CCL Industries (B) (CCL.B.TO)

(Top Pick Mar 20/15, Up 69.18%) He has owned it a long time. He decided it was too big a position in January so sold half the position. He still likes the outlook. It is a multinational consumer products company whose earnings and dividends continue to grow. Their biggest division is pressure sensitive labels on consumer products. They are not economically sensitive.

Has been a very, very consistent performer. It always turns up on those lists of “the best 15 dividend growers” etc. Fairly expensive. If you see a 5%-10% pullback, that is probably going to be as cheap as it gets. Dividend yield of .9%, but over the last 5 years have grown their dividend by 20%.

Great company. Kind of emerging into a kind of broadly-based industrial conglomerate. He is a bit reluctant on its valuation. It pretty much has everything he is looking for. Not cheap, so you are not going to get a lot of multiple expansion going forward. Could trade a little sideways because the share price is a little ahead of itself. Their over all strategy and execution is excellent. If it sold off 10%-15%, he would be a buyer.

Acquiring Checkpoint Systems (CKP-N), which does the tags in retail stores that prevents theft. Purchasing this for about $400 million, and are predicting about $40 million in annual synergies. Thinks they will be able to tuck this into their electronics labelling division that they are just starting to build up. Expensive at about 25X earnings, but it is a good company. On any kind of pullback, this is worth adding to.

(A Top Pick March 2/15. Up 54.6%.) Still loves this. Just reported fantastic numbers today, way above anybody’s expectations. One of their major businesses is labels, and consumers’ labels had huge growth. Growth is by acquisition and it is a global company. Organic growth was better. The weak Cdn$ also helped earnings. Have operations in Europe and the US. No longer a cheap stock, trading at 21X next year’s numbers, and she would wait for a really nasty day for an entry point. Below $200 is a good buy.

Sold his holdings when it broke out of the 200 day moving average. A great company and has a great growth profile. A lot of these companies have really seen their valuations increase, so from a business standpoint things are going great. They will probably continue to do acquisitions, and when they do they always seem to be able to pull synergies out and improve profitability.

Share price has been declining because of multiple compression. The story is a fantastic one. Loves the company and what they are doing, but doesn’t love the valuation. They are still making deals which are accretive and have a great balance sheet.

This is one of the better companies that have been clattering down. Take advantage of this dip. They have great numbers and will march on.

Ever since they bought Avery Labels, this has been a wonderful stock to own. Very well-managed and well financed. At these levels, you could pick away at it. He would get quite excited at around $175-$180.

Stock had gotten way ahead of itself, so he sold half his positions for a lot of his clients. This is not a negative on the stock, it’s just that it has gone too far and too fast. Great company and is very, very well-run. If you have held this for a long time, take some money off the table.

They are a Great Canadian Company. He thinks their ramp up is sustainable.

He is sticking with Intertape Polymer (ITP-T) as his best idea in the packaging space. CCL has really benefited from the drop in the Cdn$. Smart, smart operators. If you think they can continue with the acquisition story and do a good job, then it is still relatively attractive. If not, it is highly priced. He is waiting on the sidelines for a pullback before having another look at this.

(Top Pick Feb 19/15, Up 56.91%) His best performing stock last year. They are a huge beneficiary of the low CAD$ as most of their business is overseas. There is still room on the balance sheet for another acquisition some time this year. It is richer than where he would buy it at right now.

A core holding for him. Well known for its packaging. A lot of revenue coming in from the US, which is why it has done so well. Had a bit of a bad day today because people were cashing in on a good day. Probably a good buy.

The long term moving average is pointing upwards. We are still above. He would not worry about it.