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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
2017-03-23 PAST TOP PICK Suncor Energy Inc
SU-T
Norman Levine

(Top Pick Mar 22/16, Up 16%)  They made that acquisition of COS-T at very low prices.  It helps bring down the overall cost of production.  Energy stocks got way ahead of the price of crude and that is why they have not done as well so far this year as earlier.


Price: $40.860
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-03-23 TOP PICK Trican Well Service Ltd.
TCW-T
Eric Nuttall

They will now be above the $ billion market cap and it opens up to a lot more buyers and can get index inclusion.  In the US we are talking 25% quarter over quarter price increases.  (Analysts’ target: $6.50).


Price: $3.660
Subject: ENERGY
Bias: BULL on OIL
Owned: Yes
2017-03-23 WAIT Toronto Dominion
TD-T
Norman Levine

US and Canadian financials had a big run and there is profit taking.  TD-T was hurt more than others because of the scandal about sales pressures by employees.  He would hold off.  He only owns BNS-T and the rest of his bank holdings are US banks.


Price: $65.390
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2017-03-23 SELL Teva Pharmaceutical
TEVA-N
Norman Levine

It was a pick two shows ago.  Soon after buying it he sold at a loss.  He bought it because it was selling at historically low valuations.  Very shortly after, the CEO abruptly quit and no reason has been given.


Price: $32.730
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2017-03-23 DON'T BUY Visa Inc.
V-N
Norman Levine

He has mixed feelings for both V-N and MA-N.  As economies start to do better in the world, use of credit cards will start to pick up.  But there is continued pressure on merchant fees and it may get bigger. 


Price: $88.860
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2017-03-23 WAIT Seven Generations Energy Ltd
VII-T
Eric Nuttall

He would not yet own them.  They stubbed their toe on guiding the street late last year.  It will be post-Q2 now.  If it gets to $20 he would step up, however.


Price: $22.510
Subject: ENERGY
Bias: BULL on OIL
Owned: No
2017-03-23 DON'T BUY Whitecap Resources
WCP-T
Eric Nuttall

There is nothing wrong with it, but there is a buyer strike.  Investors are standing back.  He has US names that will grow more and at a cheaper valuation.  It is difficult to make a case for owning the Canadian names.


Price: $9.950
Subject: ENERGY
Bias: BULL on OIL
Owned: Unknown
2017-03-23 DON'T BUY Canopy Growth Corp.
WEED-T
Norman Levine

He is not a fan of these stocks.  The valuations are based on nothing.  Potential supply just keeps coming on and on.  Big tobacco will end up getting into this business.  They have the money, distribution and knowhow.  Some of these cannabis companies will survive and some won’t and he does not know which won’t.  They are not investments.  They are gambles.


Price: $10.160
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2017-03-23 TOP PICK WPX Energy Inc.
WPX-N
Eric Nuttall

They will grow about 3 times that of a Canadian producer.  He is getting a 40% growth rate, but paying an inline multiple for it.  At $5 billion market cap it has not hit as many radar screens and so is a little bit cheaper.  (Analysts’ target: $18.00).


Price: $12.060
Subject: ENERGY
Bias: BULL on OIL
Owned: Yes
2017-03-22 N/A A Comment -- General Comments From an Expert
A Commentary
Stephen Takacsy, B. Eng, MBA

Market. The market has basically gone up on thin air since the US elections. Even if tax cuts and infrastructure go through, they take a long time to filter through to the bottom line. The market may be realizing that those things are more difficult to implement than initially thought, and is getting quite stretched. He doesn’t think any US policies are going to be able to create strong sustainable growth. We still live in a very slow growth world with some deflationary forces, aging population, excess capacity and we are going to remain in the low interest rate environment. The market has gotten way ahead of itself relative to the growth rate. He is sitting on about 16% cash in his portfolios, way larger than what he has ever had, and waiting for whatever triggers a pullback such as European elections. The best way to make money is to be patient and buy when things are cheap.


