Ag Growth International Inc (AFN.TO)

(A Top pick June 17/05. Up 5%.) Benefiting immensely with agriculture volumes. Still likes.

(A Top Pick Apr 22/05. Up 17%.) Continues to be a good business.

Makes grain handling equipment. Just made a good acquisition. Seeing some good grain crops this year in Canada. Payout ratio is 70%.

(A Top Pick Apr 1/05. Down 2.6%.) An excellent business. Track record of the business over the last couple of years, substantial increases in revenue and EBITDA, backlog of orders is as deep as it's ever been. Because of their very vast distribution network, they can incorporate products from their acquired businesses.

Under followed/under owned. Trades at an EBITDA multiple discount to its peers. Leading player in manufacturing/distributing portable grain handling equipment. Agriculture industry is in good shape so their backlog is substantial. Good top line growth historically. Fragmented industry, so if they can make acquisitions and distribute the new products out, it would be positive.