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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
2015-07-30 COMMENT CitiGroup
C-N
Zachary Curry

US banks are in a tough position overall. Thinks litigation is going to continue. All the banks are under a bit of a watch in having to go to the Fed with their friends in the Fed’s telling them what they are allowed to do.


Price: $58.880
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-30 BUY Chinook Energy Inc
CKE-T
Robert Lauzon

This is a good way to play the small cap area through the bottom.  They are not spending much at all this year.  They are more of a gas play.  Mostly in BC.  They are in an area that is really doing well.  M&A could happen at any time.  It is a nice place to park money in this down turn.


Price: $0.860
Subject: ENERGY
Bias: SELECTIVE
Owned: Yes
2015-07-30 COMMENT Crescent Point Energy Corp
CPG-T
Robert Lauzon

He likes them.  The market is telling them it wants them to cut the dividend.  They still might not do it.  They didn’t have to earlier this year.  If oil is still $50 when these hedges roll off, CPG-T will have to cut the dividend within a couple of years.  The yield has spiked as the stock price came down.  CPG-T can’t issue equity with a 12-15% yield and make it accretive.  They should bring it down the 7-8%.  Management does not want to do this, but it is best.


Price: $20.200
Subject: ENERGY
Bias: SELECTIVE
Owned: Unknown
2015-07-30 PAST TOP PICK Cequence Energy Ltd.
CQE-T
Robert Lauzon

(Top May 21/14, Down 77.12%) Turned into a small cap company.  He got out into a higher liquidity name.  He would need oil in the $70 range to get back into this story.


Price: $0.610
Subject: ENERGY
Bias: SELECTIVE
Owned: No
2015-07-30 TOP PICK Cisco
CSCO-Q
Zachary Curry

Whether it is Facebook, Google, YouTube, etc. the backbone of the Internet needs to be there, and this is the best provider. One really neat avenue is that they are going to get into the server side of things, where they are going to their customers saying they will build it, service it and clip the recurring revenue on that service contract. Yield of 2.97%.


Price: $28.300
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-30 COMMENT Constellation Software Inc.
CSU-T
Zachary Curry

This has been a great story. The caution for him is that it is growth by acquisition. The growth they have been showing really comes from a number of acquisitions, and most of them have gone extremely well. He prefers to have his technology investments in the US where there is a lot more geographical diversification and a lot more size and scale. He would be very cautious on this.


Price: $578.490
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2015-07-30 PAST TOP PICK CWC Well Services
CWC-X
Robert Lauzon

(Top May 21/14, Down 80.33%) He has trimmed some. They have no debt problem. It is totally out of favour.    Don’t be concerned if they cut the dividend again.  It will go up again when things improve.


Price: $0.195
Subject: ENERGY
Bias: SELECTIVE
Owned: Yes
2015-07-30 TOP PICK Walt Disney
DIS-N
Zachary Curry

Best in class. Have been spending a lot of money in the last 3-4 years, and feels they are going to stop spending and be able to reap the rewards. They are going to be able to increase the cash flows through their theme parks and Star Wars, and hopefully return some of that to their shareholders. Dividend yield of 1.1%.


Price: $120.030
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-30 DON'T BUY Encana Corp
ECA-T
Robert Lauzon

A large company and even with a two to three year investment horizon, he would not look at this one.  He does not like all their decisions.  He sold after the Prairie Sky spin out.


Price: $9.970
Subject: ENERGY
Bias: SELECTIVE
Owned: No
2015-07-30 TOP PICK Element Financial
EFN-T
Zachary Curry

(A Top Pick July 10/14. Up 37.13%.) Great company. Has done very well. Recently raised money to take over the GE leasing business. Still get above 70% of their business from the US. They seem to be funding things in a more conservative way. There is no reason this progress can’t continue.


Price: $19.390
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-30 WATCH Enerflex Ltd
EFX-T
Robert Lauzon

Gas compression.  There are tail winds on the business.  Watch it for a year or two before getting in.  We need to see the global economy pick up.


