating numbers.  3 times next year’s cash flow.  The heavy oil price is still sticking in. 


Price: $4.230
Subject: RESOURCE
Bias: BULL on OIL
Owned: Yes
2014-10-23 DON'T BUY Hudbay Minerals Inc.
HBM-T
Bill Harris, CFA

In the metals business you have to be very specific about what type of company and which metal.  He likes to see them all much less expensive.  Prefers NSU-T.


Price: $8.540
Subject: RESOURCE
Bias: BULL on OIL
Owned: No
2014-10-23 COMMENT Husky Energy
HSE-T
Greg Newman

A good name. Solid and integrated. Even with WTI oil at $80 and $3.50 natural gas and almost no debt, it is still cheap. 5X enterprise value to discounted adjusted cash flow versus peers at around 7.5-8 times. Dividend is safe-ish at around 100% payout ratio. At these levels, unless you think oil is going to really fall apart, you own it.


Price: $27.790
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2014-10-23 BUY Kelt Exploration
KEL-T
Bill Harris, CFA

Went into it from TOU-T because it was a smaller market cap.  More balanced portfolio, low cost operator and great efficiency.


Price: $10.210
Subject: RESOURCE
Bias: BULL on OIL
Owned: Yes
2014-10-23 WATCH Labrador Iron Ore Royalty
LIF-T
Bill Harris, CFA

As China slows they won’t have to construct everything.  They will still need iron and steel, but not in the same quantity.  Competitors in the industry will drive prices down.  It would be a great long term investment if Iron Ore bottoms out.


Price: $19.900
Subject: RESOURCE
Bias: BULL on OIL
Owned: Unknown
2014-10-23 SPECULATIVE BUY Long Run Exploration
LRE-T
Greg Newman

Had previously recommended this, but was basing it on $96 oil with a very reasonable debt (?) to cash flow at 1.5, and this was a very cheap stock. Now with present oil prices, you're going to have a payout ratio of about 143%, which is average, but still higher. Debt to cash flow isn't too bad of about 2.4 versus 3 for the group. For somebody who doesn't mind taking on a little bit of risk, it is probably fine here.


Price: $3.600
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2014-10-23 PAST TOP PICK Lundin Petroleum AB
LUP-T
Bill Harris, CFA

(Top Pick Nov 19/13, Down 25.87%)  It is in the North Sea and takes more time than you would think.  They now have to prove they can explore and make cash flow.  It is a fantastic company, however.  Wished he had bought it now instead of when he did.


Price: $15.970
Subject: RESOURCE
Bias: BULL on OIL
Owned: Yes
2014-10-23 TOP PICK Magna Int'l. (A)
MG-T
Greg Newman

He sees 23% earnings-per-share growth and 11% free cash flow growth over the next couple of years. Has modeled them buying back almost 13% of their float over the next couple of years. Q2 was a beat. Margins are improving. There is a European story, but he is somewhat constructive that Europe will make it work. Cheaper than its peers. Yield of 1.56%.


Price: $106.310
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2014-10-23 DON'T BUY Niko Resources
NKO-T
Bill Harris, CFA

It looks like they are starting to play with pricing in India.  He would stay clear from this kind of situation.


Price: $0.350
Subject: RESOURCE
Bias: BULL on OIL
Owned: Unknown
2014-10-23 COMMENT Pengrowth Energy
PGF-T
Greg Newman

Sold a lot of assets, and raised about $1 billion to develop properties in 2015. They are executing very well on their Lindbergh asset. Signed a deal with Husky (HSE-T), so they will get access to market when Lindbergh is up and running. The bad news is, since oil was at $80 and natural gas at $2.50, debt to cash flow does get larger to 3.1 from 2.9. Payout ratio is not horrible, but 146% estimated versus 145% for the group. Expect you will see 15% cash flow growth over the next few years. If we have $80 oil, you can keep this. Probably fine at these levels.


Price: $4.640
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2014-10-23 PAST TOP PICK Phoenix Energy Services
PHX-T
Bill Harris, CFA

(Top Pick Nov 19/13, Up 4.37%) It got very expensive so he sold it in the spring. Part of their growth strategy was in Russia.  If it got under $10, he would consider going back in.


