Chartwell Seniors Housing

CSH.UN-T

TSE:CSH.UN

8.16
0.03 (0.37%)
Chartwell Retirement Residences is the largest participant in the Canadian seniors housing sector, with nearly 180 locations across Quebec, Ontario, Alberta, and British Columbia.
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Analysis and Opinions about CSH.UN-T

Signal
Opinion
Expert
PAST TOP PICK
PAST TOP PICK
November 6, 2015

(A Top Pick Oct 6/15. Up 4.93%.) He picked this because it fits in with a dominant theme that he likes, healthcare.

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(A Top Pick Oct 6/15. Up 4.93%.) He picked this because it fits in with a dominant theme that he likes, healthcare.

COMMENT
COMMENT
November 3, 2015

Really likes the seniors’ housing space in Canada. It is supported by great long-term demographics. The biggest issue in the last few years is that the sector has been oversupplied. This is probably the 1st year where you are going to see demand exceed supply. This will show up in higher occupancy and rent in 2016. Thinks there is at least an upside of $1-$2 next year, in addition to the healthy dividend yield.

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Really likes the seniors’ housing space in Canada. It is supported by great long-term demographics. The biggest issue in the last few years is that the sector has been oversupplied. This is probably the 1st year where you are going to see demand exceed supply. This will show up in higher occupancy and rent in 2016. Thinks there is at least an upside of $1-$2 next year, in addition to the healthy dividend yield.

BUY
BUY
October 27, 2015

A very well-run company. It has the demographic tailwind behind it. The demand is going to be there. Have run their business very well. Recently made an interesting move by cashing in their chips in the US and taking advantage of the US$. Solid dividend that is well covered by their cash flow.

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A very well-run company. It has the demographic tailwind behind it. The demand is going to be there. Have run their business very well. Recently made an interesting move by cashing in their chips in the US and taking advantage of the US$. Solid dividend that is well covered by their cash flow.

COMMENT
COMMENT
October 20, 2015

Trading at 28X earnings. This is in an interesting part of the business, retirement residences, where there is a lot of future demand. Looking at the balance sheet from his perspective, the BV has been steadily going down. Those kinds of companies make him queasy. He likes to see companies where the BV is rising. There are better yields out there than this.

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Trading at 28X earnings. This is in an interesting part of the business, retirement residences, where there is a lot of future demand. Looking at the balance sheet from his perspective, the BV has been steadily going down. Those kinds of companies make him queasy. He likes to see companies where the BV is rising. There are better yields out there than this.

DON'T BUY
DON'T BUY
October 7, 2015

The sector is incredibly hot. They benefited from recent M & A activity in the sector. You had to deal with this US exposure in the past, but now they have cleaned up the balance sheet by selling the US assets. It is expensive because there is this underlying tone that all seniors housing will be bought out. It is a tough business with a lot of regulations. It has outperformed because of the repositioning and restructuring. He preferred ACC-T, but he exited the space in favour of apartments.

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The sector is incredibly hot. They benefited from recent M & A activity in the sector. You had to deal with this US exposure in the past, but now they have cleaned up the balance sheet by selling the US assets. It is expensive because there is this underlying tone that all seniors housing will be bought out. It is a tough business with a lot of regulations. It has outperformed because of the repositioning and restructuring. He preferred ACC-T, but he exited the space in favour of apartments.

TOP PICK
TOP PICK
October 6, 2015

The REITs surprised him in how well they held up. Investors are seeking out yield. It is an outperformer and satisfies one of his dominant themes of aging population. There is some growth possibilities in addition to the decent yield.

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The REITs surprised him in how well they held up. Investors are seeking out yield. It is an outperformer and satisfies one of his dominant themes of aging population. There is some growth possibilities in addition to the decent yield.

BUY
BUY
September 29, 2015

(Market Call Minute) It has behaved okay. This is a time you can buy some dividend yield pretty inexpensively.

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(Market Call Minute) It has behaved okay. This is a time you can buy some dividend yield pretty inexpensively.

COMMENT
COMMENT
September 18, 2015

Senior housing and senior living has seen a lot of M&A activity. A lot of the US REITs are coming up to Canada to pick away at some of our assets, as valuations are cheaper and Cap rates (the net operating income generated versus the cost to buy them) are higher. Currently it is a little bit expensive. Price to AFFO is 17X. Dividend yield of close to 5%. He would prefer Sienna (SIA-T), which has a higher yield and a lower payout ratio and trading at a Price to AFFO of 13X.

