EnerCare Inc (ECI.TO) Buy, Sell or Hold

EnerCare Inc (ECI.TO)

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WATCH

$7.64 level is very strong support. Technical analyst would say this is a key decision point for the stock. It will either rally back up again or will drop below this point. If you Buy you have to be very careful. If it drops below $7.50 it could go down to $5 easily. 16% yield could be susceptible.

HOLD

(Market Call Minute.) You can probably buy Energy Savings (SIF.UN-T) at a lower multiple right now.

DON'T BUY

Provides rental water tanks and smart meters. Distribution is fairly safe. Have some upside with new water heaters for new housing. Have quite a bit of debt.

COMMENT

Rent water heaters in Ontario, which is a fairly stable business. Easy to pass through any price increases. A lot of companies are trying to get into this market. Last report showed pretty good earnings.

DON'T BUY

Primarily water heater rentals in Ontario. With slower housing starts, there has been a bit of weakness. Diversifying into the smart meter business or it Have a lot of debt. Will take a few years to see if the new initiative works. Facing competition from new players and new technology.

HOLD

(Market Call Minute.) Stable income story but not much growth.

COMMENT

Rental of water heaters in Ontario. Has provided a very stable income stream. He doesn't see the growth profile that he likes relative to the business risk. 9.2% yield.

DON'T BUY

Fairly well run trust. Business is sound, but also dependent on new home construction. US housing sales could potentially spread into Ontario, which is a concern.

DON'T BUY

Doesn't think there is a chance this will ever be purchased by private equity because it is not an operating business, just a securitization vehicle.

BUY

Their competition in Ontario was UE Water Heater, which was recently taken over. Water heater market is very lucrative. Generates a lot of free cash flow. Good pricing power. Starting to branch out into other areas. Could be a takeover target.

BUY

Not a bad business.

BUY

A nice, steady, slow-growing business. Will continue to increase its distribution over time. Not a likely takeout candidate.

BUY

A sort of a steady Eddy. Has grown a lot by acquisition recently. Payout is 86% of distributable cash, but that is not a bad ratio for recurring cash flows.

COMMENT

Had a big jump in sympathy with the takeout of UE Waterheater Fund (UWH.UN-T).

BUY

Something like a utility play, because the cash flow is pretty stable. Could convert back to a corporation quite easily. Also could possibly be a takeover target.

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EnerCare Inc (ECI.TO)