Exchange Income

EIF-T

Analysis and Opinions about EIF-T

Signal
Opinion
Expert
BUY WEAKNESS
BUY WEAKNESS
November 18, 2019
Strong uptrend this year. But wait until the correction he expects in the coming weeks before entering. If you hold, you can take a few profits now. Could pullback to around $41-42. even lower; its past two pullbacks were sharp and choppy.
Exchange Income (EIF-T)
November 18, 2019
Strong uptrend this year. But wait until the correction he expects in the coming weeks before entering. If you hold, you can take a few profits now. Could pullback to around $41-42. even lower; its past two pullbacks were sharp and choppy.
Javed Mirza
Technical analyst, Canaccord Genuity
Price
$43.490
Owned
Unknown
BUY
BUY
November 8, 2019
A good looking stock that’s breaking out into new territory. They have good volume and they had a big move today. It’s entered a consolidation range and it is looking very positive.
Exchange Income (EIF-T)
November 8, 2019
A good looking stock that’s breaking out into new territory. They have good volume and they had a big move today. It’s entered a consolidation range and it is looking very positive.
Jeff Parent B. Eng. FCSI CIM
VP & Portfolio Manager, Chief Investment Officer, Castlemoore Inc.
Price
$40.060
Owned
Unknown
HOLD
HOLD
November 1, 2019
He owns this. It is good value, has good price momentum and does not have high price volatility. The only knock is that they still have a fair amount of debt. The yield is good, but the payout ratio is close to 100% so there is not a lot of wiggle room. It trades at 16 times earnings. Yield 5.8%
Exchange Income (EIF-T)
November 1, 2019
He owns this. It is good value, has good price momentum and does not have high price volatility. The only knock is that they still have a fair amount of debt. The yield is good, but the payout ratio is close to 100% so there is not a lot of wiggle room. It trades at 16 times earnings. Yield 5.8%
Jason Mann
CIO & Co-Founder, Edgehill Patners
Price
$39.010
Owned
Yes
BUY
BUY
October 21, 2019
It is a diversified company that grows through acquisition. The dividend is covered with 29% of cash flow. Earnings should grow 15% this year. He thinks in the coming 3 months the stock price will be driven higher.
Exchange Income (EIF-T)
October 21, 2019
It is a diversified company that grows through acquisition. The dividend is covered with 29% of cash flow. Earnings should grow 15% this year. He thinks in the coming 3 months the stock price will be driven higher.
Robert McWhirter
President, Selective Asset Management
Price
$38.240
Owned
No
WEAK BUY
WEAK BUY
October 18, 2019
A nice up trend since January 2019 that has hit resistance around $42. Good support at $38 and then $36.50 (200 day moving average). If you own it, hold it. Buying is probably okay here. Yield 6%
Exchange Income (EIF-T)
October 18, 2019
A nice up trend since January 2019 that has hit resistance around $42. Good support at $38 and then $36.50 (200 day moving average). If you own it, hold it. Buying is probably okay here. Yield 6%
Hap (Robert) Sneddon FCSI
Chief Portfolio Manager & Founder, Castlemoore Inc.
Price
$38.270
Owned
Unknown
BUY
BUY
October 10, 2019
He owns it in an income-seeking fund. Income generator, plus great total return performer. 20% compound annual rate of return since inception. Like a mini-BAM or mini-Onex. Very acquisitive. Good earnings grower and dividend grower. Regional airlines and light manufacturing. Very good management. Yield is 6%.
Exchange Income (EIF-T)
October 10, 2019
He owns it in an income-seeking fund. Income generator, plus great total return performer. 20% compound annual rate of return since inception. Like a mini-BAM or mini-Onex. Very acquisitive. Good earnings grower and dividend grower. Regional airlines and light manufacturing. Very good management. Yield is 6%.
Brian Madden
Senior VP & Portfolio Manager, Goodreid Investment Council
Price
$38.170
Owned
Yes
COMMENT
COMMENT
September 10, 2019

He met the company last year. Similar to DIV-T, comprised of many businesses, and you buy this for the dividend. There are some good businesses here, but valuing those companies can be difficult. Good for dividend investors.

