Opinions Michael Simpson, CFA
Livingston Int'l Income FundLIV.UN.TOHOLDMay 14, 2008
Have about 30% market share of custom brokerage and logistics in Canada. Recent quarter was better than expected. Doing quite well on car importation in Canada. During an economic downturn, their volumes and cash flow will suffer.
Michael Simpson, CFAOwned
$15.13
Stock price when the opinion was issued
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BUY
Border brokers which is very cyclical. Clear cargoes between Canada and the US. Very sharp decline in activity that sharply reduced revenues. Very well run company. If looking for an economic recovery, he would be a buyer. Could be a takeover target.
Sandy McIntyreOwned
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DON'T BUY
Hammered by the cyclical downturn. As the US economy worsens, theirs worsens. Has been a dramatic falloff of goods both ways. Sees more challenges than upside. Not cheap at 8X EBITDA 2008. Payout ratio of about 96%. Doesn't expect an imminent cut in distributions but with an extended downturn in the US there probably won't be a turnaround anytime soon.
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BUY
Earnings came out and they were acceptable. Near a 52-week low which is probably due to the general malaise. Good long-term buy.
Sandy McIntyreOwned
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HOLD
Largest custom brokerage firm in Canada. 1st quarter was rather disappointing. Recently announced the retirement of their transportation/logistics man and she feels the 2nd quarter may be weak.
Leslie LundquistOwned
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HOLD
Likes it. Business model is excellent. Some of their business segments, they've had a margin squeeze, but that is a short term problem.
Michael SprungOwned
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TOP PICK
The leading customs brokerage between Canada and the US. Stock price has come off in the last couple of days because of a weak Q1 report. Good as a trading stock. He sells when it gets up to $23-$24.
Patrick KimOwned
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TOP PICK
The leading customs broker. One of the most blue chip industrial trusts that you can buy. Very conservative balance sheet. Conservative payout ratio. Stable business.
Patrick KimOwned
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PAST TOP PICK
(A Top Pick Jan 13/06. Down 7.1%.) His favourite name in the industrial trusts. Have a fantastic market position.
Patrick KimOwned
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PAST TOP PICK
(A Top Pick Mar 1/06. Down 16.9%.) Study cash flow business. Integrating a large acquisition, which will take a couple of more quarters. Still likes it.
Robert LauzonOwned
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