Most Anticipated Earnings: WJX-T, IFC-T and more Canadian Companies Reporting Earnings this Week (Nov 02-06)

Opinion about TIH-T: The market cycle model is essentially the business cycle with its 5 different phases. Phases 4 and 5 are the contraction phases, when you typically see the stock market coming under pressure. Phases 1, 2, and 3 are the expansion phases and they typically last a year. His team believes that last year…

Opinion about WJX-T: Medium-quality, in the competitive industrial space. Not a long-term compounder. Exposed to all kinds of risks including tariffs. Capital intensive; real FCF not as high as it appears. 

Opinion about SWP-T: 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…

Opinion about ECO-T: 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…

Opinion about VEXT-CSE: There's been a lot of focus on cannabis in the US. Last November, Arizona legalized recreational weed and are starting to sell that. VEXT operates in many states, but particularly AZN. VEXT is still under the radar, but he expects them to grow rapidly, because they had a head start as a…

Opinion about NTR-T: Eroding confidence in near-term supply. If crop prices soar, farmers will have more $$ for fertilizer. Stock's not crazy pricey, but it is overstretched along with other commodities. EPS path over next 3 years looks flat. Better value elsewhere.

Opinion about WSP-T: Likes the construction business. Canadian government appears to be moving toward infrastructure spending, and WSP would capture some of that. If a massive project were announced, he'd be interested.Might have more upside, but he wouldn't add here. Too cyclical for him.

Opinion about LNR-T: (A Top Pick Apr 17/25, Up 85%) Still a great opportunity. Still maintains his core position. He rebalances positions as weighting drops or increases.

Opinion about SJ-T: The old high was above $90, happening twice since 2024, but the breakouts didn't last. Tariffs effect them? Probably. Avoid.

Opinion about MFI-T: Has been a turnaround story in recent years. It is a staple, but not recession proof. Is a higher-end brand some products, so can be risky in leaner times. MFI is doing the right thing and pays a good, sable 3%  dividend. Prefers Premium Brands, but nothing wrong with MFI.

Opinion about GTII-CSE: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research With continued negative stock momentum, some debt, and not a lot of growth expected (estimated EPS this year less than 2021) it is hard to get too excited about GTII. There has been some insider buying which is a good sign, but…

Opinion about CFP-T: Homebuilding stocks in the US have been going straight up, but Canadian forestry stocks have been going the other way. WFG has done the best in holding its share price.IFP and CFP have really started to bottom on the charts. He hasn't done enough digging to know who has a better earnings…

Opinion about MRE-T: Auto stocks are really struggling, both Canada and US, and they're right at the epicentre of this whole tariff battle. Beware the value trap -- something's gone down, looks cheap, but hasn't started going up yet. Chart doesn't look as though it's bottomed out yet.Though cheap, it could still go lower. Whole…

Opinion about IFOS-X: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research IFOS operates as a producer of specialty chemicals such as phosphate and specialty fertilizer. IFOS’s results over the years have been quite cyclical, though the company demonstrates organic growth over the full cycle. IFOS is trading cheaply at 5.2x Forward P/E with…

Opinion about BOS-T: Won lots of contracts during pandemic, huge tailwind. Multiple has pulled back. In current environment, countries are spending more on gas masks, overboots, etc. Absolutely believes demand will pick up. Large contracts to be won, but the bid process has lots of moving parts. Quite bullish on the name.

Opinion about DRT-T: 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)

Opinion about PPL-T: APO's 40% stake in the gas division. APO has pretty smart people, and they're seeing an opportunity here. Purchase was from KKR, so nothing much changes.As for PPL itself, trading a bit expensive with growth catalysts of 5-7%. Nice, visible project backlog. Nice dividend. Wouldn't add here, but you'll do OK if…

Opinion about BBD.B-T: Problem is it's so capital intensive with limited cash flow, but there is massive demand for airplanes. Keep watching it. Is doing well and are refocusing the company well.

4 Buy, 2 Hold, 3 Sell — 9 expert ratings on AtkinsRéalis Group Inc. (ATRL.TO). Latest rating: DON'T BUY (Jul 13, 2026) by Larry Berman CFA, CMT, CTA.

Opinion about PBH-T: Trying to fill its excess capacity after years of investing in the US. Seems to stumble over and over in filling capacity. A bit exposed to economic cycle. Need to see better execution.Accounting practices are a bit aggressive, he's not a fan.

Opinion about BDGI.TO: Exceptional demand across NA, as infrastructure super-cycle starts to play out. Margins are expanding, and they should keep…

Opinion about CAS-T: 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.