Exchange Income (EIF-T)
September 10, 2019

He met the company last year. Similar to DIV-T, comprised of many businesses, and you buy this for the dividend. There are some good businesses here, but valuing those companies can be difficult. Good for dividend investors.

Stephen Takacsy, B. Eng, MBA
Chief Investment Officer & Portfolio Mgr, Lester Asset Management
Price
$37.690
Owned
No
BUY
BUY
August 23, 2019
A regional jet carrier, with different sub-businesses. An income play. They had difficulty covering repair and maintenance cost. Recently moved out of the pattern. Thinks that it can go up to $45. Possible capital appreciation and dividend play for longterm investors.
Exchange Income (EIF-T)
August 23, 2019
A regional jet carrier, with different sub-businesses. An income play. They had difficulty covering repair and maintenance cost. Recently moved out of the pattern. Thinks that it can go up to $45. Possible capital appreciation and dividend play for longterm investors.
Cole Kachur
Senior Wealth Advisor, ScotiaWealth Management
Price
$38.620
Owned
Yes
WEAK BUY
WEAK BUY
August 14, 2019
They just bumped their dividend by 4%. Has a 54% payout ratio. He models 12% EPS growth. It's cheap at 10.6x. He likes it. However, their balance sheet is 3.4x net debt to EBITDA. And it's a small name so vulnerable to market swings.
Exchange Income (EIF-T)
August 14, 2019
They just bumped their dividend by 4%. Has a 54% payout ratio. He models 12% EPS growth. It's cheap at 10.6x. He likes it. However, their balance sheet is 3.4x net debt to EBITDA. And it's a small name so vulnerable to market swings.
Greg Newman
Director & Portfolio Manager, Scotia Wealth Management
Price
$39.250
Owned
Yes
BUY WEAKNESS
BUY WEAKNESS
July 30, 2019
He was buying this around $28. They own airlines that fly into the First Nations lands. It is very well run. If it dipped into $35 he would buy more. It has a nice dividend with good growth.
He was buying this around $28. They own airlines that fly into the First Nations lands. It is very well run. If it dipped into $35 he would buy more. It has a nice dividend with good growth.
Bruce Murray
CEO & Chief Investment Officer, The Murray Wealth Group
Price
$37.840
Owned
Yes
COMMENT
COMMENT
July 5, 2019
Doesn't know this well. It had a big jump in late-February and has been rising since. This will be insensitive to interest rate moves. It's had a wild wild since 2016. Pays a dividend over 5%, but be careful buying a stock only for a dividend, because the stock price can be volatile.
Doesn't know this well. It had a big jump in late-February and has been rising since. This will be insensitive to interest rate moves. It's had a wild wild since 2016. Pays a dividend over 5%, but be careful buying a stock only for a dividend, because the stock price can be volatile.
Hap (Robert) Sneddon FCSI
Chief Portfolio Manager & Founder, Castlemoore Inc.
Price
$38.800
Owned
Unknown
TOP PICK
TOP PICK
June 17, 2019

They're an aggregator with holdings such as aerospace and manufacturing. They've grown their topline over the last 5 years at 30% annually and bottom line 22% annually. He likes the managers. They're set up to make another big acquisition. (Analysts’ price target is $44.09)

They're an aggregator with holdings such as aerospace and manufacturing. They've grown their topline over the last 5 years at 30% annually and bottom line 22% annually. He likes the managers. They're set up to make another big acquisition. (Analysts’ price target is $44.09)

