150

Empire Company (A) (EMP.A-T)

ON STOCKCHASE SINCE Dec 2000

Maritimes

food stores

Empire Company (A)
EMP.A-T

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Signal	Opinion	Expert
BUY on WEAKNESS	Empire Company (A)(EMP.A-T) December 3, 2018 He was very impressed by what they are doing when he met with them last week. They bought Farm Boy recently. They are looking carefully at their online strategy. They ran into problems with Safeway but have now turned around same store sales with it. The easy turnaround has been done and from here it will be a little more difficult. He might buy it on temporary weakness. food stores 0 0 0 0 0 0 comments	He was very impressed by what they are doing when he met with them last week. They bought Farm Boy recently. They are looking carefully at their online strategy. They ran into problems with Safeway but have now turned around same store sales with it. The easy turnaround has been done and from here it will be a little more difficult. He might buy it on temporary weakness. food stores 0 0 0 0 0 0 comments Stephen Takacsy Chief Inve, Lester Asset Managem... Price $25.540 Owned Unknown

DON'T BUY	Empire Company (A)(EMP.A-T) September 20, 2018 He doesn’t like the grocery business. There is no room for error. Well run companies, but not an area that he wants to put client’s money in. Not a growth story. (Analysts’ price target is $28.82) food stores 0 0 0 0 0 0 comments	He doesn’t like the grocery business. There is no room for error. Well run companies, but not an area that he wants to put client’s money in. Not a growth story. (Analysts’ price target is $28.82) food stores 0 0 0 0 0 0 comments Barry Schwartz CIO & Port, Baskin Wealth Manage... Price $23.250 Owned No
TOP PICK	Empire Company (A)(EMP.A-T) July 24, 2018 This is the parent of Sobeys. They are shaving costs. Earnings have been growing phenomenally even though sales are almost flat. They offer a 1.7% dividend and have a 6.1% free cash flow yield with strong projected earnings growth. (Analysts’ price target is $29.18) food stores 0 0 0 0 0 0 comments	This is the parent of Sobeys. They are shaving costs. Earnings have been growing phenomenally even though sales are almost flat. They offer a 1.7% dividend and have a 6.1% free cash flow yield with strong projected earnings growth. (Analysts’ price target is $29.18) food stores 0 0 0 0 0 0 comments Robert McWhirte President, Selective Asset Mana... Price $26.470 Owned Yes
COMMENT	Empire Company (A)(EMP.A-T) July 20, 2018 They own Loblaw Cos Ltd (L-T) because they think it has better dynamics. They are going through a rationalization process like the one that Loblaw Cos Ltd (L-T) went through. The Safeway acquisition wasn’t so well executed. Tough business. food stores 0 0 0 0 0 0 comments	They own Loblaw Cos Ltd (L-T) because they think it has better dynamics. They are going through a rationalization process like the one that Loblaw Cos Ltd (L-T) went through. The Safeway acquisition wasn’t so well executed. Tough business. food stores 0 0 0 0 0 0 comments Paul Harris, CF Portfolio , Avenue Investment Ma... Price $26.610 Owned No
DON'T BUY	Empire Company (A)(EMP.A-T) July 19, 2018 He has owned it in the past. They had a good run and a year ago put in a plan to cut costs from their business. They have razor thin margins. It is a very competitive business. He does not like to buy these kinds of businesses. EMP-T also has CCR.UN-T REIT but you are in an industry that is so highly competitive with AMZN-Q and so on that it is hard to own it at this price. food stores 0 0 0 0 0 0 comments	He has owned it in the past. They had a good run and a year ago put in a plan to cut costs from their business. They have razor thin margins. It is a very competitive business. He does not like to buy these kinds of businesses. EMP-T also has CCR.UN-T REIT but you are in an industry that is so highly competitive with AMZN-Q and so on that it is hard to own it at this price. food stores 0 0 0 0 0 0 comments Tim Regan Managing D, Kingwest & Company... Price $26.610 Owned No
DON'T BUY	Empire Company (A)(EMP.A-T) July 6, 2018 Numbers are vastly improved. He tries to stay away from retail, especially food retail. Now in a period where tariffs are being tossed around. Has had a nice recovery, but leery of buying now. Good company, well managed, but can’t get enthused. food stores 0 0 0 0 0 0 comments	Numbers are vastly improved. He tries to stay away from retail, especially food retail. Now in a period where tariffs are being tossed around. Has had a nice recovery, but leery of buying now. Good company, well managed, but can’t get enthused. food stores 0 0 0 0 0 0 comments David Cockfield Managing D, Northland Wealth Man... Price $26.500 Owned No
PAST TOP PICK	Empire Company (A)(EMP.A-T) June 5, 2018 (Past Top Pick on January 26, 2018, Down 0.4%) He believes this will do well. Since last September, it's seen an up channel. He continues to prefer this over the other Canadian grocers. Good management with a program to expand revenue in the next three years. He doesn't fear a challenge from online grocery shopping--he wants to feel tomatoes before he buys them. food stores 0 0 0 0 0 0 comments	(Past Top Pick on January 26, 2018, Down 0.4%) He believes this will do well. Since last September, it's seen an up channel. He continues to prefer this over the other Canadian grocers. Good management with a program to expand revenue in the next three years. He doesn't fear a challenge from online grocery shopping--he wants to feel tomatoes before he buys them. food stores 0 0 0 0 0 0 comments William Chin Portfolio , Caldwell Investment ... Price $24.800 Owned Yes
DON'T BUY	Empire Company (A)(EMP.A-T) June 4, 2018 He has a price target of $30 on this and the fair market value is only about $32. Despite the turnaround in this company it has not created a tremendous amount of value. It has a strong technical resistance point about two times book value. food stores 0 0 0 0 0 0 comments	He has a price target of $30 on this and the fair market value is only about $32. Despite the turnaround in this company it has not created a tremendous amount of value. It has a strong technical resistance point about two times book value. food stores 0 0 0 0 0 0 comments Ross Healy Chairman, Strategic Analysis C... Price $24.800 Owned Unknown
