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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
2017-02-15 PAST TOP PICK Alimentation Couche-Tard (B)
ATD.B-T
Brian Madden

(A Top Pick Aug 29/16. Down 7.79%.) Acquired CST Brands which should be quite accretive to earnings. However, the resource sector has got its feet back under it and has been funded from some of the safer secular growth stories like this. It is starting to perk up lately on the charts. A tremendous, long-term performer, growing earnings at a 20%+ compound rate over 2 decades. Great management team. They are quite likely to get the final regulatory clearance to go ahead on the CST Brands position.


Price: $62.200
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-02-15 COMMENT Avigilon Corp
AVO-T
Brian Madden

A provider of intelligence security systems, cameras and related software. It was once a market darling, but has stumbled badly. There has been a bit of a revolving door in the executive offices. Financial governances are not terrific. Credibility of management is a bit suspect, with a history of overpromising and under delivering. Analysts have a tough time with revenue visibility because the product is sold through a network of resellers.


Price: $15.290
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2017-02-15 COMMENT Bank of America
BAC-N
Colin Stewart

As US interest rates rise and the net interest margin environment for the banks improve, all banks should do well. This is probably one of the cheaper ones on a valuation basis. They also have a large consumer mortgage business, which they should benefit from going forward.


Price: $24.580
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: No
2017-02-15 COMMENT Brookfield Asset Management (A)
BAM.A-T
Colin Stewart

People are focused on their ability to continue to deploy very large amounts of capital globally. One of the premier alternative asset managers. Increasingly they are building a very, very successful asset management business. Because of the notoriety of their successful investment track record, they’ve been able to gather a lot of assets from pension funds and sovereign wealth funds around the globe. The management and performance fees they are earning are becoming a larger and larger piece of cash flow and have a lot of value. This will probably be a lot more valuable 10 years from now than it is today.


Price: $48.690
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: Unknown
2017-02-15 COMMENT Brookfield Asset Management (A)
BAM.A-T
Brian Madden

Canada’s largest alternative asset manager. Operates in private equity, real estate, infrastructure and renewable energy, and has a large growing fee for services. They are basically in things that are not publicly traded, and are the best in the business at exploiting those inefficiencies.


Price: $48.690
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-02-15 COMMENT Bombardier Inc (B)
BBD.B-T
Brian Madden

This company is cyclical and is highly leveraged. They’ve had delays on the C series program. He doesn’t view this as an investment grade security. They have leverage which is 10X debt to EBITDA, and there is just not enough margin of safety to take a position.


Price: $2.580
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2017-02-15 PAST TOP PICK Brick Brewing Company Ltd.
BRB-T
Colin Stewart

(A Top Pick Jan 28/16. Up 42.92%.) He still really likes this. They are benefiting from the continuing move to craft beer and a lot of the legislative changes that are happening in the Ontario market. Also, beer is now being sold in grocery stores in Ontario.


Price: $2.720
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: Yes
2017-02-15 TOP PICK Cascades Inc
CAS-T
Colin Stewart

They have 2 core businesses, tissue and container board. He likes the container board side in particular because of the growing economy where people are shipping more things in boxes. It is a fairly tight market right now for container board and there have been price increases in the last couple of days. As more and more online shopping occurs, that is going to lead to more things shipped in boxes. Trading at only about 5.5X enterprise value to EBITDA. Dividend yield of 1.15%. (Analysts’ price target is $14.60.)


Price: $13.900
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: Yes
2017-02-15 COMMENT Caterpillar
CAT-N
Colin Stewart

The perceived outlook from investors is that this company is well positioned to benefit from infrastructure spending and the global mining boom. Based on the valuation, it is trading above its historical multiple. A lot of the good news is already built into the share price. This is not an overly cheap stock.


Price: $99.020
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: Unknown
2017-02-15 PAST TOP PICK CCL Industries (B)
CCL.B-T
Brian Madden

(A Top Pick Aug 29/16. Up 12.19%.) A tremendous Canadian growth story in the last number of years. They are in containers, polymers. Recently announced an acquisition of Innovia which is likely to be 14% or 15% accretive to earnings. Innnovia is the undisputed market leader in polymer banknotes. Polymer banknotes are still in their infancy, so while Innovia has a 95% share of the market, polymer banknotes only have a 3% penetration amongst all banknotes worldwide. Lots of runway.


