Jean Coutu Group (PJC) (A) (PJC.A.TO) Buy,…

Jean Coutu Group (PJC) (A) (PJC.A.TO)

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WATCH

His model price is $17 which is a positive differential of about 11%. Even so, he thinks it hangs around this price. It needs more time. There’s more value elsewhere.

WAIT

14 X earnings which is quite cheap, relative to Shoppers. At this point, he would like to have more evidence of a turnaround then there has been. Waiting for an other quarter or a two before jumping in. You may have to pay a little more for the stock, you will have less uncertainty.

WAIT

He owns the bonds when they got downgraded to single B-because the takeover of the Eckard drugs in the US is taking longer and costing more than anticipated. They should be able to run it, but in the meantime it will be a bit of hard sledding. Once the turnaround is taking place, he will be back buying the stock.

BUY

There aren't many analysts that believe in this one. They have bitten off a bit more than they can chew with their US acquisition of Eckards. The original owner has come back into the company and brought in a top-notch manager, so expect they will have some good results in the future.

DON'T BUY

Turning around a big chain like the Eckard’s is taking its time and has taken a toll on management. Long term, betting on drug stores, is probably a good bet, but short term, the fair market value is much more than where the stock is now.

DON'T BUY

Has now sold his holdings. Their last quarter was very disappointing. Had a management shakeup. May revisit in the future if they start to get a better hold on Eckard.

DON'T BUY

The big question is will there be a turn around with their Eckards aquisition. It's still too early to tell. For a similar valuation, you could get Shoppers Drug Mart (SC-T) which he prefers. Growth is built in, less risk, better profitability.

BUY

A great candidate for tax loss selling and this may be why it is not going up. They have real problems with the Eckard chain in the US. The core of their business, i.e. the Canadian operation is solid. Their New England operations are very good. A lot of the risk is mitigated at current levels.

WAIT

Had a major problem when it broke through the 200 day moving average. You now see a major big drop in the stock itself. There will likely be tax selling at the year end and meybe it will give you a trading opportunity.

HOLD

Have to turn the Eckard situation around in the US. A tough one to do. At the current price, the stock is attractive.

DON'T BUY

Doesn't like the US Eckards stor and prefers Shoppers (SC-T) in Canada. Below $13, the valuation starts to make sense, so he'll now have a look at it.

TOP PICK

This phase is dependent on the amalgamation with the Eckard drug store chain in the US. An enormous undertaking which is struggling. Jean Cateau has come back in and has hired a very key person who has a tremendous record. It might take 2 years. They are still making good money.

SELL

Prefers Shoppers Drugs (SC-T) and would sell this one and move it in to Shoppers. Shoppers has a much better business model. Better management also.

HOLD

There's rather startling and hopefully exciting news today regarding restructuring in management regarding the Eckerd aquisition.

BUY

Their acquisition of Ekards is going to take some time to integrate. Strategically looks like a good move. Look at it taking a couple of years.

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Jean Coutu Group (PJC) (A) (PJC.A.TO)