Price: $0.020
Subject: CANADIAN
Bias: UNKNOWN
Owned: _N/A
2017-03-22 N/A A Comment -- General Comments From an Expert
A Commentary
EDITOR

Tonight’s show was a special on the Federal Budget 2017. Viewers were to call in as to how the new budget would affect them. Out of the 3 panelists, only one, Christine Poole, was actually in the investment area. In the first 30 minutes, there were no questions on any individual stocks, and very little discussion on the market. Also, with 3 panellists, it was very hard to track and cover who was saying what. Because of this, I have decided to forgo doing tonight’s show. Bill.


Price: $0.020
Subject: N/A
Bias: UNKNOWN
Owned: _N/A
2017-03-22 PAST TOP PICK Andrew Peller
ADW.A-T
Stephen Takacsy, B. Eng, MBA

(A Top Pick March 22/16. Up 18%.) One of his biggest positions for many, many years. Extremely well-managed. They’ve grown the business, mainly organically through new products and reducing costs. Also, benefiting from the reform in Ontario, which allows food retailers to sell wine. There are about 75 new outlets now that have to give shelf space to Ontario wine companies. Still a Buy. Under $11 is a good price.


Price: $10.690
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-03-22 BUY Ag Growth International Inc
AFN-T
Stephen Takacsy, B. Eng, MBA

A great company. One of the few ways of playing the agricultural sector in a sort of safer non-commoditized way. They make grain and fertilizer handling and storage equipment. Growing internationally. Very well-managed. The stock is down because they did a fairly large equity financing at around $54-$55 in the last few months. However, results have been very, very good. It gives you international exposure to needy infrastructure space overseas. A good entry point.


Price: $50.820
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-03-22 DON'T BUY Bombardier Inc (B)
BBD.B-T
Stephen Takacsy, B. Eng, MBA

He doesn’t follow this closely. A tough, high-stakes business that gobs up enormous amounts of capital. Good luck on been able to get a decent return on capital. They have a lot of challenges. Up against some big competitors. They still have to get their house in order financially. There is no real free cash flow being generated to speak of. Not a good business to invest in.


Price: $2.020
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2017-03-22 BUY BCE Inc.
BCE-T
Stephen Takacsy, B. Eng, MBA

He is buying at these levels for new clients. A rock solid, extremely well-managed company. The stock is up on days the market is down. It has that negative correlation, acting somewhat bond-like. They have growing businesses, the whole wireless side. This is one you want to own for a long time.


Price: $58.750
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-03-22 WAIT Brick Brewing Company Ltd.
BRB-T
Stephen Takacsy, B. Eng, MBA

Very impressed with management. They’ve done a really, really good job in turning the company around. It’s a very competitive business, beer mainly, but now they have some spirits they are manufacturing, with the rights to sell, market and distribute. The stock is rather expensive, but they’ve been delivering good quarterly sales growth/earnings growth. Wait until the earnings catch-up with the stock price.


Price: $2.910
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2017-03-22 COMMENT CCL Industries (B)
CCL.B-T
Stephen Takacsy, B. Eng, MBA

Had owned this from $36 to over $200, but sold it recently and bought Winpak (WPK-T) which he likes better. It has more organic growth and trades at a lower multiple. CCL has done a great job integrating acquisitions. A very well-managed company, but finds it very expensive right now.


Price: $289.760
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2017-03-22 TOP PICK Corus Entertainment (B)
CJR.B-T
Stephen Takacsy, B. Eng, MBA

This is one that you buy, hold and don’t let it go. In the large cap space, it is probably the best value out there. Still misunderstood. The largest TV broadcaster in Canada. Everybody is worried about cord cutting and cord shaving, but they bought Shaw Media about a year ago, and now the cost synergies and revenues are kicking in. Over the next 12 months, he expects the company to return to growth. Subscriber growth has already started to go back up thanks to Disney and some of the other specialty channels. They just renegotiated their ad agency contracts, presumably at higher rates. Dividend yield of 9%. (Analysts’ price target is $13.)


