Boyd Group Services Inc.

BYD-T

Analysis and Opinions about BYD-T

Signal
Opinion
Expert
PAST TOP PICK
PAST TOP PICK
February 18, 2020
(A Top Pick Jul 22/19, Up 33%) A Canadian success. The CEO is retiring; it's converted from an income trust into a corporation; and they entered the big California market. All these major events have pushed up the stock. It's a a beautiful chart, largely helped by the conversion from an income trust. Consolidation is still early in the U.S., so there's a lot of runway ahead, especially in California.
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(A Top Pick Jul 22/19, Up 33%) A Canadian success. The CEO is retiring; it's converted from an income trust into a corporation; and they entered the big California market. All these major events have pushed up the stock. It's a a beautiful chart, largely helped by the conversion from an income trust. Consolidation is still early in the U.S., so there's a lot of runway ahead, especially in California.
PAST TOP PICK
PAST TOP PICK
February 18, 2020
(A Top Pick Oct 02/19, Up 32%) A Winnipeg success story in auto body shops. It branched out across Canada, then into the U.S., yet there's still room to grow.
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(A Top Pick Oct 02/19, Up 32%) A Winnipeg success story in auto body shops. It branched out across Canada, then into the U.S., yet there's still room to grow.
BUY
BUY
February 3, 2020
It has been a sensational growth story over the last 10 years. It is a consolidator of auto body shops in the US. The longer term trend is up but scale is becoming increasingly important and BYD-T are getting that. They are attracting a broader range of investors. They are making all the right moves. The growth will continue here. It has been expensive for years and years so don’t let it bother you.
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It has been a sensational growth story over the last 10 years. It is a consolidator of auto body shops in the US. The longer term trend is up but scale is becoming increasingly important and BYD-T are getting that. They are attracting a broader range of investors. They are making all the right moves. The growth will continue here. It has been expensive for years and years so don’t let it bother you.
TOP PICK
TOP PICK
January 28, 2020
They buy and integrate auto collision repair shops 85/15 in US/Canada. They leverage their insurance business. Boyd is firing on all cylinders. (Analysts’ price target is $220.67)
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They buy and integrate auto collision repair shops 85/15 in US/Canada. They leverage their insurance business. Boyd is firing on all cylinders. (Analysts’ price target is $220.67)
BUY
BUY
January 27, 2020
Long-term chart shows a great run from $120 to $200. They will continue acquisitions. You can buy it today, if you don't own it.
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Long-term chart shows a great run from $120 to $200. They will continue acquisitions. You can buy it today, if you don't own it.
BUY
BUY
January 9, 2020

They are a roll up story. The risk is just autonomous driven vehicles.

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They are a roll up story. The risk is just autonomous driven vehicles.

COMMENT
COMMENT
January 7, 2020
The stock has had a good run in the last 16 weeks. Looking at the technical implications, he would say $260 if you want to be bullish. However, this doesn't look into their earnings. Taking this into consideration, the company is 45% over value so there is a lot of risk at the present time. $180 is the line in the sand. If it fails, get out. Not a value stock.
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The stock has had a good run in the last 16 weeks. Looking at the technical implications, he would say $260 if you want to be bullish. However, this doesn't look into their earnings. Taking this into consideration, the company is 45% over value so there is a lot of risk at the present time. $180 is the line in the sand. If it fails, get out. Not a value stock.
BUY
BUY
December 17, 2019
A tremendous compounder and performer over the past 10 years and will continue to do so. They have a small market share of the US car collision space, and the small operators are selling to Boyd as this space consolidates. BYD has a lot of room to grow. Insurers wants to work with a few, established providers like Boyd. Private-capital peers are highly leveraged, so that give Boyd a better chance than them to acquire.
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A tremendous compounder and performer over the past 10 years and will continue to do so. They have a small market share of the US car collision space, and the small operators are selling to Boyd as this space consolidates. BYD has a lot of room to grow. Insurers wants to work with a few, established providers like Boyd. Private-capital peers are highly leveraged, so that give Boyd a better chance than them to acquire.
PARTIAL SELL
PARTIAL SELL
November 19, 2019
A spectacular chart, straight up. You can take some profits, but don't sell it all. Take half off the table.
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A spectacular chart, straight up. You can take some profits, but don't sell it all. Take half off the table.
PAST TOP PICK
PAST TOP PICK
November 12, 2019

(A Top Pick Apr 15/19, Up 30%) It's become a consolidator (which he prefers to a roll-up), because being a consolidator gives Boyd a platform for acquisitions and reduces overall costs. Boyd is a go-to to consolidate tens of thousands of auto body shops. They will expand to the U.S. as a stock, which is okay to hold in an RRSP but not a taxable account.

