Opinions
Colin Stewart
Brookfield Residential Property
BRP-T
TOP PICK
Apr 22, 2014
$22.830
Stock price when the opinion was issued
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COMMENT
Rights offering. Better to sell the rights or purchase the offer? If you are thinking of selling the rights, don’t bother buying as it costs you $10 a share and the market is saying $10.40. The entity will be 51% Canada and almost all western Canada. Some of the US markets are saying it is time to go. You won’t make money for awhile but could be good. (Ed. I think they are purchasing their rights.)
REAL ESTATE
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A play on US housing, a trend he likes which he expects will continue to improve over the next number of years. One of the leading land development companies and homebuilders. The difference between them and other homebuilders is that they have about half their business in Western Canada, which has been very strong with the other half in the US. Almost more of a land development business where they make their profits by developing and selling lots than they do from building homes. Rising home prices in the US would lead to strong appreciation in land prices. Have about a 20-25 year inventory of lots in land, where the traditional homebuilder has only a 4-6 year inventory.