Andrew Pink
Portfolio Manager, LDIC
Price
$38.000
Owned
Yes
COMMENT
COMMENT
June 10, 2019
They were once the victim of a short seller report and they came out unharmed. Companies that acquire a lot like they do tend to blow up but they have done smart acquisitions, and maintained and increased their dividend. It would be nice to see more insider buying.
They were once the victim of a short seller report and they came out unharmed. Companies that acquire a lot like they do tend to blow up but they have done smart acquisitions, and maintained and increased their dividend. It would be nice to see more insider buying.
Fabrice Taylor
Publisher, The President's Club Newsletter
Price
$36.830
Owned
No
TOP PICK
TOP PICK
May 17, 2019
They focus on aerospace services. Payout ratio of 30%. ROE 16%. He expects 11% growth in earnings. He sees a 30% upside potential. Yield 6.1% (Analysts’ price target is $44.09)
They focus on aerospace services. Payout ratio of 30%. ROE 16%. He expects 11% growth in earnings. He sees a 30% upside potential. Yield 6.1% (Analysts’ price target is $44.09)
Robert McWhirter
President, Selective Asset Management
Price
$36.050
Owned
Yes
BUY
BUY
February 21, 2019
He likes this name. They are modeling 20% EPS growth, 10% FCF growth. Pays a nice dividend easy for them to pay. Payout ratio of 60%. The only negative is that their balance sheet is a little too levered. The name doesn't get the respect it deserves. he think it is going higher.
Exchange Income (EIF-T)
February 21, 2019
He likes this name. They are modeling 20% EPS growth, 10% FCF growth. Pays a nice dividend easy for them to pay. Payout ratio of 60%. The only negative is that their balance sheet is a little too levered. The name doesn't get the respect it deserves. he think it is going higher.
Greg Newman
Director & Portfolio Manager, Scotia Wealth Management
Price
$33.270
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
February 15, 2019
(A Top Pick Mar 21/18, Down 7%) He thinks it will continue to grow through acquisition. It is a potential buy again. The payout ratio is 35%. Yield 7.5%
Exchange Income (EIF-T)
February 15, 2019
(A Top Pick Mar 21/18, Down 7%) He thinks it will continue to grow through acquisition. It is a potential buy again. The payout ratio is 35%. Yield 7.5%
Robert McWhirter
President, Selective Asset Management
Price
$29.340
Owned
No
BUY
BUY
October 26, 2018

Just made a recent acqusition that's doing well. 78% payout ratio. 7% dividend is fine this year. Sees 20% EPS growth. 11x earnings, lower than 14x 4-year average. He likes it. It's held up really well when other industrials are getting killed. The one problem though is their net debt-to-EBITDA which is 3x. This is trending in the right direction.

Exchange Income (EIF-T)
October 26, 2018

Just made a recent acqusition that's doing well. 78% payout ratio. 7% dividend is fine this year. Sees 20% EPS growth. 11x earnings, lower than 14x 4-year average. He likes it. It's held up really well when other industrials are getting killed. The one problem though is their net debt-to-EBITDA which is 3x. This is trending in the right direction.

Greg Newman
Director & Portfolio Manager, Scotia Wealth Management
Price
$31.090
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
October 25, 2018

(A top pick October 25/17, up 2%) The dividend yield is the driver of this name. Seems to have a hard time breaking the $35 resistance level, but if it does break through, he sees it going to $42.

Exchange Income (EIF-T)
October 25, 2018

(A top pick October 25/17, up 2%) The dividend yield is the driver of this name. Seems to have a hard time breaking the $35 resistance level, but if it does break through, he sees it going to $42.

Cole Kachur
Senior Wealth Advisor, ScotiaWealth Management
Price
$30.490
Owned
Yes
WEAK BUY
WEAK BUY
September 28, 2018

Payout ratio is 78%, pretty safe. Modelling 20% EPS growth. Recent acquisition is performing well. Pretty cheap. Have had higher labour costs. Two things to watch: 1) very whippy, as it’s a small cap, 2) balance sheet, if we’re going into a recession. If we don’t have a recession for a while, you can do quite well. (Analysts’ price target is around $34.)

Exchange Income (EIF-T)
September 28, 2018

Payout ratio is 78%, pretty safe. Modelling 20% EPS growth. Recent acquisition is performing well. Pretty cheap. Have had higher labour costs. Two things to watch: 1) very whippy, as it’s a small cap, 2) balance sheet, if we’re going into a recession. If we don’t have a recession for a while, you can do quite well. (Analysts’ price target is around $34.)