Price: $12.300
Subject: RESOURCE
Bias: BULL on OIL
Owned: No
2014-10-23 HOLD Pine Cliff Energy
PNE-X
Bill Harris, CFA

They executed the plan flawlessly.  The declining gas price challenges them.  Thinks it is pretty neat.  Prefers TOU because it is a bigger company.  If you are patient with PNE-X in a low gas market it seems they have a strategy for taking advantage of the low gas price.


Price: $1.650
Subject: RESOURCE
Bias: BULL on OIL
Owned: Unknown
2014-10-23 DON'T BUY Penn West Petroleum
PWT-T
Greg Newman

Sold some assets for over $300 million. Taking some really important necessary steps. Modeling $80 oil and $3.50 natural gas, its debt to cash flow is still too high at 3.4 times. Priced pretty cheap relative to the group at about 6.4, but not cheap enough. Its payout ratio would rise for its dividend to about 161%. There are better alternatives amongst higher risk names than this.


Price: $5.500
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2014-10-23 DON'T BUY Questerre Energy
QEC-T
Bill Harris, CFA

These things are really stuck.  It is the Energy East Pipeline.  Quebec and New Brunswick have put a ban on drilling.  There are a lot of other things we can do now in terms of energy investing.


Price: $0.780
Subject: RESOURCE
Bias: BULL on OIL
Owned: Unknown
2014-10-23 TOP PICK Roxgold Inc
ROG-X
Bill Harris, CFA

He always likes to be in the gold space, but it has been hard recently.  This is a great way to stay invested in the space. These guys have raised their money and should have the mine in production within 18 months.


Price: $0.700
Subject: RESOURCE
Bias: BULL on OIL
Owned: Yes
2014-10-23 DON'T BUY Raging River Exploration
RRX-T
Bill Harris, CFA

Sold it.  Incredibly high margins.  Light oil has come off so the stock came off.  They did an incredible job executing.  But he wondered how much running room they had. How can they grow?  He has done very well on it.  They won’t get acquired if an acquirer can’t figure out how they will grow from here.


Price: $8.160
Subject: RESOURCE
Bias: BULL on OIL
Owned: No
2014-10-23 BUY on WEAKNESS Russel Metals
RUS-T
Greg Newman

Feels this has a sustainable dividend. Good company. The metric he uses on this is EV to EBITDA, and it trades at about 8.4. Trades at a premium to its peers, but it does have a very solid dividend. Its payout ratio is actually 63%. Solid balance sheet. Thinks they are going to have a very good 2nd half owing to the strength in their tubular good segment and stronger pricing and some demand recovery in their metals services centre. You can buy this on a pullback.


Price: $33.160
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2014-10-23 WATCH Surge Energy Inc
SGY-T
Bill Harris, CFA

He sees yellow flags.  As the price of oil comes off you really have to be good at what you do.  Prefers WCP-T.  This one hopes then can have good numbers.  He is waiting to see if they turn out to be a good operator.


Price: $6.580
Subject: RESOURCE
Bias: BULL on OIL
Owned: No
2014-10-23 COMMENT Student Transport of America Ltd.
STB-T
Greg Newman

A medium risk stock and suitable for income oriented investors. He models its 2014 payout ratio at 89% and 77% for 2015. Thinks they grow their 2014-2016 revenues an average of 10%. Well-positioned to grow by acquisition. This is something you can continue to own and build positions on. Dividend of nearly 8%.


Price: $7.040
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2014-10-23 BUY Suncor Energy Inc
SU-T
Bill Harris, CFA

He waited 3 years after the Petro Canada acquisition to see if they could digest it.  This now a fantastic investment in the energy space.  Thinks it is a stock he can own for a long time.  It is throwing off free cash flow for the first time.


Price: $38.980
Subject: RESOURCE
Bias: BULL on OIL
Owned: Yes
2014-10-23 PARTIAL BUY Transalta Corp
TA-T
Greg Newman

Just about everybody that is going to sell this, probably already has. Have recently been plagued by lower Alberta prices and uncertainties surrounding costs of environmental regulations that might be brought. Bottom fishing is very hard to do with stocks because you almost always overshoot. He sees the NAV at $15 a share. He models a 69% 2015 estimated payout ratio. 6.5% dividend is safe. Trades at a 2015 estimated free cash yield of 9.6%. If you can hold your nose, this is one that you can incrementally Buy.