Opinion about LAS.A-T: Good business. Packaged food and juice. Success in US growing through acquisition. Pressure from input commodity costs. Things seem to have stabilized from Covid margin pressures. Strong balance sheet. Not overly liquid. Fairly reasonable valuation. On his radar; if it pulled back, might take a position.

Opinion about IFP-T: Demand for lumber will continue to increase.Short term weakness in housing (recession) not a concern for long term investors.Expecting performance for long term investors. 

Opinion about LCFS-T: Flagship renewable diesel project coming online next year.

Opinion about TWM-T: Frustrating the last year. In 2023, they were spinning off assets and paying down debt, which was good, but the new CEO has since been building new projects, triggering a sell-off. Meanwhile, they can't sell their renewable assets because US companies are offloading their carbon credits here in Canada. Tons of uncertainty…

Opinion about WEF.TO: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research WEF has rallied with interest rates, which help the…

Opinion about PKT-X: Bullish on the macro for industrial warehousing. Likes the focus in Toronto. Likes management. A show-me story, small. An opportunity. He's confident in their ability to grow. A bit expensive, so it's a bet on management and growth. On his radar for attractive entry points.

Opinion about SXP-T: 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…

Opinion about ALC-T: Investor's down after 3 months. Anthony runs his firm's "dark horse" fund, and he'd say this name is one of the more interesting ones. The firm owns a bit. Anthony would say the stock's either going to be $10 or $1, but really hard to predict. Story is far from played out.…

Opinion about DBM-T: Core holding in his income growth fund. Doing a good job of distributing lumber (LOW is a big customer), and stock's been moving up. Cyclical, but not as much as the chart would indicate -- reacts to headlines. Solid business. Nice yield.

Opinion about WEED-T: Cannabis has had weak returns on capital and he has seen too much capital invested and destroyed. He doesn't see it as a space to invest in. Wants to see major consolidation and improvement in regulation.

Opinion about CRE-X: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research As a developer, it comes down to the quality of CRE's assets. It has $40M cash, but no revenue, losses and negative cash flow. Insiders own 4.5% and management looks good (the CEO sold Rockwood for $6B). Its Rose Project (Quebec) is…

Opinion about REI.UN-T: In Canada you want to be careful, especially in the retail space. We're seeing softness in the Canadian economy. In Q2, we had a negative GDP number. Consumer's stretched, and inflation since Covid has had an impact. He has no REITs in his portfolio. 

Opinion about FCR.UN-T: (A Top Pick Mar 31/25, Up 48%) (Recently announced takeover.)  The 25th takeover in his fund. If you buy at a discount, you never know when that gap will close up higher. Expects more M&A in the sector.

Opinion about DIR.UN-T: High quality, compelling growth. Trades at wide discount to NAV. Industrial markets are recovering nicely, positive momentum in Canada in last quarter. Portfolio split between Canada and Europe. Generates 16% rental increases in Canada, closer to mid-singles in Europe. Trades at 6.2% implied cap rate. Just sold 11 properties to CPP at low-mid…

Opinion about FFH-T: A more stable franchise than in the past. Well managed, business as usual. No reason to sell, but not the most obvious buying opportunity either. New $$ should go to blue chips sitting at bigger discounts today.

Opinion about IFC-T: In his firm's Dividend Growers mandate. Biggest P&C in Canada, also specialty insurance internationally. Likes the valuation on this pullback. Meets or exceeds its goal to grow operating EPS by 10%, trading at 15-16x PE. Good combination of value and growth. Vertical M&A strategy in a fragmented space.

3 Buy, 1 Hold, 2 Sell — 6 expert ratings on Element Fleet Management (EFN.TO). Latest rating: HOLD (Jul 31, 2026) by Brianne Gardner.

Opinion about BEI.UN-T: (A Top Pick Mar 31/25, Up 3%) Stock's moved up and down. Still likes that 75% of portfolio is not subject to rent control. National population growth declined, but it increased in the space that BEI.UN operates in. Taking advantage of its implied cap rate and buying back stock.

Opinion about AD.UN-T: Excellent CEO. Lends $$ to, largely, private firms. Even when its investments don't work out, somehow manages a very high ROIC. More and more prospects to invest in, especially in US. Payout ratio down to around 40-45% of cashflows. Now investing in smaller-cap companies, and working out very well. Still trading around book…

Opinion about PRL.TO: Likes it. Got caught up in the GSY short-selling, though PRL didn't do anything wrong. Niche product, with AI to determine…

Opinion about MRD-T: (A Top Pick Nov 23/23, Up 2.9%)Stockchase Research Editor: Michael O’Reilly Our PAST TOP PICK with MRD has triggered its stop at $12.  To remain disciplined, we recommend covering the position at this time.  This will result in a net investment loss 4%, when combined with our previous guidance.   

