Superior Plus Corp (SPB.TO) Buy, Sell or Hold

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Superior Plus Corp (SPB.TO)

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8.38

-0.06 (0.71%)

as of Jun 5, 2026, 8:00:00 pm Market Open.

248 watching

Investor Insights

Jun 5, 2026, 12:00 am

This summary was created by AI, based on 5 opinions in the last 12 months.

Superior Plus Corp (SPB-T) operates primarily in the propane logistics space and has recently faced significant challenges, including a drastic 18% drop in share prices following disappointing earnings results. The company's dependency on weather patterns for propane, which is considered more volatile than natural gas, poses a risk due to seasonal pressures on margins. While there have been positive signals, such as a new data center contract in the US and recent acquisitions into compressed and renewable natural gas sectors, questions remain regarding management's credibility and the effectiveness of their efficiency programs. Despite the potential for growth in alternative energies, erratic earnings and long-term returns have left investors cautious, leading to a yield of approximately 2.5%. The general sentiment suggests that while the business provides some stability, it has struggled to deliver consistent shareholder value over time.

Consensus

Cautious

Valuation

Overvalued

Similar

ENB

BUY

Almost 13% dividend, which should be sustainable.

COMMENT

Just made a purchase to acquire some tax pools. This is a huge advantage for a transition from a trust and was done at a very good price.

BUY

Likes where it is right now. The stock is interesting. It could be a consolidator. 14% yield is safe. It is trading-distressed.

DON'T BUY

Went into the pulp bleach chemicals just before the pulp industry went into hard times. Then went into building products just before the building industry fell to pieces. Have maintained a dividend even though they are now a Corporation. If the building industry in the US picks up that would be helpful.

DON'T BUY

Balance sheet is just okay. Dividend is more a function of the cash flow. Complicated business mixture in that they are selling to the pulp and paper industry and construction industry. There are other income generating companies that he would prefer.

COMMENT

Very volatile. Longer term it might be something to look at but more of a trading name. 14% yield

HOLD

Management change is positive. Got rid of some of their businesses. Bought a shell company that had tax pools. Reasonable payout.

COMMENT

Proposing to buy $40 million of Ballard Power's $800 million tax loss and doing a reverse takeover to convert to a corporation. Believes there is enough tax losses to last several years and should be able to keep their level of distribution. If there is a cold winter, their propane business should recover.

DON'T BUY

Has had a troubled past for 2 years. Has been much more stable lately. Made a deal with Ballard (BLD-T), which is basically a tax driven deal by buying tax losses, which will give them shelter as they move to incorporate. He is waiting until after the conversion date before considering.

DON'T BUY

4 main divisions, propane, pulp chemicals, energy management and construction materials. Q2 was okay with a lot of strength coming from the pulp chemicals. Has been de-levering the balance sheet. Debt to cash flow is 3X, which is too much for him.

DON'T BUY

Results where a bit soft in Q1. Making progress in paying down debt and lowering their payout ratio. Before buying they would have to make further progress on reducing their debt level.

BUY ON WEAKNESS

Looks like their turn around plan is working. Expects Q1 to be quite good because of the cold winter. Have some businesses tied to home building, which hasn’t been as bad as he thought and have been manageable. Natural gas marketing is starting to get some market share in Ontario. Debt is higher than he likes, but they are getting good earnings. Buy in the low $13’s.

DON'T BUY

12.8% yield and distribution appears to be sustainable. Went through a period where they expanded too much with a little too much leverage and they had to shrink the number of businesses they were in to pay down debt. Doesn't qualify for his balance sheet ratios.

DON'T BUY

Sold most of his holdings near its highs. Original CEO, one of the best in the trusts, is back in the saddle and focused on the business. This won't be a high yield investment.

BUY

Has done really well lately. Has a very good deal.

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Superior Plus Corp (SPB.TO)