Michele Robitaille
Teranet Income Fund
TF.UN-T
PAST TOP PICK
Jun 11, 2007
Dec 15,2006
Then $8.85
Had been a bit beaten up, and the valuation hadn't come back. A boring stable business. Not a lot of risk to their distributions.
(A Top Pick Dec 15/06. Up 15.3%.) A defensive play. Slower growth, but very stable. Has a monopoly on the property licensing in Ontario. Distribution is very safe.
(A Top Pick Nov 17/06. Note change.) When it converts over to a corporate structure, it will be able to maintain its level of distribution. A fabulous target for private equity.
Involved in Ontario land registration. Some concerns about slower real estate transactions but there are still a lot of transactions as mortgages renew. Diversifying into health care. Have a monopoly until 2017. 70% payout ratio.
Market is concerned about declines in transactions in Ontario but also register mortgage renewals, re-financings, etc. Developing a database management system for the Ontario hospital system. Distribution is safe and is a possible takeover target.
(A Top Pick Nov 8/07. Up 17%.) Electronic land registry business and have a monopoly until 2017. Huge growth opportunity in health records where they have just started to scratch the surface. Trying to be acquired by Borealis.
Quality company. Leveraged to Ontario real estate and will be impacted by a slowdown in this market. Borealis made an offer of $11, which has been reduced to $10.25 and will expire on Monday. Thinks the deal will go through.