Most Anticipated Earnings: IAG-T, BDT-T and more Canadian Companies Reporting Earnings this Week (Nov 04-08)

Owns shares in the business. Very strong franchise in Canada. Recent 52 week high of share price indicative of business success. Very strong assets with reliable dividend. Would suggest a good long term investment. 

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research It did miss cash flow per unit estimates in the Q3. Not by a lot, but a miss is a miss (15.9c vs 16.1c expected). The yield curve, despite Bank of Canada rate cuts, has still managed to shift upward. The recent government moves on…

Smaller cap. Income focused, with a yield around 8.5%. 50% office, 25% retail, 20% industrial. Goal is 60% industrial over 4-5 years. Issue will be having to sell assets to get there. Office space is difficult right now, both operationally and to sell. 25% discount to NAV. Pretty safe.

Concentrated in Alberta. His reservation is that most assets are in retail and office, with only 5-6% industrial warehouse. These are two very tough sectors. Will take a long time to recover. Discount to NAV, but not many catalysts to close the gap. Instead, look at the apartment sector.

Rich valuation, but can't deny how well it's done. Consistently profitable on combined ratio (premiums in, minus claims and expenses). Huge market share. He owns CB instead.

(A Top Pick Nov 06/23, Up 63%) There's still upside. CIGI has benefited from rate cuts, since CIGI is in real estate. Peer CBRE announced strong results two weeks including double-digit revenue growth. There seems to be pent-up demand in the market. They use economic downturns not only to buy companies, but hire top talent.…

All insurers are doing well. They have some P&C business in the US which is volatile--beware. But has no problem with this.

Very good product. Manufacturing processes are very green. Battery is super compact. They are testing in massive pilots for utility companies to store power for peak time. Also could be used in cars. Analyst coverage just picked up. Sept ’11 earnings wont be up to much. Question is the next year. It’s very early days.

(A Top Pick Sep 27/23, Up 14%) Great opportunity to buy now, near 20% discount. Cashflow growth is growing in a compelling way. Pullback due to concerns over population growth. Alberta still looks like a winner from inter-provincial migration for affordable housing.

(A Top Pick Sep 27/23, Up 10%) Attractive valuation, about 25-30% undervalued. Last-mile distribution. Europe is seeing positive fundamentals, especially in the Netherlands and Germany. Add on weakness, sell on strength.

Like Choice REIT is to Loblaw, CRT is to Canadian Tire. The 6% dividend is safe, based on a safe payout ratio. If interest rates stay pat, these shares won't move much, but if rates fall, CRT will do well.

Has done fairly well recently, but still thinks there's more that can come from it. Has diversified its investment holdings. Doing better and better. As it gets larger, seems to have more opportunities to make substantial additions to its portfolio. Yield's not what it used to be, but still pretty good and expects increases.

He's long owned this, didn't do much for a while, but has made a good move this year. Trades at only 8x EBITDA. Strong managers. The stock has had a good pullback to $26, which an entry point now. They peaked in July-August, but doesn't know it has pulled back, maybe concerns over Saskatchewan's real…

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research FC is a relatively small mortgage lender. The stock is cheap at 10X earnings, and it mostly trades for its 9.4% yield. The dividend has not been raised for at least 10 years, but it does pay fairly regular small special dividends annually. There has…

The CEO, retiring next year, is doing a fine job, selling unprofitable product lines, and growth resumed in Hong Kong. MFC is now fully valued. She owns another insurer, though.

Both companies have done quite well and both are cheap with secure dividends. It has been a good year for the sector but they may not get the same returns going forward.

Has done well in the past. It trades at a premium vs. peers. Instead, she owns Chartwell and CAP REIT.

Rent increases are fairly low, which Loblaw negotiated to help keep prices low. On the flipside, you get the stability of having Loblaw as the major tenant. Residential development opportunities on those sites, but that takes a while. Not exciting, but collect the dividend and sleep at night. Conservatively managed, very stable. Yield is ~5-5.5%.He…

More interest rate cuts are good for it and it has a good quality base. Has a sustainable dividend.

Reports on November 5. Now trading at an interesting level, over 15% discount to NAV. Fallen perhaps because of announcement on immigration being curtailed. 60% of portfolio in Atlantic Canada, actively diversifying in Ontario and BC. Likes that 44% of assets are not subject to rent control. Expecting results to be good. Stay the course.

Just starting to break support. When it's this early into a break (a few days or a week), you have to cut it some slack. Sometimes you can get head fakes, so be careful. The old low from 2022 is a support level, and there's more support just above that. At this point, it's hard to…

Making changes to be able to invest more in foreign stocks. Wait to see how they do.

In an uptrend, testing the trendline. From the chart, you can see how it arced too high and now it's going through a pullback. The trend is still in place. So far, it looks fine technically. 

Undervalued, great fundamentals. Going through strategic alternatives. A buy and hold strategy will reward you; either from selling off properties one by one, or by closing the gap between public and private market value. In the future, the company won't exist and you'll get back your capital, likely at a premium to where trading today.

Royalty models do better in bear markets. Costs are nil, so it's a stable business. Well run. Mr. Lube over time has taken market share. Stock's pretty illiquid, make sure it's covering the dividend. Hold or buy. Yield around 8%.

DRR.UN vs. DIR.UN He focuses on supply and demand, and then goes bottom-up looking for discounts. Fundamentals in industrials in Canada and Europe are far superior today to US multi-family, especially in the Sunbelt. It's a new construction supply problem, and demand won't be able to keep up. DRR.UN owns an older portfolio in key Sunbelt…

Has owned shares in the past, but has since sold. Company lost biggest customer, so is suffering. Stock has sold off ~75%. Trading at cash value right now - but the company needs cash for business (not much liquidation value). Good management team, but has sold. 

They own U.S. hotels, a high-risk, high-reward stock. He's bearish on hotels, which is struggling with labour costs and keeping labour. HOT.UN has done a good job restoring vacancies, in the low-70s, though their peak was in the 80s. However, they've made up the balance on their hotel rates. Their balance sheet is slightly higher,…

High risk, high return. Thinks highly of management. Good job growing portfolio. Exclusively in US, but listed in Canada. Healthcare sector. Not obvious what the catalyst will be for the stock. More security owning the debentures. Can be binary as to whether cashflows will support current distribution. Not for the risk-averse.

