EnerCare Inc

ECI-T

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Analysis and Opinions about ECI-T

Signal
Opinion
Expert
BUY
BUY
May 21, 2015

He is probably one of the largest shareholders. Significant ownership of water heater rentals and sub metering business. Growth is on a stable path. An acquisition from Hydro One should have significant synergies.

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EnerCare Inc (ECI-T)
May 21, 2015

He is probably one of the largest shareholders. Significant ownership of water heater rentals and sub metering business. Growth is on a stable path. An acquisition from Hydro One should have significant synergies.

COMMENT
COMMENT
May 13, 2015

Thinks the trends are positive for this company. Expect they will be up to generate better rates. Doing a very good job of managing some growth. Has a strong dividend.

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EnerCare Inc (ECI-T)
May 13, 2015

Thinks the trends are positive for this company. Expect they will be up to generate better rates. Doing a very good job of managing some growth. Has a strong dividend.

COMMENT
COMMENT
April 22, 2015

Still loves the name. 5% yield. Very cheap relative to the sector. The street is not giving them any credit for their sub-metering business, which is going to supply the growth in the long term. Have a number of initiatives going on in their core business that can get reasonable organic growth. They have the ability to pass price increases on. Also, doing more business in the air-conditioning and heating business, which tends to have bigger tickets in the types of equipment they are using.

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EnerCare Inc (ECI-T)
April 22, 2015

Still loves the name. 5% yield. Very cheap relative to the sector. The street is not giving them any credit for their sub-metering business, which is going to supply the growth in the long term. Have a number of initiatives going on in their core business that can get reasonable organic growth. They have the ability to pass price increases on. Also, doing more business in the air-conditioning and heating business, which tends to have bigger tickets in the types of equipment they are using.

TOP PICK
TOP PICK
April 16, 2015

This IPO’d in 2002 under Consumer Water Heater. A lot has changed since then. One third of their business is sub metering for condos and apartments and two thirds of home services, air-conditioning, water heaters and furnaces. This business is a high percentage of recurring revenues. Very cash flow heavy, which is great for dividend investors. Dividend yield of 5.56% and they are able to sustain this with only 40% of their free cash flow. He is expecting some dividend increases from them. Only 22% of their overall contracts are in the billing stage, so cash flows are going to grow.

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EnerCare Inc (ECI-T)
April 16, 2015

This IPO’d in 2002 under Consumer Water Heater. A lot has changed since then. One third of their business is sub metering for condos and apartments and two thirds of home services, air-conditioning, water heaters and furnaces. This business is a high percentage of recurring revenues. Very cash flow heavy, which is great for dividend investors. Dividend yield of 5.56% and they are able to sustain this with only 40% of their free cash flow. He is expecting some dividend increases from them. Only 22% of their overall contracts are in the billing stage, so cash flows are going to grow.

BUY
BUY
March 26, 2015

They just raised the dividend 15%, the biggest in their history. They might increase the dividend again at the end of next year. He has tremendous confidence in the management. They have had less customers falling off them recently. Companies they bought turned out very well.

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EnerCare Inc (ECI-T)
March 26, 2015

They just raised the dividend 15%, the biggest in their history. They might increase the dividend again at the end of next year. He has tremendous confidence in the management. They have had less customers falling off them recently. Companies they bought turned out very well.

PAST TOP PICK
PAST TOP PICK
February 25, 2015

(A Top Pick March 7/14. Up 45.09%.) In this one, he saw excellent management execution of turning this business around. He continues to own, but wouldn’t be a buyer at current levels.

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EnerCare Inc (ECI-T)
February 25, 2015

(A Top Pick March 7/14. Up 45.09%.) In this one, he saw excellent management execution of turning this business around. He continues to own, but wouldn’t be a buyer at current levels.

COMMENT
COMMENT
February 10, 2015

He likes this company. Their main business is water heaters, primarily in southern Ontario. This should be a very, very sleepy business. Last year they had an exceptionally exciting year. Octavian, a US hedge fund, started shaking a few cages by talking a “go private” bid, which got the share price moving. Then they bought Direct Energy. Inexpensive at 8.5X EBITDA versus its peers at about 11X. About a 6.5% dividend yield. Great, long term investment. The market is not pricing in any of the growth from the sub-metering business, which will give it the kicker in the next 5 years going forward.

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EnerCare Inc (ECI-T)
February 10, 2015

He likes this company. Their main business is water heaters, primarily in southern Ontario. This should be a very, very sleepy business. Last year they had an exceptionally exciting year. Octavian, a US hedge fund, started shaking a few cages by talking a “go private” bid, which got the share price moving. Then they bought Direct Energy. Inexpensive at 8.5X EBITDA versus its peers at about 11X. About a 6.5% dividend yield. Great, long term investment. The market is not pricing in any of the growth from the sub-metering business, which will give it the kicker in the next 5 years going forward.