Price: $12.490
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-03-22 BUY on WEAKNESS Cargojet Inc
CJT-T
Stephen Takacsy, B. Eng, MBA

This stock has gone up a lot in a short period of time. The company has done a great job revamping its fleet to meet the huge Canada Post contract. Feels it is fully valued now, and would buy it on weakness. Basically has 90% of the overnight air cargo market in Canada.


Price: $46.110
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2017-03-22 COMMENT Clearwater Seafoods Inc.
CLR-T
Stephen Takacsy, B. Eng, MBA

Has very valuable harvesting seafood licenses, and very dependent on the US$. When the dollar is strong, they do well. Very capital intensive, as ships are expensive to buy and maintain. You really have to look at the free cash flow generation over a long period of time. The stock has been treading water for the last few years. Not something he would put in his portfolio.


Price: $10.510
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2017-03-22 BUY D-Box Technologies
DBO-T
Stephen Takacsy, B. Eng, MBA

A very good buying opportunity. He’s been buying at around $0.40. A bit of a lumpy business, depending on where the backlog stands. The backlog has been down a little in the last few quarters, because they haven’t announced too many seat deployments. They are working on multiple fronts such as virtual reality, home theatre, but the big upside is going to be increasing penetration in movie theatres with their motion systems. Because there is a big CapX program going on in North America, to replace the seats with recliners, they have developed a reclining seat with a motion system in it. Also, thinks China is going to blast off for them as some point. These things take time so you have to be patient.


Price: $0.410
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-03-22 COMMENT Knight Therapeutics
GUD-T
Stephen Takacsy, B. Eng, MBA

Phenomenal management. You have to look at this as a big mutual fund of investments in healthcare and biotech. They are sitting on a ton of cash, and probably just waiting in the weeds for some fallout from some of the other companies in order to make a big move. This is for extremely patient investors. As a long-term investment for your kids and grandchildren, you can’t go wrong.


Price: $9.930
Subject: CANADIAN
Bias: UNKNOWN
Owned: Unknown
2017-03-22 BUY on WEAKNESS High Liner Foods
HLF-T
Stephen Takacsy, B. Eng, MBA

A well-managed company. It is unique, but over the last few years seafood sales in the US have struggled. It seems that when the US$ goes up, the price of seafood goes up also. Consumption per capita doesn’t seem to be going up in the US on seafood, even though it is healthier. Thinks it is going to tread water for a while. Not expensive, but quite volatile. You may want to buy when it has a bad quarter.


Price: $17.840
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2017-03-22 BUY Input Capital Corp
INP-X
Stephen Takacsy, B. Eng, MBA

A unique business model, and it has only been around for a few years. They give money to farmers in exchange for a revenue stream on canola production. What drives the stock higher is their deployment, i.e., how many farmers can they sign deals with over the next few years. This is usually seasonally. Expects there will be news over the next few months, in terms of how much capital they are going to be able to deploy this year. These are early days, and they are just scratching the surface. There are a lot of canola farmers in Western Canada.


Price: $1.750
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-03-22 HOLD Intertape Polymer Group
ITP-T
Stephen Takacsy, B. Eng, MBA

Packaging, but in products that are a lot more commoditized than some of the others. Management has done a great job turning the company around. Up against some 800 pound gorillas such as 3M. They are looking for “value added” products to launch in small acquisitions. They are modernizing and expanding some of the plants. Not a cheap stock, but thinks management is going to succeed.


