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John Burke Seaspan Corp. SSW-N COMMENT May 11, 2016

A media company, and the whole sector was kind of turned upside down last year with the story of Netflix (NFLX-Q). Is Netflix going to be the new method of delivering content to consumers? He likes the category, but hasn’t invested in this directly, but likes the idea. There is a good chance this is going to be a winner for you. (One of our viewers pointed out that this company is not a media company. It looks like BNN and the guest got this one wrong. Have no idea what company they were really discussing. Please ignore this comment. Also thanks to Richard for pointing this out. Bill.)

John Burke

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$16.150

Stock price when the opinion was issued

Transportation

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DON'T BUY

Absolute classic value trap. Earning before interest, taxes and amortization – they borrowed heavily so have to pay a lot of interest. Ships are wearing out, so there’s a lot of amortization.

PAST TOP PICK

(A Top Pick Sept 28/07. Down 66%.) Build, operate and lease container ships. Lessees provide the fuel. Yield of about 18%. Thinks market has concerns about people doing the leasing, who may have problems. He is continuing to Hold.

HOLD

Container shipping company. Has fallen in sympathy with the whole sector. This will trade with the optimism around recovery coming out of a recession like all the other shippers. Enjoy the massive dividend. A lot of volatility.

STRONG BUY

Have liked this company for a number of years. Leases container ships on a long-term, fixed cost basis with clients paying for fuel. Very conservative management team. Cash on their balance sheet to buy ships 3 to 5 years out. 23% yield.

DON'T BUY

Stock has come down hugely and the yield is very high. Big concern is not because of the long-term contracts but what might happen if shipping costs become greater than the costs of production at home. Questions the sustainability of the yield.

BUY

Company operates with container ships. Management owns about 30% of the company. Pays a decent yield of 6%+. When the economy picks up more container ships will be needed. Long track record and they are setting up for the next move.

COMMENT

Shipping industry is tough for both container ships and bulk carriers. This one is well run. As a 20 position portfolio, he would not own this name but as a 50 position portfolio, he would use it periodically based on economic activity.

BUY

They recently increased dividend to 5.5%. A ship leasing company. Growing the number of ships they own. Bought back stock. Companies are going to need ships to transport. He factors in global growth.

BUY

5.25% dividend yield. Well run. They want to take on a few more ships. It is not well followed. Management nixed the deal and raised the money in another way. He likes the company. Believes the global economies are improving and that this company should benefit.

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John Burke Seaspan Corp. SSW-N COMMENT May 11, 2016

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