TOP PICK
TOP PICK
December 30, 2014

Long. A Pairs trade with a Short on Just Energy (JE-T). This company rents water heaters, primarily in southern Ontario. A very stable business. Had some attrition issues in the past that have been addressed, partly through legislation that has gone through. The overaggressive seller is Just Energy. What he really likes about this is that it is inexpensive and trading at 8.5X EBITDA, which is a discount to its peers at about 10X. Payout ratio is about 50% next year. Yield of 5.01%.

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EnerCare Inc (ECI-T)
December 30, 2014

Long. A Pairs trade with a Short on Just Energy (JE-T). This company rents water heaters, primarily in southern Ontario. A very stable business. Had some attrition issues in the past that have been addressed, partly through legislation that has gone through. The overaggressive seller is Just Energy. What he really likes about this is that it is inexpensive and trading at 8.5X EBITDA, which is a discount to its peers at about 10X. Payout ratio is about 50% next year. Yield of 5.01%.

HOLD
HOLD
November 21, 2014

Has appreciated fairly sharply in the last short period of time. This is a company with a very low Book Value and selling at a high multiple of Book, but the earnings on that Book are significant, and the cash flow it has been generating has been improving. Just finished acquiring some holdings from Direct Energy. Thinks they are in very good position in the longer term. At the current price, he considers this as a Hold not a Buy.

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EnerCare Inc (ECI-T)
November 21, 2014

Has appreciated fairly sharply in the last short period of time. This is a company with a very low Book Value and selling at a high multiple of Book, but the earnings on that Book are significant, and the cash flow it has been generating has been improving. Just finished acquiring some holdings from Direct Energy. Thinks they are in very good position in the longer term. At the current price, he considers this as a Hold not a Buy.

PAST TOP PICK
PAST TOP PICK
October 21, 2014

(A Top Pick Sept 18/13. 67.35%.) Pairs Trade. Went long on this stock and Shorted Just Energy (JE-T). Still really likes this name. They rent water heaters, primarily in southern Ontario. Have very predictable and steady business. Good yield. Trades at about 7X EBITDA.

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EnerCare Inc (ECI-T)
October 21, 2014

(A Top Pick Sept 18/13. 67.35%.) Pairs Trade. Went long on this stock and Shorted Just Energy (JE-T). Still really likes this name. They rent water heaters, primarily in southern Ontario. Have very predictable and steady business. Good yield. Trades at about 7X EBITDA.

HOLD
HOLD
October 8, 2014

Have been raising their dividend handily. Has a lot of confidence in management. There is a takeover bid, but Enercare wants more money on the table before they will even look at it. He is waiting for a higher offer to come in, which often does in these cases. He is happy to Hold at this point in time.

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EnerCare Inc (ECI-T)
October 8, 2014

Have been raising their dividend handily. Has a lot of confidence in management. There is a takeover bid, but Enercare wants more money on the table before they will even look at it. He is waiting for a higher offer to come in, which often does in these cases. He is happy to Hold at this point in time.

BUY WEAKNESS
BUY WEAKNESS
September 19, 2014

Company bought some accretive assets which he viewed as favourable. He can see them growing their EBITDA’s by 31% between now and 2015. Also sees their payout ratio coming down to 85% this year, 71% next year and 65% in 2016. He likes it and has been buying. Trades at a slight premium to the group, but given the less cyclical nature of their business, it should trade at a premium. Buy on an off day.

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EnerCare Inc (ECI-T)
September 19, 2014

Company bought some accretive assets which he viewed as favourable. He can see them growing their EBITDA’s by 31% between now and 2015. Also sees their payout ratio coming down to 85% this year, 71% next year and 65% in 2016. He likes it and has been buying. Trades at a slight premium to the group, but given the less cyclical nature of their business, it should trade at a premium. Buy on an off day.

BUY
BUY
August 7, 2014

Rents out water heaters. There is an open offer to buy the shares and take them private. They just bought Direct Energy. Thinks it will be accretive. Thinks they will start to get attention.

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EnerCare Inc (ECI-T)
August 7, 2014

Rents out water heaters. There is an open offer to buy the shares and take them private. They just bought Direct Energy. Thinks it will be accretive. Thinks they will start to get attention.