Price: $21.630
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2017-03-22 PAST TOP PICK Logistec Corp
LGT.B-T
Stephen Takacsy, B. Eng, MBA

(A Top Pick March 22/16. Down 9%.) This has been one of his biggest winners over the last 10 years, going from $8 to $70. However, it has been treading water for the last 2 years or so. Last year was rough with marine cargo volumes being down. They’ve expanded some operations, so costs went up. Also, had a terrible fire in Georgia, which basically had them shut down for almost a year. Just came out with a very, very strong 4th quarter and announced some acquisitions and new contracts. In 2017 you are going to see this get back on the path of growing their top and bottom lines. This is still a Buy.


Price: $35.030
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-03-22 DON'T BUY MTY Food Group
MTY-T
Stephen Takacsy, B. Eng, MBA

He loves the company and management team. Bought this at $1.65 and sold it in the $30s. The stock treaded water for a while. They’ve done a great job of acquiring and integrating, however it is a very competitive industry. Most food service stocks are showing negative same store sales growth. Made a big acquisition in the US, which was what drove the stock higher from the $30s into the $40s. Quite expensive at these levels. Prefers others.


Price: $49.420
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2017-03-22 TOP PICK Napec Inc
NPC-T
Stephen Takacsy, B. Eng, MBA

One of the leading construction and maintenance services to electrical and gas utilities. Over 80% of revenues come from the US. They will definitely benefit from more infrastructure spending, but have a huge backlog of work right now. The gas and electrical transmission lines in the US are being replaced and expanded. Made a couple of very accretive acquisitions which should start kicking in soon. Very cheap, trading at under 6X EBITDA. (Analysts’ price target is $1.38.)


Price: $1.050
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-03-22 BUY on WEAKNESS Park Lawn Corp
PLC-T
Stephen Takacsy, B. Eng, MBA

The only publicly traded company in Canada where you can invest in the funeral and cemetery business. Cemeteries are very valuable assets, because it is very difficult to get new permits. This company is also able to build mausoleums on their grounds, so they have a huge future revenue stream coming. A very well-managed company. A little expensive, but that is because of the scarcity value. You buy this on weakness, and just put it away.


Price: $16.800
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-03-22 BUY on WEAKNESS Savaria Corp
SIS-T
Stephen Takacsy, B. Eng, MBA

One of his biggest positions. A great company. Manufactures accessibility equipment such as stair lifts, home elevators, ramps, vehicle conversions, etc. It is the only investable company on the TSX that gives you exposure to the sector. Very well-managed. The stock is a little pricey, but you are paying for the scarcity value.


Price: $12.280
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-03-22 BUY Shaw Communication (B)
SJR.B-T
Stephen Takacsy, B. Eng, MBA

Probably a decent buy right now. He’s been looking at this very carefully for the last 6 months, waiting for the right moment. You have to track their subscriber losses. They are locked in a battle in Western Canada with Telus (T-T), and are having to reinvest a lot of capital into getting the Wind Mobile Sutherland network up to snuff. A good investment for a long-term. You are getting a good yield while waiting for things to stabilize.


Price: $27.090
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2017-03-22 HOLD Student Transport of America Ltd.
STB-T
Stephen Takacsy, B. Eng, MBA

An extremely well-managed company. A tough industry with very low growth and a lot of competition. Management is using technology to their advantage to increase efficiencies. They are winning a lot of contracts and reinvesting a lot in the fleet. Doesn’t expect a lot of organic growth, or winning contracts from competition. Attractive dividend yield. He owns the convertible debentures.


Price: $7.500
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-03-22 BUY Telus Corp
T-T
Stephen Takacsy, B. Eng, MBA

An extremely well-managed company. One of the best CEOs in Canada. A great business. He would be buying this in the low $40s.


Price: $42.830
Subject: CANADIAN
Bias: UNKNOWN
Owned: Unknown
2017-03-22 PAST TOP PICK Ten Peaks Coffee Co
TPK-T
Stephen Takacsy, B. Eng, MBA

(A Top Pick March 22/16. Down 27%.) Got a little ahead of itself. Last week they came out with record 4th quarter results after some lumpiness through the year, caused by delays in orders by clients. Came out with a solid $.46 EPS for the year under the new accounting standards, which really measures the true profitability of the company. There are high barriers to entry. The only global company that can process 100% organic, chemical free, decaffeinated coffee. They are now exporting all over the world.


