Opinions
Michele Robitaille
Keystone North America Inc.
KNA-T
BUY
Dec 19, 2005
Focused on the funeral business in rural US. A slow, stable business. It won't shoot the lights out, but will continue to grow at a slow and steady pace. Great management alignment.
$8.490
Stock price when the opinion was issued
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HOLD
Operates funeral homes. Last year was particularly slow. Generally should be a stable business. US$ income that has been converted into Cdn cash flow, which has been a problem. Recently cut their distributions and are doing a rights issue and lowering their debt, which is positive but a bit dilutive. Fairly valued.
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COMMENT
Wasn't actually structured as an income trust but as an Income Depository Security that consisted of a common share and some debt paper clipped together. They are proposing to replace debt with more equity. Rights were issued to unitholders. This allows debt to be replaced with common shares. He feels it makes sense to exercise the Rights.
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