Price: $268.510
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-02-15 COMMENT Cameco Corporation
CCO-T
Brian Madden

The world’s largest publicly traded uranium producer. The stock has been in a slump since the Fukushima disaster in 2011. Things started to change in advance of changes of the uranium market fundamentals last summer. Kazatomprom, Kazakhstan’s state owned mine, which owns 30% of the uranium market, decided to cut production by 10%, which will meaningfully tighten things. The price has responded. Cameco has a dispute with Canada Revenue on back taxes and transfer pricing, which is not going to go away in the next 12-18 months. They also have a dispute with the Tokyo Electric Power Company.


Price: $15.510
Subject: CANADIAN
Bias: UNKNOWN
Owned: Unknown
2017-02-15 COMMENT Cineplex Inc
CGX-T
Colin Stewart

This has an almost monopoly like position in theatres and movie distributions in Canada. Because of that, it gets priced fairly richly. They just had an earnings miss, but there can be revenue volatility from quarter to quarter. You could take a look at some of the US theatre companies which historically have traded at lower valuations.


Price: $51.300
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: No
2017-02-15 COMMENT Chorus Aviation Inc
CHR-T
Colin Stewart

Just had a move up recently, due to a financing they did a couple of months ago. A really good business. Operating a lot of regional flights that are not so competitive and has a relationship with Air Canada (AC-T). He prefers just playing Air Canada directly, which is very cheap. On a valuation multiple basis, Air Canada would screen cheaper than this one or Westjet (WJA-T).


Price: $7.400
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: No
2017-02-15 COMMENT SalesForce.com Inc.
CRM-N
Colin Stewart

He doesn’t love this one. As a successful software business, it has gotten very high valuations. As a value investor, he doesn’t see why he would pay 40 or 50 times earnings. Prefers something like Google (GOOGL-Q) over this.


Price: $81.670
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: No
2017-02-15 COMMENT Cenovus Energy
CVE-T
Brian Madden

Oil is recovering, although in fits and starts. This is a well-run integrated oil producer. He would favour Suncor (SU-T) given the longer reserve life and the better assets as well as the downstream operations. However, he wouldn’t have tremendous concerns with this company.


Price: $17.970
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2017-02-15 DON'T BUY Walt Disney
DIS-N
Colin Stewart

Over the very long-term, there is still further upside in this. ESPN is a very key asset for them, so there have been concerns on cord cutting. Their parks business is very healthy and continuing to grow. Trading at 18X earnings, so it is not cheap. The earnings growth trajectory for the next couple of years has slowed quite a bit. He would wait for a pullback.


Price: $110.180
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: No
2017-02-15 DON'T BUY Empire Company (A)
EMP.A-T
Brian Madden

Groceries is a difficult business. They spectacularly botched the acquisition of Safeway Canada in 2013, paying $5.5-$6 billion. Since announcing the acquisition, EPS has dropped from about $1.75 to about $.65-$.70. The debt has been downgraded, and the stock has fallen off a cliff. Just brought in a new CEO. His concern is that the new CEO is unproven in grocery retailing. The company has a lot to wrap its arms around in terms of untangling the mess.


Price: $16.910
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2017-02-15 DON'T BUY Enghouse Systems
ENGH-T
Colin Stewart

This has been a very successful company over the last number of years. It is a growth through acquisition type of model, buying a bunch of small software companies, cutting out the costs, and trying to put it together in a bigger rollup strategy. It has always been expensive.


Price: $52.190
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: No
2017-02-15 BUY on WEAKNESS Freshii Inc
FRII-T
Colin Stewart

A brand-new public company in Canada. A franchise model. IPO’d at a very rich price, but has performed well since then. If they are able to increase their unit locations from about 250 today up to 700-800 in the next few years, it would represent one of the faster growing franchise players. He really likes the business and the concept, and it has a lot of opportunity to grow. However, it is trading at a rich valuation.


Price: $13.610
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: Unknown
2017-02-15 BUY Alphabet Inc. (A)
GOOGL-Q
Colin Stewart

Apple (AAPL-Q) or Alphabet (GOOGL-Q)? He owns both, although he has a bigger position in this one and thinks of it as a better business. If you strip out their cash, it is only trading at 17 or 18 times earnings.


Price: $837.320
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: Yes
2017-02-15 TOP PICK Gluskin Sheff and Associates
GS-T
Brian Madden

An asset manager that operates in the high net worth space. The demographics are great. Family assets are growing more quickly than lower net worth households. Also, client relationships tend to be longer-term and stickier, due to the nature of the services offered. The stock is discounted because of long-term litigation with the founders, which is likely to get cleared up later this year. Dividend yield of 5.27%. (Analysts’ price target is $19.67.)


