Opinions
Bruce Hartman
UE Waterheater Income Fund
UWH.UN-T
BUY
Sep 09, 2005
Rent water heaters to households. Not cyclical, there's a known replacement cycle for water heaters, there's a known rental stream. Yield is about 6.6%.
$13.550
Stock price when the opinion was issued
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An extremely solid business with only one competitor. Very good pricing power. Stock has come off a fair bit over the past couple of months because of an acquisition of a home alarm business, Protectron, that they've recently announced. Fits into their long term strategy of being able to expand a suite of services when they come to your home.
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BUY
There is a bit of a tie to the housing cycle. Has had a good run and he doesn't seem much more upside to the name. Expect every turn will normalise at around 8/10% a year. They made an acquisition in the security business out of Quebec which gives them another monthly fee. He would like to wait for 3 more quarters before deciding on this one.
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