EnerCare Inc

ECI-T

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Analysis and Opinions about ECI-T

Signal
Opinion
Expert
COMMENT
COMMENT
April 17, 2012
Octavian Advisors, out of the US, own a good chunk of this company now and they continue to buy. At last year's AGM meeting they were a little more aggressive than he would've liked. They want a director on the board and the company is saying no. Expect there will be a lot of fireworks at this year's AGM. If they were to offer $15-$18 a share for the whole company, he would be willing to listen to this.
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EnerCare Inc (ECI-T)
April 17, 2012
Octavian Advisors, out of the US, own a good chunk of this company now and they continue to buy. At last year's AGM meeting they were a little more aggressive than he would've liked. They want a director on the board and the company is saying no. Expect there will be a lot of fireworks at this year's AGM. If they were to offer $15-$18 a share for the whole company, he would be willing to listen to this.
HOLD
HOLD
January 17, 2012
There is a group in New York that has been buying a lot of this stock. He could see this stock in double digits. Some of the restraints they have to deal with are coming off so he can see them becoming more competitive. Great dividend.
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EnerCare Inc (ECI-T)
January 17, 2012
There is a group in New York that has been buying a lot of this stock. He could see this stock in double digits. Some of the restraints they have to deal with are coming off so he can see them becoming more competitive. Great dividend.
PAST TOP PICK
PAST TOP PICK
August 25, 2011
(Top Pick Aug 17/10, Up 75.02%) Consumers Water Heater changed the name. Lovely dividend. Were badly beaten up. Could see them going double digit. Regulatory constraints come off next year. Pay you to wait.
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EnerCare Inc (ECI-T)
August 25, 2011
(Top Pick Aug 17/10, Up 75.02%) Consumers Water Heater changed the name. Lovely dividend. Were badly beaten up. Could see them going double digit. Regulatory constraints come off next year. Pay you to wait.
HOLD
HOLD
April 25, 2011
Bought this at around $3.50. Paid a beautiful distribution in the past and now pay a great dividend. Stock price has gone way up and he is still holding. In the past, a lot of their customers were dropping off so they slowed down the rate of attrition drastically. Thinks there is further capital appreciation.
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EnerCare Inc (ECI-T)
April 25, 2011
Bought this at around $3.50. Paid a beautiful distribution in the past and now pay a great dividend. Stock price has gone way up and he is still holding. In the past, a lot of their customers were dropping off so they slowed down the rate of attrition drastically. Thinks there is further capital appreciation.
PAST TOP PICK
PAST TOP PICK
November 16, 2010
(Top Pick Nov 17/09, Up 10.5% total return) Consumers Water Heater Bonds 6.75 4/30/2014. Sold to buy bonds further up the yield curve.
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EnerCare Inc (ECI-T)
November 16, 2010
(Top Pick Nov 17/09, Up 10.5% total return) Consumers Water Heater Bonds 6.75 4/30/2014. Sold to buy bonds further up the yield curve.
TOP PICK
TOP PICK
August 17, 2010
Part of strategy to get instantaneous returns. Better than 100% upside. A lot of income trusts had payout ratios too high and were not sustainable. Consumers was one. Trust price has come way down. Now 50% payout ratio. They were loosing a lot of customers. He thinks they now have tremendous potential.
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EnerCare Inc (ECI-T)
August 17, 2010
Part of strategy to get instantaneous returns. Better than 100% upside. A lot of income trusts had payout ratios too high and were not sustainable. Consumers was one. Trust price has come way down. Now 50% payout ratio. They were loosing a lot of customers. He thinks they now have tremendous potential.
DON'T BUY
DON'T BUY
July 28, 2010
Has been a disappointing holding. Have had higher customer retention problems than anticipated. Earnings hadn't come through as expected. Current valuation is compelling but if it went over $5 he would consider selling his holdings.
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EnerCare Inc (ECI-T)
July 28, 2010
Has been a disappointing holding. Have had higher customer retention problems than anticipated. Earnings hadn't come through as expected. Current valuation is compelling but if it went over $5 he would consider selling his holdings.
COMMENT
COMMENT
June 30, 2010
He inherited a small bit through new accounts and has been reluctant to get rid of it as he perceives more value in the company than the current price is reflecting. Have suffered from higher costs and a fair amount of attrition in the customer base. More reasonable price would be $5.50, where he would sell.
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EnerCare Inc (ECI-T)
June 30, 2010
He inherited a small bit through new accounts and has been reluctant to get rid of it as he perceives more value in the company than the current price is reflecting. Have suffered from higher costs and a fair amount of attrition in the customer base. More reasonable price would be $5.50, where he would sell.
DON'T BUY
DON'T BUY
May 25, 2010
(Market Call Minute) Terrible balance sheet.
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EnerCare Inc (ECI-T)
May 25, 2010
(Market Call Minute) Terrible balance sheet.
HOLD
HOLD
April 27, 2010
Not done too well, particularly against Just Energy (JE.UN-T). Erosion in their customer base through competition but seem to have stemmed that and come back a little. Expect distribution will be cut when they convert.