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Senior housing and senior living has seen a lot of M&A activity. A lot of the US REITs are coming up to Canada to pick away at some of our assets, as valuations are cheaper and Cap rates (the net operating income generated versus the cost to buy them) are higher. Currently it is a little bit expensive. Price to AFFO is 17X. Dividend yield of close to 5%. He would prefer Sienna (SIA-T), which has a higher yield and a lower payout ratio and trading at a Price to AFFO of 13X.

COMMENT
COMMENT
September 15, 2015

(Market Call Minute.) On the back of the take out of another retirement home, this is a very good hold. It looks like a good sector.

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(Market Call Minute.) On the back of the take out of another retirement home, this is a very good hold. It looks like a good sector.

TOP PICK
TOP PICK
September 11, 2015

Thinks this has further upside. There is the possibility of a takeover, as there is so much demand from Canadian and American institutions for this sector. Because of that, you could see significant upside. If it doesn’t, this is still an excellent company. The challenge is that there is a real estate component and an operating component. The company has always been looked at from a real estate value of about $12 a share, but that operating business is worth something, especially when you are the only remaining public operator and you have an excellent reputation. Should be a core holding of every portfolio. Yield of 4.43%.

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Thinks this has further upside. There is the possibility of a takeover, as there is so much demand from Canadian and American institutions for this sector. Because of that, you could see significant upside. If it doesn’t, this is still an excellent company. The challenge is that there is a real estate component and an operating component. The company has always been looked at from a real estate value of about $12 a share, but that operating business is worth something, especially when you are the only remaining public operator and you have an excellent reputation. Should be a core holding of every portfolio. Yield of 4.43%.

BUY
BUY
September 9, 2015

One of their peers was taken out by a pension fund, CPP. This moved up their price. She could see more M&A activity.

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One of their peers was taken out by a pension fund, CPP. This moved up their price. She could see more M&A activity.

COMMENT
COMMENT
September 8, 2015

Continues to like this. It is very operationally intensive and you need to see an increase in occupancy before it dramatically improves the bottom line. It is starting to get there. This is one of the first years where supply/demand are going to remain very well-balanced, and he thinks demand is going to exceed supply this year. He sees $1 or $2 of capital appreciation potential in addition to the dividend.

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Continues to like this. It is very operationally intensive and you need to see an increase in occupancy before it dramatically improves the bottom line. It is starting to get there. This is one of the first years where supply/demand are going to remain very well-balanced, and he thinks demand is going to exceed supply this year. He sees $1 or $2 of capital appreciation potential in addition to the dividend.

BUY WEAKNESS
BUY WEAKNESS
August 11, 2015

It had a dip down when it was removed from the REIT index. She likes the industry. They recently sold off their US portfolio. They paid off some debt. They have an attractive yield and she sees it slowly increasing over time. It held up well in this market. There is always in the background that they could be taken out by a US company. They are good operators.

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It had a dip down when it was removed from the REIT index. She likes the industry. They recently sold off their US portfolio. They paid off some debt. They have an attractive yield and she sees it slowly increasing over time. It held up well in this market. There is always in the background that they could be taken out by a US company. They are good operators.

PAST TOP PICK
PAST TOP PICK
July 27, 2015

(Top Pick Jul 15/14, Up 14.13%) They went too aggressively into the US. A lot of US health care REITs have shown an interest in Canada.

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(Top Pick Jul 15/14, Up 14.13%) They went too aggressively into the US. A lot of US health care REITs have shown an interest in Canada.

WEAK BUY
WEAK BUY
July 20, 2015

Removed from the REIT index last week. Retirement homes, nursing homes. They did very poorly in the US and got out. They now have the ability to spend and acquire. You are playing the proper demographic. He thinks it is on the cheaper side, as are many of these. You may see more M&A in this sector.

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Removed from the REIT index last week. Retirement homes, nursing homes. They did very poorly in the US and got out. They now have the ability to spend and acquire. You are playing the proper demographic. He thinks it is on the cheaper side, as are many of these. You may see more M&A in this sector.

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