225

Element Fleet Management (EFN-T)

ON STOCKCHASE SINCE Jan 2012

Split into 2 companies Oct 2016. Element Fleet Management (EFN-T) and ECN Capital (ECN-T).

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Element Fleet Management
EFN-T

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Signal	Opinion	Expert
TOP PICK	Element Fleet Management(EFN-T) September 5, 2018 Unknown in Canada so it's subject to volatility. It's the North American and Australian leader in fleet management. Generates a lot of free cash flow. Trades at a discount to book value at 8x next year's earnings. (4.3% dividend, Analysts' price target: $7.55) 0 0 0 0 0 0 comments	Unknown in Canada so it's subject to volatility. It's the North American and Australian leader in fleet management. Generates a lot of free cash flow. Trades at a discount to book value at 8x next year's earnings. (4.3% dividend, Analysts' price target: $7.55) 0 0 0 0 0 0 0 comments Alex Ruus Portfolio , Arrow Capital Manage... Price $6.980 Owned Yes

TOP PICK	Element Fleet Management(EFN-T) July 6, 2018 This was rumoured to be up for sale but the value-maximization process failed and many US catalyst-investors dumped their shares, creating a compelling valuation. It trades at 0.7x book, which is well below its historical average and below the industry. They do fleet management, their leasing business is fairly stable and mainly in the U.S. They have good customer diversity and increasing origination. The yield is 5% and well covered. He thinks the worst is behind this stock and it is time to pick it up. (Analysts’ price target is $7.06) 0 0 0 0 0 0 comments	This was rumoured to be up for sale but the value-maximization process failed and many US catalyst-investors dumped their shares, creating a compelling valuation. It trades at 0.7x book, which is well below its historical average and below the industry. They do fleet management, their leasing business is fairly stable and mainly in the U.S. They have good customer diversity and increasing origination. The yield is 5% and well covered. He thinks the worst is behind this stock and it is time to pick it up. (Analysts’ price target is $7.06) 0 0 0 0 0 0 0 comments Jason Mann CIO & Co-F, Edgehill Patners... Price $6.220 Owned Yes
PAST TOP PICK	Element Fleet Management(EFN-T) June 14, 2018 (A Top Pick Sept 27/17, down 27%). Company generates a lot of free cash flow. All through their downturn, still generated free cash flow. Market leader in fleet management, have worked through their earlier problems, insider buyer in stock, and pays a nice dividend. Is cheap at this price. Really likes it. 0 0 0 0 0 0 comments	(A Top Pick Sept 27/17, down 27%). Company generates a lot of free cash flow. All through their downturn, still generated free cash flow. Market leader in fleet management, have worked through their earlier problems, insider buyer in stock, and pays a nice dividend. Is cheap at this price. Really likes it. 0 0 0 0 0 0 0 comments Alex Ruus Portfolio , Arrow Capital Manage... Price $6.570 Owned Yes
COMMENT	Element Fleet Management(EFN-T) June 1, 2018 He used to own it. They had an opportunity to grow their leasing platform in the U.S., but in mid-2016 their strategy stalled. They tried to sell data analytics to their clients without success. That's when he exited. Also, management has turned over recently and the company is now heavily leveraged. Stock is cheap, so now may be an opportunity. The risk has likely passed. 0 0 0 0 0 0 comments	He used to own it. They had an opportunity to grow their leasing platform in the U.S., but in mid-2016 their strategy stalled. They tried to sell data analytics to their clients without success. That's when he exited. Also, management has turned over recently and the company is now heavily leveraged. Stock is cheap, so now may be an opportunity. The risk has likely passed. 0 0 0 0 0 0 0 comments Bryden Teich Portfolio , Avenue Investment Ma... Price $5.560 Owned No
DON'T BUY	Element Fleet Management(EFN-T) May 10, 2018 The split created liquidity. It is low now. In his experience stock don’t do well after splits. Hitting lows on high volume which is not positive. 0 0 0 0 0 0 comments	The split created liquidity. It is low now. In his experience stock don’t do well after splits. Hitting lows on high volume which is not positive. 0 0 0 0 0 0 0 comments Elliott Fishman Director o, Trading Services Gro... Price $4.810 Owned No
SPECULATIVE BUY	Element Fleet Management(EFN-T) April 10, 2018 Lost half its value this year. Doesn't look good, fundamentally. Buy on a short-term basis. Stock has been consolidating. Set a $3.80 stop. Could reach $5 short-term. Volume is okay. 0 0 0 0 0 0 comments	Lost half its value this year. Doesn't look good, fundamentally. Buy on a short-term basis. Stock has been consolidating. Set a $3.80 stop. Could reach $5 short-term. Volume is okay. 0 0 0 0 0 0 0 comments Jeff Parent B. VP & Portf, Castlemoore Inc.... Price $4.500 Owned Unknown
DON'T BUY	Element Fleet Management(EFN-T) April 2, 2018 Like Bombardier, management and the board are poor. They've destroyed large amounts of value. Yield is over 7% and questionable if it can last while their capital ratios are impaired. Banks and funding partners may not lend them money. 0 0 0 0 0 0 comments	Like Bombardier, management and the board are poor. They've destroyed large amounts of value. Yield is over 7% and questionable if it can last while their capital ratios are impaired. Banks and funding partners may not lend them money. 0 0 0 0 0 0 0 comments John O'Connell, Chairman a, Davis Rea... Price $4.040 Owned No