Price: $6.630
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-03-22 TOP PICK Veresen Inc
VSN-T
Stephen Takacsy, B. Eng, MBA

He likes energy infrastructure pipelines and midstream. They are like toll booths and are worth a lot of money. This one is very much misunderstood. Everyone thought they were going to cut the dividend over the last few years. This is the old Port Chicago, which basically owned 50% of the Alliance pipeline with Enbridge, but the company has been radically transformed over the last 3-4 years, and is now a premier gas infrastructure play. One of the cheaper companies in the sector. Dividend yield of 7.4%. (Analysts’ price target is $16.)


Price: $13.690
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-03-22 COMMENT ZCL Composites Inc.
ZCL-T
Stephen Takacsy, B. Eng, MBA

Underground tanks and storage solutions. He doesn’t follow it closely. These things come in big waves, and right now they are on a bit of a roll. Feels it is fully valued here.


Price: $13.160
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2017-03-21 N/A A Comment -- General Comments From an Expert
A Commentary
David Dietze

Market. This is an expensive market. Of course, valuation is not necessarily a timing tool, but you do have to keep your seatbelt fastened. The market is up 10% since election day, up 15%-16% just in the last year. PEs are the highest they have been since the dot.com bubble. Dividend yields are trying to hold on to the 2% level, so by that level, things are pricey. We are in a situation where interest rates are going up. The Fed has hiked 3 times, and have promised to hike twice more this year. Higher interest rates are never a positive for the market. People have to be cautious here. Short-term traders are looking at what is going on in Washington. The market has grown like a bat out of hell since election day, on the hopes and prospects of very progressive policies from the new administration. However, that is not a slam-dunk, as the Republicans are not united. A lot of strategists are now looking at what is going on with Obamacare. If they feel the Republicans, who did not support Obamacare, are not able to repeal it, what does that mean for Trump’s success in getting the rest of his progress policies enacted anytime soon?


Price: $0.020
Subject: US EQUITIES
Bias: CAUTIOUS
Owned: _N/A
2017-03-21 N/A A Comment -- General Comments From an Expert
A Commentary
David Burrows

Market. We are in a bull market. When corrections come in a bull market, they are swift and can be painful for a few days, but are generally over pretty quickly. People have made a big deal about not having a 1% down move in over 100 days. If you look at history, this has happened about 10 times over the last 30 years, and the returns that came 3 months, 6 months, 9 months afterwards were way above average. When you have long periods of time when volatility has been low as it has been, and then you have that 1% day, people tend to think of it as a shakeout. The most difficult thing in a bull market is to stay positioned. As a market analyst, from a whole bunch of different angles, the market continues to look very constructive, and it would be healthy to have a few sloppy days. The key themes that are in this market, are firmly in place. In Canada, about 50% of stocks are in long-term positive uptrends that has been slowly rising. In the US, it is about 66%. In the last 2 months, when the market has been treading water, the average hedge fund has gone from 110% to 115% Long to 80% Long indicating there has been tremendous profit taking over the last 2 months. This tells you how strong the bid is under the market because there has been really no downside.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: _N/A
2017-03-21 N/A A Comment -- General Comments From an Expert
A Commentary
David Burrows

Energy. He got quite bullish on energy in Jan/Feb 2016 as breadth started to improve. In the last 6 weeks, breadth for the energy sector started to contract. Oil consolidated sideways for a couple of months. In energy, in almost all cases, they break down from there. You are facing a big headwind at the sector level. Fracing has made energy a mass manufacturer. That is why production of oil in the US is up 700,000 barrels since last February, and storage is at an all-time high. If you want to be in energy, which is a tough space right now, you want to be in a low-cost producer that will be able to take share. He owns virtually no energy.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: _N/A
2017-03-21 BUY A Comment -- General Comments From an Expert
A Commentary
David Burrows