Price: $11.940
Subject: ENERGY
Bias: SELECTIVE
Owned: No
2015-07-30 DON'T BUY Enerplus Corp
ERF-T
Robert Lauzon

The balance sheet is getting 3.5:1 debt to cash flow.  The rig count has nudged up in the US in the last couple of months because companies hedged out and felt good in the last peak.  He would rather see good return on investment decisions.  He owns some, but it is not a top weight because of the debt level.  The dividend is probably safe, but watch this August.


Price: $8.330
Subject: ENERGY
Bias: SELECTIVE
Owned: Unknown
2015-07-30 COMMENT Facebook
FB-Q
Zachary Curry

The numbers are great and the margins are there. This is a super story. He loves the long-term approach they are taking. They are taking their time. Have hit all of their metrics so far. There is a lot of news coming on it now where that can be a real disruption as to where people get their news. Too richly valued for him.


Price: $95.210
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2015-07-30 COMMENT Fortis Inc.
FTS-T
Zachary Curry

Given this environment with low interest rates, this provides good income. Made some great acquisitions in the electrical generating space. Recently sold off some non-core assets. The tough part about this company is that their acquisitions need to be big.


Price: $36.030
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-30 HOLD Husky Energy
HSE-T
Robert Lauzon

Have done a good job in the last couple of quarters and he has bought some recently.  Positive cash flow in the downstream refining business.  Pays a nice dividend.  When oil moves higher this one will underperform.


Price: $23.760
Subject: ENERGY
Bias: SELECTIVE
Owned: Yes
2015-07-30 COMMENT IBM
IBM-N
Zachary Curry

Earnings on the revenue side have been soft for almost 3 years or more. It is really a question of how they can turn the ship around and how quickly it can happen. Great CEO. There was a time when this was all hardware, but it is now all software. It’s a question of how they get that service side in. He thinks it will take time. If you want to pick away at it, this is obviously an OK spot, but you have to have a pretty good time horizon and be able to withstand the bumps.


Price: $160.960
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2015-07-30 HOLD Inter Pipeline
IPL-T
Robert Lauzon

It is fine. There is a base wedge of oil sands production that is not going to go away.  But the question is how much growth can happen in this area over the next 10 years.  You might want to diversify.


Price: $27.240
Subject: ENERGY
Bias: SELECTIVE
Owned: Unknown
2015-07-30 BUY Johnson & Johnson
JNJ-N
Zachary Curry

Healthcare is an area he has been focusing on, but not on this one particularly. This is a conglomerate with the consumer side, healthcare and the pharma side. Trading below where the market is. Growth isn’t superb, but you are not really paying up for it. In times of a market uncertainty, that stability and defensiveness will really come into play. Pays a good dividend. This could be a good name for a portfolio.


Price: $99.840
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2015-07-30 COMMENT Mastercard Inc.
MA-N
Zachary Curry

Visa (V-N) or MasterCard (MA-N)? He would say Visa is the bigger and the better of the 2. One of the benefits of this is that it has a bit more of a technological change going for it. Both are priced to perfection, and he questions if that growth is going to be able to get there. There are a lot of potential disruption coming with PayPal and Apple Pay. If there were to be a pullback, both companies would pull back quite substantially because their multiples are so high.


Price: $98.410
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2015-07-30 COMMENT Manulife Financial
MFC-T
Zachary Curry

Manulife (MFC-T) or Toronto Dominion (TD-T)? From an insurance point of view this is the best in class. He likes the way management has separated out the core earnings side of things. He thinks they are selling more insurance and have a strong goal and how much they want to sell. They are growing in Asia and have a US component. Both are good names.


Price: $23.110
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2015-07-30 COMMENT Nike Inc
NKE-N
Zachary Curry

Great company. Trading at a fairly reasonable multiple. There is a lot of growth here. They have a ton of great athletes. Valuation is reasonable and they seem to be hitting all of their marks.


Price: $115.010
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2015-07-30 PAST TOP PICK Paramount Resources
POU-T
Robert Lauzon

(Top May 21/14, Down 62.14%) A good quality long term play.  When LNG gets built out 5 years from now they will benefit.  He would not be opposed to adding to your position.