Greg Newman
Director & Portfolio Manager, Scotia Wealth Management
Price
$33.070
Owned
Unknown
HOLD
HOLD
September 20, 2018

It operates in the aerospace and manufacturing segments. It is dominant in rural parts of Canada. They make commercial and industrial tanks and pressure washing system. They were the target of short selling a while ago so the company bought back shares and increased the dividend. They have dealt with the issue quite well. The dividend is still a high payout ratio, however. Hang on to this one.

Exchange Income (EIF-T)
September 20, 2018

It operates in the aerospace and manufacturing segments. It is dominant in rural parts of Canada. They make commercial and industrial tanks and pressure washing system. They were the target of short selling a while ago so the company bought back shares and increased the dividend. They have dealt with the issue quite well. The dividend is still a high payout ratio, however. Hang on to this one.

Mohsin Bashir
VP Investments, Stone Asset Management
Price
$33.930
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
August 9, 2018

(A Top Pick Oct 25/17, Up 11%) High dividend paying company. An income play. It is osculating between $30-$35.

Exchange Income (EIF-T)
August 9, 2018

(A Top Pick Oct 25/17, Up 11%) High dividend paying company. An income play. It is osculating between $30-$35.

Cole Kachur
Senior Wealth Advisor, ScotiaWealth Management
Price
$32.890
Owned
No
HOLD
HOLD
August 9, 2018

Collection of companies, aviation and others, where he thinks there’s huge value. In it for the long haul. It’s a hold at this level, but only because they already own a lot.

Exchange Income (EIF-T)
August 9, 2018

Collection of companies, aviation and others, where he thinks there’s huge value. In it for the long haul. It’s a hold at this level, but only because they already own a lot.

Michael Decter
President & CEO, Lawrence Decter Investment Counsel
Price
$32.890
Owned
Yes
BUY
BUY
May 18, 2018

It ranks in the top 10% of his dividend model. It had an earnings surprise earlier this month, and is expected to grow 15% this year with a 13 P/E. He likes it. ROE is 15%.

It ranks in the top 10% of his dividend model. It had an earnings surprise earlier this month, and is expected to grow 15% this year with a 13 P/E. He likes it. ROE is 15%.

Robert McWhirter
President, Selective Asset Management
Price
$35.130
Owned
Yes
COMMENT
COMMENT
May 8, 2018

This company has had a hard time with aggressive short sellers. They have responded with insider buying and by raising the dividend. This is a conglomerate. They have some good businesses, but he always gets nervous with companies that acquire other businesses. He’s not nervous about the short sellers, thinks they’ve been proven wrong. The yield is quite generous, over 7%, but this is a hard company to analyze because it has so many moving parts.

This company has had a hard time with aggressive short sellers. They have responded with insider buying and by raising the dividend. This is a conglomerate. They have some good businesses, but he always gets nervous with companies that acquire other businesses. He’s not nervous about the short sellers, thinks they’ve been proven wrong. The yield is quite generous, over 7%, but this is a hard company to analyze because it has so many moving parts.

Fabrice Taylor
Publisher, The President's Club Newsletter
Price
$29.840
Owned
No
BUY
BUY
May 3, 2018

This name really moves around. This company has some issues with respects as to what is classified as maintenance and capex. Some short sellers have drawn attention to that. It is a small cap. The balance sheet is not perfect. But it has a P/E of 10. 57% payout ratio and a nice dividend yield. You can have this name for a taxable account.

This name really moves around. This company has some issues with respects as to what is classified as maintenance and capex. Some short sellers have drawn attention to that. It is a small cap. The balance sheet is not perfect. But it has a P/E of 10. 57% payout ratio and a nice dividend yield. You can have this name for a taxable account.

Greg Newman
Director & Portfolio Manager, Scotia Wealth Management
Price
$29.900
Owned
No
BUY
BUY
March 29, 2018

It is a small cap. The balance sheet is not bad. There are a lot of dividends in Canada that are a lot higher than they should be (5-7%) but he feels we have an all clear on this one. He models 17% earnings growth. Last quarter they beat estimates by 10% and boosted the divided. It is a good buy here.