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(A Top Pick Apr 15/19, Up 30%) It's become a consolidator (which he prefers to a roll-up), because being a consolidator gives Boyd a platform for acquisitions and reduces overall costs. Boyd is a go-to to consolidate tens of thousands of auto body shops. They will expand to the U.S. as a stock, which is okay to hold in an RRSP but not a taxable account.

TOP PICK
TOP PICK
October 21, 2019
They are converting from an income trust to a standard corporation. Auto body and auto glass repair. Most business is from insurance companies. Earnings are expected to grow 20% this year and 15% net year. (Analysts’ price target is $197.36)
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They are converting from an income trust to a standard corporation. Auto body and auto glass repair. Most business is from insurance companies. Earnings are expected to grow 20% this year and 15% net year. (Analysts’ price target is $197.36)
BUY WEAKNESS
BUY WEAKNESS
October 9, 2019
Very well-run, but too expensive now. When the valuation lowers, she will consider it.
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Very well-run, but too expensive now. When the valuation lowers, she will consider it.
COMMENT
COMMENT
October 7, 2019
The chart isn't bad. It has moved up this year, though at a slower pace than in 2017-8. The chart is taking a break; it can't go up that fast forever. It's been consolidating since May above $160. But if the market rises and this drops, then sell. But the chart doesn't alarm him at all.
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The chart isn't bad. It has moved up this year, though at a slower pace than in 2017-8. The chart is taking a break; it can't go up that fast forever. It's been consolidating since May above $160. But if the market rises and this drops, then sell. But the chart doesn't alarm him at all.
TOP PICK
TOP PICK
October 2, 2019
It's a highly fragmented industry and the insurance industry won't deal with thousands of little repair shops and prefer dealing with big companies like Boyd. They face 10-15 years of growth. (Analysts’ price target is $198.00)
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It's a highly fragmented industry and the insurance industry won't deal with thousands of little repair shops and prefer dealing with big companies like Boyd. They face 10-15 years of growth. (Analysts’ price target is $198.00)
TOP PICK
TOP PICK
September 19, 2019
Their earnings over the past decade have risen 10-fold and their share count has risen less than 100%. A well-run company that is now converting from an income trust into a corporation that will attract a new set of investors. (Analysts’ price target is $198.00)
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Their earnings over the past decade have risen 10-fold and their share count has risen less than 100%. A well-run company that is now converting from an income trust into a corporation that will attract a new set of investors. (Analysts’ price target is $198.00)
BUY WEAKNESS
BUY WEAKNESS
September 12, 2019
Very well run. Potentially could buy on a pullback. Good market share. More income than growth. Valuation has kept her out. Yield is 0.3%.
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Very well run. Potentially could buy on a pullback. Good market share. More income than growth. Valuation has kept her out. Yield is 0.3%.
DON'T BUY
DON'T BUY
September 3, 2019
Investors buy this for the yield. Valuations of interest-sensitive stocks like this are getting pressured now, so he wouldn't add to or buy this now.
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Investors buy this for the yield. Valuations of interest-sensitive stocks like this are getting pressured now, so he wouldn't add to or buy this now.
WAIT
WAIT
August 8, 2019
Has tended to peak out every time it gets to 5.5x book value. And that's where it is right now. Doesn't see a lot of upside from here. Would want to see it drop back before he buys.
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Has tended to peak out every time it gets to 5.5x book value. And that's where it is right now. Doesn't see a lot of upside from here. Would want to see it drop back before he buys.
TOP PICK
TOP PICK
July 22, 2019
He's long owned this and Boyd continues to execute (though there may be a slower quarter coming). They suffered a ransomware attack recently. There'll be tremendous consolidation in the car repair space, because the big three own only 5% of the market. Excellent managers. You can add on weakness. (Analysts’ price target is $185.64)
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He's long owned this and Boyd continues to execute (though there may be a slower quarter coming). They suffered a ransomware attack recently. There'll be tremendous consolidation in the car repair space, because the big three own only 5% of the market. Excellent managers. You can add on weakness. (Analysts’ price target is $185.64)
