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Opinions Matt Baillie
StarPoint Energy TrustSPN.UN.TOWAITJun 01, 2005
Energy trusts are looking pretty good on a valuation basis. Starpoint's model looks sustainable. Has some good assets. His only issue with this trust is that they just made 2 very big acquisitions and he wants to see them deal with this first and what their production is going to be.
$18.90
Stock price when the opinion was issued
oilgas
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BUY ON WEAKNESS
Merging with Acclaim Energy (AE.UN-T). Have a good track record on the integration side. Can see some decent upside in this one. In terms of valuation, it is looking a little bit rich here. The outlook for the next year is quite good.
Michele RobitailleOwned
oilgas
BUY
Acclaim Energy (AE.UN-T) and Starpoint Energy (SPN.UN-T) are amalgamating. If you own either of these, continue to hold. Likes the prospects, especially with the current commodity prices.
Michael Simpson, CFAOwned
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BUY
There is a friendly merger with Acclaim Energy (AE.UN-T). Likes Royalty Trusts. The only risk factor is that there are two large energy trusts making one of the largest Royalty trusts. There will be a lot of integration risks. It will be listed on the New York stock exchange giving access to US investors.
Robert LauzonOwned
oilgas
BUY ON WEAKNESS
Has a great record of growing through acquisition. Their acquisition of Acclaim makes sense. Hasn't rebounded quite as well there's some of the other oil and gas companies. The patient in looking for an entry point.
Michele RobitailleOwned
oilgas
HOLD
Will be merging with Acclaim (AE.UN-T) and will be one of the largest trusts. Likes the management of both firms. The only issue would be integration problems but, on balance it’s a good move.
Garth JestleyOwned
oilgas
BUY
An oil based trust. Has been growing by acquisition. Recently made 3 acquisitions and is currently being merged with Acclaim (AE.UN-T). Likes the management. They have got a lot to prove in putting this together. There will be synergies that will be accretive to unit holders.
Greg GuichonOwned
oilgas
BUY
Will merge with Acclaim Energy (AE.UN-T) and this merger makes a lot of sense. This combines a good technical team with Acclaim and a good human resources from Starpoint. It also gives a land base that is close together giving a very large trust with about 75,000 BOE's a day.
Michael Simpson, CFAOwned
oilgas
SELL
Merging with Acclaim Energy (AE.UN-T). One of the major players. You are now seeing full value and there are better value plays in the space. Rotate out of it.
Dean OrricoOwned
oilgas
HOLD
Acclaim Energy (AE.UN-T) and Starpoint (SPN.UN-T) are merging. This will make it close to the 4th or 5th largest royalty trust. They will be getting a NYSE listing so there will be more demand from the US. There might be some short term weakness as many managers will end up owning too much and will have to reduce the weighting in their portfolios.
Robert LauzonOwned
oilgas
BUY
A situation where some very far sighted managers have taken a trust and made 3 very interesting acquisitions and bringing them together in one geographic area in southwest Saskatchewan. Creating synergies.
Greg GuichonOwned
oilgas