TOP PICK
TOP PICK
July 28, 2014

Just announced they were buying the consumer’s services division from Direct Energy, which now gives them direct access to consumers in Ontario. Largely involved with water heaters as well as running a sub-metering business. He estimates capitalization of the company is going to go from around $800 million to $1.1-$1.2 billion. This is a very accretive acquisition to cash flow, and he estimates it is going to be 22%-25%. This puts out the potential for dividend increases down the road. Dividend yield of 5.27%.

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EnerCare Inc (ECI-T)
July 28, 2014

Just announced they were buying the consumer’s services division from Direct Energy, which now gives them direct access to consumers in Ontario. Largely involved with water heaters as well as running a sub-metering business. He estimates capitalization of the company is going to go from around $800 million to $1.1-$1.2 billion. This is a very accretive acquisition to cash flow, and he estimates it is going to be 22%-25%. This puts out the potential for dividend increases down the road. Dividend yield of 5.27%.

WATCH
WATCH
July 14, 2014

Some of the indicators are starting to roll over. It looks like it is going to have some support. $11.71, or $11.48 would be the stop.

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EnerCare Inc (ECI-T)
July 14, 2014

Some of the indicators are starting to roll over. It looks like it is going to have some support. $11.71, or $11.48 would be the stop.

HOLD
HOLD
July 9, 2014

Acquired this at a little over $4. It has paid a wonderful dividend, and has moved up very, very smartly. Good management.

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EnerCare Inc (ECI-T)
July 9, 2014

Acquired this at a little over $4. It has paid a wonderful dividend, and has moved up very, very smartly. Good management.

BUY
BUY
June 18, 2014

(Formerly Consumer Water Heater Fund.) Rent water heaters to residences primarily in southern Ontario. Likes the stability. Had some attrition issues in the past but has addressed those. Just Energy (JE-T) recently sold their water heater division and it was nice to get them out of the market as a competitor. Market is not pricing in its sub-metering business, a way for multi-residential buildings to allocate energy according to who uses it. They will reap these benefits over the next 25 years, so he thinks there is a lot of growth left in the company. 6.5% yield and trading at 6.5X EBITDA, a very steep discount to its peers. Good entry point if you have a long-term view.

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EnerCare Inc (ECI-T)
June 18, 2014

(Formerly Consumer Water Heater Fund.) Rent water heaters to residences primarily in southern Ontario. Likes the stability. Had some attrition issues in the past but has addressed those. Just Energy (JE-T) recently sold their water heater division and it was nice to get them out of the market as a competitor. Market is not pricing in its sub-metering business, a way for multi-residential buildings to allocate energy according to who uses it. They will reap these benefits over the next 25 years, so he thinks there is a lot of growth left in the company. 6.5% yield and trading at 6.5X EBITDA, a very steep discount to its peers. Good entry point if you have a long-term view.

COMMENT
COMMENT
April 16, 2014

Water heater rentals, mainly focused in southern Ontario. Also, have sub-metering which they are expanding. This is for multi-tenant residences such as condos or apartment buildings. They put in meters, allowing the landlord to assign energy usages to individual tenants. Thinks this is a great long-term growth business. Not producing any profits yet. Trading at about 6.5X EBITDA versus the sector at about 10X. 6.5% dividend yield which is very sustainable.

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EnerCare Inc (ECI-T)
April 16, 2014

Water heater rentals, mainly focused in southern Ontario. Also, have sub-metering which they are expanding. This is for multi-tenant residences such as condos or apartment buildings. They put in meters, allowing the landlord to assign energy usages to individual tenants. Thinks this is a great long-term growth business. Not producing any profits yet. Trading at about 6.5X EBITDA versus the sector at about 10X. 6.5% dividend yield which is very sustainable.

HOLD
HOLD
March 11, 2014

Not a bad looking chart. Has gone a little parabolic lately. The stock could pullback, but he would continue to hold. Wait for a pullback if you are looking to buy.

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EnerCare Inc (ECI-T)
March 11, 2014

Not a bad looking chart. Has gone a little parabolic lately. The stock could pullback, but he would continue to hold. Wait for a pullback if you are looking to buy.

TOP PICK
TOP PICK
March 7, 2014

Very successfully begun to arrest some of the attrition in their old products. Sees continuing growth in sub- metering business and water heaters. Reasonable multiple and excess of 6% yield.

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EnerCare Inc (ECI-T)
March 7, 2014

Very successfully begun to arrest some of the attrition in their old products. Sees continuing growth in sub- metering business and water heaters. Reasonable multiple and excess of 6% yield.

PAST TOP PICK
PAST TOP PICK
December 16, 2013

(A Top Pick Sept 18/13. Up 5.77%.) (Pairs Trade: Long Enercare (ECI-T) and Short Just Energy (JE-T).) Has been Long this stock since 2009. Paired this with Just Energy (JE-T) because of concerns about Just Energy's underlying business and their distribution.