Price: $21.010
Subject: ENERGY
Bias: SELECTIVE
Owned: Yes
2015-07-30 HOLD Pembina Pipeline Corp
PPL-T
Robert Lauzon

Looks pretty good here.  It is fine if you are only looking for yield.


Price: $37.840
Subject: ENERGY
Bias: SELECTIVE
Owned: Yes
2015-07-30 DON'T BUY Penn West Petroleum
PWT-T
Robert Lauzon

Has not owned it for 5 years.  It has too much debt and equity is grinding toward zero.  If oil spikes to $90 they could survive.  Avoid it.


Price: $1.790
Subject: ENERGY
Bias: SELECTIVE
Owned: Unknown
2015-07-30 BUY Surge Energy Inc
SGY-T
Robert Lauzon

He likes the dividend.  Recently sold assets to TOG-T.  Their balance sheet is good.  He would pick this because it is less risky than others.


Price: $2.450
Subject: ENERGY
Bias: SELECTIVE
Owned: Yes
2015-07-30 PAST TOP PICK Spartan Energy Corp
SPE-T
Zachary Curry

(A Top Pick July 10/14. Down 34.5%.) Still likes this. His view on the energy sector overall is that you want to pick the best companies that will be able to weather prices at $40 or $70, and this is definitely one of those names. Great balance sheet. Even at $40, they are able to take the cash flow and not accumulate debt and manage through the cycle.


Price: $2.620
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-30 DON'T BUY Transalta Corp
TA-T
Robert Lauzon

He would look at it as his infrastructure fund, but is avoiding it at present.  They are up against some charges of price fixing.  The main headwind is their coal plant with the NDP government.  Another headwind is the Alberta economy. 


Price: $8.050
Subject: ENERGY
Bias: SELECTIVE
Owned: Unknown
2015-07-30 DON'T BUY Twin Butte Energy
TBE-T
Robert Lauzon

It is heavy oil.  They don’t have a terrible balance sheet.  There may be a dividend cut.  He prefers others.


Price: $0.460
Subject: ENERGY
Bias: SELECTIVE
Owned: Unknown
2015-07-30 COMMENT Teck Resources Ltd. (B)
TCK.B-T
Zachary Curry

From an operating point of view, this is best in class in Canada. What they have done since the financial crisis until now, in terms of stability, has been fantastic. However, the commodity price environment has been detrimental. The one commodity that is doing well is zinc, but not enough to really lift the company out. Under $10 you really have to look at this.


Price: $9.330
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2015-07-30 COMMENT Toronto Dominion
TD-T
Zachary Curry

Manulife (MFC-T) or Toronto Dominion (TD-T)? Higher interest rates will effectively help the banks. This one is a retail bank with more locations in the US than in Canada. Both are good names. He prefers the banking side.


Price: $52.670
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-30 TOP PICK Torc Oil & Gas Ltd
TOG-T
Robert Lauzon

An oil producer, primarily in Saskatchewan that has been hit pretty hard and pays a nice dividend that should not be cut here.  There are going to a lot of acquisitions over the next few years.  He likes the team. 


Price: $7.120
Subject: ENERGY
Bias: SELECTIVE
Owned: Yes
2015-07-30 WEAK BUY Tourmaline Oil Corp
TOU-T
Robert Lauzon

He thinks the two projects will happen.  Between 2016-18 you will see some of these large companies try to get more solid molecules under the ground.  TOU-T will do wise things.


Price: $32.880
Subject: ENERGY
Bias: SELECTIVE
Owned: Unknown
2015-07-30 COMMENT Visa Inc.
V-N
Zachary Curry

Visa (V-N) or MasterCard (MA-N)? He feels this one is the bigger and the better of the 2. MasterCard has a bit more of a technological change going for it, but this one is the bigger size. Both are priced to perfection, and he questions if that growth is going to be able to get there. There are a lot of potential disruption coming with PayPal and Apple Pay. If there were to be a pullback, both companies would pull back quite substantially because their multiples are so high.