DON'T BUY	Element Fleet Management(EFN-T) March 21, 2018 The high yield suggests the dividend might be at risk, however, it has a modest 15% payout ratio. The biggest challenge is that earnings were down 21% and now analysts are revising their earnings down 18%. The stock appears cheap at a 6 times earnings price. At the moment, because of the high-yield he thinks there is more risk than he is comfortable with. Yield 7.4%. 0 0 0 0 0 0 comments	The high yield suggests the dividend might be at risk, however, it has a modest 15% payout ratio. The biggest challenge is that earnings were down 21% and now analysts are revising their earnings down 18%. The stock appears cheap at a 6 times earnings price. At the moment, because of the high-yield he thinks there is more risk than he is comfortable with. Yield 7.4%. 0 0 0 0 0 0 0 comments Robert McWhirte President, Selective Asset Mana... Price $4.230 Owned No
DON'T BUY	Element Fleet Management(EFN-T) February 15, 2018 The problem is funding even though they split into different businesses. You have to do more fleets and more originations. If anything goes wrong you have no room for error. There is a management gap when one of them left. There is still financial market and growth plus cyclical risk to hit so it is not attractive. 0 0 0 0 0 0 comments	The problem is funding even though they split into different businesses. You have to do more fleets and more originations. If anything goes wrong you have no room for error. There is a management gap when one of them left. There is still financial market and growth plus cyclical risk to hit so it is not attractive. 0 0 0 0 0 0 0 comments John Zechner Chairman, J. Zechner & Assoc... Price $4.650 Owned No
WATCH	Element Fleet Management(EFN-T) February 6, 2018 Pretty interesting business. They do fleet management. Sticky revenues. Their CEO resigned. They lost a major customer. One that where maybe there is a lot of value. Lots of Free Cash Flow. But would like to see until the dust settles. A very good business that he is not sure it is working. 0 0 0 0 0 0 comments	Pretty interesting business. They do fleet management. Sticky revenues. Their CEO resigned. They lost a major customer. One that where maybe there is a lot of value. Lots of Free Cash Flow. But would like to see until the dust settles. A very good business that he is not sure it is working. 0 0 0 0 0 0 0 comments Barry Schwartz CIO & Port, Baskin Wealth Manage... Price $5.670 Owned No
TOP PICK	Element Fleet Management(EFN-T) January 16, 2018 North America's #1 leading fleet vehicle/fleet manager. They run fleets of vehicles for corporations. Trades at a big discount to international comparables. Trading at 9X earnings. There has been recent insider buying. Dividend yield of 3.2%. (Analysts' price target is $11.) 0 0 0 0 0 0 comments	North America's #1 leading fleet vehicle/fleet manager. They run fleets of vehicles for corporations. Trades at a big discount to international comparables. Trading at 9X earnings. There has been recent insider buying. Dividend yield of 3.2%. (Analysts' price target is $11.) 0 0 0 0 0 0 0 comments Alex Ruus Portfolio , Arrow Capital Manage... Price $9.050 Owned Yes
PAST TOP PICK	Element Fleet Management(EFN-T) November 16, 2017 (A Top Pick Feb 21/17. Down 30%.) On a standalone basis going forward, this is a cheap, cheap company. Trading at 9X earnings. Management has been buying stock, which is a very bullish signal. North America’s #1 leading vehicle fleet manager. They provide service for their customers on running their fleets more efficiently. Pays a 3% dividend yield, which is likely going to be increased every year. 0 0 0 0 0 0 comments	(A Top Pick Feb 21/17. Down 30%.) On a standalone basis going forward, this is a cheap, cheap company. Trading at 9X earnings. Management has been buying stock, which is a very bullish signal. North America’s #1 leading vehicle fleet manager. They provide service for their customers on running their fleets more efficiently. Pays a 3% dividend yield, which is likely going to be increased every year. 0 0 0 0 0 0 0 comments Alex Ruus Portfolio , Arrow Capital Manage... Price $9.660 Owned Yes
TOP PICK	Element Fleet Management(EFN-T) September 27, 2017 North America’s largest vehicle fleet manager with a growing dominant presence. Over time they are going to increase their margins and bring a lot of value to the customers in a market that is growing. Trading at a single digit PE. Dividend yield of 3.2%. (Analysts’ price target is $10.25.) 0 0 0 0 0 0 comments	North America’s largest vehicle fleet manager with a growing dominant presence. Over time they are going to increase their margins and bring a lot of value to the customers in a market that is growing. Trading at a single digit PE. Dividend yield of 3.2%. (Analysts’ price target is $10.25.) 0 0 0 0 0 0 0 comments Alex Ruus Portfolio , Arrow Capital Manage... Price $9.300 Owned Yes
PAST TOP PICK	Element Fleet Management(EFN-T) August 1, 2017 (A Top Pick Sept 6/16.) Split into 2 companies. ECN Capital (ECN-T) was up 21%, while Element Fleet Management (EFN-T) was down 11%. He likes both. 0 0 0 0 0 0 comments	(A Top Pick Sept 6/16.) Split into 2 companies. ECN Capital (ECN-T) was up 21%, while Element Fleet Management (EFN-T) was down 11%. He likes both. 0 0 0 0 0 0 0 comments Alex Ruus Portfolio , Arrow Capital Manage... Price $9.650 Owned Yes
DON'T BUY	Element Fleet Management(EFN-T) July 13, 2017 It has been a difficult one. It split from its ECN and is now trading as two separate elements. There was suspicions that a short seller would go after them. People are concerned about the direction of the company. It will be reasonably sensitive to US economic conditions. 0 0 0 0 0 0 comments	It has been a difficult one. It split from its ECN and is now trading as two separate elements. There was suspicions that a short seller would go after them. People are concerned about the direction of the company. It will be reasonably sensitive to US economic conditions. 0 0 0 0 0 0 0 comments Jerome Hass Portfolio , Lightwater Partners... Price $8.950 Owned Unknown

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