(A Top Pick Sep 10/24, Up 32.1%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with IGM is progressing well.  To remain disciplined, we recommend trailing up the stop (from $39) to $43 at this time.

The REIT world is very interest-rate sensitive, as is your house. Watch your real estate exposure across your net worth. If you didn't own a house, an excellent play. Low vacancy, largest Canadian provider.

(A Top Pick Dec 14/23, Up 60.8%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with DFY is progressing well.  To remain disciplined, we recommend trailing up the stop (from $51) to $56 at this time.

CIX vs. BAM Are very different asset managers. CI's balance sheet is not good. Prefers BAM, but shares have risen to a high valuation. Great managers and earnings stream (asset management fees).

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research We do not really have a specific reason here. It has had no company news in more than a month. Investors may be shifting to other hotter sectors. Trump has made comments about capping interest rates. The last quarter was not a blow-out. It's been…

It is a basket of common stocks including big U.S. companies. He is not sure about it but it is doing well for the caller. Income is the focus.

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research AIF saw a sharp drop following its Q3 financial results reported in early November. The stock's struggles have been driven by the slowdown in the real estate market and particularly, concerns regarding commerical real estate. Valuation has now come down to a more reasonable 18.3x…

(A Top Pick Sep 10/24, Up 4%) (Note the short timeframe.)Keeps delivering. Great management. Good organic growth rate. Focused on profitable growth. Very attractive multiple. Specialty insurer, with a high ROE.

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research The $4B withdrawal is fairly serious, though FSZ does have $166B, and it continues a trend of some assets leaving the company (including money that earlier flowed out to Pinestone following Nadim Risk's departure in 2021). On the plus side, it is coming at a…

Management wants to buy it out but there are two conflicting groups of shareholders. The employee shareholders want the lowest price possible while the outsider shareholders want the highest price possible. This type of conflict is not good. Value it as a whole, not on the split-up of parts.

(A Top Pick Jul 14/22, Up 43%) Sold off one division for lots of money. Significantly undervalued, worth $60. One of the big banks could come calling. Amazing management. Share buybacks. Huge, regular dividend increases.

The preferred shares, Series E Has a rate reset spread at 330 basis points, and pays a dividend yield of 15%. Something happened to the dividend last August. Doesn't know this name well. They are selling some retail assets to add stability to the stock.

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research National Bank has made ECN a Top 2025 pick. The company has a high degree of leverage to interest rates and the economy. If rates decline and the economy holds up, it certainly could do well. Consensus calls for 75% growth in 2025. We think…

Well managed. Reason for underperformance has to do with interest rates and, more recently, with supply. No pricing power, material headwind. Tremendous demand in the US Sun Belt from job growth and migration. Expects lower growth, but could be good setup for 2025. Hold on, collect the yield, hope for better things in 2025.

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research PLZ.UN is an open-ended Canadian REIT whose portfolio largely consists of open-air centres and stand-alone small box retail outlets. It pays a distribution yield of 7.1%, sales growth has been improving recently, margins have stabilized, and its free cash flow is sufficient for its distribution…

(A Top Pick Nov 14/23, Up 11.5%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with MRD is progressing well.  To remain disciplined, we recommend trailing up the stop (from $10.75) to $12.00 at this time.  

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research. Debt becoming a concern. Delivery and take-out only sources of sales. Special dividend paid this quarter. Dividend reinstated at a lower rate.

Prefers Melcor Developments (MRD-T). When there have been housing difficulty like there has been, it’s extremely difficult for stocks like these.

(A Top Pick Mar 21/24, Down 3.9%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with OLY has triggered its stop at $98.  To remain disciplined, we recommend covering the position at this time.  

Stockchase Research Editor: Michael O'Reilly We reiterate ONEX, a Canadian private equity firm with WestJet in its portfolio, as a TOP PICK.  It trades at 7x trailing earnings and under book value.  The company is prudently using some cash reserves to draw down debt and buy back shares.  We recommend trailing up the stop (from…

BBU vs. BN Own BN, because it's the mothership; everything flows to them. BN has been under pressure for owning office real estate, which is very undervalued and will take time to resolve. They own a big stake in BAM, which is the gem in this lot, because BAM collects healthy fees which flow to…

Lending in real estate finance. Very interest-rate sensitive. If you think interest rates are going to rise, as in 2022, then it will underperform significantly. Will do better if rates fall. Thinks the BOC has a bit more to go on that, so there could be a bit more upside.But the stock's already rallied back…

Event driven investment (not long term) based on cash on the balance sheet. Lots of cash on the balance sheet. Estimate sum of parts share value is $7 when currently trading at $4 on the markets.

In effect, a merchant company. Thrives by adding expertise and capital to other mining companies. He's long this one.Disclosure: Fan of the family, the founder was his mentor.

Great compounder over the last decade, when they benefited from growth in the Ontario economy. Seeing softness in the space. Park in your portfolio and hold it for the long term. Does trade at a higher multiple. 

Fast grower, expanding fleet. Market got concerned about impact of that on balance sheet. Cost discipline is driving free cashflow and buybacks. Valuation lower than peers. Business moat. Balance sheet is fine. Trades at 20x for a 14% growth rate, so not a slam-dunk on price to growth. Own some here.

Owns lots of ships on the Great Lakes and trans-ocean. Very capital intensive, renewing its fleet, spending 100s of millions of dollars. Economically cyclical. In Q1, usually loses money; this year, lost less. Cautious 2024 outlook. Illiquid, trades almost by appointment.Note that there are some convertible shares coming on the market at the end of…

He is one of the largest shareholders in this. They now have 2 commercial mills up and running with their DuraBind products. They make the binding that goes into IKEA-like furniture. Not into IKEA yet, but there is a good chance they will be. IKEA has announced that they want all their bindings for furniture,…

A great income stock, operating pipelines in western Canada. She just issued 2025 guidance with EBITDA growth at 4-6%. She expects them to increase the 5.2% dividend. The current pullback is likely due to weak energy prices, but makes the stock attractive to buy.

Recent addition into portfolio. Stock not as cyclical as perceived. Backlog of work projects very good. Work and revenue is guaranteed from the customers. Recent earning announcements very strong. Recent dividend increase by 50% very strong. Company growing to a size where larger investors start to invest. 

