Stock price when the opinion was issued
Since last summer there has been a recession in advertising for television and this has been a problem for Chorus. There are longer term headwinds since subscribers are moving more to streaming services. Chorus has STACK TV but it is an uphill battle against some of the big companies. It sold its animation studio to help reduce debt load but debt is still pretty high. The stock is too risky.
He does not think the dividend is sustainable over the long term. It looked better 6 months ago, but their Q4 revenues were decimated. They do justify their dividend with cash flows, it is not in danger today, but with ad revenues declining, the dividend might be threatened three or six months from now. Watch out for a dividend cut if ad revenues continue to be under pressure.