Opinion about MFC-T: His preference is to own SLF and MFC in the sector. Likes their growth in Asian asset management.

Opinion about GWO-T: It is a very solid company and has reliably increased its dividend rate. There are pauses in price trends right now which makes it a buying opportunity. It is interest rate sensitive and pays a dividend of a little over 4%. He doesn't think that if interest rates go up they won't…

Opinion about SLF-T: It used to be all about SLF, the shining star. MFC was in the doldrums following the financial crisis. Recently, MFC has taken the lead. SLF has had issues with asset management. Chart shows it's not doing badly.If you own it, don't be afraid of it. He needs either a macro or…

Opinion about CIGI-T: Everyone knows it for its real estate business. Based in Toronto, but global. Asset management business south of the border, but it's not commercial real estate. Its third arm is engineering services. Buying lots of smaller engineering companies. This division looking to double revenue in next 5 years. Management's great. Believes CEO just purchased…

Opinion about CAR.UN-T: The sector has cooled off dramatically after Canada stopped admitting so many immigrants. We see this across the board in apartments and condos. This is on his radar. Is a yield play that's coming into a sweet spot, better than a year ago. He expects a better structure to immigration ahead and…

Opinion about SRU.UN-T: Up 10%, more to go? Defensive, lower growth. About 25% of rents come from WMT. Don't expect much growth. Hiccup last year from tenant bankruptcies. Trades in a range, and it's at the higher end. Stock could consolidate after the run it's had. Yield is very safe.

Opinion about CRR.UN-T: Great grocery-anchored shopping centres nation-wide. Defensive. Banners:  Farm Boy, Empire, Sobeys, Longo's. Sweet spot today. Lack of distribution growth until last year, but thinks growth can continue because some brands are growing market share. Safe 5.3% yield.

Opinion about KMP.UN-T: Very well managed. Company size is in the top 5. Originally focused on the Maritimes, which has seen a lot of population inflows. Expanding into other markets in Ontario such as Kitchener-Waterloo. Likes that they're experienced developers, always improving. Energy-efficient, new construction. Not facing high-rent pressures of others.

Opinion about LIF-T: Long term for a retiree? Royalty on iron ore mine, where RIO is the operator. Great company over time. Great dividend yield, pays special dividends. Good holding for a retiree. Pretty steady, good income. He likes energy a bit better for clients, due to volatility in the metals space. Yield is 4.5%.

Opinion about MRC-T: NAV materially higher than share price. Doesn't see catalysts for NAV increasing, so discount will continue. Asset base is mainly retail and office, sectors that are somewhat out of favour. Earnings potential not great. Higher than average cost of debt.

Opinion about DHT.UN-T: Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. The royalty focus and the sector is interesting. The stock has done well following its public debut a month ago at $10. The company seems to be well managed and there is a good story and potential. Unlock Premium - Try 5i Free

Opinion about PLZ.UN-T: PE ratio In real the better measure is price to cash flow or FFO (funds from operations). Cash flow is more critical due to the high level of depreciation. He likes Plaza, but does not like the retail space. The management team is the best in Canada. It is undervalued. An okay…

Opinion about DE.V: He was in on the IPO a few years ago. Wood-burning stoves is a large business for them, plus agriculture and some industrial.…

Opinion about IGM-T: (A Top Pick Mar 06/25, Up 43.2%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with IGM has triggered its stop at $63.  To remain disciplined, we recommend covering the position at this time.  When combined with previous guidance, this will result in a net investment gain of 63%.  

Opinion about DFY-T: P&C insurance, rather than the life insurance of MFC or SLF. Great performer over last 3 years, with its strategy to acquire smaller insurance companies. Good 5-year outlook. Bit expensive at 19.4x PE. Has sometimes been in the 14-16x PE range, and that's a better long-term entry point.Start a position now, and…

Opinion about CSH.UN-T: Focused exclusively on private-pay retirement side. Great growth story. Discounted valuation. Over 95% occupied and going higher. Margins increasing, which means double-digit compounded annual earnings growth rate through 2028. Yield is 3.05%. (Analysts’ price target is $25.27)

Opinion about AIF-T: Are now a pure-play tech company after selling non-tech businesses. With that cash, are buying back shares. They globally lead in software for data analytics valuing and monitoring commercial real estate assets (banks, insurance companies and property managers are clients). 75% of revenues are recurring and high margin. Trades at a huge…

Opinion about AI-T: (A Top Pick Mar 11/24, Up 14%) More conservative than TF, and he owns both. Core position. Nice dividend. Not trying to shoot the lights out, just want to collect the income and reinvest.