US defence stocks for a long-term hold? Defence is a theme he has been focused on for a couple of years. We have been coming off multiyear lows in growth in defence spending. There is going to be more defence spending going forward. He likes that the contracts are really long term and have a pretty good credit behind them. Also, it is the only type of company that never talks about what is coming next. Raytheon (RTN-N), General Dynamics (GD-N) and Lockheed Martin (LMT-N) are very attractive.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-03-21 COMMENT A Comment -- General Comments From an Expert
A Commentary
David Burrows

North American rails and Hunter Harrison? Transports were the 1st group to roll over in the spring of 2015, and one of the 1st groups to turn up in February in 2016 as the market started to repair itself. They’ve gotten a little sloppy recently. Within the group, you have the airlines, and a couple of the US airlines have gotten a little sloppy. There are a couple of rails that have become sloppier. When he looks at the group, Canadian National (CNR-T) is probably the most attractive, and looks very, very good. CSX (CSX-Q) has been the leader in the rally, and in the short run it may have been based on “buy the rumour, sell the news”, and is now pulling back, possibly to $38-$39.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2017-03-21 BUY on WEAKNESS Apple
AAPL-Q
David Burrows

This has been in the middle of a great run. The tendency is for this to run up into a large product cycle, which is coming via the new iPhone. In the short term, it is probably a little overbought. He likes the Tech space as a whole. This company continues to dominate with its products. Would prefer to see it pull back to their moving average of $132-$135.


Price: $139.840
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-03-21 BUY Abbott Labs
ABT-N
David Dietze

This fits the profile of the type of company he would want to be adding to, on days like today. It is in the sector that is tremendously out of favour. The healthcare sector was the only sector that had a negative return last year. It has started to be a little more resilient this year, but relative to the history of healthcare, valuations are far more reasonable. He likes this because it has a history and a culture of growing the dividend. They have a wonderful brand name. 2.4% dividend yield.


Price: $44.800
Subject: US EQUITIES
Bias: CAUTIOUS
Owned: Unknown
2017-03-21 TOP PICK Adobe Systems
ADBE-Q
David Burrows

The two most important themes and most resilient in this market are technology and financials. Semiconductors look great. Software looks great. This company fits in a couple of key themes. They were the original big software company to go to the Cloud, selling their software by subscription. Today, 82% of revenue comes as a subscription. That is really attractive, because it is pretty predictable. Not only that, but revenues are growing very, very nicely. Revenues were up 22% in this most recent quarter. They should be able to grow revenue at 20% for quite some time, but because they make it and sell it a lot of times, as they grow their revenue, the margins go up. Their margins went to 36% from 31%, and the earnings went up 42%. Not an inexpensive stock, but the leader in software for Digital media, and we are all consuming quite a lot of Digital media. (Analysts’ price target is $143.50.)


Price: $125.070
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-03-21 TOP PICK American International Group
AIG-N
David Dietze

He is looking for market-leading companies that are in sectors out of favour, and either have very strong dividends or some sort of catalyst that will unlock value. Mr. Icahn has taken a position and he knows value, will perhaps break it apart with the sum of the parts being worth more than the whole. (Analysts’ price target is $70.)


Price: $61.760
Subject: US EQUITIES
Bias: CAUTIOUS
Owned: Yes
2017-03-21 TOP PICK Albemarle Corp
ALB-N
David Burrows

The dominant player in lithium. He believes we are going to continue to see movement to electric cars. The company makes both types of lithium that go into all the major batteries that are being sold. They’ll triple production over the next 5 years. Model 3 is about to come from Tesla. They are becoming mass market and as you run into the beginning of a mine production, share prices tend to do well. It has twice the margin that Tesla will ever have. This will be a growth stock for many years, and they think they can maintain 50% of the market. Dividend yield of 1.2%. (Analysts’ price target is $115.00.)