He projects record EBITDA in 2024, and have a record backlog based on strong demand for agriculture infrastructure in Brazil and eastern Europe. Trades at a cheap 7x EBITDA. A peer just got acquired at 8.5x EBITDA in the U.S. Are rumours of a takeover. (Analysts’ price target is $78.13)

Recently, a lot more interest in hydrogen, which might be a spur to break its longtime downward trend. Very small company, not grabbing his attention. Better things to invest your $$ in.

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research The stock is cheap, and acting better. The sector (in the US, mostly) has been seeing some good numbers recently. It hit a 52-week high this week. We think it can be held, and >$10 is possible, even $12 under good conditions. $16 we think…

Margins under pressure. Inventory is elevated, which makes it difficult for margins to recover in the short term. Elevated leverage. Doesn't see any great catalyst to unlock value. Intense capital requirements. Might stay in deep value territory for a long time.Invest somewhere else and do better.

Pretty well run, but had a bad quarter, stock sold off. Anticipates another bad quarter, and then good news. Lots of cash, just have to synchronize their lumpy businesses. Yield is 7%, but don't be worried. If you own it, hold. If not, let the next quarter come through and assess guidance.

He does not own it because he has a lot of TFII-T. TTR-T struggled with balance sheet issues which seem to have been cleared up. It is a wait-and-see for him.

(A Top Pick May 08/18, Down 36%) They were doing things to turn things around. They made net income last year and then Trump tariffs killed them. But they said they are going to turn around the tariffs. He is going to look and see if it is time to buy back in.

Weakness in potash prices, but demand starting to improve, especially in Brazil. Don't focus just on potash, remember its retail segment is the largest in the US with about 22% market share. Decent opportunity to add exposure.

All their end markets are doing well: infrastructure, transportation, property, buildings, advisory services, design. Canada makes up less than 20% of revenue, so they are international. It grows 68% organically. Buying POWER Engineers will give them the leading access to the US power market, so WSP will participate in the energy transition as utilities face…

The space has been a fantastic investment. There aren't a lot of options for getting rid of garbage. Once you're on their books, they can gradually increase prices. The issue is that valuations are quite high, and always have been. High barriers to entry. When stocks come off, the expensive ones come off the fastest.This…

Defensive growth at a reasonable price. He's not a trader, but this is the third time he's owned it. Leading NA producer of railway ties (a duopoly) and utility poles (pretty much an oligopoly). Really improved margins. Very strong balance sheet, buying back lots of shares, increasing dividend every year. Got hammered recently, as utility pole…

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research PBH has been on an investment cycle to expand production capacity in recent years, which has ramped up its capital investments meaningfully. That being said, the company has shown some early signs of a complete investment cycle and could be poised to reaccelerate growth in…

Well run. Fundamentals look good. Believes nat gas prices will firm up, which won't be detrimental to MX. If you think positive economic backdrop in 2025, this one should pick up. Cyclical. Stock recovery should continue in 2025. He trades in and out.

Large issue with the company is legalizing the products(marijuana). Another worry is the over supply of products in the market. Federal laws against marijuana in USA make it hard to deal with expenses that are not deductible (100% tax rate). Could be a good investment if US legislation changes. In the meantime, would not recommend…

He's looking for a good entry point. Cut dividend, which was long overdue. Now looking at more share buybacks, a good thing. Valuation is really attractive. Strong fundamentals going forward. Not a dividend play, but a good opportunity for growth. Yield is 3%. (Analysts’ price target is $9.00)

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research Debt continues to be a large deterrent for NFI, however, recent quarterly results were positive and the company's back log is very large. The stock trades at 40x forward-earnings but is cheap on a forward-sales basis at 0.4x. We think NFI is risky and with…

Spike today might be due to US hurricane. Whole sector can be volatile. Nice run since July, when homebuilders picked up substantially. Getting above $19 was significant. Big spike today. Don't want to see it break below $15. Will have trouble between $22-25, so might spend some time there chewing through the supply (as people…

Owns shares in company. Has done well the past year. Expecting further upside going forward. Dividend is expected sometime soon. Subcontracting business from Air Canada very good for reliable revenues. Price multiple not as high as it should be. 

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Momentum is solid. The fundamentals are improving along with profitability. Debt relative to cash is also improving. Market cap has reached $520M with insiders owning 10%. Not profitable yet although revenue is ramping up. Expensive but revenue growth looks good. Unlock Premium - Try 5i Free

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research The stock has really jumped over the last month and the most recent news we see is relating to CKI renewing its NCIB (share buyback plan). CKI plans to buyback 5% of outstanding shares over the next year. Results vary significantly period-to-period making it harder…

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research WEF has rallied with interest rates, which help the sector, but is still down 26% for the year and 37% over 52 weeks. Note the dividend was cancelled in November 2023 and none is paid currently. This week WEF announced it would be cutting production.…

Company performing very well. Rubber products very profitable. US growth continues with defensive spending. Management team performing well with good strategic review. Expecting company to focus on traditional rubber compounding business - will increase cash flows. 

Comparable to Medmen Enterprises. American-based sales of legal cannabis, with operations in six states, including the 48 million people of Massachusetts, Florida and New York. They have one of the 10 licenses in New York and one of the 13 in Florida. This is one of her largest holdings. Â There have been several catalysts…

He sold his shares a few years ago, because SWP would need a lot of capital to move their plant (to meet higher demand). The results have been pretty good, but the prices have also risen. Also, they face competition and need more capital to complete further expansion. So, they have taken on a lot…

Believes fundamentals will remain sound for 2025, so makes sense to add. Not looking at an imminent recession, at least not one that will impact this name. Reasonable value here.

It has one of the strongest teams, some of the strongest assets and some of the strongest markets in the cannabis sector. The stock is recovering now with the underlying business continuing to grow. Some of the institutional managers could come back. It is possible for a glut in Cannabis in the U.S. as well…

Beat on aviation in Q3, raised 2025 guidance on the back of their latest acquisition of Spartan. Lumpy, not as steady a compounder as BIP.UN. Always kind of cheap, now 13x PE for 2026 and growing 17%. Nice dividend, which will probably be boosted; payout ratio is fine. Not for everyone. Small cap that gets forgotten,…

Tariffs shouldn't be a problem. Now improving operations and margins. Juice not growing as much as in the past, due to concerns about sugar intake. Not expensive, very well managed. Not a liquid stock. For a long-term value investor.He's never owned it. Quite acquisitive in the past. Topline has slowed, hard to see how it's…

Huge new facility is coming onstream, and fundamentals in containerboard are more solid than in the very competitive tissue market. Facility over budget, so will take a while to get a return. Focused on debt reduction.