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EnerCare Inc (ECI-T)
April 27, 2010
Not done too well, particularly against Just Energy (JE.UN-T). Erosion in their customer base through competition but seem to have stemmed that and come back a little. Expect distribution will be cut when they convert.
PARTIAL SELL
PARTIAL SELL
March 23, 2010
Been through trials and tribulations over the last couple of years. Big problem has been the ability of customers to walk away from contracts without penalty but is now very close to being resolved through legislation. Slowdown in housing has also been a problem. Consider taking some profits.
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EnerCare Inc (ECI-T)
March 23, 2010
Been through trials and tribulations over the last couple of years. Big problem has been the ability of customers to walk away from contracts without penalty but is now very close to being resolved through legislation. Slowdown in housing has also been a problem. Consider taking some profits.
COMMENT
COMMENT
March 22, 2010
Generally likes the trust sector. Looks pretty decent on a short-term basis. Chart shows nice uptrend but will probably have a few points of upside resistance at about $5.80 and $6.70. 12.2% distribution. Hasn't participated like other trusts so if it broke down through he wouldn't want to hold.
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EnerCare Inc (ECI-T)
March 22, 2010
Generally likes the trust sector. Looks pretty decent on a short-term basis. Chart shows nice uptrend but will probably have a few points of upside resistance at about $5.80 and $6.70. 12.2% distribution. Hasn't participated like other trusts so if it broke down through he wouldn't want to hold.
HOLD
HOLD
January 6, 2010
Has been buying this in the $3-$4 range recently. Feels it is worth $5 a share. 14% yield. Have to restructure some debt but if this occurs it could be a $6-$7 stock in a few years.
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EnerCare Inc (ECI-T)
January 6, 2010
Has been buying this in the $3-$4 range recently. Feels it is worth $5 a share. 14% yield. Have to restructure some debt but if this occurs it could be a $6-$7 stock in a few years.
DON'T BUY
DON'T BUY
December 21, 2009
Not his favourite. European technology of coiled heated water has eliminated water heaters in Europe. It's only a matter of time before Canadians start converting. Long-term prospects are in question.
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EnerCare Inc (ECI-T)
December 21, 2009
Not his favourite. European technology of coiled heated water has eliminated water heaters in Europe. It's only a matter of time before Canadians start converting. Long-term prospects are in question.
COMMENT
COMMENT
December 14, 2009
Debt has been an issue and they have refinanced this. A lot of competition. Tax loss selling will be finished in about 2 weeks so if you own, give it a bit more time for possible better pricing before selling.
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EnerCare Inc (ECI-T)
December 14, 2009
Debt has been an issue and they have refinanced this. A lot of competition. Tax loss selling will be finished in about 2 weeks so if you own, give it a bit more time for possible better pricing before selling.
WATCH
WATCH
December 3, 2009
Water heater rental business is very regional. 17% distribution. Recently cut distributions. Have some big debt coming due early 2010. Getting more competition but with new housing development in Ontario they have more chance of growth.
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EnerCare Inc (ECI-T)
December 3, 2009
Water heater rental business is very regional. 17% distribution. Recently cut distributions. Have some big debt coming due early 2010. Getting more competition but with new housing development in Ontario they have more chance of growth.
SELL
SELL
November 25, 2009
Risk/reward not looking particularly good right now. Cut distribution in half earlier this year, which brought payout ratio down to under 100% but doesn't feel the present 5.4% is safe. Has been a marked deterioration in the business outlook. Competition has increased significantly.
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EnerCare Inc (ECI-T)
November 25, 2009
Risk/reward not looking particularly good right now. Cut distribution in half earlier this year, which brought payout ratio down to under 100% but doesn't feel the present 5.4% is safe. Has been a marked deterioration in the business outlook. Competition has increased significantly.
TOP PICK
TOP PICK
November 17, 2009
6.75% bond maturing April 30/14. Yielding about 6%. Cash flow is based upon rental of water heaters, so a fairly safe utility type play. (Single A rated.) Had some balance sheet concerns recently, which is why it was downgraded. Still a solid investment grade.
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EnerCare Inc (ECI-T)
November 17, 2009
6.75% bond maturing April 30/14. Yielding about 6%. Cash flow is based upon rental of water heaters, so a fairly safe utility type play. (Single A rated.) Had some balance sheet concerns recently, which is why it was downgraded. Still a solid investment grade.
COMMENT
COMMENT
October 29, 2009
Doesn't like business trusts as he sees a potential problem between now and January 2011.
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EnerCare Inc (ECI-T)
October 29, 2009
Doesn't like business trusts as he sees a potential problem between now and January 2011.
BUY
BUY
October 14, 2009
(Market Call Minute.) Has been hit very hard but does earn its cost of capital. Longer term it will do better.
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EnerCare Inc (ECI-T)
October 14, 2009
(Market Call Minute.) Has been hit very hard but does earn its cost of capital. Longer term it will do better.
