David Cockfield Terasen TER-T BUY Mar 10, 2005

Have been adding recently. Pipe line area is a growth area. There is a need for increased capacity. This is a good yeild stock. Pays a nice dividend.

David Cockfield

Owned

Unlock Rating

$27.760

Stock price when the opinion was issued

gas utilities

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BUY

The three major pipelines are TransCanada (TRP-T), Enbridge (ENB-T) and Terasen (TER-T). TransCanada is sort of dull, but they have come out with reversing of pipeline and getting into Chicago and have a good yield. Enbridge is fully priced. Terasen is opening up the west coast and is the best located in terms of expanding their pipeline. Prefers TransCanada and Terasen.

BUY

Good earnings growth. Steady. not spectacular. Raise their dividends once or twice a year.

DON'T BUY

Outlook is not overly positive. Have an incentive totalling arrangements in contracts which expires Dec this year. They will have to go out to the various shippers and re-contract that capacity and it's unlikely the contractors will extend the arrangements. Hard to see how they are going to grow their revenue base. Embridge (ENB-T) is competition for them.

BUY

A utility that has an attractive yield during this low interest rate. On pipeline companies, as regulated carriers, their returns are subject to being cut back by the energy authorities. In the meantime, it's a very good solid company.

DON'T BUY

Can see a lot of potential for the pipeline business longer term, but not sure what you are paying for that long term growth. Sold his shares at what he thought was expensive at $26, so might be the wrong guy to ask. If you are comfortable with the 24 X forward earnings then hold.

HOLD

Being bought out by Kinder Morgan (KMI-N) which establishes that oil sands is important. Doesn't see a lot more upside. Not a name that he liked. Fairly valued, so either HOLD or SELL, but don't add to your position.

SELL

Merging with Kinder Morgan (KMI-N). It will become a US company and the option of dividend will not give you the tax credit as you would a Canadian dividend. Would tender all his shares at this point if he owned.

HOLD

Feels that the takeover will go through. If you don't want a US stock, take the cash.

COMMENT

Has been taken over by Kinder-Morgan (KMI-N). Pipelines are a safer way to participate in the growth of energy. Looking at Kinder-Morgan as a possible buy.

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David Cockfield Terasen TER-T BUY Mar 10, 2005

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