Sawmills and other building material sites in Canada and US. Building out larger US presence through acquisition. Earnings were fine, but stock dropped. Revenue far below expectations, but cashflow in line. Great job managing inventory and cash to pay dividend. Homebuilding should remain strong. He's looking to top up his position.

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research The restructuring brought in $40.8M, but now one investment entity owns 60% of the company. It gives the company money to survive, but it may be a while before it prospers. Of course, issuing 102 million new shares (at least, with 20 million more if…

(A Top Pick April 3/14. Down 12%.) A fully integrated agricultural company with a railroad to their elevators along with production of legumes and wheat. Thinks it should deliver quite nicely this summer because of what is going on in California. Feels drought is going to haunt us from a food inflation perspective.

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research EPS of 9c missed estimates of 17.5c; revenue of $72M missed estimates by 2%. EBITDA missed by 11%. SXP is down significantly over the last twelve months by ~42% and recent earnings pointed towards declining profits and revenues. Revenue fell $6M. Earnings and EBITDA margins…

Flagship renewable diesel project coming online next year.

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research The company saw a big pop in 2021 on EV hype for the Coil Drivers it sells. It has never really had significant revenues or positive free cash flows. If EV demand booms the stock could do better, but overall we are not too interested…

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research. Profit of 1c per share beat estimates of -1c. Revenue of $7.2M beat estimates by 11.4%. EBITDA was positive $1.17M vs an expected loss of $305,000. Sales rose 186% so certainly a nice improvement. Margin was 67% up from 49.5%. Profit was the highest in three years…

Very strong Canadian company that doesn't get enough attention from the markets. Last quarter starting to prove business prospects. Landing gear in very high demand within airline sector. Trading at discount to other names in the sector. Very high barriers to entry within the business. Margins continue to expand - will be good for cash…

CURELF-N vs. CL-X. He really made a focus on the US for cannabis. He thinks the US MSOs have a tremendous amount of room to go. CURELF-N is one of the leaders. CL-X just did a deal in California, which is one of the biggest markets out there. He likes both of them. They are…

Good for marijuana exposure. Speculative, but quality. 

There were a couple of subtle things went on with the trust conversion which discouraged a lot of investors. An illiquid stock. Most of their exposure is in B.C. and Alberta where housing is still very strong. Thinks we're at the peak of a cycle so don't have it as a long term hold.

Their model is based on getting royalties off the cannabis companies they produce. They've done some smart deals and have been able to put pressure on producers who needed money. Not sure why it moved so down today.

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research We like TPZ for an income play as it pays a good dividend yield of 5.4%, generates good free cash flow, and does not have too much debt. Its balance sheet is strong, forward sales and earnings estimates point towards high growth rates, and overall…

(A Top Pick Aug 31/23, Up 42%) Excellent company with very strong assets. Skilled management team that is able to allocate capital well. Market starting to recognize value of company - expecting 20-30% upside. Dividend very safe. 

Thinks it can work at $70 oil. Generates 10% FCF yield at $70 oil. Reached final debt targets, so all free cashflow should return to shareholders mostly in form of buybacks. Over the next 5 years, compounding effect should expand FCF yield from 10% to 20%. If oil goes to $80, you go from 14% FCF…

Also a Lundin Group company. Consistent in buying back shares. Stock's substantially undervalued. Heavy oil producer. Potential beneficiary of de-bottlenecking Keystone. No dividend. (Analysts’ price target is $20.27)

Tricky. In penalty box based on disastrous year. Dividend needs $80 to be truly sustainable. Based on poor share performance, CEO's job may be on the line. Risk in Colombia, sentiment remains challenged. He owns a very small position, gathering option premiums. Better names out there for new $$.

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research We think it is a high risk growth company with nearly $800M in net debt at a market cap of $551M. The stock is extremely cheap at 2x forward earnings and it has recently made an acquisition which should help it continue to grow. Recent…

Owns shares, and has suffered share price depreciation. Europe pricing very hard on business. Company is going to have to re-evaluate Europe assets. Better options in the energy sector for investors. 

It has exceeded consensus estimates for the last 5 years with growing revenue margins, working capital and debt reduction. A recent acquisition should add to growth. Energy demand is rising and management is strong. Impressive free cash flow yield looks impressive. She sees 32% upside. (Analysts’ price target is $10.41)

(A Top Pick Jun 15/23, Down 16.7%)Michael O’Reilly Our PAST TOP PICK with FEC has triggered its stop at $10.  To remain disciplined, we recommend covering the position at this time. This will result in a net investment loss of 18%, when combined with previous recommendations. 

Oilfield services firm that has big fracturing technology presence. Horizontal drilling and shale boom not as strong. Very dependent on energy prices. Lots of assets that must be carried on the books. Not investing at this time. 

He's bullish on natural gas for next year, though not now because of bloated storage and too-high US production. Suffers from challenges of a smaller company, just not hitting the radar screens. See his Top Picks.

They have two plays. It is pressured because of debt load. Production came down in the third quarter and should now increase. They should knock debt down with the sale of two non-core assets next year. It needs a catalyst before the market will revisit this story.

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research IPO is a small cap oil and gas company. It is down about 10% over the last year, but has been trending up year-to-date. IPO also pays out a high yield at 7.7% and is cheap on a forward price-to-earnings basis at 7.6x. Revenues have…

(A Top Pick Oct 24/24, Up 37.7%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with SHLE is progressing well.  To remain disciplined, we recommend trailing up the stop (from $11.50) to $13.00 at this time.

Company share price is reflective of lack in interest in small energy names (market cap too small). Company needs to sell itself in order to generate value. Better options for investors out there. 

They brought in a partner this summer to help develop the East Duvernay. They still have too much debt. She is watching it but not recommending it. Not everything is cheap in this sector, still have to selective.

Their debt has always been an issue. Trading at in-line levels for their multiple. Does not check his boxes in his fund.

