Opinions
Colin Stewart
Information Services
ISC-T
TOP PICK
Nov 19, 2018
A dominant land registry business with a contract with the Saskatchewan government lasting 15 years. Their technology division provides registry software around the globe. Also have a services business to supply info to corporations. High barriers to entry and generates a lot of free cash flow. Trades at a discount valuation. 5% dividend. A steady business. (Analysts’ price target is $22.00)
$16.150
Stock price when the opinion was issued
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BUY
A small, nichy name that he has owned. They operate in Regina where there have a lot of commodity-driven business. They have periods where the company doesn't do well, but they do generate cash to fund acquisitions. Has a decent balance sheet. The 5% dividend is safe and will slowly grow. Limited downside. But it's a small cap, so illiquid. He follows this.
PAST TOP PICK
(A Top Pick Nov 19/18, Up 3%) They are in the land registry business in Saskatchewan and also a software service business. They offer services to legal and technology companies. A 5% dividend with no debt. They grow through acquisition. It is not well followed and the government of Saskatchewan owns around 30% of it.
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TOP PICK
It is a defensive name that is not priced like a defensive business. They are the operator of the land registry office in Alberta. They have a long term contract and have very steady cash flow. About 45% of their revenue is from their services and technology business. 5.5% dividend and they generate a lot of free cash flow. (Analysts’ price target is $17.75)
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PAST TOP PICK
HOLD
Really likes the business. Land registry technology in Saskatchewan, a monopoly position. Provide services globally. Earnings and EBITDA have grown, so there's been multiple expansion. It's a comparably cheap stock, nice dividend, tons of free cash. Opportunities to make acquisitions. Long-term outlook is very good.
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BUY ON WEAKNESS
He's long owned this, didn't do much for a while, but has made a good move this year. Trades at only 8x EBITDA. Strong managers. The stock has had a good pullback to $26, which an entry point now. They peaked in July-August, but doesn't know it has pulled back, maybe concerns over Saskatchewan's real estate market (Covid is hitting that province now). ISV is a high-quality business and pays a nice dividend.
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