Price: $76.380
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2015-07-30 TOP PICK Whitecap Resources
WCP-T
Robert Lauzon

Healthy dividend, good management team, good institutional following for raising money when they need to grow by acquisition.  6.5% yield. It has sold off, but does not have a balance sheet problem.


Price: $11.710
Subject: ENERGY
Bias: SELECTIVE
Owned: Yes
2015-07-29 N/A A Comment -- General Comments From an Expert
A Commentary
Michael Sprung

Markets.  As a value investor, he is finding some opportunities. This market is in a great deal of turmoil. We not only had worries about Greece leaving the union, but still have yet to face some of the larger problems that are about to come up in Europe with other countries that are also in a lot of debt. Also, we still have the worries about slowing in China, which is going to affect commodity prices. This has all come to bear on the Canadian market quite a bit. On top of that there is the collapse of oil prices. It is in this kind of environment that value investors have really got to start sniffing around over the next business cycle to find good quality companies with good balance sheets that they can buy today. It would be companies that will not only prosper over the next cycle, but able to take advantage of opportunities that may arise in this environment. He is beginning to see a little bit of that in the oil/gas sector. We could be in a malaise for quite a while. There really hasn’t been a technical correction yet. It wouldn’t surprise him to see us test more lows over the next couple of months. People who have reserved cash will have some real opportunities. As a value investor, you have to really look at the balance sheets.


Price: $0.020
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: _N/A
2015-07-29 COMMENT A Comment -- General Comments From an Expert
A Commentary
Michael Sprung

Crude oil. Within the economy, the energy sector is approximately 10% of GDP. Over the next cycle, we are going to see an improvement in the conditions within the energy sector, but he doesn’t know how long it remains in the current malaise. Doesn’t know where the bottom price of oil is going to be, so look for those companies that have fairly strong balance sheets and that could potentially take advantage of their weaker competitors.


Price: $0.020
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Unknown
2015-07-29 HOLD A Comment -- General Comments From an Expert
A Commentary
Michael Sprung

Canadian Banks?  He owns a basket of these. His primary holdings are Royal Bank (RY-T), Bank of Nova Scotia (BNS-T) and CIBC (CM-T). Thinks the banks are in a fairly good position. Multiples have come off quite a bit. Bank dividends are safe, and he would expect that over the next cycle there will be dividend increases.


Price: $0.020
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-29 N/A A Comment -- General Comments From an Expert
A Commentary
James Telfser

Markets. Taking out his cash and short positions, he is sitting at about 75% Long, with some Put options as well. Has seen probability of a negative event occurring in the next few months and is building up a shopping list of names that he would like to buy. Companies that have reasonable valuation and doing a lot of their business outside of Canada is a theme that has been working exceptionally well for him. This separates a lot of Canadian portfolio managers from smaller, nimble funds like his, which is able to dabble in those sorts of names. His Buy list is in stocks that are trading near 52 week highs, but he just wants to buy at more attractive valuations.


Price: $0.020
Subject: CANADIAN
Bias: UNKNOWN
Owned: _N/A
2015-07-29 DON'T BUY Barrick Gold
ABX-T
Michael Sprung

This is a bit more speculative than it is an investment; it has a very high risk/reward return profile. If the price of gold starts to go up at all, this will certainly prosper from some operating leverage. Right now they are in the position of having a lot of debt and having to dispose of some assets. There are more secure companies to hold in gold than this one.


Price: $9.380
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-29 TOP PICK AGT Food & Ingredients
AGT-T
Michael Sprung

The seem to be in the right place at the right time with more and more of the world turning to other forms of grain/pulses, as a substitution on gluten ingredients. Next year is the year of the pulse, which will give them a lot more attention. They have been expanding their food ingredients side. This is one of the dominant players in pulses globally. Dividend yield of 2.01%.


Price: $30.640
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-29 COMMENT Aston Hill Financial
AHF-T
James Telfser

There is nothing wrong with their funds or the way the company is being managed, there is just a lot of negative press all at once. Lost a big IA sub-advisory deal, which was a ton of assets. Even though it was well televised that it was going to happen, the market still seemed to be spooked by it. They cut their dividend which was probably a good thing. Pretty cheap at these levels and he wouldn’t be worried about it if he were holding it. It is going to take a few quarters, even 12 months, for them to get back on track again and get the company going.