Will increased production under Trump 2.0 impair prices for oil or nat gas? Even if that were to happen, you'd want to put your exposure to energy in the pipelines. We are going to see increased volumes, barring a recession in the States or NA. Fantastic news for pipelines. Not worried so much about what…

They refocused operations on the Montney and are pushing strong into the US (Utah, the Permian Basis). It's been rangebound like all energy stocks since 2022, but the free cash-flow yield is a high 15%. They have quality assets, but are in no-man's land (changing the company name and pushing in the US) and not…

(A Top Pick Jul 30/24, Down 10.4%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with PSI has triggered its stop at $15.  To remain disciplined, we recommend covering the position at this time.  

Bought at $8.50, now at $6.64. Sentiment remains challenged in the space (a common theme today), even though the Energy Index is up about 20% YTD. People are hiding in large caps, with few funds coming to small- or mid-caps. Hard to see it outperforming. Yield is 10.7%, pretty hard to replace. Not a name…

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research Trading is thin, despite its $480M market cap. Sales had a big drop, to $114M from $159.5M, as prices declined. EPS fell more than half to $1.09 vs $2.57. Production of 24,707 fell slightly. With lower prices, the only way to improve cash flow is…

Well-run company. Always trades at a bit of a discount to the sector because of the nature of the business. Not a bad one to get into.

Doesn't believe in quality of assets. Company too new to determine whether a good investment. Good management, but not buying shares. Exploration oriented company.

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research QEC is a very small oil and gas company with market cap at $94.27M. QEC had a flat year in terms of price in 2023 but did display some volatility. Both revenues and net income margins had negative growth in Q3. The balance sheet looks…

Most recent addition to portfolio. Believes lots of opportunity in energy services. Active in well construction (cheaper & safer). Attracted to the new product line that will offer recurring revenues. Expecting a re-rate on the stock price as a result. Pristine balance sheet, good management. Expecting further share price appreciation. 

A Colombian natural gas producer which enjoys a favourable U.S. price of US$3.60. Production will rise as more customers and pipeline capacity are found. There's a shortage of natural gas in the country. It pays a nice dividend of 5.6%. He has a $5 target. Buy below $3.40. (Analysts’ price target is $6.09)

Did a shareholder vote and Pacific Rubiales (PRE-T) will be assuming the management of the company. Drilling off the coast of Guyana. Got to about 1000 feet of the target. Because of gas creating a lot of pressure, they couldn’t finish the drilling. Potential is still there and could be a world-class discovery. Pretty good…

Pengrowth (PGF-T) and Perpetual (PMT-T)? Had some challenges with their balance sheet over the last couple of years with the collapse in oil prices. This one would be a little riskier. If you really see a big jump in commodity prices, this probably has a lot more upside than Pengrowth (PGF-T).

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research. KEL has strong drilling activity and currently no debt. We have KEL in the growth model portfolio, and we like it for its diversification benefits, being in the oil and gas sector. It is a strong name with a good balance sheet and healthy profit…

Has owned shares for a long term. Was a previous top pick. Will continue to own. Power division doing very well. Traditional oilfield services stock. Gas generator business very good. Expecting large growth going forward. 

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research Splitting the company into two to separate the PNG business makes sense to us. The return of capital could be as much as 76c per share. This all sounds attractive...BUT....it is already a very small company. With less capital, and a split, shareholders will be…

Had some execution problems in a number of their mines. Also recently lost their CEO. Since then, he has dramatically reduced his position. At some time he will increase his holdings but there is no rush at this time.

Volatile. Not easy to understand. Engineered materials mainly for the solar industry. They've diversified. A recent acquisition may be transformative, wait and see. Hold if you own it. He's revisiting it. He prefers NEO, as a cheap way to play the EV market.

(A Top Pick Aug 07/24, Up 25%) (Note the short timeframe.)Still ranked very high on RSI. Gold stocks have had a bit of a correction since the election as uncertainty diminished and the USD and crypto took off.

Sold off aggressively after acquisition. Reasonably good job paying down debt. Guatemalan assets will probably restart in 2024. He notes that he's a close personal friend of the CEO.

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Has lots of cash but does not have revenue. They have interesting assets. Good potential with $200M in cash to develop its properties. Management is working aggressively to quickly build out the company. Unlock Premium - Try 5i Free

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Dundee is nowhere as large as Barrick, Franco Nevada or Agnico Eagle, which comprise a third of the Canadian materials sector, but it has outperformed it so far in 2024. Dundee shares have rallied 8.5% in this time period while Barrick is down over 16%. Also, Dundee holds more potential upside. Consensus sales estimates are…

They get a royalty on what's delivered so are tied to iron ore prices. Their dividend is tied to earnings and they just cut the dividend from $1.10 to $0.70 for a yield of 10%. It is an interesting stock because of the valuation - 10X Earnings, cash - $40 million, and exposure, but they…

Silver has disappointed investors over the last 3 years; all are in the penalty box. He's attracted to silver. Portfolio comprised mainly of second-tier mines, and he prefers larger mines at the lower end of the cost curve. When the market turns around, and it will, EDR will participate.

In Western Africa, this miner is looking for funding. It is not the exciting part of the cycle as they are in the de-risking mode. Investors are looking for projects that double resources. Institutional investors are not yet stepping in the space.

A small, very speculative land holder in Canada. Higher nickel prices may push this stock higher

(A Top Pick Dec 12/23, Up 16%) The bellwether gold stock globally. Great range of assets. Very good balance sheet. Spectacular corporate culture. If you don't own it, you should. Expects a settlement in Panama, and the stock would rerate.

This name is further down the food chain. Take a look at the more interesting mid-size players. Still, he's been lightening up on gold. With a strong USD, and interest rates possibly being higher, gold may take a few steps back. So he's waiting to see how things shake out.

Two problems with the stock. A construction project is over budget and behind. Plus, most of free cashflow comes from a wonderful mine in unstable and dangerous Mali. His average cost is much lower than currently trading.

Not to be confused with Osisko Mining, OR-T is a pure-play royalies streamer in precious metals, and minerals have been hot on the TSX so far this year. OR-T is up nearly 19% or three-fold the Toronto index's performance. As gold makes new highs almost every day, OR continues to shine. It trades just over…

This name is further down the food chain. Take a look at the more interesting mid-size players. Still, he's been lightening up on gold. With a strong USD, and interest rates possibly being higher, gold may take a few steps back. So he's waiting to see how things shake out.

It is in the metal fabrication business. They just raised their dividend this year and have dramatically changed their balance sheet for the better, so it is in much better shape than in past cycles. They also have a U.S. operation and have done a great job managing their working capital. Tariffs could hurt them…

He's a dip-buyer of gold and a royalty name like has more correlation on the gold price than a miner like Barrick.

