Exchange Income (EIF.TO)

Quite the compounder, albeit a sleepy one. Diversified businesses, and they don't all work in sync. Management has a private-equity mindset -- buy undervalued companies, deploy free cashflow within the business or make acquisitions. Firing on all cylinders. Bright outlook.

Likes the underlying businesses. Wait for a better entry point. Aviation segment might not do well in a weak economy. Many segments operate in the North as monopolies. CEO is fantastic, but what happens when he retires? Dividend still growing. She'd want to see it at least in $60s before looking at it.

It has done well creating long term value for shareholders. It is good at acquiring and integrating assets. Doesn't own but likes it.

Really likes the name, good business. Making all-time highs, expensive here. Doing all the right things, growing its dividend. Often the only airline in a Northern Canada region, so it's a monopoly. Owner/CEO is the real driving force, and she wants more clarity on the continuity plan. Yield is 4.2%.

The chart is very volatile. A rollercoaster. Is now breaking out and could keep going or pull back. If this breakout lasts for a while, he would buy it.

Chart looks very decent. At, or close to, an all-time high. Might see a bit of resistance, but looks to have some good upward motion. Trying to break out, and looks as though it can. Yield is 4.6%.

Could easily drop to $54. Not a lot of support below $50, so start reducing if it gets there.

Extremely well managed. Trying to buy a company in Australia that does search & rescue there. Likes it, in his income fund. Profitable businesses that are protected, with opportunities to grow.

Business is 80% aviation, 20% manufacturing. Recent acquisition looks accretive. Trades ~12x, growing ~16%. Money's flowing into safer areas like this one. Good balance sheet. Payout ratio is 68%, will probably boost dividend in the next year or two. Real growth engine is from being in the north and having really good pricing power.

Only thing is, if we're in for rocky markets, you'll probably get a chance to buy cheaper.

Their transportation business in the far north is largely a monopoly. They've bought some fine companies and pay a good dividend, but leaves little cash. So when they buy a company, they do an equity issue. Some of their businesses are highly protected with a moat, good. But their industrial business carries economic/tariff risk. Dividend, valuation and management are all good. An income, not a growth stock.

Would be less exposed to any tariffs imposed.

Beat on aviation in Q3, raised 2025 guidance on the back of their latest acquisition of Spartan. Lumpy, not as steady a compounder as BIP.UN. Always kind of cheap, now 13x PE for 2026 and growing 17%. Nice dividend, which will probably be boosted; payout ratio is fine. 

Not for everyone. Small cap that gets forgotten, so that's a good reason to own.

Holding company, without much integration between assets. Not much value creation from acquiring and running assets. Wouldn't expect it to outperform the market by a lot. Fair value right now, a hold.

Getting into intelligence and surveillance globally. Manufacturing is weak now due to macro environment, but sees it turning around. Likes it for yield and growth.

EPS of 80c missed estimates of 85c; Revenue of $660.5M missed estimates of $678.1M. EBITDA of $157M beat estimates of $152.8M. Revenue rose 5.3%. EBITDA rose 6.8%. Guidance was largely maintained. The manufacturing segment is seeing some customer wariness and less bookings. It is a cyclical segment and we would not really consider this a red flag to the company. The stock is cheap and the payout at 61% (up from 57%) remains OK. 
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Nice little name that everyone forgets about. Aviation, industrial. Q1 strong, some manufacturing weakness. Reiterated full-year guidance. Nice organic growth. Nice dividend, low payout ratio, will probably increase dividend. Improving balance sheet. 14% growth, trading ~10x. Cheap, overlooked, some dividend growth. Can buy here.