Chartwell Seniors Housing

CSH.UN-T

TSE:CSH.UN

8.18
0.06 (0.73%)
Chartwell Retirement Residences is the largest participant in the Canadian seniors housing sector, with nearly 180 locations across Quebec, Ontario, Alberta, and British Columbia.
More at Wikipedia

Analysis and Opinions about CSH.UN-T

Signal
Opinion
Expert
COMMENT
COMMENT
November 16, 2016

Has an issue with REITs in general. He doesn’t see much growth. A lot of people really love this one. It is the positioning and the growth in their health care facilities. He gets that, but his problem is the valuation. It is basically trading at 16X enterprise value to EBITDA. You are paying an extremely high multiple, which is a bit at risk if interest rates start to go higher. He wouldn’t be buying any REITs.

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Has an issue with REITs in general. He doesn’t see much growth. A lot of people really love this one. It is the positioning and the growth in their health care facilities. He gets that, but his problem is the valuation. It is basically trading at 16X enterprise value to EBITDA. You are paying an extremely high multiple, which is a bit at risk if interest rates start to go higher. He wouldn’t be buying any REITs.

TOP PICK
TOP PICK
November 15, 2016

The stock has done quite well, and has recently pulled back because of the scare of interest rate sensitivity. While this is classified as a healthcare name, it does have a yield of just under 4%. It is the largest operator in Canada. Some money has come out of this space as a whole. She likes the seniors housing industry. Has a target price of $16, plus the yield. (Analysts’ price target is $16.18.)

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The stock has done quite well, and has recently pulled back because of the scare of interest rate sensitivity. While this is classified as a healthcare name, it does have a yield of just under 4%. It is the largest operator in Canada. Some money has come out of this space as a whole. She likes the seniors housing industry. Has a target price of $16, plus the yield. (Analysts’ price target is $16.18.)

COMMENT
COMMENT
October 26, 2016

As a longer-term stock with a nice dividend and growth profile, this certainly meets his parameters. There is more and more population that is aging, and will end up in these assisted-living and long-term care facilities that they run. They’ve been very good at both building new facilities and acquiring them. They also know the right time to sell.

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As a longer-term stock with a nice dividend and growth profile, this certainly meets his parameters. There is more and more population that is aging, and will end up in these assisted-living and long-term care facilities that they run. They’ve been very good at both building new facilities and acquiring them. They also know the right time to sell.

COMMENT
COMMENT
October 12, 2016

NWH.UN-T vs. CSH.UN-T. CSH.UN-T has decent growth because of their demographics. His problem with REITs is that they were one of the biggest beneficiaries of the low interest rate. He looks at the cap rate and turns it into an enterprise value and you are paying 15-16 times operating cash flow. You should pay that for a high tech company, not a healthcare company. You are paying out 80-90% of the income as yield. You can’t do that in other sectors. Where is the money to invest in the business – how does it grow? He went short the REITs about two months ago. He does not like either one, but if forced to choose it would be CSH.UN-T.

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NWH.UN-T vs. CSH.UN-T. CSH.UN-T has decent growth because of their demographics. His problem with REITs is that they were one of the biggest beneficiaries of the low interest rate. He looks at the cap rate and turns it into an enterprise value and you are paying 15-16 times operating cash flow. You should pay that for a high tech company, not a healthcare company. You are paying out 80-90% of the income as yield. You can’t do that in other sectors. Where is the money to invest in the business – how does it grow? He went short the REITs about two months ago. He does not like either one, but if forced to choose it would be CSH.UN-T.

BUY
BUY
September 20, 2016

(Market Call Minute.) Thinks this is pretty decent here, and he would probably be inclined to accumulate this.

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(Market Call Minute.) Thinks this is pretty decent here, and he would probably be inclined to accumulate this.

TOP PICK
TOP PICK
September 13, 2016

This is for the aging consumer. We are all getting older. Demographics show that the over 65 population is about 16% of our overall population. It is forecast that by 2035 it is going to be over 25%. There will be increased demand for assisted care. This company pulled out of the US last year and reinvested back into Canada. They are very well positioned. Dividend yield of 3.78%.