Price: $18.990
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-02-15 BUY IBI Group
IBG-T
Colin Stewart

A little different from some of the other engineering/construction companies that would benefit from infrastructure, because their business is based more on architectural work as opposed to systems design. Good management.


Price: $6.450
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: Yes
2017-02-15 TOP PICK Imvescor Restaurant Group
IRG-T
Colin Stewart

Their brands include Pizza Delight, Baton Rouge, Scores, etc. Mainly in Québec. Recently made an acquisition of a breakfast chain, Ben & Florentine. They don’t actually own or run the expenses of the restaurant, but take a royalty off the top line. There is a lot of free cash flow. Trades at half the valuation of a Freshii. Dividend yield of 2.69%. The new CEO has been reinvesting in the business. They are on the hunt for more acquisitions. A cheaper way to play the restaurant business in Canada. (Analysts’ price target is $3.88.)


Price: $3.330
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: Yes
2017-02-15 PAST TOP PICK JP Morgan Chase & Co
JPM-N
Colin Stewart

(A Top Pick Jan 28/16. Up 62.46%.) Still pretty cheap at about 12X earnings. 2% dividend yield. Not expensive, but earnings are going to go up a lot as we see tax cuts and US interest rates moving up.


Price: $90.590
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: Yes
2017-02-15 COMMENT Linamar Corp
LNR-T
Brian Madden

A leading auto parts producer. The auto parts cycle has sort of hit a plateau in North America, production running around 18 million units. Maybe growing a little better in Europe. China and Asia has been the big growth story for a lot of the auto parts companies, but may be cooling off. (See Top Picks.)


Price: $61.340
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2017-02-15 COMMENT Manulife Financial
MFC-T
Colin Stewart

A very well-run business, particularly after a number of years of underperformance relative to the banks. Lifecos are poised to outperform the Canadian banks as they have a lot of sensitivity to rising interest rates. If you believe we are in a period of reflation and rising interest rates, lifecos are a great way to play that. Also, this company has a great, global footprint.


Price: $25.030
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: No
2017-02-15 COMMENT Manulife Financial
MFC-T
Brian Madden

Canada’s largest life insurer. He likes this for the geographic balance, operating in Canada, the US and a large and growing presence in Asia. They are quite profitable. He sees a clear path to improving returns on shareholders’ equity, which is very highly correlated with the valuation multiple that investors are willing to put on the stock. Their reinvestment prospects will get better and better as interest rates go up. There is still more room to run with this company.


Price: $25.030
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-02-15 PAST TOP PICK Magna Int'l. (A)
MG-T
Brian Madden

(A Top Pick Aug 29/16. Up 13.13%.) Canada’s largest auto parts producer. It has a platform that is well balanced between producing in Canada, US, Europe and Asia. It is outgrowing the industry in all of those regions, primarily on the back of product innovation. They have been doing buybacks at a stepped-up pace. Trading at about 7.8X its earnings, versus its peer group that is running at 11X.


Price: $59.140
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-02-15 TOP PICK Magna Int'l. (A)
MG-T
Brian Madden

A great play on the auto cycle. 18 million cars a year are being produced, and perhaps accelerating in Europe and continuing at high levels in Asia. The company is very innovative and are making advances in vehicle light weighting, transmissions and advanced driver systems. Trading at a discounted valuation. Dividend yield of 2.28%. (Analysts’ price target is $65.48.)


Price: $59.140
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-02-15 PARTIAL SELL Morgan Stanley
MS-N
Colin Stewart

Because this is a broker/dealer, this is going to be more dependent on the financial markets. Because the financial markets and the US economy is doing well, this one should do well also. He prefers the larger money centred banks with a very large deposit base and consumer lending business. There is nothing wrong with this one, but he would suggest taking some of your money out and moving it into one of the money centred banks.


Price: $46.490
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: No
2017-02-15 PAST TOP PICK Pollard Banknote Ltd
PBL-T
Colin Stewart

(A Top Pick Jan 28/16. Up 9%.) Thinks the stock should be a lot higher. They are one of the dominant global players in printing scratch lottery tickets. The industry has grown at about 6%-7% a year over 30 years. Trading at a pretty reasonable valuation.


Price: $8.000
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: Yes
2017-02-15 HOLD Paramount Resources
POU-T
Colin Stewart

This has had a nice move over the last year. They’ve shed some non-core assets.


