Opinions
Chris Rankin, MBA, CFA
Resolve Business Outsourcing Income Fund
RBO.UN-T
DON'T BUY
Jun 08, 2007
Very little organic growth. They provide outsourcing. Grown through acquisition.
Doesn't like their accounting practices.
$8.910
Stock price when the opinion was issued
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PAST TOP PICK
(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.
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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.
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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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