Exchange Income

EIF-T

Analysis and Opinions about EIF-T

Signal
Opinion
Expert
COMMENT
COMMENT
June 10, 2016

Has been Short on this in the past. There were concerns about their telecom servicing business in the US. They’ve since sold that business. They’ve been a beneficiary of cheaper jet fuel prices. Thinks it should trade at a more significant holding company discount.

Has been Short on this in the past. There were concerns about their telecom servicing business in the US. They’ve since sold that business. They’ve been a beneficiary of cheaper jet fuel prices. Thinks it should trade at a more significant holding company discount.

Jerome Hass
Portfolio Manager, Lightwater Partners
Price
$31.760
Owned
No
COMMENT
COMMENT
May 4, 2016

This is a bit of a mini-conglomerate being in aerospace and other industrial divisions. He is looking at this to see if he should add to his holdings, and is waiting to see their earnings.

This is a bit of a mini-conglomerate being in aerospace and other industrial divisions. He is looking at this to see if he should add to his holdings, and is waiting to see their earnings.

Michael Simpson, CFA
Senior Vice-President, Sentry Investments
Price
$28.700
Owned
Yes
DON'T BUY
DON'T BUY
April 26, 2016

Has been very bearish on this in the past. He stepped aside when they sold their US telecom related business. They have been a beneficiary of running some airlines in northern Canada with the cheaper jet fuel prices. They recently made a fairly large acquisition of external monitoring of coastlines. He would not feel comfortable with this.

Exchange Income (EIF-T)
April 26, 2016

Has been very bearish on this in the past. He stepped aside when they sold their US telecom related business. They have been a beneficiary of running some airlines in northern Canada with the cheaper jet fuel prices. They recently made a fairly large acquisition of external monitoring of coastlines. He would not feel comfortable with this.

Jerome Hass
Portfolio Manager, Lightwater Partners
Price
$29.160
Owned
No
TOP PICK
TOP PICK
April 7, 2016

7% yield. 10% EPS growth per year. A sleep at night story. Aviation. Routes up north. They also are into the airplane parts business, which has good margins. Two dividend increases in the last year and half.

7% yield. 10% EPS growth per year. A sleep at night story. Aviation. Routes up north. They also are into the airplane parts business, which has good margins. Two dividend increases in the last year and half.

Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$28.040
Owned
Yes
COMMENT
COMMENT
January 21, 2016

Likes this. He models their 2016 estimated payout ratio at 60%. Feels they can raise their dividend again. Not cheap relative to its 5 year, but he models pretty robust earnings per share growth, and 2016 could be 45% higher than last year. The caveat is that it is a fairly small stock and thinly traded. This is a good level for this name.

Exchange Income (EIF-T)
January 21, 2016

Likes this. He models their 2016 estimated payout ratio at 60%. Feels they can raise their dividend again. Not cheap relative to its 5 year, but he models pretty robust earnings per share growth, and 2016 could be 45% higher than last year. The caveat is that it is a fairly small stock and thinly traded. This is a good level for this name.

Greg Newman
Director & Portfolio Manager, Scotia Wealth Management
Price
$22.350
Owned
Unknown
COMMENT
COMMENT
January 13, 2016

This company has 2 segments. Airlines/aerospace and manufacturing. Likes this and thinks management has done an excellent job. They really navigated around the West Tower acquisition and divestiture. Thinks it will continue to do what they have been doing. They buy private businesses using marker capital at higher multiples. They have synergies between their businesses.

Exchange Income (EIF-T)
January 13, 2016

This company has 2 segments. Airlines/aerospace and manufacturing. Likes this and thinks management has done an excellent job. They really navigated around the West Tower acquisition and divestiture. Thinks it will continue to do what they have been doing. They buy private businesses using marker capital at higher multiples. They have synergies between their businesses.

Bruce Campbell (2)
President & Portfolio Manager, Stone Castle Investment Management Inc.
Price
$23.590
Owned
Yes
TOP PICK
TOP PICK
November 13, 2015

This is a niche player, not only in automotive, but also in aviation. It is a growth by acquisition story and he sees a lot of synergies in this area. Dividend yield of 7.37% which is not only sustainable, but capable of being grown.

Exchange Income (EIF-T)
November 13, 2015

This is a niche player, not only in automotive, but also in aviation. It is a growth by acquisition story and he sees a lot of synergies in this area. Dividend yield of 7.37% which is not only sustainable, but capable of being grown.

Brendan Caldwell
President, Caldwell Securities
Price
$26.170
Owned
Yes
BUY
BUY
November 5, 2015

Growth by acquisition. He likes this and thinks it is viable. Has a nice dividend. He models 68% 2016 estimated payout ratio. Debt levels are okay. Debt to EBITDA is 2.8X. He models 18% cash flow per share growth over the next couple of years. It is still trading below its five-year average. A higher risk name. Yield of 7.8%. His target is $30.

Exchange Income (EIF-T)
November 5, 2015

Growth by acquisition. He likes this and thinks it is viable. Has a nice dividend. He models 68% 2016 estimated payout ratio. Debt levels are okay. Debt to EBITDA is 2.8X. He models 18% cash flow per share growth over the next couple of years. It is still trading below its five-year average. A higher risk name. Yield of 7.8%. His target is $30.

