Exchange Income

EIF-T

Analysis and Opinions about EIF-T

Signal
Opinion
Expert
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.

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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.

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.

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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.

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.

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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.

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.

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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.

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.

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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.

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.

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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.

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.

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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.

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.

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

WATCH
WATCH
April 23, 2014

Held in the past. Exited when they had issues around the cell tower company and that issue has been overhanging them for some time. Dividend is safe. As soon as numbers improve he would be in.

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Exchange Income (EIF-T)
April 23, 2014

Held in the past. Exited when they had issues around the cell tower company and that issue has been overhanging them for some time. Dividend is safe. As soon as numbers improve he would be in.

COMMENT
COMMENT
December 10, 2013

He no longer covers this. Something like a Mosaic Capital (M-X) in that they buy businesses and leave management in place and just get the dividend and do capital allocation. Started off in the airline space doing ambulatory airlines, basically up north doing evacuations. A good business because government pays you, pays well and pays on time. They took the cash and made other acquisitions and some of them have not worked out that well. That’s the risk with these things. This one is a “wait and see” for him.

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Exchange Income (EIF-T)
December 10, 2013

He no longer covers this. Something like a Mosaic Capital (M-X) in that they buy businesses and leave management in place and just get the dividend and do capital allocation. Started off in the airline space doing ambulatory airlines, basically up north doing evacuations. A good business because government pays you, pays well and pays on time. They took the cash and made other acquisitions and some of them have not worked out that well. That’s the risk with these things. This one is a “wait and see” for him.

BUY
BUY
August 7, 2012

Likes the business. Well run. Nice to be that diversified. There is more opportunity. Likes management.

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Exchange Income (EIF-T)
August 7, 2012

Likes the business. Well run. Nice to be that diversified. There is more opportunity. Likes management.

TOP PICK
TOP PICK
December 21, 2011
Are in 2 segments. 1) Specialized aviation with the government being their largest customer and 2) manufacturing. Just announced a $500 million contract for cell towers with AT&T over 3 years with one of their recent acquisitions in the US. One of the best managed companies in Canada. Dividend yield of 6.6% and an 80% payout ratio. Looking for $30 next year.
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Exchange Income (EIF-T)
December 21, 2011
Are in 2 segments. 1) Specialized aviation with the government being their largest customer and 2) manufacturing. Just announced a $500 million contract for cell towers with AT&T over 3 years with one of their recent acquisitions in the US. One of the best managed companies in Canada. Dividend yield of 6.6% and an 80% payout ratio. Looking for $30 next year.
PAST TOP PICK
PAST TOP PICK
January 18, 2011
(Top Pick Nov 5/10, Up 10.56%) Formerly an income trust. Strong niche in their airline business that serves the far north. The Gov’t is their customer. Strong management, low payout ratio and good yield. They are also a specialty in manufacturing.
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Exchange Income (EIF-T)
January 18, 2011
(Top Pick Nov 5/10, Up 10.56%) Formerly an income trust. Strong niche in their airline business that serves the far north. The Gov’t is their customer. Strong management, low payout ratio and good yield. They are also a specialty in manufacturing.
TOP PICK
TOP PICK
November 5, 2010
Non real estate. Outstanding management. Nitch airlines with competitive cost advantage. $1.56 dividend.
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Exchange Income (EIF-T)
November 5, 2010
Non real estate. Outstanding management. Nitch airlines with competitive cost advantage. $1.56 dividend.
DON'T BUY
DON'T BUY
September 10, 2010
Acquires interest in stock companies (?). Would have investments in publicly traded companies like TSE. Yield of about 10% is a concern, as they are paying out about 115% of earnings. Ranks high in his dividend strategy but doesn’t pass because both earnings and cash flow growth are negative.
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Exchange Income (EIF-T)
September 10, 2010
Acquires interest in stock companies (?). Would have investments in publicly traded companies like TSE. Yield of about 10% is a concern, as they are paying out about 115% of earnings. Ranks high in his dividend strategy but doesn’t pass because both earnings and cash flow growth are negative.
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