Price: $10.840
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2014-10-23 BUY on WEAKNESS Toronto Dominion
TD-T
Greg Newman

Excellent choice. Good long-term. Doesn't know if he would add any right now. The retail bank is expected to grow in 2015 between 4% and 5%. That's not bad, but the bright spot for all these names is wholesale. Underwriting fees, marketing fees, mutual funds, etc. Those areas may take a step back if the bull market that we have seen gets a little bit challenged. It depends on their guidance and if this market stays sloppy. He is betting that we are not completely out of the woods yet and it is going to be a bit of a bumpy ride. You can add to your holdings at a little bit lower level.


Price: $54.420
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2014-10-23 DON'T BUY Talisman Energy
TLM-T
Greg Newman

This stock was very unattractive before the oil slide. At oil prices now, balance sheet gets weaker and the cash flow is about 3.9X. Valuation gets pricier, not horrible at 8.3X versus its peers at around 7.5. Dividend is not safe. Prefers others.


Price: $7.550
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2014-10-23 DON'T BUY Trans Canada Corp
TRP-T
Greg Newman

Thought this one got a little bit overdone on the news flow that they would be able to split the company. He owns it and likes it. It is a great company, but he would prefer Enbridge (ENB-T).


Price: $53.920
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2014-10-23 DON'T BUY Vale S.A.
VALE-N
Bill Harris, CFA

There are so many question marks with Iron Ore.  China is so over supplied.  They are not diversified.


Price: $10.830
Subject: RESOURCE
Bias: BULL on OIL
Owned: Unknown
2014-10-23 PAST TOP PICK Vangrd European E.T.F.
VGK-N
Greg Newman

(A Top Pick Oct 2/13. Up 0.59%.) Sold about half at much higher levels followed by another 25% in September. Was concerned about the Russian situation, and that it would affect Germany’s growth.


Price: $53.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2014-10-23 BUY Vicwest Inc
VIC-T
Greg Newman

Constructive on this name. Thinks it is going to have a strong 2nd half from Westfield backlog and continued growth in North American insulated metal panels and a recovery on margins. They have growth in international markets. Have had a continued focus on costs and efficiencies. Thinks the payout ratio is 45% for 2014. This is a higher risk stock.


Price: $10.100
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2014-10-23 COMMENT Whitecap Resources
WCP-T
Greg Newman

Amongst the dividend payers, this is probably the best one to own. Very low debt to cash flow at 1.3. Enterprise value of 7.2 is lower than the group. Payout ratio of 98%, one of the lowest in the group and very sustainable. Going to grow their cash flow per share at 13.9%. If you are convinced that oil can settle in at around $80, you can buy this.


Price: $15.410
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2014-10-23 COMMENT Wajax Corp
WJX-T
Greg Newman

Have about a 12% backlog, and it is up 12% year-over-year, which is encouraging. Cautious outlook, but he does model a 2014 payout ratio of 90%, so the 6% dividend is going to be pretty safe, at least for this year. 18% of their revenue is tied to oil and gas, so they are not too levered. This is a name that you can buy at $33-$35.


Price: $35.780
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2014-10-23 HOLD WesternZagros Resources Ltd.
WZR-X
Bill Harris, CFA

They are right in the middle of the sweet spot of civil conflict (geopolitical risk).  It is completely up in the air.  If you have it and sit on it, it should work itself out.


Price: $0.660
Subject: RESOURCE
Bias: BULL on OIL
Owned: No
2014-10-22 N/A A Comment -- General Comments From an Expert
A Commentary
Bruce Campbell (2)

Markets. Had expected there would be some weakness going into September/October. However, it was a lot more severe than what he was expecting. As a result there has been some technical damage done to the markets, and he wants to see that the support is held in a number of different areas. If not, then he will probably become more defensive in his portfolios. Technically he is watching both the 50 week moving average and the MACD indicator crossing the zero line for the TSX. When the MACD crosses down below the zero line, this is normally followed by more significant down side. If he doesn’t see that breakdown, he’ll probably be in a position where he wants to add back exposure to his portfolios. If he did see that breakdown, he would probably take more defensive action and Sell down. Typically when heading into recession, oil and interest-rate indicators give signs of an economic rollover. Instead of oil spiking up over 80% in a 12 month period, it has gone the other way and is actually a big stimulus to the consumer. At the same time, the spread on interest rates between Short and Long is still very wide. This is a little surprising, and that is why he is concerned about what might be ahead for the markets.