Opinion about BPF.UN-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research BPF.UN is a small company, and may not be a 'blue chip' large company such as FTS. However, it just raised its distribution, is cheap, pays a 6.57% yield and has good management. We would be OK owning it for a small…

Opinion about D.UN.TO: Very concentrated portfolio in downtown Toronto, catering to smaller users. A call on the office market recovery, and the…

Opinion about OLY-T: Doesn't follow, so he can't really give an answer as to whether the dividend is sustainable. Yield of 6.35% isn't terrible. A really high yield of what a company earns is a warning sign, as the company will have to go into debt to sustain the yield.

Opinion about SYZ-T: Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Has good growth potential from here. Has good cash levels for acquisitions. Valuations have been compressed, presenting interesting opportunities for management. Wait until shares settle and sentiment reverses. Facing selling pressure right now. Dividend is sustainable at 75% of cash flow. Unlock Premium - Try…

Opinion about IVQ.U-T: It is a healthcare REIT with a high concentration in the US. They operate medical office buildings, skilled nursing, and retirement homes. The market has not accepted this stock. It is rumoured to have gone through a strategic alternative process. It trades at a discount to net asset value. A sale might…

Opinion about ACO.X-T: The part of the business he's familiar with is modular housing (which is also portable), and he's very bullish on that. That business is booming. Will benefit from Canada Builds Homes and infrastructure initiatives.

Opinion about CF.TO: Banks are doing well, but unfortunately it is at the expense of the independent brokers in Canada. This is certainly cheap, but…

Opinion about NXR.UN-T: Focuses on industrial real estate. On path to 90% industrial properties this year. 50% asset growth this year. Focus on secondary markets like London, Ontario(Canada). Trading at discount to net asset value.

Opinion about AIM-T: Has a one-year contract with Air Canada (AC-T) and you don’t know if that will be renewed. Be very careful with this. Have a sizable level of debt, and he is not quite sure how the business model will evolve. Despite the potential of a high dividend yield, you have to stay…

Opinion about CPX-T: Utility sector is starting to slowly matter again. Getting attention because power demand is growing, especially in US with AI and data centres.She invests selectively in the space, and this is a name to own.

Opinion about FTS-T: One of the largest regulated gas and electric utilities in NA. Q4 earnings beat by ~6%, revenue up 11% YOY. Massive $26B capital plan through 2029 to grow rate base by 6.5% compounding. Not exciting, but reliable.Dividend of 2.3% still solid, grows each year. Bond proxy, not growth story. 22x forward PE…

Opinion about TA-T: For a retiree? Yield is 1.5%, quite low, so it means the dividend is relatively secure. Demand for more power, especially in Alberta, means it has a number of projects on the go and footprint will expand. Not a bad quasi-utility to have a stake in, but current price may not be best…

Opinion about BEP.UN-T: A good name to tap into powering the grid, electrification, and so on. Contracted cashflows, able to recycle capital into new projects in a world that's looking for more wattage.

Opinion about PIF-T: (A Top Pick Aug 31/23, Down 6%) Company very cheap at current share price. Small company that institutions wont look at. Reliable revenues that translate into cash flow. Will continue to hold. Dividend very safe and reliable. New project pipeline very strong. 

Opinion about BIP.UN-T: What happens to the withholding tax? If you have any withholding tax in a cash (taxable) account, because the structure is set up not in Canada, you should be able to claim it back on your tax return. So it's better to have in a taxable account than in a TFSA or…

Opinion about EMA-T: Delivers power and that thesis is still going strong, no matter if price of oil drops. Nova Scotia has been tough, but Florida/Mexico is positive. Still getting dividend yield and growth. Will continue to grow steadily, though pace of growth won't be what we've just seen.Hard to buy at these levels, but…

Opinion about CU-T: He owns and would add to his holdings. There has been a nice uptrend with a bit of a pause, and a good dividend. It could weather a storm and if we see 2022 again, stocks like these as part of a basket have performed fairly well.Buy 1  Hold 6  Sell 1…

Opinion about AQN-T: Sold most of its renewables business. Coming out of some very dark years. Continues to put $$ in. Attractive looking out 5 years as new management regains footing and builds confidence with investors. Will grind higher. Yield is ~5%.

