TFI International Inc (TFII.TO)

Continues to like it. Long term value. Company struggled with rig hauling business because of a change in drilling but did a good job of growing through acquisitions. Transformed the company into package hauling (Courier) business. 2.5% dividend and unlikely to increase any time soon.

(A Top Pick Sept 26/12. Up 23.68%.) This was more of a valuation story and he sold his holdings to take profits. A good buy below $20.

An excellent barometer for the North American economy given that it is a full-service transportation provider right across North America provided both courier services and oil/gas transportation services. The record amount of online purchases that are going on will benefit courier and package delivery companies. Largest trucking fleet in Canada. Pretty good dividend of 2.57%.

(Top Pick Sep 26/12, Up 20.74%) It hit his valuation target. Growth by acquisition. There have been some issues since then with their oil rig moving business.

Benefited from a lot of acquisitions. Transformed the way they were doing business by getting into waste management and into the US with their P & C business. Saw valuations getting a little bit extended and when it hit his target he sold his holdings. About a week later they announced another deal in the US which will add to earnings. Good for a long-term hold. Safe dividend.

Great company and it’s going to go higher. Just upgraded his target to $24.50. Did a new acquisition which is going to provide further synergies in fuel growth. Have done a great job of buying other companies and making accretive synergies. Not that expensive.

A barometer for the North American economy. Full service transportation provider across North America. Largest trucking fleet in Canada, offering trucking, courier, packages, etc. As the global economy grows and more parcels have to be delivered, this will benefit. Trading at 10X price earnings. 3.5% yield.

Largest trucking company in Canada. Recently completed an acquisition and will be able to improve their margins in packaging and courier. Also, has the opportunity to clean up their portfolio with some divestitures which would surface some value. Sees it $24-$25 in 12-18 months. 2.7% yield increase could definitely be a possibility in the next few quarters.

(Top Pick Sep 26/12, Up 6.58%)

Has had a very difficult year as all of the logistics (trucking) companies have had. This one had a 58% increase in growth last year. Lots of money to cover the 2.93% dividend. Will probably do some share buybacks as well as some acquisitions along the way. You might also want to look at their convertible debenture.

Not growing organically right now but had much better than expected 2^nd quarter margins on better-than-expected restructuring. Thinks this can drive earnings for the next couple of quarters maybe. Trading at a fair valuation. Whether you Buy depends on your view of whether they can continue to grow by acquisition. Have done a great job buying and synergistically wrapping them in. Try to buy at $16.85.

Went from having about 40% of the revenues coming from specialty services, packaging and couriering to being over 60%. They are higher margin businesses and deserve a higher multiple but that multiple has not come through yet. Good execution by management over the last few quarters. Increased margins and paying down debt. $19-$20 in 12 months easily. 3% dividend.