Price: $0.020
Subject: CANADIAN
Bias: CAUTIOUS
Owned: _N/A
2014-10-22 COMMENT Athabasca Minerals
ABM-X
Bruce Campbell (2)

He has a very small position in this. The big business for them is the frac sand market. Most frac sand is being railed in from Wisconsin. Athabasca has a big sand quarry in Alberta where they are doing their preliminary assessment. Strategically located. Has no revenue from this right now. Stock had a big run up as there were expectations of them getting approval for this quarry. Pulled back because everyone is now concerned about the longevity of the energy business and what that will mean for this company. If you have a longer-term time horizon this would be a good entry point. Probably 18 months away, plus they are going to have to do an equity raise for a rail.


Price: $1.600
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-22 PAST TOP PICK Air Canada (B)
AC.B-T
Bruce Campbell (2)

(A Top Pick Oct 16/13. Up 59.72%.) Sold his holdings. It had broken down from his process. Provided the economies stay strong, airlines should continue to do well, especially now that they have added in the baggage fees.


Price: $7.970
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-10-22 PAST TOP PICK AutoCanada Inc.
ACQ-T
Bruce Campbell (2)

(A Top Pick Oct 16/13. Up 46%.) He held this all the way to the top of its run. Technically it broke down so he sold his holdings in the mid-$70’s. He acquired some more in the $62 range plus more in the last week. The growth is still there. Just made another acquisition in Toronto. Trading at around 15-16 times earnings.


Price: $55.540
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-22 PAST TOP PICK Alimentation Couche-Tard (B)
ATD.B-T
Bruce Campbell (2)

(A Top Pick Oct 16/13. Up 55.79%.) Wouldn’t be surprised if they made another acquisition. They are pretty disciplined in what they do. He continues to hold it and is comfortable with it.


Price: $35.840
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-22 COMMENT Amaya Gaming Group Inc.
AYA-T
Bruce Campbell (2)

Thinks there is a lot of room for this company to continue to grow. Acquired Poker Stars last summer and are now starting to expand out into other casino games. They are still not in the US or Canada, but thinks that is probably coming fairly soon. Looking to get approval in New Jersey beginning in November. That should hopefully open up the way to other US markets. Trading at pretty steep valuations right now and have a lot of debt.


Price: $31.280
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-22 COMMENT Crescent Point Energy Corp
CPG-T
Bruce Campbell (2)

Feels the dividend, even at current oil prices, is fairly sustainable. Their all-in production costs and payout ratio is probably just slightly over 100% at this level. Hasn’t owned this for a while because he prefers other dividend stocks such as Surge (SGY-T) and Cardinal Energy (CJ-T). Crescent Point seems to be continually issuing stock as they buy more companies.


Price: $37.110
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-10-22 TOP PICK Concordia Healthcare
CXR-T
Bruce Campbell (2)

Management team has pretty well done everything that they said they would. They continue to drive the numbers. There is probably more in it from an acquisition standpoint. Has a small dividend as well. Trading at 28X earnings, which is not cheap, but is growing at a fairly significant rate, and that ratio will come down over time.


Price: $39.480
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-22 COMMENT DHX Media
DHX.B-T
Bruce Campbell (2)

Had sold his holdings way too soon. Obviously valuation is very rich. If you are a long-term holder, 5 years plus, it is probably a good holding and the valuation won’t matter as much. They’ll probably end up selling this, but in the meantime they just continue to accumulate more library content.


Price: $8.800
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-10-22 COMMENT easyhome
EH-T
Bruce Campbell (2)

Management has done an excellent job of executing the way they said they would, and if anything, have exceeded his expectations. They continue to grow out the financial side of the business. The leasing side really isn’t doing a whole lot, but is just continuing to do what it has done. They recently secured some more financing, which allows them to build their loan book out, which would take them out to 2016. If everything continues to grow economically, it is one that he really likes. This is unsecured lending, so if the economy turned down, it would probably be hurt more than other lenders.


