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Opinions Sandy McIntyre
ACS Media Income FundAYP.UN.TOPAST TOP PICKAug 12, 2005
(A Top Pick May 13/05. Up 6%.) The yellow pages business in Alaska. Trades at a 8.75/9% yield. Have stabilized their currency. Tight payout ratio. Could become a takeout target.
Sandy McIntyreOwned
$10.48
Stock price when the opinion was issued
investment companiesfunds
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WEAK BUY
Form of Yellow Pages based in Alaska so there is a smaller market. The only risk is the foreign exchange risk. All of its cash flow is in US currency. He feels the Canadian dollar will continue to be strong.
Robert LauzonOwned
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WEAK BUY
This is basically the Alaskan Yellow Pages. A very well-run company. Unfortunately, their main currency is the US$. They do have hedges, but these will be expiring shortly. Represents decent value at these levels but if you are a bull on the Canadian$you may want to think twice.
Michael Simpson, CFAOwned
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TOP PICK
The Alaskan yellow pages. Very stable, slow growth business. IPO came out when the Cdn$ was in the low $0.70's. Didn't have the growth to offset the currency premium. Just cut its distribution. Feels that the CDn$ will go lower and the margin squeeze over the last 2 years will go the other way.
Sandy McIntyreOwned
investment companiesfunds
BUY
Has a strangle hold on the yellow pages in Alaska. Their hedging program runs out in May or June requiring a decrease in distributions, but this has been priced into the market. A pretty attractive play and you're getting a significant premium in yield over Yellow Pages (YLO.UN-T). Likes it and will hold for the longer term.
Dean OrricoOwned
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