Exchange Income (EIF-T)
March 29, 2018

It is a small cap. The balance sheet is not bad. There are a lot of dividends in Canada that are a lot higher than they should be (5-7%) but he feels we have an all clear on this one. He models 17% earnings growth. Last quarter they beat estimates by 10% and boosted the divided. It is a good buy here.

Greg Newman
Director & Portfolio Manager, Scotia Wealth Management
Price
$30.860
Owned
Unknown
DON'T BUY
DON'T BUY
March 28, 2018

There is an aviation and manufacturing division within this company. As a conglomerate it usually trades at a discount. There was a short selling investor who had issues with some of their acquisitions in the past. Some lower margin leasing activity in the aviation division may also be creating some uncertainty with investors.

Exchange Income (EIF-T)
March 28, 2018

There is an aviation and manufacturing division within this company. As a conglomerate it usually trades at a discount. There was a short selling investor who had issues with some of their acquisitions in the past. Some lower margin leasing activity in the aviation division may also be creating some uncertainty with investors.

Michael Simpson, CFA
Senior Vice-President, Sentry Investments
Price
$30.640
Owned
No
TOP PICK
TOP PICK
March 21, 2018

This company grows by acquisition with an aviation business in Northern Canada and in the manufacturing sector. A high yield with only a 34% payout ratio and an ROE of 14.9%. Yield 6.6%. (Analysts’ price target is $45.20 )

Exchange Income (EIF-T)
March 21, 2018

This company grows by acquisition with an aviation business in Northern Canada and in the manufacturing sector. A high yield with only a 34% payout ratio and an ROE of 14.9%. Yield 6.6%. (Analysts’ price target is $45.20 )

Robert McWhirter
President, Selective Asset Management
Price
$33.550
Owned
Yes
PARTIAL BUY
PARTIAL BUY
March 9, 2018

As a proud Manitoban, he likes this company. It has mostly government contracted aviation deals. It is trading at a discount to its historical multiple, but the problem is they keep spending their money. They need a couple years to consolidate capital. They could face future competition in their Northern Canadian market space. The yield is about 6%. It is not a bad buy here at the current price weakness.

As a proud Manitoban, he likes this company. It has mostly government contracted aviation deals. It is trading at a discount to its historical multiple, but the problem is they keep spending their money. They need a couple years to consolidate capital. They could face future competition in their Northern Canadian market space. The yield is about 6%. It is not a bad buy here at the current price weakness.

Rob Tetrault
Portfolio Manager and Senior Vice-President, Tetrault Wealth Advisory Group from National Bank
Price
$34.550
Owned
Unknown
BUY
BUY
December 6, 2017

Regional planes and aftermarket parts distribution. He likes the business. It’s been under pressure from a Short seller making comments about using debt to pay the dividend. He is not convinced. They’ve been fairly active doing acquisitions, and he looks at the debt as being for acquisitions. Trading at a reasonable valuation at about 16X, and pays a great dividend of almost 6%. He is buying for new clients.

Exchange Income (EIF-T)
December 6, 2017

Regional planes and aftermarket parts distribution. He likes the business. It’s been under pressure from a Short seller making comments about using debt to pay the dividend. He is not convinced. They’ve been fairly active doing acquisitions, and he looks at the debt as being for acquisitions. Trading at a reasonable valuation at about 16X, and pays a great dividend of almost 6%. He is buying for new clients.

Kash Pashootan
CEO & Chief Investment Officer, First Avenue Investment Counsel
Price
$36.520
Owned
Yes
DON'T BUY
DON'T BUY
November 16, 2017

(Market Call Minute.) There are Short reports out there, and he is trying to get his head around as to whether the Shorts have nailed this or not. There are some concerning signals. He would hold off on this.

Exchange Income (EIF-T)
November 16, 2017

(Market Call Minute.) There are Short reports out there, and he is trying to get his head around as to whether the Shorts have nailed this or not. There are some concerning signals. He would hold off on this.