Opinion about GEI-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research Payout on earnings is 124%. On cash flow 57%. Debt is still very high, which adds risks, but we would not view the dividend as in jeopardy. The dividend was last raised in February. While we consider it OK for income, we…

Opinion about TPZ-T: Calgary-based energy infrastructure. Royalty assets plus gas infrastructure. Great management team, great assets, good capital allocation. Smaller, so it flies under the radar. Infrastructure spending in Canada is a tailwind for its business. Good long-term name. Yield is 4.35%.

Opinion about OVV-T: The former Encanna moved to the US. It was a disappointment to the market. During the pandemic they decided to move it to the US from where the new CEO was managing the assets. See his top picks today. It would be okay to own this as a short term play.

Opinion about IPCO-T: Generates all kinds of money. Really clear pathway to growth -- fully funded, and will increase FCF. Very long-life production. Adult supervision from the Lundin family, which controls it. Sees 45% production growth in next 2 years. Expects you’ll do well in share price appreciation and dividends for 2-3 years. In the 3-5…

Opinion about SU-T: One of his picks in the oil sands. Nicely diversified.

Opinion about CVE-T: Higher energy prices should trickle down to its bottom line. Cashflow should increase, should start to pay down debt. MEG is a great asset. Lots of respect for it.

Opinion about VET-T: (A Top Pick Jul 18/25, Up 72%) (Note the shortish timeframe.)  Hated last year, in the doghouse. Disciplined management team pulled it off. Largest holding in his O&G portfolio.

Opinion about SOIL-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research At less than 4X earnings, the stock is one of the cheapest within the sector (no dividend). The stock is down 21% YTD and 35% over one year. Debt is pretty high at 2X cash flow. Revenue has grown nicely, but earnings/cash…

Opinion about SGY-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research SGY is quite small at $510M, but the stock is very cheap. With a 10% dividend, a buyer (or privatization) could eliminate the dividend and use internal cash flow to pay for the whole company in about three years. But, that doesn't…

Opinion about CFW-T: For companies like this, it is all about leverage to the upside. Clearly the cycle has turned. Gas companies are spending more money on fracing, so they will make more money. The issue is, how much more, and is the capacity still in surplus or not. If oil prices get to $60…

Opinion about FEC-T: (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. 

Opinion about ZDC-X: Only $100M market cap, but good liquidity. Doesn't think it will be at $100M for too long. Sophisticated cameras and monitoring systems for parking lots. Really high margins. Will probably grow at 75% a year, this year and next. Should be $3 in 2 years' time. No dividend. (Analysts’ price target is…

Opinion about CNQ-T: A bit rich? She trimmed on the big runup. Still one of the top O&G producers in Canada. Essential backbone of Canadian energy. Stands out on capital return. Raised dividend again. Compounded annual growth of 20%. Ranks 9/10 on value.Energy will still be one of the top performers for 2026. If oil…

Opinion about TRP-T: Dropped $6 in last 5 days. Possible deal with Iran caused similar price action across the whole complex. The whole space was at a high. Both an oil play and an energy infrastructure play. Project backlog of $8B (with ~90% sanctioned, and another $12B being discussed) looks very visible. Great company. Trades at…

Opinion about BTE-T: Suspects there will be volatility. We're seeing it in the oil price depending on which tweet comes out. The floor for oil prices is higher on the back of the conflict, perhaps around $80 -- geopolitical premium, reservoir damage, production lost, need to refill inventory.This company has torque to that. If you…

Opinion about HWX-T: Phenomenally well run. Almost a pure play in the Clearwater, which is the most economic play in NA and it keeps getting better. Experimenting with water flooding, as have other companies, and the results have been spectacular. Generates lots of free cashflow. An emerging play in the Grand Rapids formation is exciting…

Opinion about CJ-T: Energy, including the oil juniors, have been doing very well. Support has moved to $10. As long as oil attracts interest, CJ will do well. Watch the oil price.

Opinion about PSI-T: (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.  

Opinion about OBE-T: Somewhat contentious CEO. Fairly good well results. Market cap is so small as to be beyond irrelevant for almost all institutional investors. Better names to own.

Opinion about CVVY.TO: Under the radar because of its size. Great catalyst via exploration. Byproduct is sulpher, which is in fairly significant…

Opinion about RBY.TO: Doesn't believe in quality of assets. Company too new to determine whether a good investment. Good management, but not buying…

Opinion about SHLE-T: (A Top Pick Jan 15/25, Down 16%) They have long-term contracts with big energy companies. Their quarter was a little weak. They supply much-needed frack sand to oil companies. The new LNG project is increasing sand demand. Trades at a cheap 2x EBITDA. Will get bought out eventually. 

