Opinions
Robert Lauzon
ACS Media Income Fund
AYP.UN-T
WEAK BUY
Mar 24, 2006
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.
$8.850
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BUY
Has a strangle hold on the yellow pages in Alaska. Their hedging program runs out in May or June requiring a decrease in distributions, but this has been priced into the market. A pretty attractive play and you're getting a significant premium in yield over Yellow Pages (YLO.UN-T). Likes it and will hold for the longer term.
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TOP PICK
The Alaskan yellow pages. Very stable, slow growth business. IPO came out when the Cdn$ 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.
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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.
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