AvenEx Energy Corp (AVF.TO) Buy, Sell or Hold

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AvenEx Energy Corp (AVF.TO)

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SELL

(Market Call Minute.) A former conglomerate that still has a number of divisions. He doesn't follow this one closely.

BUY

Smaller diversified trust that has slowly been selling pieces of its assets. Has a little bit of oil and real estate left and a couple of $’s in cash from previous sales. Paid a special $.60 dividend at Christmas. 20% plus yield. The most likely thing is that they go private.

BUY

Paying a special dividend along with the regular distribution this month. Almost $3 a share in cash. Sold a bunch of divisions off and what’s left is a little bit of real estate (which they are selling), a very small junior oil/gas producer and a whole pile of cash. Nice place to hide. 18% yield.

BUY

Great place to hide.

COMMENT

Sold off their Enervest Management business, which was the single largest part of their business. There are now 3 businesses left, real estate, gas trading and oil/gas. The largest component left is the oil/gas and with the pressure on energy prices, this has become more significant. Real estate is up for sale. Expect there will be a significant cash distribution from the potential sale of their businesses.

BUY

Had 4 divisions of which 2 have been sold. What is left is a small oil/gas producer with a gas marketing division. Have a lot of cash. 12% return. They'll possibly pay a special dividend and cut the distribution but with the same yield.

BUY

Have announced a deal to sell their managed trust business and got a good price for it. Also selling their real estate. What will be left is a trust with a whole big pile of cash and a small oil/gas business. Expect they will pay a special dividend or collapse the company down. Pays 12%.

BUY

A diversified smaller trust. Part financial (owns Inervest Financial), part oil and part real estate. The real estate is about to close on a sale giving them about $30 million in net proceeds and will help pay the debt down. 13% - 14% yield with a payout of only about 60%. Feels it is really safe.

DON'T BUY

Diversified conglomerate trust. Doesn't like this model. Over the years they have sold off some of their oil/gas service properties. He doesn't follow it closely anymore. There are better ways to invest in the trust base.

BUY

A combination of oil/gas financial services and real estate. Announced the divestiture of the real estate side in the next few weeks and will be debt-free. Asset value is about $9. Yield of about 14%. A good place to hide as far as gas goes.

BUY

15.6% distribution should be safe. Announced they will be selling their real estate division for about $35 million. Balance sheet will be in superb state after that. A mispriced asset because it is relatively illiquid and relatively unknown.

COMMENT

Manages the Enervest Fund, which has grown significantly. May have difficulty growing it is fast. Also have upstream oil/gas assets and real estate. A little complicated to research and understand.

PAST TOP PICK

(A Top Pick July 27/06. Up 7%.) Yielding 14%, so your total return would have been 21%. Still has and 11%-12% yield. Perfect takeover candidate. Part oil/gas, part real estate and part financial services. Asset value of around $10.

BUY

Was a former Top Pick and he still likes it. 60% oil, 30% real estate and 10% financial services. Spun out Essential Energy Services last year and there are rumours they may spin out the real estate assets into a REIT. About 12.5% yield. Good growth. 10% undervalued.

BUY

Roughly 2/3 oil, 25% real estate and a little financial. Payout is relatively low in the low 70’s, so he is not worried about distributions. Relatively high yield at about 13%. There are rumours that they could spin off real estate assets into a REIT.

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AvenEx Energy Corp (AVF.TO)