Opinion about MCB-T: Billy Kawasaki’s Insights - Billy's most-liked answers from 5i Research. A dividend suspension should certainly be viewed negatively. "Temporary" pauses have been known to last several years. EPS of 24c beat the 10c estimate, and revenue of $25.6M topped the $22.6M forecast. EBITDA of $6.5M came in 33% above expectations. MCB is…

Opinion about ENB-T: He's a buyer over time, wouldn't rush in today. Doesn't benefit directly from energy  exposure, more of an energy proxy. Too late for a tactical buy right now. Price has gone up on oil, but nothing with the company has really changed.

Opinion about PXT-T: It remains a value trap and doesn't see this changing. A Colombian strike took production offline. Management faces other troubles, like exploration risk. 

Opinion about ESI-T: It is undervalued and has under-performed where it should be. Although it has rallied 30% BMO sees better opportunities in the oil services business. The next quarter is about paying down the rest of the $600 million debt. If all the debt is paid off then it needs to re-instate the dividend.…

Opinion about ERO-N: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research ERO in June reached commercial operations at its Tucuma mine, which is good, but often results in some investors selling on news. Then, the copper market this week was sent into turmoil with Trump's import tax plan. ERO has received a couple…

Opinion about URE-T: Uranium Stocks. Of the Juniors he likes this one and it has the most potential and the least risk in terms of balance sheet. Bringing a couple of assets into commercial production. He would not jump in after today’s run but otherwise it looks good.

Opinion about VNP-T: Big customer is FSLR in the US. Revival in solar products, becoming more attractive as prices have come down. Numbers continue to ramp up. Still room to expand on revenue and earnings. It is a very niche product.

Opinion about IVN-T: He's a very large shareholder going back many years, and the stock's treated him very well. You need to be able to take some political and operational risk. Seismic event and subsequent flooding in its primary asset. Flooding has been handled, but it'll be 6 months before the seismic event is understood.Meanwhile,…

Opinion about SSRM-T: 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.

Opinion about DML-T: This stock has exploded recently, way above bullish targets. The price is too high, driven by a lot of quick money flooding in. Let it cool off before buying. But there's always been a lot of volatility in uranium.

Opinion about ALDE-X: High-quality management. Good deposit, progressing steadily. Seems to enjoy local community favour. Should benefit from a very, very good 5-year outlook for copper. He’s long this name.

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Opinion about SBMI.V: He can find what he wants in Tier 1 or strong Tier 2 deposits. Very small-cap exploration company.

Opinion about PAAS-T: Once a bull market starts to really mature, silver has a tendency to outperform. It's now doing that. It's famously volatile. Always stay with the best-in-class operators and the best assets. This name is the institutional favourite, who are fairly sticky holders. Acquisition of MAG Silver really structurally improves its cost structure, which…

Opinion about LUG-T: Pullback of 25% from highs is in the range of many in the sector. Impressive numbers, strong production, 71% margins, revenue up 38%, net income up 53%. Paying out 100% of normalized FCF as dividends. Single mine in Equador, and that's the risk. She wants diversification. Political and operational risk in one mine.…

Opinion about CDE-N: Now is a great opportunity to buy miners. CDE has updated estimates which has triggered street upgrades. They just bought New Gold, which will improve margins.

Opinion about ARTG-X: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research The valuation looks fine here and the company is going from no revenues to high revenues this coming year. There are some execution risks because of this but things appear to largely be on track. Add in a strong backdrop for metals…

Opinion about BTO-T: (A Top Pick Jul 24/25, Up 59%) (Note the shortish timeframe.)  Sold recently, and moved the $$ into ABX. Goose production (though having some issues) will replace Mali's and remove some geopolitical risk. 

Opinion about NXE-T: Largest and finest undeveloped uranium deposit on the planet. Recent knock on stock due to comments by CCO. Deposit of this quality will get either bought or built this decade. He’s critical of its spending. Wonderful job in First Nations and Metis relationships.

Opinion about TXG-T: Trades at discount to NAV. Great move in past year. Mine in Mexico hitting end of useful life; moved to different mine on same property, brought it into full production without missing a step and already generating FCF. Found new assets underground, including copper. Still likes gold, though it's pulled back from highs.…

Opinion about RUS-T: Decent dividend. Valuation's pretty attractive. Likes that it's been around a long time and has seen multiple recessions. Cut dividend 20 years ago and never forgave themselves because of how the stock reacted. Doesn't take on a lot of material risk, just a refabricator and turns over inventory quickly. Steel prices may…

Opinion about ARIS.TO: Recently bought shares - fond of management team. Hoping for repeat success in Colombia. Trading at 50% of NAV. Geopolitical…

Opinion about WDO-T: Has gone through trials and tribulations, but a lot of it is related to the Cdn$ as well as some mining issues in both their mines. Things are now stabilizing. Have had some good exploration success at Eagle River.