BUY
BUY
September 17, 2009
Facing pressure from a new competitor that is getting into the water heater business. Getting to a level where he is getting interested. Market is pricing in a 20%-25% distribution cut.
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EnerCare Inc (ECI-T)
September 17, 2009
Facing pressure from a new competitor that is getting into the water heater business. Getting to a level where he is getting interested. Market is pricing in a 20%-25% distribution cut.
DON'T BUY
DON'T BUY
September 11, 2009
Sold her holdings over the last year. Prices dropped because the market is factoring in a distribution cut. Payout ratio of about 100%. Will definitely have to cut the distribution in 2011. Competitive landscape has become quite a bit more aggressive.
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EnerCare Inc (ECI-T)
September 11, 2009
Sold her holdings over the last year. Prices dropped because the market is factoring in a distribution cut. Payout ratio of about 100%. Will definitely have to cut the distribution in 2011. Competitive landscape has become quite a bit more aggressive.
COMMENT
COMMENT
July 13, 2009
Price has come down as investors risk appetite has dropped. Net attrition rates have been picking up as housing starts in Ontario have trailed off so new water heaters and rentals are down. However, new home starts are starting to look more positive. 21.7% yield.
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EnerCare Inc (ECI-T)
July 13, 2009
Price has come down as investors risk appetite has dropped. Net attrition rates have been picking up as housing starts in Ontario have trailed off so new water heaters and rentals are down. However, new home starts are starting to look more positive. 21.7% yield.
DON'T BUY
DON'T BUY
July 6, 2009
Rents water heaters, etc. and recently diversified into smart meters. The issue with them is the recent refinancing of their debt at slightly higher rates. Always found debt levels too high and with the slowdown in housing it has been an issue of attrition.
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EnerCare Inc (ECI-T)
July 6, 2009
Rents water heaters, etc. and recently diversified into smart meters. The issue with them is the recent refinancing of their debt at slightly higher rates. Always found debt levels too high and with the slowdown in housing it has been an issue of attrition.
COMMENT
COMMENT
June 26, 2009
When they convert to a corporation, the distribution will be a lot less than the current 10.75%. Payout ratio is very high.
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EnerCare Inc (ECI-T)
June 26, 2009
When they convert to a corporation, the distribution will be a lot less than the current 10.75%. Payout ratio is very high.
HOLD
HOLD
June 12, 2009
Has looked at this recently because of their 20% distributions. However, the balance sheet didn't attract him enough for him to go beyond a cursory look. A lot of companies as they convert to corporations are finding a perfect opportunity to cut distributions.
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EnerCare Inc (ECI-T)
June 12, 2009
Has looked at this recently because of their 20% distributions. However, the balance sheet didn't attract him enough for him to go beyond a cursory look. A lot of companies as they convert to corporations are finding a perfect opportunity to cut distributions.
DON'T BUY
DON'T BUY
May 22, 2009
Has good visibility in a more defensive environment. Payout ratio has crept up over 100% because of refinancing of debt. She doesn't generally like this. Competitive intensity has increased over the last little while. Cautious on this in the near term. If things become more optimistic, she will probably cycle out of this name. 10.75% distribution could be at risk.
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EnerCare Inc (ECI-T)
May 22, 2009
Has good visibility in a more defensive environment. Payout ratio has crept up over 100% because of refinancing of debt. She doesn't generally like this. Competitive intensity has increased over the last little while. Cautious on this in the near term. If things become more optimistic, she will probably cycle out of this name. 10.75% distribution could be at risk.
BUY
BUY
April 27, 2009
Safety of distribution depends on how people buy new water heaters vs. renting. Reliance Energy just did a bond issue. So credit markets are staring to loosen up here.
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EnerCare Inc (ECI-T)
April 27, 2009
Safety of distribution depends on how people buy new water heaters vs. renting. Reliance Energy just did a bond issue. So credit markets are staring to loosen up here.
COMMENT
COMMENT
April 2, 2009
Has recently taken quite a hit because of increasing competition. Outlook is relatively stable but with a slight downward trend. 100% payout ratio is higher than what she would like. Acquired a smart-metering business that was to provide some upside but government ruling will not allow it into apartment buildings yet. Expecting a cut in distributions.
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EnerCare Inc (ECI-T)
April 2, 2009
Has recently taken quite a hit because of increasing competition. Outlook is relatively stable but with a slight downward trend. 100% payout ratio is higher than what she would like. Acquired a smart-metering business that was to provide some upside but government ruling will not allow it into apartment buildings yet. Expecting a cut in distributions.
BUY
BUY
February 26, 2009
Extremely boring company of most listeners are probably paying every month for their water heater and every year the company increases the price by 1%-2% and no one knows it. Cash flow is almost guaranteed. Recession resistant. 10.75% distribution is very safe.
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EnerCare Inc (ECI-T)
February 26, 2009
Extremely boring company of most listeners are probably paying every month for their water heater and every year the company increases the price by 1%-2% and no one knows it. Cash flow is almost guaranteed. Recession resistant. 10.75% distribution is very safe.
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