TOP PICK
TOP PICK
June 19, 2019
Collision repair centres. They make great acquisitions and quickly find efficiencies. They have deals with large insurance companies as they are the required centre to have repairs done. A long runway for growth. Yield 0.32% (Analysts’ price target is $182.83)
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Collision repair centres. They make great acquisitions and quickly find efficiencies. They have deals with large insurance companies as they are the required centre to have repairs done. A long runway for growth. Yield 0.32% (Analysts’ price target is $182.83)
WAIT
WAIT
May 21, 2019
Has had a big run this year, because of less competition due to a merger. Plus, acquisitions this year have investors excited. Not the time to buy now. There's room to keep growing. It's a growing industry, as more technology is impacted with each fender bender. Insurance companies want to deal with companies that have more scale, which also benefits them.
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Has had a big run this year, because of less competition due to a merger. Plus, acquisitions this year have investors excited. Not the time to buy now. There's room to keep growing. It's a growing industry, as more technology is impacted with each fender bender. Insurance companies want to deal with companies that have more scale, which also benefits them.
STRONG BUY
STRONG BUY
May 15, 2019
Fantastic chart. An easy analysis. Strong uptrend since January.
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Fantastic chart. An easy analysis. Strong uptrend since January.
TOP PICK
TOP PICK
April 15, 2019
They started out doing windshield replacements in Winnipeg. They've moved into the US in a major way as a consolidator where there is a lot of room to run. The stock has had a great run-up, but can keep going. (Analysts’ price target is $156.25)
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They started out doing windshield replacements in Winnipeg. They've moved into the US in a major way as a consolidator where there is a lot of room to run. The stock has had a great run-up, but can keep going. (Analysts’ price target is $156.25)
TOP PICK
TOP PICK
April 12, 2019
The car repair chain continues to operate in a fragmented industry. There is great opportunity for them to re-invest cash for future acquisitions. Earnings growth continue to be bumped up -- 20% in 2020. Yield 0.36% (Analysts’ price target is $156.25)
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The car repair chain continues to operate in a fragmented industry. There is great opportunity for them to re-invest cash for future acquisitions. Earnings growth continue to be bumped up -- 20% in 2020. Yield 0.36% (Analysts’ price target is $156.25)
COMMENT
COMMENT
January 28, 2019
$100 was a breakout. Now we're at the bottom of a head and shoulders. The top will be the next big test up. Anything above $100, continue to hold. No reason to panic. It's doing the consolidation it needs to do.
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$100 was a breakout. Now we're at the bottom of a head and shoulders. The top will be the next big test up. Anything above $100, continue to hold. No reason to panic. It's doing the consolidation it needs to do.
DON'T BUY
DON'T BUY
December 18, 2018
Low dividend of 0.5%. They buy small auto repair shops across North America. A growth company. Trades at 25x earnings, not cheap. If the economy goes south, it'll put strain on them.
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Low dividend of 0.5%. They buy small auto repair shops across North America. A growth company. Trades at 25x earnings, not cheap. If the economy goes south, it'll put strain on them.
SHORT
SHORT
November 27, 2018
He's short this. A lot of former income trusts have done a lot of buying because of cheap financing in recent years. This has driven their growth, but financining will continue to get expensive. Boyd has cash, but also debt. They may miss their next quarter.
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He's short this. A lot of former income trusts have done a lot of buying because of cheap financing in recent years. This has driven their growth, but financining will continue to get expensive. Boyd has cash, but also debt. They may miss their next quarter.
TOP PICK
TOP PICK
November 15, 2018
They just reported soft numbers but the stock went up. Auto collisions are reliable. They have $400M for acquisitions. It has been reliable for 10 years. Non-crashing autonomous cars are a long way away. (Analysts’ price target is $130.35)
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They just reported soft numbers but the stock went up. Auto collisions are reliable. They have $400M for acquisitions. It has been reliable for 10 years. Non-crashing autonomous cars are a long way away. (Analysts’ price target is $130.35)
BUY
BUY
October 26, 2018