Opinion about EFR-T: Was stuck in a range until breaking out in 2025. Since then, is seeing marginally higher highs. It's now consolidating. If you own, hold on. If it breaks out, buy, but this could remain in consolidation for a while.

Opinion about ASM-T: Wouldn't be his top pick. Usually goes with the cycle pretty well. We are still in a sceptical stage of the market. Any silver company will do well once the optimistic phase begins.

Opinion about NOA-T: Stockchase Research Editor: Michael O'Reilly We again reiterate NOA as a TOP PICK.  Management reports the company is experiencing "less skilled trade vacancies and improved equipment utilization" as it emerges from the effects of the pandemic.  It trades under 2x book value and supports a 20% ROE.  The dividend is backed by…

Opinion about S-T: It's fallen on hard times. It bought a big mine in west Africa and has trouble getting it to run at a profit. They took on a lot of debt to buy that mine, and not the credit cycle is turning. Their bonds are trading as if is S is going bankrupt.

Opinion about WPM-T: Likes the royalty names. Challenge of current environment is that the sector was at such a psychological high earlier this year. Now it needs time to work that off.He lightened exposure in Q1. Good long-term hold, but he'd be nervous about piling in just now.

Opinion about IMG-T: AU vs. IMG Neither is in the lowest-cost quartile in the space. IMG is the most-improved gold story in Canada. He is a gold bull, but neither would be in his Top 20.

Opinion about AG-N: More potential upside to get to old highs of ~$23-25. It could get there before it sees any real trouble. If it's 10% in  your portfolio, he'd trim big-time. So it's more of a judgement call than a technical one at this point.

Opinion about SVM-T: Caller writes covered calls. Right strategy? This is the right strategy. This one has very high premiums in it. Even if you get called away, you have made your percentage.

Opinion about BSX-T: 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.

Opinion about NVO-X: They are a developer, early stage, and looked to be on to a big discovery. Now it looks like a lower grade but economic mine. If you look at the valuation, it still looks like they are onto a high grade discovery. He would move on.

Opinion about AMM-T: (Market Call Minute.) In a big gold system and he likes it.

Opinion about ITH-T: 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…

Opinion about SHOP-T: Gets painted as sort of a software company, and those are out of favour. Price action is very difficult, and often feels like trying to catch a knife. His price target is ~$205. There are so many other clear opportunities out there than trying to wing it with this one.

Opinion about HUT-T: (A Top Pick May 01/25, Up 270.5%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with HUT has triggered its stop at $50.  To remain disciplined, we recommend covering the position at this time.  When combined with previous guidance, this will result in a net investment gain of 200%.  

Opinion about TOI.V: AI has had no impact on software demand. As a business owner who uses software, there's no way he switching to AI.Fantastic…

Opinion about KXS-T: Sector's under pressure from risk of AI disruption. Has never been consistently profitable. Early innings of shaking out software winners and losers. This may or may not be the bottom. If you step in, do so incrementally.

Opinion about OTEX-T: Its long-term pattern has broken down and has broken below $55 instead of rebounding. It's now consolidating and could return to its former low, bad news for long-term investors, but good for traders.

Opinion about LSPD-T: 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…

Opinion about Y-T: (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…

Opinion about TC-T: 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…

Opinion about CSU-T: One of the best-run companies in NA. Solid. Trading ~15x forward PE, cheaper than ever. If you don't own it now, you probably never will. Because it makes acquisitions, those targets are now trading at lower valuations and so embedded returns should be higher.For its customers, they click a button and the…

Opinion about T-T: Dividend will probably be cut, but it'll still be a nice dividend. Liked it at the start of the year, but some assumptions don't come to fruition. Uptick in wireless and less competitive landscape haven't happened. You have to ask yourself if you still like the stock? And he does. Look at the…

Opinion about DCBO-T: Software solutions. Potential takeout at these levels. Does generate good cashflow, but his concern is that it may not have very big barriers to entry. Moat's not as big as you think, and that's reflected in the valuation. Could be more prone to AI disruption, not as sticky as some of the…

Opinion about PZA-T: A yield play. He hasn't looked closely enough to give an opinion on its valuation. Yield is ~6.1%.Disclosure:  His firm holds it only in the sense that a few clients came in already owning it, and those clients are happy with the dividends.

Opinion about SIS-T: Constant demographic push for this stock. Tends to spike up and then consolidate. If not owned, step in by thirds. Buy 1/3 now, another 1/3 lower down, and then the final 1/3 actually higher than the first (as you know momentum is supporting you).