Price: $0.450
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2015-07-29 COMMENT Amaya Gaming Group Inc.
AYA-T
James Telfser

There is a lot of controversy. When you have these sorts of stories that have a lot of negative news bouncing around, and you don’t know what the answer is, it would be a worry. The valuation is not compelling enough for him to get involved.


Price: $31.620
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2015-07-29 BUY on WEAKNESS Brookfield Asset Management (A)
BAM.A-T
Michael Sprung

This is worth a bit of a premium. A very well managed company. Have very effectively raised money time and time again to deploy in large infrastructure projects. Has a small position. If the price were to come off another 5%-10%, he would be buying more.


Price: $45.320
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-29 DON'T BUY Bombardier Inc (B)
BBD.B-T
James Telfser

There are a lot of issues that are sucking a lot of cash out of the business. They have $9 billion of debt on their balance sheet, and now they have to do something about it. Had to issue a bunch of equity at $2.25. A lot of selling pressure on the name.


Price: $1.950
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2015-07-29 PAST TOP PICK CAE Inc
CAE-T
Michael Sprung

(A Top Pick July 28/14. Up 6.7%.) This was a Top Pick again for him recently. They recently announced they were selling their mining business, a very small part of their business. He thinks they are going to stick with the avionics and health care side of the business for the time being. Has always been an extremely well-managed company and is very well positioned in the aeronautical industry. As economies globally, they’re going to be more airlines and more pilots needing training. They will also benefit from any increase in military spending.


Price: $14.770
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-29 PARTIAL SELL CCL Industries (B)
CCL.B-T
Michael Sprung

A very well-managed company. When he looks at the current price and the multiples on it, it wouldn’t hurt to take some profits, perhaps 50%.


Price: $165.400
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: No
2015-07-29 COMMENT Calfrac Well Services Ltd
CFW-T
James Telfser

These are great names to get leverage to the oil space, but the first names you have to be out of when you see a crack in energy. The fracers, servicers and drillers get hit first. In his opinion, we are not at the bottom of oil yet.


Price: $6.350
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2015-07-29 TOP PICK Clearwater Seafoods Inc.
CLR-T
James Telfser

Currently trading at a pretty low valuation based on 1st quarter earnings, which were quite poor, and 2nd quarter earnings which are not expected to be great. This is a seasonal business where the 2nd half is usually much stronger. Raised a bunch of money recently at about $12.25. They have been talking a big game about making acquisitions and looking at assets. This is the sort of business where you if you can buy some quotas and consolidate the industry a little, there are a lot of synergies that can happen. Dividend yield of 1.42%.


Price: $11.300
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2015-07-29 COMMENT Crescent Point Energy Corp
CPG-T
Michael Sprung

Has always been a very well-managed company. For many years, although they didn’t earn it, it was largely supported by the DRIP program. As production and cash flow grew, they were able to cover that. They have run a very effective hedging program. Have 58% of their output hedged at around $88, and 2016 production hedged at around $83. Regarding cash flow, although numbers have come off considerably in the last while, he is still seeing forecasts for the next 2 years of about $4, which allows them to maintain that dividend. Have a lot of very good properties and a lot of potential properties to drill extensively over the next number of years.


Price: $19.420
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-29 DON'T BUY Crescent Point Energy Corp
CPG-T
James Telfser

Would probably be at the bottom of his list of energy stocks that he would buy. Always had a problem with them raising money to pay their dividends. They typically raise money which dilutes shareholders, and then the growth kind of disappears from that.


Price: $19.420
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2015-07-29 PAST TOP PICK Encana Corp
ECA-T
Michael Sprung

(A Top Pick July 28/14. Down 56.8%.) This is under stress, but it is one of the major players. One of the nice things is the quality of their properties. Being one of the large players, they will eventually be one of the companies that will prosper. The dividend may not be secure, but this is not a stock that you own for the dividends.