Price: $23.390
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-22 BUY Elkwater Resources Ltd
ELW-X
Bruce Campbell (2)

Had recommended this a couple of months ago, and at that time they didn’t have much except for a management team. Have now made the acquisition that he had been looking for so now have production. With the technical and management team they have in place, he really likes this. They have oil coming out of the ground now as well as an inventory of drilling locations.


Price: $0.380
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-22 COMMENT Emera Inc
EMA-T
Bruce Campbell (2)

Has a fairly steady dividend. If we continue to see some of the volatility that we have had, and if it were to get worse, this is a position that he would look to. If you are looking for income with a little bit of growth, this company fits the bill. Fairly low volatility.


Price: $35.850
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-10-22 COMMENT Ikkuma Resources
IKM-X
Bruce Campbell (2)

Have a strong technical team and are very specialized in Foothills drilling. Thinks this is going to be a great growth story over the next 5 years. If you have a longer time frame this is a fairly attractive price.


Price: $1.680
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2014-10-22 COMMENT Martinrea
MRE-T
Bruce Campbell (2)

He is not in the auto sector at this time. However, this one screens very well and he has been watching it.


Price: $11.720
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-10-22 TOP PICK Patient Home Monitoring
PHM-X
Bruce Campbell (2)

This is a great business. They have been growing by acquisition, but even better they have been growing even stronger organically. Have great growth and great bottom line. A stock that he thinks will continue to grow. They don’t have much competition from an acquisition standpoint. They buy small operators, and merge them into their business, allowing them to cross sell and generate a lot of organic growth.


Price: $0.430
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-22 COMMENT Prometic Life Sciences Inc.
PLI-T
Bruce Campbell (2)

He originally bought this for their plasma business where they take plasma out of blood and sell it. This is a huge business that could grow over time. This company is sort of a lottery ticket. They are working some of their drugs through different stages of trials right now. If they can get one of those, it would be a game changer. Their plasma business will be a significantly growing business over the years and provides cash flow for the company.


Price: $1.570
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-22 BUY Pine Cliff Energy
PNE-X
Bruce Campbell (2)

A natural gas play that was a spin out from Bonterra (BNE-T) which has one of the best 10 year track records in creating value on the TSX. This company is following their example. He has added more to his holdings. Probably a multiyear story where they add acquisitions and continue to grow their production.


Price: $1.580
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-22 WATCH The Score Inc.
SCR-X
Bruce Campbell (2)

Sold his holdings a while ago. Company has a great app. Just about everybody in Canada interested in sports has it on the phone and it sounds like more people in the US are getting it. He wants to see how they are going to monetize this.


Price: $0.420
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-10-22 COMMENT Secure Energy Services
SES-T
Bruce Campbell (2)

This is the only energy services stock that he owns. This business is a little bit different in that they actually deal with the waste that oil fields produce. With all the fracing that is being done, there is a volume of water being produced. This company manages and disposes of all that water. It typically doesn’t pull back very much so trades at a very high valuation. They continue to make acquisitions and grow organically.


Price: $20.540
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-22 COMMENT Surge Energy Inc
SGY-T
Bruce Campbell (2)

Has a great yield at just a little under 10%. Management has an excellent reputation in the energy sector. Feels the yield is steady and they will manage that. Trades at a good multiple. Doesn’t have too much debt.


Price: $6.340
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-22 COMMENT Sensio Technologies Inc.
SIO-X
Bruce Campbell (2)

Basically they have the Netflix version of 3-D and you have to have their app on your TV. You can then basically stream a movie through your TV. Just recently signed a deal with LG, which is just ramping this up right now and will be doing a big marketing push this fall for Christmas sales. Thinks investors are starting to look at this again.


Price: $0.200
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-22 TOP PICK SLYCE Inc.
SLC-X
Bruce Campbell (2)

Very, very neat technology. It basically identifies certain items. For example if you see a sink that you like, you take a picture of it which immediately brings up the retailer and the price, and you can buy it immediately. They are getting paid on a number of differetnt avenues.


Price: $0.710
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
Showing 1 to 120 of 133,256 entries
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