Opinion about DXT-T: Benefitting from Build Canada initiatives, exposed to construction of modular housing units (still lots of spare capacity). As they fill that capacity, it's a very high-margin business. High quality. Optionality to keep making highly accretive acquisitions. 

Opinion about BCE-T: Telcos have been under pressure for quite a while, extremely volatile. She owns none of them. Until she sees a sector turnaround, she's staying clear.This name is still one of the Big 3. Still using capital to push into the US via Ziply. Good move to sell sports stake to Rogers. Rebuilding…

Opinion about SAP.TO: He's staying away from consumer staples stocks, unless they have some real edge. With dairy products, hard to get a margin and…

Opinion about QBR.A-T: Shares fell on Q4 over a concern that their wireless growth may be slowing with lower net additions. They only have 15% market share, but have a very good network that should give them a lower marginal cost as they are able to offer larger buckets. He models that they can grow…

Opinion about QBR.B-T: Telus and QBR.B are the 2 best stocks to own in the space. Telus will gush free cashflow, as it's beyond big capex cycle, low payout ratio. QBR.B is in a high-growth phase with Freedom Mobile acquisition, very careful capital allocators.

Opinion about GIL-T: Interesting. Very well run. Just bought Hanes, which wasn't well run; big opportunity to stamp it with the GIL management. His retail choice in Canada.

Opinion about LNF-T: Chart shows it making higher lows since end of 2023. Bouncing off support and hanging in. It's a thin trader, which means it doesn't trade as actively as other stocks. This sometimes makes it hard to read technically. Two previous highs look to be ~$30 -- combined with the consistently higher lows…

Opinion about GOOS-T: Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Overall likes the stock. The Japan deal to expand their relationship with Sazaby is positive. The joint venture should generate total revenues of 60-65M CAD in Fiscal 2023. Good prospects in a recovery world. China’s growth could be a headwind, since it…

Opinion about KITS-T: Kudos to management. Online model continues to grow, both in glasses and contacts. Fairly aggressive revenue targets, and right now that's $500M (at which point they'll probably sell the company). Choppy stock. Lumpy around quarterly reporting on expectations vs. reality.

Opinion about VCM-T: Has been long on promise and short on delivery until very recently. Looks like they are finally getting their act together. Ranks 19, top 3% of his database. Earnings growth was up 70% year-over-year. Earnings are expected to grow from $0.51-$0.62 in 2014. Pretty good opportunity for the stock.

Opinion about CGX-T: Covid hammered them, while a British company tried to buy them but aborted that deal (now in a lawsuit). It's not cheap seeing a movie, but he goes now and then. Movies are coming back, though. You can't duplicate the experience at home. Still a lot of uncertainty with this stock, though.

Opinion about PBL-T: A major core holding of his. Sports betting doesn't impact instant lottery tickets which is in fact booming. PBL leads in online lotteries. But shares got way overvalued because excitement over online lotteries and has come down (also due to higher raw costs like ink and paper). He sold then bought back…

Opinion about CRRX-T: (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.

Opinion about EXE-T: Amazing chart. In prime position to take advantage of the demographic story. More of an asset-light play in real estate. Ontario government's increasing funding to home healthcare providers, and it's the largest player. Managing margins well.High growth, still has legs to mid-high $30s.

Opinion about CRON-T: This has a couple of interesting aspects. They have great genetics, and genetics are really important. If you are going to go recreational, you need a marijuana seed that produces a high quality product. They just doubled their 15,000 ft.² facility and will have a big expansion on their property. He likes…

Opinion about GUD-T: Value here. Market's looking for better consistency on earnings so it can keep on with its business model of buying "orphaned" drugs. On his radar because it's cheap.

Opinion about WELL-T: Tries to be a technology company, but has yet to prove it. Built up a great business during the pandemic, but has lost its execution way. Used to own, but then sold as dead money. (Analysts’ price target is $5.00)

Opinion about VHI-T: Tech solutions for healthcare in Canada and the UK. A victim of the software selloff. Just as for DSG, its solutions are not at risk from AI. Absolutely mission-critical in hospitals and saving lives. Integrating a couple of big acquisitions made last year -- one's going great, while the other is taking…

Opinion about CPH-T: It could become the next Paladin. It has great management and ownership along with a good outlook. It made a big acquisition in the U.S. and if the first two quarters go well the stock could go up.

Opinion about DR-T: 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.

Opinion about NLH-X: 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.

Opinion about CL-CN: 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…

Opinion about EDT-T: 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.