Price: $104.250
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-03-21 COMMENT Bank of America
BAC-N
David Dietze

Bank of America (BAC-N) or Wells Fargo (WFC-N)? Both are large US banks, so are going to have more in common than in disparities. It is hard to see one going dramatically in one direction and one going in the other direction. They are both going to be interest rate and economically sensitive. If interest rates move higher, margins are going to improve and will benefit both companies. However, he has a slight preference for this bank because of valuation. When looking at BV, this one is dramatically cheaper at about 1.2X.


Price: $23.020
Subject: US EQUITIES
Bias: CAUTIOUS
Owned: Unknown
2017-03-21 TOP PICK Bank of America
BAC-N
David Burrows

Trading at 1X BV and the multiple of Book is expanding. They have multiple drivers. They’ve been cutting costs which has been going on for quite some time. They are getting higher interest rates, giving $600 million of additional revenue last quarter from their net interest margins. They win if there is less regulation. They win if there is economic growth, which they are getting. They win if they can return more capital by way of dividends, which they are now allowed to do. Dividend yield of 1.2%. (Analysts’ price target is $26.)


Price: $23.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-03-21 BUY on WEAKNESS Avis Budget Group
CAR-Q
David Dietze

All the rental car companies are extremely volatile. They tend to be small. A lot of the spending that goes there is very cyclical. No one has to rent a car. They are also up against Uber. However, the companies are cheap and just crying out for consolidation. On pullbacks, he would add to positions.


Price: $29.550
Subject: US EQUITIES
Bias: CAUTIOUS
Owned: Unknown
2017-03-21 BUY CCL Industries (B)
CCL.B-T
David Burrows

A great company. It has been a wonderful company to be invested in for years and years. It is difficult sometimes for institutions, because it is not the most liquid stock on the board. It is a cash flow machine. They take the cash and they make acquisitions in what is quite a fragmented industry. There are lots and lots of companies that they can buy. Their acquisition in India is quite interesting.


Price: $288.500
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-03-21 COMMENT Capital One Financial Corp
COF-N
David Dietze

You have to start with a top-down analysis. Do you like financials? He can make a great case that financials will be much higher 5-10 years down the road. Remember, this is one sector that has never come back from the peaks that they held before the 2008 subprime crisis, so valuations generally are low. Also, it is one of the few groups that can benefit from higher interest rates. He feels this one has an excellent franchise. They are with the credit cards which is a growing way people pay worldwide. They also have some great individual banks.


Price: $83.650
Subject: US EQUITIES
Bias: CAUTIOUS
Owned: Unknown
2017-03-21 COMMENT Cisco
CSCO-Q
David Burrows

He is thematically focused, and tries to find themes where something is changing for the better, where investors can make returns and get a multiple expansion in the stocks they own. A key theme in this market are some of the large cap technology stocks that generate tons of cash, and return some to shareholders. This one generates a free cash flow yield of about 7%. Pays a 3.4% dividend, and has been growing it north of 15%, and likely will for the next 5 years. Generates a lot of cash and their commitment is to return 50% of that to shareholders. This is the supplier of gear that is connecting all the Cloud infrastructure together, and that is not slowing down anytime soon.


Price: $33.880
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-03-21 TOP PICK Chevron Texaco
CVX-N
David Dietze

He is looking for market-leading companies that are in sectors out of favour, and either have very strong dividends or some sort of catalyst that will unlock value. This one meets all that criteria. Oil has dropped over $100 a barrel, down to about $26, and then moved up now to just below $50. As a result, companies are still shutting in production as opposed to expanding, until supply/demand come back into sync. This is a great way to play that. No matter what happens, this company is dedicated to holding up their 4% dividend yield. Also, they have already made a lot of investments such as Indonesia, so CapX is going to be further reduced, and will be able to grow their free cash flow going forward. (Analysts’ price target is $126.50.)


