Opinions Andrew Guy, CFA
Resolve Business Outsourcing Income FundRBO.UN.TOPAST TOP PICKMay 25, 2007
(A Top Pick Feb 8/07. Flat.) Little hesitant because of the time it will take for them to show what they can do. Very strong relationships in the outsourcing business. A couple of the businesses require upfront investments in 2007 before revenue starts to hit in 2008. A Hold or By On Weakness.
Andrew Guy, CFAOwned
$9.15
Stock price when the opinion was issued
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WAIT
Growth primarily comes from outsourcing financial administration. Credit card applications, student loans for banks and various federal government applications. Hit a couple of bumps and results have not been there. Last quarter was decent, but wait for another quarter to see that they can deliver. 12.8% yield is not at risk.
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PAST TOP PICK
(A Top Pick Feb 8/07. Down 5% including distributions.) Didn't deliver on expectations, largely because of management's inability to flow through good top line results to the bottom line. A lot of potential good things. It's a Buy if management can go through the results. Watch.
Andrew Guy, CFAOwned
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BUY
PAST TOP PICK
(A Top Pick Feb 8/07. Down 2.8%.) A little more cautious in the near-term, but likes it longer-term. Made a couple of acquisitions making them the dominant player in the Canadian student loan business. This will add costs over the next 6 to 12 months. A Hold. 11.4% yield should be secure.
Andrew Guy, CFAOwned
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PAST TOP PICK
(A Past Top Pick Feb 8/07. Down 3.3%.) Still good long term if they can get some pieces moved around. More a 2008 story than a 2007 story. Still likes.
Andrew Guy, CFAOwned
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TOP PICK
Helps companies/governments do data processing. Has been around for about 35 years and has about 11% yield. Relatively low risk.
Ian NakamotoOwned
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TOP PICK
Have contracts with B.C. and Canadian government to handle student loans. Just won some contracts with financial institutions providing credit card services which is a new area for them.
Andrew Guy, CFAOwned
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BUY
One of their main products is that they administer student loans on behalf of the government. Just got a big contract that will improve cash flows over the next 5 years.
Sandy McIntyreOwned
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BUY
Looked like an OK 1st quarter and believes they are going to have a very good 2nd quarter. Business model they have is a good one but the market is waiting to see. He is betting they will.
Greg GuichonOwned
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