Price: $17.830
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: No
2017-02-15 COMMENT RioCan Real Estate Investment
REI.UN-T
Brian Madden

A real estate investment trust concentrated in retail shopping centres. It is a bond proxy, so is going to be disadvantaged in an era of secular rising rates. Yields about 5.3%. If you own it, it is probably safe. You will probably continue to get the yield, but the multiple might be under pressure because it is a bond proxy. Also, because it is retail oriented and the Canadian consumer being indebted to historic levels, this would not be his preferred exposure.


Price: $26.420
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2017-02-15 COMMENT Shopify Inc.
SHOP-T
Colin Stewart

This would be seen in Canada as one of the premier tech growth companies out there. They power a lot of e-commerce websites of companies that want to do more business over the Internet. As more and more people want to shop online, this company is well positioned to do that.


Price: $79.220
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: No
2017-02-15 TOP PICK Shopify Inc.
SHOP-T
Brian Madden

Canada’s most dynamic growth story. It is Canada’s leading e-commerce enablement company. They are involved in things like payment solutions for online merchants, order management systems, inventory and promotion management systems, as well as more recently into shipping. Just reported great numbers. Management has predicted they will break even by the 4th quarter of this year and should post revenue between $580 million and $600 million. (Analysts’ price target is $75.71.)


Price: $79.220
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-02-15 COMMENT StorageVault Canada
SVI-X
Colin Stewart

There is a scarcity value. There are really no other publicly traded self storage businesses in Canada. Over the last few years, the sector has probably been one of the best performing in the US. He likes management and he likes the story. Not cheap, but thinks it will continue to do well and acquire more units.


Price: $1.640
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: Yes
2017-02-15 COMMENT Toronto Dominion
TD-T
Brian Madden

The fastest grower among the large Canadian banks, growing earnings at 7.5% compound rate over the last 5 years. It tends to trade at a premium multiple to the rest of the group. Trading at about 13X earnings, a little above the bandwidth it has been trading at for the last 5 years. He likes that they have 35% of their business coming out of the US. That is an increasing proportion, because their US affiliate Ameritrade is in the process of acquiring Scottrade Financial.


Price: $69.160
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-02-15 DON'T BUY Teck Resources Ltd. (B)
TECK.B-T
Colin Stewart

On a number of occasions, this has gone from $4-$5 to something like $30, and then back down to $4-$5. The time to buy it was when everybody hated it, a year ago. He doesn’t have a huge level of confidence that copper and met coal prices are going to last.


Price: $29.320
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: No
2017-02-15 TOP PICK Temple Hotels
TPH-T
Colin Stewart

The largest publicly traded hotel company in Canada, and operate under names such as Hilton, Marriott, Days Inn, etc. They own over 4000 hotel rooms in Canada. 50% of those are in Alberta, and half of those are in Fort Mac. That has caused the share price to underperform over the last couple of years. Thinks this is a bit of a restructuring turnaround story. Also, Morguard (MRG.UN-T) has taken a very large, over 50% equity stake in it. (Analysts’ price target is $0.90.)


Price: $0.900
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: Yes
2017-02-15 SELL Verizon Communications
VZ-N
Colin Stewart

This company is facing some challenges such as increasing competition from the wireless side. A very competitive business. A lot of the smaller carriers are being fairly aggressive on pricing. He would suggest selling your holdings and try to get in with at least a 10% lower share price.


Price: $48.080
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: OPTIMISTIC
Owned: No
2017-02-15 COMMENT Canopy Growth Corp.
WEED-T
Brian Madden

Canada’s leading medicinal marijuana grower. It has had a meteoric rise in the last couple of quarters.  He tends to take a conservative stance to early stage businesses, and has not participated. He would be particularly cautious where the whole regulatory framework is up in the air.


