Viewing Expert Brian Madden | StockChase
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Compiling comments that experts make about stocks while on public TV.

Viewing Expert

Brian Madden , Senior VP & Portfolio Manager

Goodreid Investment Council


Date Signal Chart Symbol Company Opinion Price
2017-07-12 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Economy. The Bank of Canada did a 180 back in June. It was a long time coming. The Canadian market is robust. GDP grew 3.7% in the 1st quarter, which is more than double their normal pace of growth. 186,000 jobs created of the first 6 months this year. Corporate profits are up 12.5%.


Price:
$0.020
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
_N/A
2017-07-12 DON'T BUY Must be logged in to use chart ALA-T Altagas Ltd

He used to own this, but sold it about a year ago. His concern was on valuation and interest rate sensitivity. This does midstream natural gas processing in Western Canada. Involved in a very large transaction to buy WGL Holdings in the US for about $6 billion. The market doesn’t like the transaction and the stock traded down quite sharply when they announced the deal. This company paid way, way more in dividends than their earnings. Also, the stock is quite expensive.


Price:
$29.620
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-07-12 COMMENT Must be logged in to use chart APH-T Aphria Inc

Just reported results today and it looked like a reasonable quarter. His concern is the overall industry structure, and the lack of clarity around regulations, and who were going to be the ultimate survivors. There are just too many uncertainties at this time.


Price:
$5.940
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-07-12 PAST TOP PICK Must be logged in to use chart ATD.B-T Alimentation Couche-Tard (B)

(A Top Pick August 29/16. Down 7.35.) Sometimes these things take patience to pan out. They have a 20+ year record of generating value for shareholders. Reported earnings today, which were better than expected. In addition to organic growth, they have been very, very capable serial acquirers. Just closed on their largest acquisition on June 28, and another US deal yesterday. Both should be accretive. Trading at 16X earnings. This is still a Buy.


Price:
$62.400
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-07-12 TOP PICK Must be logged in to use chart ATD.B-T Alimentation Couche-Tard (B)

This should be able to continue the 20 year+ history of growing earnings. They’ve grown earnings 21% compounded over the last decade. The strategy is to price sharply on fuel. People are very sensitive on gasoline, and merchandise in stores is very attractively displayed. The in-store merchandise draws 3 to 5 times the gross margin that the fuel does. Dividend yield of 0.6%. (Analysts’ price target is $75.)


Price:
$62.400
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-07-12 PAST TOP PICK Must be logged in to use chart CCL.B-T CCL Industries (B)

(A Top Pick August 29/16. Up 29.36%.) He continues to like this. They make packaging, containers and labels for global manufacturers, predominantly consumer packaged goods. Increasingly they are getting into more advanced applications. Did a deal in December for a British company that makes plastic polymers that are used in banknotes. There is a long runway for growth in this, because only 3% of banknotes globally are made from this high-security polymer film.


Price:
$61.700
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-07-12 COMMENT Must be logged in to use chart CJR.B-T Corus Entertainment (B)

Not particularly constructive on this name. Many media, content owners and broadcasters are at risk of being disintermediated as people stop consuming media through traditional channels, and instead go over the top or online. On a total return basis, he would be wary.


Price:
$13.710
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-07-12 HOLD Must be logged in to use chart CTC.A-T Canadian Tire Corporation Ltd. (A)

This has done a pretty good job. Earnings are growing and have created shareholder value since about 2010-2011, and have done it in the face of increasing competition. They are now navigating through this more difficult retail environment pretty skilfully.


Price:
$142.730
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-07-12 TOP PICK Must be logged in to use chart ENB-T Enbridge

Canada’s largest pipeline company. The crown jewels would be the main line and Lakehead pipelines, a pipeline that carries about two thirds of all the oil produced in this country. They also own downstream assets that distributes natural gas. Just completed a $42 billion transformational acquisition of Spectra Energy in the US, making them the 4th largest company in Canada. It also broadens their asset base and positions them strategically in a growing production base. Dividend yield of 4.8%. (Analysts’ price target is $62.)


Price:
$50.980
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-07-12 DON'T BUY Must be logged in to use chart FTS-T Fortis Inc.

This is a stock he would steer clear of. The economy is strengthening, so there is the expectation that interest rates are going to rise. Anything that investors have been treating as bond proxies or surrogates for income, is vulnerable to government bond yields going higher. Sees better opportunities in pipelines.


Price:
$44.400
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-07-12 COMMENT Must be logged in to use chart G-T Goldcorp Inc

This is among the largest producers of gold in Canada. He is cautious on gold producers, as the commodity has been in a multi-year slump. The problem with miners in general is that they seem to find myriad ways to go off the rails. He can see a place for physical gold as a strategic hedge against doomsday or general economic malaise, but thinks there are better ways to own gold than this company.


Price:
$16.520
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-07-12 COMMENT Must be logged in to use chart HBM-T Hudbay Minerals Inc.

Base metals producer including predominantly copper and zinc assets around the world. This is really linked to industrial production and global growth. To the extent that this is picking up, it should be a tailwind for this stock. This is not going to be able to coin profits through the cycle, it is going to have boom and bust phases. The conditions seem to be aligning nicely, and the base metals complex for a tailwind to their earnings.


Price:
$8.290
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-07-12 COMMENT Must be logged in to use chart IPL-T Inter Pipeline

He likes this company. It has struggled in the last couple of months. The approximate cause for weakness in the stock is that they are coming up to an important decision point about significant capital expenditure that they may or may not undertake. They acquired some US assets that were in Western Canada, and there was some optionality around the assets to spend $3 billion to build a big PDH petrochemical plant. This could be a good positive catalyst going forward in a couple of years.


Price:
$24.970
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-07-12 BUY Must be logged in to use chart MFC-T Manulife Financial

He likes this. It has traded in a sort of sideways trade since the US election. Thinks investors have taken the view that this is sympathetic to the interest rates trade. It has been in a bit of a holding pattern since December until quite recently. With the bond market in a bit of a selloff mode and the recent rate hikes, their macro tailwind is in force once again. This is increasingly a play on Asia, and they are a dominant player in many of their markets there. Not expensive at 11.5X earnings and yielding 3.5%.


Price:
$24.740
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-07-12 PAST TOP PICK Must be logged in to use chart MG-T Magna Int'l. (A)

(A Top Pick August 29/16. Up 18.2%.) Auto sales numbers in North America have been cooling off, coming down from a high of about 18.2 million units last summer to about 16.6 million units. This one is a global champion and well diversified with about 40% of sales coming out of the US, a big chunk coming out of Europe and a small but increasing proportion of sales coming out of Asia and growing very, very quickly. They target 8% EBITDA margins and have been coming in above that. He continues to be a buyer.


Price:
$61.020
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
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