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This is for the aging consumer. We are all getting older. Demographics show that the over 65 population is about 16% of our overall population. It is forecast that by 2035 it is going to be over 25%. There will be increased demand for assisted care. This company pulled out of the US last year and reinvested back into Canada. They are very well positioned. Dividend yield of 3.78%.

PAST TOP PICK
PAST TOP PICK
September 2, 2016

(A Top Pick Sept 11/15. Up 30.61%.) Likes this a lot. An operator of retirement residences. The superior operator of all the public entities. This has run really well, so wouldn’t be adding more at this level. If anything, you may want to consider trimming.

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(A Top Pick Sept 11/15. Up 30.61%.) Likes this a lot. An operator of retirement residences. The superior operator of all the public entities. This has run really well, so wouldn’t be adding more at this level. If anything, you may want to consider trimming.

HOLD

(Market Call Minute.)

PAST TOP PICK
PAST TOP PICK
August 24, 2016

(A Top Pick May 30/16. Up 7.08%.) This is a defensive stock.

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(A Top Pick May 30/16. Up 7.08%.) This is a defensive stock.

BUY
BUY
August 16, 2016

Likes the theme on this. This should continue to do well. It is going to be very sensitive to interest rates, so keep that in mind. If rates were to go up, you would see a pretty material pullback. He does not expect that rates will be going up in Canada.

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Likes the theme on this. This should continue to do well. It is going to be very sensitive to interest rates, so keep that in mind. If rates were to go up, you would see a pretty material pullback. He does not expect that rates will be going up in Canada.

BUY WEAKNESS
BUY WEAKNESS
July 28, 2016

The number of people over 65 is going to double over the next 25 years. In 3 of the last 4 years, demand has exceeded supply. They have done a great job of sourcing and building their margins. Wait for a pullback.

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The number of people over 65 is going to double over the next 25 years. In 3 of the last 4 years, demand has exceeded supply. They have done a great job of sourcing and building their margins. Wait for a pullback.

COMMENT
COMMENT
July 18, 2016

The REIT space has run up so much that when bad news comes out, these are going to get hammered quickly. You have to ask yourself if you are there for the yield or the share price appreciation. If you are there for the yield, you can get a similar one in other names which will not be as sensitive. If you are there for share price appreciation, these have run up so much. He would be very cautious.

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The REIT space has run up so much that when bad news comes out, these are going to get hammered quickly. You have to ask yourself if you are there for the yield or the share price appreciation. If you are there for the yield, you can get a similar one in other names which will not be as sensitive. If you are there for share price appreciation, these have run up so much. He would be very cautious.

PAST TOP PICK
PAST TOP PICK
July 13, 2016

(Top Pick May 30/16, Up 4.54%) It is defensive and dividend paying. He will be out by October/November. It is a seasonal issue.

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(Top Pick May 30/16, Up 4.54%) It is defensive and dividend paying. He will be out by October/November. It is a seasonal issue.

PAST TOP PICK
PAST TOP PICK
July 12, 2016

(A Top Pick July 14/15. Up 41.47%.) A senior housing operator. Sold off their US assets, and the money they made on that has been reinvested in Canada. Post the recession, the occupancy rate of a lot of their homes were lower, because of the overbuilding of seniors housing. That is now bouncing back up. Dividend yield of about 3.5%.

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(A Top Pick July 14/15. Up 41.47%.) A senior housing operator. Sold off their US assets, and the money they made on that has been reinvested in Canada. Post the recession, the occupancy rate of a lot of their homes were lower, because of the overbuilding of seniors housing. That is now bouncing back up. Dividend yield of about 3.5%.

BUY
BUY
June 30, 2016

(Market Call Minute) The demographics are behind them. They execute well and make nice transactions. Nice technically as well.

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(Market Call Minute) The demographics are behind them. They execute well and make nice transactions. Nice technically as well.

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