Price: $10.070
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-29 PAST TOP PICK EnerCare Inc
ECI-T
Michael Sprung

(A Top Pick July 28/14. Up 0.90%.) Yielding about 6.4%. They are still integrating the Consumer Home Services acquisition. This is adding to revenues and giving them a steadier fee income. The smart meter business continues to grow. A nice yield play to hold on to.


Price: $13.510
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-29 PARTIAL SELL Element Financial
EFN-T
James Telfser

Has been a fantastic Canadian story up to this point. The last deal they made, with General Electric (GE-T), is going to be great. Sold his holdings in the high $19 area. This is a business that does have some kind of risks, and he only wants to take so much financial risk in his portfolio. Depending on how long you have been in this, it might be worth trimming some shares.


Price: $19.050
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2015-07-29 PAST TOP PICK easyhome
EH-T
James Telfser

(A Top Pick Sept 12/14. Down 26.47%.) Still one of the great organic growth stories. Has been taking a little bit of a hit lately, even though it has been firing on all cylinders. Revenue growth is at 20%. Their loan book is up to $250 million and growing. Part of their issue is that they are running out of room on their debt facility, so they need to announce that they are refinancing some of their debt.


Price: $17.000
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2015-07-29 COMMENT Fairfax Financial
FFH-T
Michael Sprung

Has a lot of respect for Prem Watsa, a truly great investor and has created a great company with this. Has probably done better on the investment side of the equation than on the underwriting side. Long-term this is a fairly good investment, but is controversial right now, as he has come to the market and asked them to lock in his voting control of around 41%. That has been diluted over the years from 85%. Because his control has slipped, he has had to come to the market time and time again to raise capital. As long as there is a sunset clause on that control block, it is probably all right. He does not like to see control blocks that can go generation to generation. If you can ever buy the stock at close to Book Value, it is a very good buy.


Price: $664.630
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: No
2015-07-29 PAST TOP PICK Firstservice Corp
FSV-Q
James Telfser

(A Top Pick Sept 12/14. Up 37%.) Split into 2 companies at the beginning of June and he continues to hold both. Both of them are growing by acquisition.


Price: $29.850
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2015-07-29 HOLD Fortis Inc.
FTS-T
Michael Sprung

Really likes this company. A couple of years ago they made a major acquisition in Texas, which was really a game changer for them. Beyond that, their other power operations are operating pretty well. They continue to increase their rate base in places where they operate and future dividends are going to increase here still. At current levels, the payout is rather modest, so he thinks they can maintain the dividend for some period of time. You are earning 3.8% on a growing company.


Price: $36.610
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-29 BUY CGI Group (A)
GIB.A-T
James Telfser

Has a pretty good feeling about this stock going forward. He didn’t like the set up going into this quarter as it seemed revenue growth was going to be light, and it was. Was surprised to see the stock off 5% on the news. There has been some negative overhang on the stock ever since the Computer Sciences deal wasn’t pursued. The stock is now going to grow based on fundamentals. Margin growth is best in class. It looks like bookings have been quite weak for the last few quarters, so he wants to see that start to pick up. Valuation is right if you are a long-term shareholder.


Price: $48.340
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2015-07-29 TOP PICK Hudson Bay Co.
HBC-T
James Telfser

Doing great things to their stores, and it is increasing sales. Thinks the situation in Germany is very similar to what they had in Toronto. A few flagship stores with great property values that they have spun into a joint venture that they are really going to fix up and hopefully turn around sales. Also, have online strategies that they are going to focus on. Really the value is in the real estate. He calculates the NAV of around $35, and it is trading at a 25% discount to that. Yield of 0.75%.


Price: $26.500
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2015-07-29 COMMENT Hudbay Minerals Inc.
HBM-T
Michael Sprung

One of his primary holdings within the materials sector. This is the year that Constancia is coming on stream and he thinks free cash flow is going to grow fairly significantly. Likes their production profile and thinks it is going to build substantially. He could see them buying some other assets if they become available.


Price: $8.560
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
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