Alex Ruus
Portfolio Manager, Arrow Capital Management
Price
$34.820
Owned
Unknown
TOP PICK
TOP PICK
October 25, 2017

This has gotten beaten up over the last 6-12 months. A short seller report came out questioning what they need to spend on some of the CapX on their airlines, as well as if dividends are sustainable. The company came out with good earnings which solidified their dividends. The stock rebounded up to around $34-$35, but has now come back down to around the $30 mark for no rhyme or reason. (Analysts’ price target is $42.)

Exchange Income (EIF-T)
October 25, 2017

This has gotten beaten up over the last 6-12 months. A short seller report came out questioning what they need to spend on some of the CapX on their airlines, as well as if dividends are sustainable. The company came out with good earnings which solidified their dividends. The stock rebounded up to around $34-$35, but has now come back down to around the $30 mark for no rhyme or reason. (Analysts’ price target is $42.)

Cole Kachur
Senior Wealth Advisor, ScotiaWealth Management
Price
$32.010
Owned
Yes
COMMENT
COMMENT
September 28, 2017

A kind of illiquid stock that moves around a lot. There is a Short Seller piece out there that says they are not going to have enough free cash to meet their dividend. CapX has been elevated. Thinks the Short Sellers are wrong and that they are going to grow their earnings by 12% over the next couple of years compounded annually. He models a payout ratio of 96% for 2017 next year. Thinks you will get a good combination of dividend and upside from here. Dividend yield of 6%+.

Exchange Income (EIF-T)
September 28, 2017

A kind of illiquid stock that moves around a lot. There is a Short Seller piece out there that says they are not going to have enough free cash to meet their dividend. CapX has been elevated. Thinks the Short Sellers are wrong and that they are going to grow their earnings by 12% over the next couple of years compounded annually. He models a payout ratio of 96% for 2017 next year. Thinks you will get a good combination of dividend and upside from here. Dividend yield of 6%+.

Greg Newman
Director & Portfolio Manager, Scotia Wealth Management
Price
$34.750
Owned
Yes
BUY
BUY
July 24, 2017

It is still a buy. It is a really good company back to 2005. They have almost always had 10% or more return on capital.

It is still a buy. It is a really good company back to 2005. They have almost always had 10% or more return on capital.

Matt Kacur
President, FSA Financial Science and Art
Price
$27.050
Owned
Unknown
COMMENT
COMMENT
July 6, 2017

This had a Short report issued on it. The Short thesis is not new at all, as it has been on and off for the last few years. Primarily it has to do with the sustainability of dividends. Doesn’t think the Short thesis is solid. The company’s argument that a lot of capital expenditure has been for growth, rather than maintaining its operations, makes a lot of sense. The real question is, are you comfortable with the underlying business mix being essentially a specialty regional airline with some older planes, but make them last by completely overhauling them. There is also the acquisition of Region 1 taking older airplanes and selling them for parts. You have to be comfortable with the cyclicality and how well they manage it. If you are, this is a bargain.

This had a Short report issued on it. The Short thesis is not new at all, as it has been on and off for the last few years. Primarily it has to do with the sustainability of dividends. Doesn’t think the Short thesis is solid. The company’s argument that a lot of capital expenditure has been for growth, rather than maintaining its operations, makes a lot of sense. The real question is, are you comfortable with the underlying business mix being essentially a specialty regional airline with some older planes, but make them last by completely overhauling them. There is also the acquisition of Region 1 taking older airplanes and selling them for parts. You have to be comfortable with the cyclicality and how well they manage it. If you are, this is a bargain.

Jim Huang
President, T.I.P. Wealth Management
Price
$30.510
Owned
Unknown
HOLD
HOLD
June 16, 2017

Missed on Q1 operational challenges in aerospace. They increased costs on a fleet overhaul, as well as having some bad weather. Even without some of these challenges, they would have missed by 5%. Management is still modelling 12% EPS. The stock is pretty illiquid. Trading below its five-year average.

