Viterra Inc (VT.TO)

COMMENT
Struggling because of low grain prices but in a tremendously strong position internationally. This one is worthwhile taking a hard look at.
BUY
Expanded in Australia, There is further upside on it.
BUY
(Market Call Minute.) Recently completed an acquisition and became a global player. Lots of upside.
BUY ON WEAKNESS
Acquired an Australian company and made some concessions to the government. Longer term it is an interesting play. Australia is going to be one of the great breadbaskets of the world feeding the far east. Some pretty good long-term potential but would wait for better prices.
SELL
Likes their Australian acquisition. The only issue now is that the earnings profile looks a little flat in the next year. Numbers just reported were not very strong. Dead money.
TOP PICK
Selling below book value. Agriculture products, distribution and processing. Recently made an acquisition in Australia.
BUY
Doesn't like potash stocks but does like this. An under performer at the beginning of this rally, has consolidated and formed a nice base and thinks it will rally and break out. Period from March to now looks like an elevated base. Take the advance from December to March and measure from the beginning of the corrected period (semi-log scale not linear), which brings you to about $15.
BUY ON WEAKNESS
Likes this one and is watching it for a Buy. Would prefer an entry point of $8-$8.50.
HOLD
Has a decent and improved balance sheet and the stock is selling at a very modest discount to its Book Value. Fair Market Value is pretty high at $20 if you can accept the street estimates on the stock. Maximum downside risk might be to about $7. Has the earnings and the FMV to drive it higher.
DON'T BUY
Likes the agriculture space. This one has some downward earnings revisions in the last little while. Would prefer Migao (MGO-T) or Ag Growth (AFN-T).
TOP PICK
Agriculture. Recently made an acquisition in Australia, which will give them some grain handling exposure. 2nd largest oat global processor. Produce some nitrogen fertilizers. Selling at less than Book Value. Strong balance sheet.
TOP PICK
Growing internationally. In the process of acquiring an Australian company and will make them the largest grain handler globally. Vote will be made in September and the deal will close after that.
TOP PICK
Was surprised at their announcement of a $300 million debt issue today. Expect they want to build up their cash to take advantage of opportunities. Strong balance sheet. Will be acquiring an Australian company and have acquired a canola processing crusher in Western Canada. Expecting better margins because of lower shipping costs.
PAST TOP PICK
(A Top Pick June 13/08. Down 30.9%.) This looks pretty interesting with their acquisition in Australia.
DON'T BUY
Likes agriculture. Trading around 12X forward PE. Earnings momentum looks slightly negative. There are probably better names in the agricultural space. He would prefer Potash (POT-T), Agrium (AGU-T) or Migao (MGO-T).
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