Livingston Int'l Income Fund (LIV.UN.TO)

TRADE
Has been treading water for the last year at around $20 because it trades at the high end of the multiple. Low payout ratio. A lot of cash built up on the balance sheet. Recently made some acquisitions.
BUY
One of the higher quality income trusts. Benefiting from the increased cross border trade. Continuing to see strong numbers form the industry. They are the market leader, so they do have a good presence in having a diverse revenue base across wide sectors. Long track record and solid management team. Very strong Q1 results.
DON'T BUY
Has had problems in the past with a higher Cnd$. Target price is lower than current price.
TOP PICK
Good-quality management team. Relatively low debt. Relatively low payout ratio. Outlook is quite strong. Would like to see it makes them acquisitions in order to increase growth.
TOP PICK
The largest player in Canada in the Customs brokerage industry. Need for security has increased regulations for importing/exporting. Good management.
BUY
80% payout ratio.
BUY ON WEAKNESS
Good business. Have done a good job on increasing distributions. Would buy on any pullback.
BUY
Should do quite well in a growing economy.
DON'T BUY
New trust. Good yield but 100% taxable. Trades at a big premium.
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