Missed on Q1 operational challenges in aerospace. They increased costs on a fleet overhaul, as well as having some bad weather. Even without some of these challenges, they would have missed by 5%. Management is still modelling 12% EPS. The stock is pretty illiquid. Trading below its five-year average.

Greg Newman
Director & Portfolio Manager, Scotia Wealth Management
Price
$29.250
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
May 2, 2017

(A Top Pick March 14/17. Up 9%.) *Short* A small manufacturer and aviation company. The aviation side of the business is far more important to them. They operate several regional airlines that service northern Canada, as well as the east coast. They also have an aircraft leasing business, Regional1 in the US. His issue is very much around their allocation of capital and that they spend their cash flow in a very dramatic way. CapX is greater than their operational cash flow, plus they have debt, plus they pay a dividend. Not a sustainable way to run a business.

(A Top Pick March 14/17. Up 9%.) *Short* A small manufacturer and aviation company. The aviation side of the business is far more important to them. They operate several regional airlines that service northern Canada, as well as the east coast. They also have an aircraft leasing business, Regional1 in the US. His issue is very much around their allocation of capital and that they spend their cash flow in a very dramatic way. CapX is greater than their operational cash flow, plus they have debt, plus they pay a dividend. Not a sustainable way to run a business.

Daniel Lloyd
Portfolio Manager, Forge First Asset Management
Price
$35.060
Owned
Yes
TOP PICK
TOP PICK
May 2, 2017

*Short*. Recently, the Northwest Company (NWC-T) who owns and distributes goods to northern communities, used to be a large customer, but are now a competitor having bought North Star Airline and planning on expanding routes, in direct competition with this company and some of their subsidiaries BearSkin and Perimeter. This still has capital problems and should not be paying dividends. Dividend yield of 6.2%. (Analysts’ price target is $47.)

*Short*. Recently, the Northwest Company (NWC-T) who owns and distributes goods to northern communities, used to be a large customer, but are now a competitor having bought North Star Airline and planning on expanding routes, in direct competition with this company and some of their subsidiaries BearSkin and Perimeter. This still has capital problems and should not be paying dividends. Dividend yield of 6.2%. (Analysts’ price target is $47.)

Daniel Lloyd
Portfolio Manager, Forge First Asset Management
Price
$35.060
Owned
Yes
BUY WEAKNESS
BUY WEAKNESS
April 27, 2017

Believes it has a pretty handsome yield. He used to own it years ago. It is a proper business. He thinks it has a good long term yield and should be picked away at on weakness.

Exchange Income (EIF-T)
April 27, 2017

Believes it has a pretty handsome yield. He used to own it years ago. It is a proper business. He thinks it has a good long term yield and should be picked away at on weakness.

Mohsin Bashir
VP Investments, Stone Asset Management
Price
$35.000
Owned
No
PARTIAL BUY
PARTIAL BUY
April 21, 2017

He models a 12% EBITDA growth over the next couple of years. Trades at a valuation that is lower than its five-year average. Debt to EBITDA continues to improve at around 2.2. The 5.5% dividend yield looks pretty safe. Missed on Q4 due to weather and equipment issues. You could be picking away at this time.

Exchange Income (EIF-T)
April 21, 2017

He models a 12% EBITDA growth over the next couple of years. Trades at a valuation that is lower than its five-year average. Debt to EBITDA continues to improve at around 2.2. The 5.5% dividend yield looks pretty safe. Missed on Q4 due to weather and equipment issues. You could be picking away at this time.

Greg Newman
Director & Portfolio Manager, Scotia Wealth Management
Price
$38.160
Owned
Unknown
BUY WEAKNESS
BUY WEAKNESS
April 11, 2017

Shareholders have had really good returns in a short period of time, where there has been substantial growth, so things have to take a little bit of a breather at some point. This is an acquisition oriented company, so they are going to have higher debt levels at certain points. A solid company. Pays a nice solid dividend in the 5%-5.5% area. If you can buy this on a little bit of a dip, there are opportunities here.

