Morneau Shepell Inc (MSI.TO) Buy, Sell or Hold

Morneau Shepell Inc (MSI.TO)

32.25

+0.10 (0.31%)

as of May 19, 2021, 8:00:00 pm Market Open.

62 watching

COMMENT

Pension fund consultants and intermediaries. Developing into a full-service competitor with others in the industry. Not sure they will be able to maintain distributions at the same levels once they convert but this is a very good growth industry.

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PAST TOP PICK

(A Top Pick May 20/09. Up 29.28%.) Wouldn't Buy at this time, but still a Hold.

COMMENT

Likes their underlying business but has only 2 or 3 big customers, which worries him as most cash flow is spun off in distributions. Probably need to raise a bit of equity some it be a pullback on a financing.

BUY

Do a lot of consulting in the investment industry, which is a growth industry. They have been gaining market share within that growth. 9-1/2%, reasonable multiple. Distribution will not necessarily remain in tact during the conversion.

PAST TOP PICK

(A Top Pick Nov 20/08. Up 37.78%.) Still likes.

COMMENT

They may have to trim their distributions when they convert to a corporation in order to maintain growth. But it depends on management (50/50).

DON'T BUY

Pension consulting, etc. is an expanding industry. However, they have a very high payout ratio so not sure their distribution will be sustainable post-2011.

HOLD

Feels all the financial services income trusts seem to be working their payout ratios as trusts so that they can maintain these as common dividends. His only issue with this company is that it is one of the more expensive ones. 10.6% yield is safe.

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BUY

Investment consulting. Yielding close to 11% so on conversion there could be a bit of a cut. Growth business and cash flows are pretty dependable. Should do quite well longer term.

BUY

(Market Call Minute) Safe play, leveraged to consulting services.

PAST TOP PICK

(A Top Pick Sept 19/08. Down 13.91%.) Pension benefits consulting industry. Generates a lot of free cash flow. Acquired some tax losses so when they convert to a Corp. they won't be fully taxed. Still a Buy.

BUY

Human resources, pension consulting, etc. Extremely secure payout that will continue after they have to incorporate. 11.3% yield.

HOLD

Good strong management. Very active in pension consulting so are benefiting from bad times. Also moving towards employment consulting and benefiting from layoffs. 10.5% yield.

PAST TOP PICK

(A Top Pick June 23/08. Down 11.68%.) Consultants to pension funds. Very recession resistant. Nice dividend.

TOP PICK

Benefits/pension consulting firm. Also has an employee assistance program. One of the few companies that has revenue growth. Low payout ratio. Made an acquisition with some tax pools so won't have full taxing in 2011. Industry has some consolidation happening.

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