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EnerCare Inc (ECI-T)
December 16, 2013

(A Top Pick Sept 18/13. Up 5.77%.) (Pairs Trade: Long Enercare (ECI-T) and Short Just Energy (JE-T).) Has been Long this stock since 2009. Paired this with Just Energy (JE-T) because of concerns about Just Energy's underlying business and their distribution.

BUY
BUY
December 11, 2013

Things seem to be working out fairly well for this company, particularly with the installation of the smart meters they have been doing. 7% yield.

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EnerCare Inc (ECI-T)
December 11, 2013

Things seem to be working out fairly well for this company, particularly with the installation of the smart meters they have been doing. 7% yield.

TOP PICK
TOP PICK
September 18, 2013

Pairs Trade. Long Enercare and Short Just Energy. ECI-T has high dividend yield, sustainable and growth potential. JE-T has opaque accounting. Their product was fixed cost natural gas, but with prices low, they can’t make sales.

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EnerCare Inc (ECI-T)
September 18, 2013

Pairs Trade. Long Enercare and Short Just Energy. ECI-T has high dividend yield, sustainable and growth potential. JE-T has opaque accounting. Their product was fixed cost natural gas, but with prices low, they can’t make sales.

BUY
BUY
June 21, 2013

(Market Call Minute.) Water heater company. Likes it. Has steady growth and doing much better this year. Good dividend.

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EnerCare Inc (ECI-T)
June 21, 2013

(Market Call Minute.) Water heater company. Likes it. Has steady growth and doing much better this year. Good dividend.

PAST TOP PICK
PAST TOP PICK
May 13, 2013

(Past top pick May 28,2012 at $9.23 now $9.36 up 9.53%) This is a company that manages water heaters. Also, has a submetering business. Gives a building the ability to charge the tenants directly for their consumption.

This will push the payout ratio from 65% down to 60% paving the way for higher dividends.

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EnerCare Inc (ECI-T)
May 13, 2013

(Past top pick May 28,2012 at $9.23 now $9.36 up 9.53%) This is a company that manages water heaters. Also, has a submetering business. Gives a building the ability to charge the tenants directly for their consumption.

This will push the payout ratio from 65% down to 60% paving the way for higher dividends.

HOLD
HOLD
April 17, 2013

Water heater rental company. Can see the price of this being double digits. Competition is very strong in their industry. They keep on paying a nice dividend. Wouldn’t buy at this time.

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EnerCare Inc (ECI-T)
April 17, 2013

Water heater rental company. Can see the price of this being double digits. Competition is very strong in their industry. They keep on paying a nice dividend. Wouldn’t buy at this time.

BUY
BUY
January 18, 2013

Octavian group was an active shareholder and were looking to get on the Board of Directors and do with the company as they wanted. Octavian has effectively imploded and are now selling their shares. This has pushed the stock down. Can see this one going into double digits. Do have some difficulties often with regulators but overall he likes what the company is doing. Excellent payout ratio.

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EnerCare Inc (ECI-T)
January 18, 2013

Octavian group was an active shareholder and were looking to get on the Board of Directors and do with the company as they wanted. Octavian has effectively imploded and are now selling their shares. This has pushed the stock down. Can see this one going into double digits. Do have some difficulties often with regulators but overall he likes what the company is doing. Excellent payout ratio.

BUY
BUY
August 16, 2012

Thought their recent reported results were reasonable but not solid. Feels it company is moving in the right direction and they have good management. Octavian Partners continues to buy more and more of the company. Very good dividend. Thinks it can easily be a double-digit stock and could go up to about $15. They are in a tough space and there is a lot of competition.

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EnerCare Inc (ECI-T)
August 16, 2012

Thought their recent reported results were reasonable but not solid. Feels it company is moving in the right direction and they have good management. Octavian Partners continues to buy more and more of the company. Very good dividend. Thinks it can easily be a double-digit stock and could go up to about $15. They are in a tough space and there is a lot of competition.

BUY
BUY
July 23, 2012
(Market Called Minute.) Great long-term value, especially with the sub-metering business, which he doesn't think he is being reflected in the stock price.
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EnerCare Inc (ECI-T)
July 23, 2012
(Market Called Minute.) Great long-term value, especially with the sub-metering business, which he doesn't think he is being reflected in the stock price.
TOP PICK
TOP PICK
May 28, 2012
Water heater business and metering business through sub-metering. Healthy dividend.
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EnerCare Inc (ECI-T)
May 28, 2012
Water heater business and metering business through sub-metering. Healthy dividend.
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