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research WDO has a 'bouncy' history but certainly momentum is quite strong right now. The balance sheet is solid and it is growing nicely. For mid-cap sector exposure, we would be OK buying today. Unlock Premium - Try 5i Free

One of the most senior producers of silver. Silver is better than gold, as the bulk of silver production comes from copper mines. Silver just crossed $24, and there's lots of upside. SSRM has a $28 price target. He wants something that will benefit once inflation is realized.

XME was among the strongest performers this morning, up almost 7%. Some view that protectionism would be good for the NA steel producer. Cyclical, fits the inflation theme. Hasn't done a lot of work on this one, but technical setup is good.

It's time will likely come, but he has a hard time understanding the geology of the project. He doesn't own stocks where he doesn't understand the geology. He holds OR instead. 

Looks like an interesting exploration/development company.Will watch company to see how results pan out.Financial certainty a concern.Might buy shares down the road.

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(Market Call Minute.) Great execution with a $500 million market cap. Thinks it is ahead of itself. It is expensive.

$45 million market cap. It has a gold project in western Quebec and hitting some high-grade at less than a meter, 600+grams/tonne. Their issue is continuity: will this grade continue? Now, it is an interesting play. Brent Cook: It's a narrow, high-grade vein but could be diluted which is a concern.

Likes management. Note that there is nothing immediately happening. It’s not something to chase, but just accumulate over the summer. Turkey is not bad at all, it is a democratic system. Their mining code is working. He thinks they have permitted 10 mines in 10 years. This company is technically very, very competent. Sitting on…

Sees no change to the dividend theory. The 3 Irish business millionaires actually control the company and are holding it long-term for the dividends. The company has some costs going on disadvantaging it. The diamond sector itself has not produced really stellar performance. This is a “wait and see”.

Doesn't like the sole risk exploration. If the story develops the people behind the company have the financial connections. The terrain is legendary gold ground. he can not make the data work for hi to buy it.

Write some puts? If you're bullish on gold, a good strategy. He'd prefer to do it with AEM, but hard to do given that the stock price is so high.Fine company, good assets, above-average quality base. Really good optionality to grow. Very cheap at 11.2x PE for 2025. Recent problems in different jurisdictions. Gold has…

From a trade perspective, a bit overbought. He's a trader at heart, and buys into dips. If you're a bull, by all means keep holding. But he took some $$ off the table.Likes both gold and silver here. Gold and silver equities and exposure to them are very undervalued relative to long-term trends; analysts tell…

Too expensive.

Discovery in Ecuador. If anyone can put things together in Latin America, it's them. Massively high grade mine. Really good long-term hold.

Owns shares in company. Troubled by CEO replacement, however assets in West Ghana are valuable. Will continue to hold. Has lots of value in company. 

Great rocks. Lousy balance sheet, which needs to be fixed with refinancing and can get ugly for existing shareholders. For most investors, he'd sell and take the tax loss. Then re-buy in 31 days depending on outcome of refinancing. New CEO is an expert in troubled companies.

A fan, but doesn't own. Recent acquisition will help use free cashflow against tax-loss carryforwards. Won't buy until he sees resolution of issue at Jerritt Canyon. Big fan of CEO and track record.

Focused on uranium, where seasonality is strong from September-January. Lots of volatility. Performed well, then pulled back, did well. Doing better than others in the space. Favourable in medium- and long-term.Lots of positive announcements in the sector, but the stocks have not responded because all the focus is still on tech, not on commodities.

Owns shares in company. Would recommend holding. Free cash flow is expanding. Debt a small concern, but not worth noting. 

(Top Pick Jan 10/12, Down 5.00%) In general resource stocks have been difficult. It is with the crowd. Massive VMS deposit adjacent to Hudbay. At some point it will be developed and patience is required. Hudbay could expand by buying this one.

Part of syndicate that brought company to markets. Financials in China a little opaque, but company has been generous to shareholders through dividends and buybacks. Would recommend buying. 

Ranked as a 4 in his system, which is high praise. Holds management team in high regard. Wonderful asset allocators and patient investors. Recently entered into royalties for renewable energy.

Attracted to it, but doesn't own or recommend. He rates it a 5, which is neutral. Gold and copper in Mongolia. Data doesn't justify labeling findings as "massive" discoveries.

He owns this. It went through a major acquisition last year to consolidate their holdings in Northern BC. This mine will become productive in the next couple of years. The issues they have had are being resolved. He will continue to hold it.

Primary asset is an Alaskan property Livengood. Have been in the process over the last 3-4 years of proving it reserves. Interesting way to play gold because of volatility of a junior so be careful what you allocate to it. High potential development and pretty well developed infrastructure setting. Obvious takeover target if reserves prove…

They have a large Brazilian gold deposit. The problem here are indigenous people challenges there and a government contract that pays out a crazy amount to the managers. This payout is not aligned to the shareholders' interests. Then again, it's a cheap stock vs. gold in the ground.

They have option agreements with major partner Rio Tinto, but these have been under dispute for the past year. It's worth tens of millions of dollars. The stock has fallen because of this battle; investors have lost patience. He owned this before the legal battle and didn't want to wait for it to be sorted…

(Market Call Minute.) In a big gold system and he likes it.

To manage risk, he sets up his portfolios starting with the biggest, which is FNV. More diversified than OR. He also owns OSK proper.

Shut down production recently. This type of situation is what usually happens at the bottom of a cycle, although this one may not be around to enjoy the upside of the cycle.

(Market Call Minute.) Feels the potash market is oversupplied.

Good job overall, well run. Exposed to some of the AI trends. Sizable competition for what they do. He's conservative on whether it can differentiate itself in the coming years. Must show it can get the big, multi-year contracts.

Has lagged the Canadian tech sector. Used to own, wouldn't be back in soon. On its recent partnership with ADBE, he tends to own the big payment systems like MA and Visa, big beneficiaries of the resurgence in the economy. 

(A Top Pick Dec 13/23, Up 9%) Corporate budgets under pressure has dampened spending. Backlog has remained very strong. Hasn't grown as strongly as some peers. Sitting just above his buy price at north of 20x; for new $$, wait for a better valuation.

