Opinions
Daniel Lloyd
Cominar Real Estate Inv Tr
CUF.UN-T
DON'T BUY
Nov 09, 2016
$13.880
Stock price when the opinion was issued
investment companies
funds
It's the ideal tool to help you make quicker, more informed decisions for
managing and tracking your investments.
You might be interested:
BUY
Quebec's biggest REIT and once a darling REIT. But they had a lot of dilutive raises which increased leverage and bloated their portfolio. Also, the dividend is too high and will likely get cut. Last year, activists forced the company to change at the board level and cut the dividend (and needs yet another cut). The payout ratio is now much better and they've hired a new CFO who should do a fine job. Now, they are considering what to do with Gare Central in Quebec City, and this may benefit shareholders. A good time to buy.
investment companies
funds
DON'T BUY
A play on Quebec. Announced a strategic review, so potential for some sort of activity. She prefers to own a pure industrial. Summit, for example, has Montreal exposure. Retail is going to face significant challenges to creating a path to growth. Third distribution cut since 2017. Better opportunities elsewhere.
investment companies
funds
It is not a short, but it does not look great. They pay out more than they bring in. The stock has been beaten up. The market is pricing in a distribution cut. Wait until that happens to look at it again.