Price: $12.100
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2017-02-14 N/A A Comment -- General Comments From an Expert
A Commentary
David Burrows

Market. A new bull market was started in 2013 and we have lived through the 1st major correction of a long-term bull market that ended in February 2016. Since February, economic data, price behaviour in the market and leadership has slowly been improving. We made new all-time highs in July in the S&P 500. Cyclicals that are leading the market, started to lead in June signalling a transition from a market driven by interest rates, to one driven by earnings. The groups that have been leading since then are the groups that led through the election period. Then we made new all-time highs again over the last few days. The market is showing steady improvement, and there is no deterioration. Earnings growth is coming in a little ahead of expectations. In a strengthening market, you always want to look for low correlations, i.e. stocks that are not behaving like one another. That is very healthy in a market. There is no bear market or major correction in history that happened while breadth was expanding. The simplest way to determine what type of market you are in is to look at the way the market reacts to news. If a market can handle bad news and rally, don’t fight it.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: _N/A
2017-02-14 N/A A Comment -- General Comments From an Expert
A Commentary
David Burrows

Diversified investing? Looking at a fully invested equity portfolio of 20 to 40 securities, he starts with a 2%-2.5% weighting. A full weighting is 5%. If he had 20 positions, it would be about 5% weight. He picks companies, not size. Prefers an equal weight portfolio, but you want representation from different types of companies, i.e. different industries, different market sizes.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: _N/A
2017-02-14 N/A A Comment -- General Comments From an Expert
A Commentary
Ryan Bushell

Market. A lot of correlation has been made about the market move and Donald Trump, but he has been calling for an increase in interest rates flowing some money back towards the equity market. Economic fundamentals are strong. If rates rise a bit more, some of his favourite stocks might go on sale so that he could add to them on a dip. We are 9 years into this economic expansion, the second-longest expansion on record in terms of a business cycle. However, it has been a tepid expansion, so it could go on longer.


Price: $0.020
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: _N/A
2017-02-14 WEAK BUY Agrium
AGU-T
David Burrows

Agricultural is starting to perform better. This one gives you great exposure across retail and products. It is very close to making new highs. This is the right time of the year to be buying agriculture stocks. He wouldn’t have a problem buying this, but the group is not one of the strongest sectors in the market. He prefers other places.


Price: $140.100
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2017-02-14 TOP PICK Altagas Ltd
ALA-T
Ryan Bushell

Good management team. 6%-7% annualized dividend growth over the last 5 years. 7% growth on a 7% yield is a big number. He likes this company for yield focused investors. Acquiring WGL Holdings, a Washington-based utility in Virginia. Has faith in the management team to pull the acquisition off. Dividend yield of 6.72%. (Analysts’ price target is $35.44.)


Price: $31.240
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2017-02-14 STRONG BUY Bank of America
BAC-N
David Burrows

Has used this a few times as a Top Pick over the last 6 months. If he had to pick one bank in the US, this would probably be it. Very domestically focused. He likes the improvement that is going on in the US economy. They are an enormous beneficiary of rising interest rates. In the most recent quarter, there was one interest rate increase, and this bank had an additional $600 million of earnings from one interest rate increase. Trading at just over 1X BV. You are going to get dividend growth, earnings growth and multiple expansion. This has 5-6 years in front of it.


Price: $24.060
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-02-14 BUY Brookfield Asset Management (A)
BAM.A-T
David Burrows

A great business. In asset management, you get paid a fee to manage assets. If you a do a great job in buying them, then people will give you money to manage for them and they’ll pay you an ongoing fee. They’ve done a great job of building a diverse set of holdings, and have had very, very steady growth in cash flow. Technically, it has just broken out. He likes asset management. Prefers asset management in a developed market public equities today, as he thinks that is where things are going. However, this will be a very steady hold. This is a good time to be entering the stock.


Price: $48.080
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2017-02-14 WATCH BCE Inc.
BCE-T
Ryan Bushell

Just increased their dividend 5%. All the Canadian telcos have seen better wireless subscriber additions recently. The adoption of secondary devices, immigration and demographics is combined to increase the growth rate of these companies. If interest rates increase, there will be a broad macro trade to sell the telecoms and utilities especially, and that’s when he would start looking at this.


Price: $58.000
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2017-02-14 HOLD Baytex Energy Corp
BTE-T
Ryan Bushell

The only non-dividend paying stock he owns. It used to pay a dividend, went through the downturn and a lot of dividend based investors sold. The core assets are still very good. It still has a leverage issue, but are working through that. Recently did an acquisition in Alberta that looks very promising. Fundamentally thinks oil prices should be higher, and if so, this stock has a lot of potential.


Price: $5.300
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2017-02-14 DON'T BUY Blackstone Group LP
BX-N
David Burrows

KKR & Co (KKR-N) or Blackstone (BX-N)? He prefers an asset manager that is focused on public market equities. Asset classes are always being revalued. At certain times, certain asset classes do better than others. We have just gone through 10 years where regulation, compliance and rules around being a public company went through the roof, and it became very, very expensive. During that time, managing investing in private companies became very attractive, as they didn’t have the same problems. However, many private companies trade at higher valuations than public market companies, and yet public market companies are liquid every day and can be bought or sold. We have entered a period of many years where public market equities and developed markets, are likely to outperform. Asset managers in that area are under-owned and under-loved, and things changing for the better. Multiples are expanding. Prefers Morgan Stanley (MS-N).