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research Under activists' pressure, the CEO has decided to step down, which was likely because the company decided it was going to lose anyway in the upcoming special shareholders' meeting. DND says it has received expressions of interest from ''inbound parties', at 'attractive premiums' but has…

(A Top Pick Aug 22/22, Down 17%) Software company that is based in Ireland. Offers compliance and validation software in life sciences business.Currently has 8/10 of top pharma & 18/20 top bio-pharma companies as customers. Growing customer base at a rapid rate.Very positive on outlook of business.Will continue to own shares.

Customized, prefabricated environmental office interior solutions. High net cash position. Significant upside because of their flexible business model. Surge in office reconfiguration taking place across North America. Top management. No dividend. (Analysts’ price target is $3.46)

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Backlog reported looks better with $4-5M in revenue expected in the second half of this year. They have received a large new order from China. They also secured a $5M in equity financing. Risks are high with market cap at $28M and low volume. However,…

3D holograms. A year ago, it was 12-14 cents. Fallen off the radar, such a shame. Cutting edge. Product is pricey. Lots of pharma companies use it.

Long-term base of support around $16-17, and seems stuck there. Just bounced off resistance. At this point, it's only a trend if there are higher highs and higher lows (or lower highs and lower lows). Until it starts one of those 2 patterns, it's in consolidation. Not showing any signs of a real trend.The only…

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research Under activists' pressure, the CEO has decided to step down, which was likely because the company decided it was going to lose anyway in the upcoming special shareholders' meeting. DND says it has received expressions of interest from ''inbound parties', at 'attractive premiums' but has…

Sold because its ROIC returns started to get a bit wonky. In fact in last 3 years, ROIC has been negative. Satellite internet access has eaten the lunch of fibre. Hard to form a moat around its domain business. Wait for ROIC to be in excess of 20% for at least 3 years in a…

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research EPS of 1c missed estimates of 3.5c; revenue of $16.17M missed estimates of $16.46M. EBITDA of $4.75M beat estimates of 11%. Total sales rose 4.5%. Subscription sales rose 16.6%. SYZ bought back 85,700 shares. Canaccord raised its target by 50c to $12.50. Despite the 'miss'…

When stock makes a new high, bullish? Or wait for a pullback to put money to work? Usually in technical analysis you buy the breakout, especially when the chart shows a staircase pattern. Rally, consolidation, rally, consolidation, and so on. Some people say wait for a retest, which is about $4400. Risk is that it…

The whole space is getting hurt by pricing pressure from the current 4 players instead of the previous 3. CRTC's ambiguous roaming rules haven't helped. The story has been population growth, and now we have less of that. Still, this is the one to bet on:  best run, very disciplined, good dividend (doesn't think it…

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research EPS of $0.365 beat estimates of $0.311 and revenues of $75.0M beat estimates of $73.218M. Sales grew 19% driven by higher subscription revenue and customer retention. Adjusted EBITDA margins expanded from 9.7% for the same period in the prior year to 15.7%. Management noted advancements…

IT services and support style business model. Company not performing well in the markets. Debt also a concern. Would not recommend investing. 

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research QTRH is now down 16.5% over the last year. Since we last spoke about it, QTRH has been awarded two contracts valued at US$3.4M for system upgrades and maintenance at commercial vehicle enforcement stations operated by the Idaho State Police. While this news is positive,…

Monthly dividend of 7.75 cents. Pretty range-bound, between $12-15, for a couple of years. Looks as though it's pulled back into the middle. Steady stock, steady and mature business. More of a yield play. Yield is 7%.

She scores it 6 out of 10 for value and fundamentals, and it's on her watch list. Likes it. Sees 11.5% upside. Analysts are mixed, though. A lot depends on the future economy---will benefit as interest rates decline and people eat out more.

Stockchase Research Editor: Michael O'Reilly We reiterate this Canadian based Pet store operator.  Recently reported earnings showed a 28% increase in net income.  The company has opened its Vancouver regional distribution centre, positioning well ahead of the holiday season.  We like that cash reserves are growing, while debt is retired.  We recommend trailing up the…

This has great assets globally. The biggest sourcing platform for organic foods. It is really hard to get an organic designation. It takes 3 years for a farm to convert. They spent a lot of time putting together assets and it hasn’t been managed well. The company did a strategic review, brought in an investor…

(A Top Pick Dec 14/23, Down 21.5%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with TSAT has triggered its stop at $11.  To remain disciplined, we recommend covering the position at this time.  

Is fairly illiquid, but profitable and pays a 6.6% dividend. Price targets are high, so there's a runway ahead. But two-thirds of the business is concentrated in Canada, and a big risk is if song royalties rise. It's profitable though. He's watching it.

Owns shares in this business. Printing business that has been around for a long time. Did some M&A about 1 year ago that is going well. Business has doubled the past year. Printing business is not a growth industry - but digital asset management business growing. Good for a short term trade - not a…

Leader in home accessibility and patient handling products. Benefits from aging demographics. Phenomenal results, increased margins. Over 18% EBITDA margins YTD. Stock's down on tariff threat, big overreaction. Buying opportunity. Patient handling products are all made in USA, and most home accessibility is FDA-approved (tariff exempt). Home elevator business may not be exempt, but could easily…

Broke the downward trend, upward trend hasn't broken. Positive when you're in an upward trend.

He sees it as a short. The stock has moved down for two years. The revenue growth has been impressive but not even close to profitable.

Stores may or may not be impacted by Ontario government rolling out more retail locations. The Pellers stepped down from the board, possibly planning a bid to privatize the company but he's not really sure.

Sold mobile unit. Leaders in embedded home, infrastructure, and satcom. Fixed balance sheet. Turned around, next year should be really strong with new product launches. Might be acquired. Excellent technology, solid clients.

(A Top Pick Mar 26/18, Up 97%) They smartly bought some spectrum rights a few years ago, and now they're on the fringe of the 5G spectrum. So the value of their spectrum rights will be realized later this year. He took profits, and would be lightening up on this now as the stock does…

Currently underwater. Tough time for BCE, just look at the chart. Spooked the market with expansion plans that people weren't anticipating. People own it for the dividend, lately that's been in question, could be cut down the road. Trading ~11x earnings, yield over 10%. Hard to sell when you're down this much, so hold and wait…

Big fan of the space, especially with the incoming US administration. This name had done a tremendous job over the years. But take a look at ATRL.

It has made progress but in the macro environment of inflation in Argentina it has under-performed.