Price: $108.040
Subject: US EQUITIES
Bias: CAUTIOUS
Owned: Yes
2017-03-21 BUY Diageo PLC
DEO-N
David Burrows

Consumer staples, as a group, have been a little sloppy over the last number of months. Some of the more economically sensitive sectors were behaving a little better. This company has a wonderful portfolio of various brands for alcohol, and has been lifting quite nicely since December. A European company and European markets have been behaving much better. Breadth is expanding there as well as in the US. This is a leading stock within the group, so he doesn’t think you are going to get hurt.


Price: $116.640
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2017-03-21 COMMENT Fitbit Inc
FIT-N
David Dietze

Your classic, skyrocketing tech stock. It opened up significantly higher than its offering price. It has now reversed course and is down in the dungeons. Whenever you have a company that has a product, as opposed to a service, you get a one-time revenue but you don’t have recurring revenues. The stock is so cheap, that may be one of the larger tech players will pick it up and try to grow it. It might be an interesting speculative play for those that have a strong risk appetite.


Price: $5.600
Subject: US EQUITIES
Bias: CAUTIOUS
Owned: No
2017-03-21 PAST TOP PICK Franco-Nevada Corp.
FNV-T
David Burrows

(A Top Pick March 15/16. Up 9%.) He has to be a little careful, because he is not a huge Bull on precious metals. There was a very good trade in precious metals in 2016, and it kind of ran out of gas. This is a chicken way to invest in gold, because they get royalties. A great business model, because they just reap revenue as companies produce, and it doesn’t matter if the companies are making money or not.


Price: $87.560
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-03-21 DON'T BUY Groupon, Inc
GRPN-Q
David Dietze

This is an enigma wrapped up in a riddle. The stock is now at one third of where it peaked at. It is trading at just 70% of sales, so it looks appetizing. For them to continue to grow their business, it is going to require a lot more spending, and he is still not convinced it is the type of business where competitors cannot come in at will.


Price: $3.900
Subject: US EQUITIES
Bias: CAUTIOUS
Owned: No
2017-03-21 TOP PICK GlaxoSmithKline PLC
GSK-N
David Dietze

He is looking for market-leading companies that are in sectors out of favour, and either have very strong dividends or some sort of catalyst that will unlock value. With markets just off all-time highs, he is looking for defensive plays, not one trick biotech ponies, but ones that have a whole array of meds. This is one of the leaders in therapeutic vaccines, various compounds and strong research development. Also, it has the European tarnish and lower valuation, but their business is outside of that area with about 50% in emerging markets and 25% in North America. A dividend well north of 4%. (Analysts’ price target is $48.)


Price: $42.320
Subject: US EQUITIES
Bias: CAUTIOUS
Owned: Yes
2017-03-21 HOLD IBM
IBM-N
David Dietze

This is so big and diversified that even if they are not successful in one area of the tech business, they have other areas. He likes the shift they are making towards artificial intelligence, towards more cloud services, and reducing emphasis on the legacy dinosaur mainframes. They are moving with the trend, but you are not having to pay up for it. One of the cheapest companies in the Tech universe, at about 12X earnings with a dividend of 3%+.


Price: $173.880
Subject: US EQUITIES
Bias: CAUTIOUS
Owned: Unknown
2017-03-21 BUY Johnson & Johnson
JNJ-N
David Burrows

The pharmaceutical group rolled over in the midwinter of 2015, as Hillary was making her comments about drug companies, so the group was under pressure significantly right through until the end of 2016. What is interesting is that there are new sectors that are starting to kick in gear, and one of them has been healthcare, pharmaceuticals, biotech and healthcare devices. This one looks great. It just made a new high and pulled back a couple of dollars. It is one of the leading stocks in the group. It gives you a nice yield. Expects there are a lot of refugees from the bond market that will be pulling money out as interest rates go higher, and will be looking for companies that can generate a steady stream of growing dividends. This company fits that bill.


Price: $127.250
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
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