Greg Newman
Director & Portfolio Manager, Scotia Wealth Management
Price
$24.680
Owned
Yes
BUY
BUY
January 30, 2015

A higher risk stock and somewhat illiquid. His company has a $28 target on it. He forecasts their 2015 payout ratio at 60%, so the dividend looks good. Trading below its five-year average EBITDA of 7%. They just de-levered their balance sheet by selling the West Tower. Bought an aerospace company which looks like it is going to be pretty accretive and a strategic fit.

Exchange Income (EIF-T)
January 30, 2015

A higher risk stock and somewhat illiquid. His company has a $28 target on it. He forecasts their 2015 payout ratio at 60%, so the dividend looks good. Trading below its five-year average EBITDA of 7%. They just de-levered their balance sheet by selling the West Tower. Bought an aerospace company which looks like it is going to be pretty accretive and a strategic fit.

Greg Newman
Director & Portfolio Manager, Scotia Wealth Management
Price
$22.130
Owned
Yes
HOLD
HOLD
October 27, 2014

They have gone debt free and basically said they will never make the mistake again of having one company too dominant in their portfolio. The dividend is massively safer than it was two weeks ago. It was getting rather risky then, but they got out of it very nicely. Hold for the income.

Exchange Income (EIF-T)
October 27, 2014

They have gone debt free and basically said they will never make the mistake again of having one company too dominant in their portfolio. The dividend is massively safer than it was two weeks ago. It was getting rather risky then, but they got out of it very nicely. Hold for the income.

Peter Hodson
CEO & Head of Research, 5i Research Inc.
Price
$19.280
Owned
Unknown
COMMENT
COMMENT
October 21, 2014

He has been Short this name most of this year and just covered his position in August. They are a holding company. Have 2 primary businesses, a regional airline business and maintenance and construction of cell phone towers in the US. AT&T is a customer. Just announced they are going to sell this US division.

Exchange Income (EIF-T)
October 21, 2014

He has been Short this name most of this year and just covered his position in August. They are a holding company. Have 2 primary businesses, a regional airline business and maintenance and construction of cell phone towers in the US. AT&T is a customer. Just announced they are going to sell this US division.

Jerome Hass
Portfolio Manager, Lightwater Partners
Price
$19.010
Owned
No
DON'T BUY
DON'T BUY
October 15, 2014

Stock is not doing very well. This started off as a sort of conglomeration of various businesses. Started off in the airline space, basically ambulances and government contracts moving people from the north down to Winnipeg for medical care. That is a good business because the government is your customer. Then they ventured off into things such as cell phone towers, and this is what is causing a lot of concern right now. He would be very careful about this. It has a feeling that there is something wrong.

Exchange Income (EIF-T)
October 15, 2014

Stock is not doing very well. This started off as a sort of conglomeration of various businesses. Started off in the airline space, basically ambulances and government contracts moving people from the north down to Winnipeg for medical care. That is a good business because the government is your customer. Then they ventured off into things such as cell phone towers, and this is what is causing a lot of concern right now. He would be very careful about this. It has a feeling that there is something wrong.

Fabrice Taylor
Publisher, The President's Club Newsletter
Price
$15.900
Owned
Unknown
DON'T BUY
DON'T BUY
August 7, 2014

Primarily held by retail investors. One of his largest short positions. 60% of revenues come from servicing AT&T towers. Another business is related to airlines. He is not excited about either one. Contacts are coming up for renewal in September and they are not profitable. He calls this an absolute short because he thinks it will go down regardless of whether the market goes up or down. Does not think the dividend is safe.

Exchange Income (EIF-T)
August 7, 2014

Primarily held by retail investors. One of his largest short positions. 60% of revenues come from servicing AT&T towers. Another business is related to airlines. He is not excited about either one. Contacts are coming up for renewal in September and they are not profitable. He calls this an absolute short because he thinks it will go down regardless of whether the market goes up or down. Does not think the dividend is safe.

Jerome Hass
Portfolio Manager, Lightwater Partners
Price
$16.800
Owned
Yes
COMMENT
COMMENT
July 31, 2014

He likes this name. Its 2013 payout ratio is very high, but on his 2014 assumed numbers, from them turning around their West Tower asset. If they can achieve 4.5% margins in 2014 on that asset and 7% in 2015, he models a 55% 2015 payout ratio. If that’s the case, the 9.7% dividend is fine. He also sees it trading at a very fair value of 8.7X 2015 right now.

He likes this name. Its 2013 payout ratio is very high, but on his 2014 assumed numbers, from them turning around their West Tower asset. If they can achieve 4.5% margins in 2014 on that asset and 7% in 2015, he models a 55% 2015 payout ratio. If that’s the case, the 9.7% dividend is fine. He also sees it trading at a very fair value of 8.7X 2015 right now.

Greg Newman
Director & Portfolio Manager, Scotia Wealth Management
Price
$17.210
Owned
Yes
HOLD
HOLD
July 30, 2014

(Market Call Minute.) He would like to see how things shape up with AT&T. Their West Tower division has been having some troubles.

(Market Call Minute.) He would like to see how things shape up with AT&T. Their West Tower division has been having some troubles.

Bruce Campbell (2)
President & Portfolio Manager, Stone Castle Investment Management Inc.
Price
$17.750
Owned
Unknown
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