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Robert Lauzon Pengrowth Energy Trust (A) PGF.A-T SELL Apr 08, 2005

One of the older royalty trusts. He is going underweight on this one as he is finding better quality names. Would sell on any strength.

Robert Lauzon

Owned

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$24.620

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DON'T BUY

Feels that some of the cross-border trusts are a little over valued because of US players bidding them up. Payout ratio and operating costs are a bit high.

DON'T BUY

Owns, but and underweight holding. One of the original trusts and the model then is very different than the model today. They grew through acquisitions, but buying today is very expensive and very tough to do. Payout ratio is about 85% not leaving much room to buy assets. Needs to improve on its technical expertise and needs to improve the model.

COMMENT

Doesn't like dual class shares.

WEAK BUY

Split into A and B depending on whether it's a Canadian or foreign holder. Now a non-issue with the Canadian government, so could eventually be merged back together. Has some really good, long life properties in Alberta. There are others that he likes a little better.

DON'T BUY

In other oil/gas trusts you have seen an evolution in a more sustainable model of trusts. This one was one of the earlier ones and was focused on their position in replacement of production. Trying to change to a more sustainable model, but are having trouble keeping people on board.

BUY

One of the larger oil and gas trusts. Has performed reasonably well. An undervalued situation. Operating costs are a little higher than its competition. Long reserve life.

DON'T BUY

Merging with Esprit Energy (EEE.UN-T). They have good assets but anytime you have a merger in play, you're upside caps.

DON'T BUY

Acquiring Esprit Energy (EEE.UN-T), which will be positive for them. He tends to favour the more “new generation” trusts. They have taken some steps to strengthen their team and are moving in the right direction and he is watching them.

BUY

The name has been around for a long time. Have recently hired on some good people and made some good acquisitions, and are now positioned to make some good organic growth.

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Robert Lauzon Pengrowth Energy Trust (A) PGF.A-T SELL Apr 08, 2005

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