A+ management. One of the best performers on the TSX for the past decade. They continue to take market share, but the multiple isn't cheap. They're the only stock to play collision repairs, which is a highly fragmented space. They make highly accretive acquisitions. He holds a big position.

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A+ management. One of the best performers on the TSX for the past decade. They continue to take market share, but the multiple isn't cheap. They're the only stock to play collision repairs, which is a highly fragmented space. They make highly accretive acquisitions. He holds a big position.

BUY
BUY
October 16, 2018

Long owned this. There are two trends that could hurt Boyd: driverless cars that would eliminate car crashes (but that could be 15 years away), and new cars need new tech like lasers. Their advantage: insurance companies prefer one company with many locations than a bunch of small shops. There's a lot of room to grow here. Also, crashes are up.

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Long owned this. There are two trends that could hurt Boyd: driverless cars that would eliminate car crashes (but that could be 15 years away), and new cars need new tech like lasers. Their advantage: insurance companies prefer one company with many locations than a bunch of small shops. There's a lot of room to grow here. Also, crashes are up.

COMMENT
COMMENT
September 27, 2018

Do you like the name considering cars now come with anti-collision technology? In 20 years down the road, that is going to be a factor. In the next 3 years, weather is more important for this company.

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Do you like the name considering cars now come with anti-collision technology? In 20 years down the road, that is going to be a factor. In the next 3 years, weather is more important for this company.

PAST TOP PICK
PAST TOP PICK
September 24, 2018

(Past Top Pick, Sept.18, 2017,Up 41%) A car repair chain. They're a consolidator in this space and now have covered in the U.S. Consistent ROE generators. A core holding.

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(Past Top Pick, Sept.18, 2017,Up 41%) A car repair chain. They're a consolidator in this space and now have covered in the U.S. Consistent ROE generators. A core holding.

PAST TOP PICK
PAST TOP PICK
September 21, 2018

(A Top Pick March 9/18 Up 17%) There is a strong CEO and management and he has owned is personally for years. They buy the smaller auto repairs outlets and the revenue stream is regular and recurring. The risk is self-driving cars in the future that will reduce auto repairs in general. The dividend has increased for 50 consecutive quarters.

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(A Top Pick March 9/18 Up 17%) There is a strong CEO and management and he has owned is personally for years. They buy the smaller auto repairs outlets and the revenue stream is regular and recurring. The risk is self-driving cars in the future that will reduce auto repairs in general. The dividend has increased for 50 consecutive quarters.

BUY
BUY
August 13, 2018

A fantasatic chart. Nice positve action. Up 6% today. A quality name. Well-run. He really likes it.

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A fantasatic chart. Nice positve action. Up 6% today. A quality name. Well-run. He really likes it.

BUY
BUY
June 11, 2018

Boyd is one of the top consolidators--it's in an industry with lots of mom-and-pop shops which are ripe for consolidation. There are hundreds of thousands of auto body shops across North America. Boyd came out of Winnipeg because this market has a monopoly public auto insurer. No insurer wants to deal with thousands of auto body shops, and this has benefiitted Boyd.

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Boyd is one of the top consolidators--it's in an industry with lots of mom-and-pop shops which are ripe for consolidation. There are hundreds of thousands of auto body shops across North America. Boyd came out of Winnipeg because this market has a monopoly public auto insurer. No insurer wants to deal with thousands of auto body shops, and this has benefiitted Boyd.

COMMENT
COMMENT
May 9, 2018

He once owned it and did well for him. It's a big operator of auto-repair shops. They've been acquiring a lot and consolidating. But they trade at a high multiple.

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He once owned it and did well for him. It's a big operator of auto-repair shops. They've been acquiring a lot and consolidating. But they trade at a high multiple.

PAST TOP PICK
PAST TOP PICK
May 2, 2018

(A Top Pick June 6/17 Up 9%). They continue to do acquisitions and the business is growing. Everytime there is bad weather this auto-body business does well. Over the next decade their business may be threatened by autonomous driving vehicles.

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(A Top Pick June 6/17 Up 9%). They continue to do acquisitions and the business is growing. Everytime there is bad weather this auto-body business does well. Over the next decade their business may be threatened by autonomous driving vehicles.

PAST TOP PICK
PAST TOP PICK
April 12, 2018

(A Top Pick March 29/17, Up 30%) They have been very, very consistent over 10 years. Some think collision repair will become a thing of the past with self driving cars, but he disagrees.

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(A Top Pick March 29/17, Up 30%) They have been very, very consistent over 10 years. Some think collision repair will become a thing of the past with self driving cars, but he disagrees.

TOP PICK
TOP PICK
March 9, 2018

Although a boring story, he says he has been buying this for quite a while. They buy and consolidate auto body repair stores and don’t sell stock and get cheap debt – the earnings go right back into the business. They deal with insurance companies, who love this business model. He does not expect it to double in the next year, but 20% is likely. Yield 0.5%. (Analysts’ price target is $118.50 )

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Although a boring story, he says he has been buying this for quite a while. They buy and consolidate auto body repair stores and don’t sell stock and get cheap debt – the earnings go right back into the business. They deal with insurance companies, who love this business model. He does not expect it to double in the next year, but 20% is likely. Yield 0.5%. (Analysts’ price target is $118.50 )

STRONG BUY
STRONG BUY
February 28, 2018

Loves it. They grow by acquisition. The U.S. will do better than Canada, and 95% of their business is down there. Their auto collision and glass repair business has benefited from recent inclement weather causing auto accidents.

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Loves it. They grow by acquisition. The U.S. will do better than Canada, and 95% of their business is down there. Their auto collision and glass repair business has benefited from recent inclement weather causing auto accidents.