Exchange Income (EIF-T)
April 11, 2017

Shareholders have had really good returns in a short period of time, where there has been substantial growth, so things have to take a little bit of a breather at some point. This is an acquisition oriented company, so they are going to have higher debt levels at certain points. A solid company. Pays a nice solid dividend in the 5%-5.5% area. If you can buy this on a little bit of a dip, there are opportunities here.

Cole Kachur
Senior Wealth Advisor, ScotiaWealth Management
Price
$38.150
Owned
Unknown
BUY
BUY
March 24, 2017

It has a 61% payout ratio so the dividend looks good. It is trading below its 5 year average The balance sheet is not bad, but they missed on Q4 due to weather and equipment issues which they have now mitigated, so you could go in and buy it.

Exchange Income (EIF-T)
March 24, 2017

It has a 61% payout ratio so the dividend looks good. It is trading below its 5 year average The balance sheet is not bad, but they missed on Q4 due to weather and equipment issues which they have now mitigated, so you could go in and buy it.

Greg Newman
Director & Portfolio Manager, Scotia Wealth Management
Price
$38.730
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
March 23, 2017

(Top Pick Apr 7/16, Up 43%) It is a good quality pick. This has been a total under-the-radar story. They did a phenomenal job of managing their assets. They have raised the dividend multiple times.

Exchange Income (EIF-T)
March 23, 2017

(Top Pick Apr 7/16, Up 43%) It is a good quality pick. This has been a total under-the-radar story. They did a phenomenal job of managing their assets. They have raised the dividend multiple times.

Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$38.020
Owned
Yes
TOP PICK
TOP PICK
March 14, 2017

*Short* This is sort of a mini conglomerate. They have a bunch of small regional airlines in Canada, as well as an aviation leasing business in the US, along with some small manufacturing businesses in Canada. This is what he would call “an access to Canada short” in that the underlying businesses do not generate enough cash to sustain the company as a whole. Subsequently they need to continue coming back to the market doing equity issue after equity issue. All the industries that they operate in are high capital intensive businesses. Just in CapX alone they have outspent their cash flow way, way back. Yet they pay a dividend yield of 5.34% and have a debt they have to service. If there was any market downturn and equity markets were actually shut off to this sort of constant equity issuance, the dividend would be in very, very serious trouble. (Analysts’ price target is $47.)

Exchange Income (EIF-T)
March 14, 2017

*Short* This is sort of a mini conglomerate. They have a bunch of small regional airlines in Canada, as well as an aviation leasing business in the US, along with some small manufacturing businesses in Canada. This is what he would call “an access to Canada short” in that the underlying businesses do not generate enough cash to sustain the company as a whole. Subsequently they need to continue coming back to the market doing equity issue after equity issue. All the industries that they operate in are high capital intensive businesses. Just in CapX alone they have outspent their cash flow way, way back. Yet they pay a dividend yield of 5.34% and have a debt they have to service. If there was any market downturn and equity markets were actually shut off to this sort of constant equity issuance, the dividend would be in very, very serious trouble. (Analysts’ price target is $47.)

Daniel Lloyd
Portfolio Manager, Forge First Asset Management
Price
$38.640
Owned
Yes
COMMENT
COMMENT
February 24, 2017

This buys different businesses and generates cash flow, and their job is to pay the dividends from those businesses. They focus on businesses where you cannot get exposure from the public market. They’ve done a pretty good job over the last several years, and the dividend yield is sustainable at this point. A good hold for the longer-term at this point.

Exchange Income (EIF-T)
February 24, 2017

This buys different businesses and generates cash flow, and their job is to pay the dividends from those businesses. They focus on businesses where you cannot get exposure from the public market. They’ve done a pretty good job over the last several years, and the dividend yield is sustainable at this point. A good hold for the longer-term at this point.

Andrey Omelchak
President & CIO, LionGuard Capital Management
Price
$39.290
Owned
Unknown
HOLD
HOLD
February 21, 2017

(Market Call Minute.) A good, well-run company. It has had a heck of a run over the last year.

Exchange Income (EIF-T)
February 21, 2017

(Market Call Minute.) A good, well-run company. It has had a heck of a run over the last year.