TOP PICK	Empire Company (A)(EMP.A-T) March 19, 2018 This company owns Sobeys’, who acquired Safeway. They have turned things around and “Project Sunrise” is working to centralize things. Same-store traffic and margins are improving. They are doing very well in a very competitive sector. The stock now has momentum. Yield 1.7%. (Analysts’ price target is $28.28 ) food stores 0 0 0 0 0 0 comments	This company owns Sobeys’, who acquired Safeway. They have turned things around and “Project Sunrise” is working to centralize things. Same-store traffic and margins are improving. They are doing very well in a very competitive sector. The stock now has momentum. Yield 1.7%. (Analysts’ price target is $28.28 ) food stores 0 0 0 0 0 0 comments William Chin Portfolio , Caldwell Investment ... Price $24.900 Owned Yes
TOP PICK	Empire Company (A)(EMP.A-T) January 26, 2018 A turnaround story. Groceries is a tough business. Sobey's has new management and more centralized control, along with cost cutting. (Analysts' price target is $28.) food stores 0 0 0 0 0 0 comments	A turnaround story. Groceries is a tough business. Sobey's has new management and more centralized control, along with cost cutting. (Analysts' price target is $28.) food stores 0 0 0 0 0 0 comments William Chin Portfolio , Caldwell Investment ... Price $25.000 Owned Yes
DON'T BUY	Empire Company (A)(EMP.A-T) December 14, 2017 A year ago they went through a restructuring and then a big acquisition in Safeway. They were left with a banner that had few discount brands in Western Canada, then tinkered with their loyalty program and that upset consumers. Last quarter the results were not liked. He used to have it but now prefers WN-T or L-T. food stores 0 0 0 0 0 0 comments	A year ago they went through a restructuring and then a big acquisition in Safeway. They were left with a banner that had few discount brands in Western Canada, then tinkered with their loyalty program and that upset consumers. Last quarter the results were not liked. He used to have it but now prefers WN-T or L-T. food stores 0 0 0 0 0 0 comments Michael Simpson Senior Vic, Sentry Investments... Price $23.830 Owned No
WAIT	Empire Company (A)(EMP.A-T) December 14, 2017 This has been acting quite well recently, and doesn't know if this is a bottom or a top. It’s a good company. They made a mess of their acquisition in Alberta and have a plan to fix things. The multiple is extremely high. There’s been a lot of anticipation that this turnaround is going to happen more quickly than he thinks is possible. Looking into 2018 the stock looks fully priced. He isn’t a fan of the grocery business. Wait to see how well they do in turning things around in Alberta. food stores 0 0 0 0 0 0 comments	This has been acting quite well recently, and doesn't know if this is a bottom or a top. It’s a good company. They made a mess of their acquisition in Alberta and have a plan to fix things. The multiple is extremely high. There’s been a lot of anticipation that this turnaround is going to happen more quickly than he thinks is possible. Looking into 2018 the stock looks fully priced. He isn’t a fan of the grocery business. Wait to see how well they do in turning things around in Alberta. food stores 0 0 0 0 0 0 comments David Cockfield Managing D, Northland Wealth Man... Price $23.830 Owned Unknown
DON'T BUY	Empire Company (A)(EMP.A-T) December 8, 2017 This has rebounded quite nicely off the low, and are showing signs that the turnaround is working. Whether to buy it today is a very tricky decision. He doesn’t think you can understate the impact of the on-line threat. They are dealing with razor thin margins, so what happens when they start shipping out their groceries at $10 a box. He would stay away from the whole group. food stores 0 0 0 0 0 0 comments	This has rebounded quite nicely off the low, and are showing signs that the turnaround is working. Whether to buy it today is a very tricky decision. He doesn’t think you can understate the impact of the on-line threat. They are dealing with razor thin margins, so what happens when they start shipping out their groceries at $10 a box. He would stay away from the whole group. food stores 0 0 0 0 0 0 comments Veeral Khatri Partner an, JC Clark... Price $25.850 Owned No
COMMENT	Empire Company (A)(EMP.A-T) November 24, 2017 It seems as though the turnaround story is taking hold. The Canadian grocery space is a tough place to be. Pricing is competitive. They have issues with Amazon (AMZN-Q) digging deeper and deeper into the grocery space. Minimum wages are going up across the board. On a relative basis, this looks as good as any. food stores 0 0 0 0 0 0 comments	It seems as though the turnaround story is taking hold. The Canadian grocery space is a tough place to be. Pricing is competitive. They have issues with Amazon (AMZN-Q) digging deeper and deeper into the grocery space. Minimum wages are going up across the board. On a relative basis, this looks as good as any. food stores 0 0 0 0 0 0 comments Daniel Lloyd Portfolio , Forge First Asset Ma... Price $24.920 Owned No
TOP PICK	Empire Company (A)(EMP.A-T) November 13, 2017 This is a turnaround in the food business. The acquisition was bad and they did not understand what they were getting. They brought in new management with a new way of looking at it. (Analysts’ target: $27.50). food stores 0 0 0 0 0 0 comments	This is a turnaround in the food business. The acquisition was bad and they did not understand what they were getting. They brought in new management with a new way of looking at it. (Analysts’ target: $27.50). food stores 0 0 0 0 0 0 comments Brendan Caldwel President, Caldwell Securities... Price $25.030 Owned Yes

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