Brian Acker, CAE-L FinancialELF.TOWEAK BUYMar 12, 2002

We again reiterate ELF, Empire Life, as a TOP PICK.  The business is steady and boring and producing growing cash reserves on the back of 19% returns on its investments and 14% ROE.  It trades under book value at 5x earnings.  We continue to recommend a stop at $15.50, looking to achieve $21.00 -- upside potential of 18%.  Yield 0.9%

We reiterate ELF, Empire Life, as a TOP PICK.  The business is steady and boring and producing growing cash reserves on the back of 19% returns on its investments.  Equity value per share (reported recently as $25.45) is well above current share prices.  It trades at only 5x earnings and generates a ROE of 14%.  We continue to recommend a stop at $15.50, looking to achieve $19.50 -- upside potential of 18%.  Yield 0.9%

Our PAST TOP PICK with elf is progressing well.  To remain disciplined, we recommend trailing up the stop (from $14.00) to $15.50 at this time.  

Our PAST TOP PICK with ELF is progressing well.  To remain disciplined, we recommend trailing up the stop (from $12) to $14 at this time.

ELF offers investments and insurance and includes Empire Life.  It trades at 4x earnings, under book value, and supports a ROE of 14%.  Recently reported earnings demonstrated a 57% in net income and growing cash reserves.  We recommend setting a stop-loss at $12.00, looking to achieve $17.50 -- upside potential of 18%.  Yield 1.1%