Traditional bricks and mortar business that will face competition from eCommerce. Undifferentiated shopping experience that is not enjoyable. Discretionary product offering makes it difficult to retain customers. Would not recommend investing at this time. Housing slowdown in Canada will also be hard on the business. 

Short interest was 2%, but has come down. Continues to slowly grind higher. Likes the technicals, especially if it breaks above the highs of 2023. 

It's cheap, and surprised shares haven't moved higher. They will buy wireless assets from Shaw to become the #4 player in Canadian telcos. Valuation is lower than its peers.

(A Top Pick Jan 23/24, Up 3%) Benefiting from the Freedom Mobile purchase. Able to expand in Ontario and Western Canada without deploying too much capex. Very high ROE and free cashflow, allowing them to lower debt and obtain investment-grade rating on bonds. Aggressively buying back shares. Best-performing telecom stock this year.

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research. Pure-play water exposure; sustainability trend. Strong position globally; renewed water focus. Attractive valuation; good dividend. Debt recently lowered but still high. Unlock Premium - Try 5i Free

It has executed very well over the long run and works on cost structures. There could be another special dividend. It has lots of real estate and wants spin off a REIT. However a lot of their properties are not in the greatest areas so the REIT may not do as well as others. You…

Good proxy for health of consumers in Canada. Luxury item that is discretionary. Hard to excited about this style of business. Not seeing major spending from average population. Better options for investors out there. 

Be patient with it. Has good, long-term fundamentals. Likes the managers for being focused. Could be taken out. They are executing, but sort of fly under the radar.

(A Top Pick Nov 22/18, Up 12%)Convertible 8% 2022 bonds He owned the Yellow senior bonds, but then moved into these convertibles. Most of their revenues are in digital, but that has struggled. New management has cut costs a lot until free cash flow now stands around $100 million this year. Their EBITDA margins are…

Value. Leaders in frozen seafood in Canadian retail and US institutional. PE of 7x. Buying back stock, paying down debt. Increased dividend by 30% last year. Yield is 4.51%. (Analysts’ price target is $15.42)

This hardly trades at all. Insiders own a very big chunk of it, about 75%. They own ice rinks and an adult hockey league. Revenue has been mostly flat for the past 5 years. There is about $45 million in net debt on a $50-$60 million market cap company. Pays a 2% dividend.

One of his go-to names in the space.

(A Top Pick Jul 18/24, Up 51.7%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with TA is progressing well.  To remain disciplined, we recommend trailing up the stop (from $12.00) to $13.50 at this time.

Likes the sector, lots of runway. Renewable natural gas. Governments are increasing demand. On his radar. Will look at again when risk appetite in the market returns.

(A Top Pick Dec 08/23, Up 21%) About 7-8% organic growth every year. Boosts dividend by 5%. Inflation-linked revenues. He's still modelling 15% AFFO growth over the forecast horizon. Really good compounder, not high risk.

This is how he'd play the renewable energy trade. Thinks rates will go higher next year, which makes him cautious. If that's the case for rates, a lot of the bond proxies like utilities and REITs are going to come under pressure. A bit more upside potential, but for a trade.

Likes it. Decent pullback. US tariffs may not be positive for a stock like this, but let's just wait till January 20 to see what happens. Decent surplus of electricity in Ontario, which can impact prices to the downside. If you foresee volatility and lower interest rates, not a bad choice.Not a growth stock. Pays…

Underwater. Definitely undervalued, trading at a lower multiple than peers. Lost all credibility. If it's in a non-registered account and you can bank the tax loss, sell. If in a registered account, perhaps wait until the new year because tax-loss selling may be putting extra pressure on the stock price right now; could see a…

Likes the sector, lots of runway. Renewable natural gas. Governments are increasing demand. On his radar. Will look at again when risk appetite in the market returns.

Hard to find a company with the same inventory of renewable energy projects. Global, one of the picks to get exposure outside Canada. Dividend looks safe. Fairly stable, solid fundamentals. Will get beaten up in tax-loss season.

Likes it long term, but is enduring issues now. 

It's a vertically integrated medical marijuana company that is dominant in Florida with a growing presence in the US northeast. They grow, process and sell at their own stores. They just opened their 73rd this week. They've been turning a profit since 2017 and keep posting good numbers. Too bad it trades only in Canada.

(A Top Pick Sep 18/23, Down 7%) The segment that it's in will continue to grow, and this company is well positioned. As a medium-term play, opportunities to the upside.

(A Top Pick Nov 09/21, Down 51%) The largest provider of pharmaceutical services in Canada. Growing organically and by acquisition. Has higher labour costs - margins should be compressed short term but not longer term. Good management.

Huge margins and free cashflow. Growing business annually compounded at over 15%. International expansion. US acquisition is growing double digits. Online China business growing 80%. Never been cheaper at 17x forward PE. Takeover potential in a few years. Yield is 2%. (Analysts’ price target is $40.82)

Great management team. Recent spinoff is interesting, as it's about optimizing value for shareholders, not about empire-building. Capital discipline is there.

(A Top Pick Sep 10/24, Down 11%) (Note the short timeframe.)One of the cheapest small caps, accumulate on weakness. Pullback gives you the opportunity. Good job setting stage for margin improvement over time, not overnight. High net-cash position. Capital discipline, good insider ownership. 

(A Top Pick Dec 20/18, Down 40%) It had a good turn in January. Beaten down stocks can have a nice bounce in January.

Has pulled back a lot. It holds US medical property. It has suffered inflationary pressures, but will diminish in 2023 and the stock will recover. Don't sell it in the current Dutch auction.

There is nothing more powerful than a base breakout, and this had one in February of this year. This one is on a trend line right now and there is absolutely nothing wrong with the chart.

Doesn't know much about this. Shied away from it for now, because it doesn't trade much. Has the potential to be a bigger small-cap healthcare company, an area that he likes.

Amazing job. Underlying metrics on profitability are incredible, but can it continue? If yes, will be a multi-compounder for years to come. As they keep delivering, so does confidence that they can keep doing so. Vast addressable market. Savvy management. You have to watch carefully that numbers back up the story. Safe to accumulate.

(A Top Pick Nov 09/21, Down 51%) The largest provider of pharmaceutical services in Canada. Growing organically and by acquisition. Has higher labour costs - margins should be compressed short term but not longer term. Good management.