Price: $30.450
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2017-02-14 COMMENT Canadian Imperial Bank of Commerce
CM-T
Ryan Bushell

Metrics look good relative to the other banks. However, it is cheaper for a reason. At current levels, he feels it is as attractive as the other banks. On the positive side, they have taken the tack of increasing payout ratios, which means a higher dividend yield and more dividend increases. More domestically focused than the others.


Price: $115.810
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: No
2017-02-14 TOP PICK Canadian Natural Rsrcs
CNQ-T
Ryan Bushell

A lot of the large Canadian oil producers have gone on sale recently. There are 2 big concerns in the market. One is the possible border adjustment tax, which would raise the price of retail gasoline in the US, and he doesn’t think that is likely to pass. The 2nd is how much production comes on in the US and what happens with the OPEC deal. The WTI strip has hung in their pretty solidly, even with some big inventory builds over the last couple of weeks. The stock is cheap. Dividend yield of 2.52%. (Analysts’ price target is $49.74.)


Price: $39.690
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2017-02-14 COMMENT CSX Corp
CSX-Q
David Burrows

He likes the US stock market right now and the sectors that are economically sensitive. Transports are very economically sensitive. This one has been a remarkable performer in this market. Part of this is that there is some expectation that Hunter Harrison is going to get his hands on this and try to work his magic. Because of this, the stock has really responded incredibly well over the last 6 weeks, and is a bit extended now.


Price: $48.000
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2017-02-14 PAST TOP PICK Cenovus Energy
CVE-T
Ryan Bushell

(A Top Pick Feb 29/16. Up 17.19%.) Low cost oil sands producer. A lot of US investors are more enamored with near-term production growth that might come from some of the shale producers in the US, but they are ultimately going to find that decline rates are going to hurt and they’ll have to replace the reserves. This company’s oil reserves are almost infinite.


Price: $17.950
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2017-02-14 BUY Dollarama Inc.
DOL-T
David Burrows

Even though retail has lagged a little, this company has a very specifically strong business model. If you want to have some exposure, he wouldn’t have a problem owning it.


Price: $102.650
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2017-02-14 TOP PICK Dow Chemical
DOW-N
David Burrows

This is a good company that is getting better. They are merging into DuPont (DD-N), and will wind up splitting into 3 pieces. The US has the lowest cost natural gas globally. In chemical companies, natural gas is the biggest cost. There are very persistent low natural gas prices because of what has happened with fracing in the US. The merging companies will likely unlock some value. They generated about a 20% dividend growth over the last 5 years. Dividend yield of 3.01%. (Analysts’ price target is $67.06.)


Price: $61.720
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-02-14 COMMENT Electronics Arts Inc
EA-Q
David Burrows

He really likes the video game space. You make money if you find a company or industry that is perceived to be good to begin with, but where there is some change that has taken place that allows them to take their business to a whole different level. It used to be that you would buy a disc to upgrade a videogame. Now you download a game, and you are in the heat of a battle, and you pay extra for another weapon. Their ability to generate cash from their properties has gone markedly upward. So, the multiple you pay for that business should expand. Not only are earnings growing, but the multiple of earnings that people are willing to pay is growing.


Price: $86.060
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-02-14 TOP PICK EnerCare Inc
ECI-T
Ryan Bushell

He likes this for the long-term. This services, sells and rents water heaters, furnaces and air conditioners. Increased penetration of rentals is really valuable for them longer-term. Good management team. Just did a big acquisition in the US where they are going to roll out rentals, which should be good for the company longer-term. Dividend yield of 4.86%. (Analysts’ price target is $21.60.)


Price: $19.020
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2017-02-14 COMMENT Enbridge
ENB-T
Ryan Bushell

This has done about 12% annualized total return since 1952. The future still looks bright. They have the line 3 replacement project, the largest capital project in their history, which is going through some regulatory hurdles, but thinks they will get it going. The merger with Spectra is another thing for them. The pipeline sector, is moving from sort of more in the “growth at a reasonable price” area into a more utility like cash flow arena. With a solid yield and the dividend growth, you can’t go too far wrong.


Price: $56.510
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
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