Most Anticipated Earnings: FRU-T, NXE-T and more Canadian Companies Reporting Earnings this Week (Nov 09-13)

Opinion about IAG-T: Pressures on the asset management business in the sector remain intense. So you need to rely on the insurance side to carry the day.Instead, he prefers and owns SLF and MFC in the sector. Also likes their growth in Asian asset management.

Opinion about CRT.UN-T: CT REIT (Canadian Tire) vs. Choice Properties (Loblaw) based on dividends for seniors He likes both REITs. Both dividends are safe, Choice paying 5.4% and CT 4.9%, and both well run. He owns Choice and bullish their outlook. He likes Loblaw as an operator and there is opportunity here. CT is very…

Opinion about FRU-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research Freehold Royalties reported strong second quarter (Q2) 2025 earnings, highlighted by solid production growth but with a year-over-year decline in profitability on lower commodity prices. Revenue was $78 million, reflecting continued operational momentum and a 9% year-over-year increase in total production. Total…

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 DRM-T: Should one buy Dream, which pays no dividend and has dropped significantly in value or just buy its managed REITs and be happy with the 8% distribution? Really depends on your needs. If you need theincome or happy with the capital gains. This is the asset manager that manages the REITs. It…

Opinion about GSY-T: Spin out from Accrete Energy (GZ-T). Quite small so conflicts with his view of sticking with good liquid stocks and strong balance sheets. Great asset base. Maybe would have been the ideal model 2 years ago before trusts became taxable. Big test will be how they do under the new scenario.

Opinion about FC-T: An alt-mortage lender, typically at 10% and mostly are construction loans on land bought by developers--much riskier. They maintain an 8% yield, so are a pure yield play. Whenever they need to grow, they issue more stock, so you don't get capital gains. 

Opinion about BTB.UN-T: An investment in this is an investment in Québec, so you have to be favourable to the Québec marketplace, which he is. One of the struggles he has with this is that when you are a small REIT, you can have high debts or a high yield ratio. In this case, it…

Opinion about DCM-T: When people think the world is coming to the end, people bring these stocks down. If global economy goes down, you will see an earnings drop in these.

Opinion about POW-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research It is hard to ignore the strong momentum shares of POW have had. Trading at 11X forward earnings with results that continue to look strong, we would be fine with owning the name. Even if it starts to level out from here,…

2 Buy, 0 Hold, 1 Sell — 3 expert ratings on Vital Infrastructure Property Trust (VITL.UN.TO). Latest rating: TOP PICK (Jul 24, 2026) by Andrew Pink.

Opinion about SFC.TO: It is a Toronto based insurance company. It merged with a private equity manager in the U.S. He has an issue with the cap table…

Opinion about DIV-T: They buy the royalty rights for a company they are taking over. It is a high growth business. They have increased same store sales. The value will probably go up from here.

Opinion about PRV.UN-T: This buys small grocery anchored centres. It is so small that it is hard to get some love. If you own it, it is going to move around and will be very volatile. You are going to lose and gain. The main part of your return is going to be your yield,…

Opinion about TF-T: In Canada, banking really dominates. There are some opportunities, and he does own some non-bank financials (like SII and MFC). This one has gone down for 5 years. At some point, will have a turnaround -- probably. Unless you know this company really well, consider buying into the financial services company that…

Opinion about MHC.U-T: Mobile homes, a great asset class. Lots of pricing power.

Opinion about FSZ-T: The problem is, they're small among asset managements; the larger ones move into selling ETFs. Pays a nice dividend, but margins are declining.

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 FCA.U.V: Lots of opportunity in the sector, but he's stayed away for 2 reasons. His clients already own real estate, and it's usually…

Opinion about INO.UN-T: This is a French company. They own one building in Germany and the rest are assets are in Paris.Although the REIT is quite small there is a large backer who manages pension assets with other relationships in Paris and who is able to vend properties into the REIT. Thinks the drop is…

Opinion about CHP.UN-T: Blue chip, high quality. Largest REIT in Canada, as the owner of Loblaw and Shoppers Drug Mart across the country. Very stable, and so it trades around NAV. He usually prefers REITs that trade at a discount.He's very excited by recent acquisition of half the assets of FCR.UN, which are defensive and…

Opinion about APR.UN-T: Canada’s newest REIT. He does not think there is a big reason for fear, but was unhappy with the debt level. He is waiting it out to see how it performs. They have top notch management. This is very similar to ACQ-T, but you own the real estate of the dealerships. 10.6%…

Opinion about GO.U-T: US multi-family vacancy rate is 7%, whereas GO's is less than 1%. Operates in Manhattan's luxury space. High-quality assets, great internal growth potential. Just went public last summer at $15, and you can buy it for $10 today. Discount to NAV. Implied cap rate is mid-6%, while it just sold a building at…

Opinion about ONEX-T: Very strong management team.Hard stock to value. Private equity firm.Trading at discount to net asset value.High interest rates makes it hard for company to grow.Better names to own.

Opinion about SRV.UN-T: (A Top Pick Dec 14/23, Down 11%)Stockchase Research Editor: Michael O’Reilly Our PAST TOP PICK with SRV.UN has triggered its stop at $14.50.  To remain disciplined, we recommend covering the position at this time.  

Opinion about HOT.UN-T: He has met with their management a few times. They have transitioned their business from hotels for railworkers and staff, which was a simple and good business. They have transitioned to owning more hotels, generally in B cities in the US. He doesn’t have confidence that this will work out well. Its…

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 EDR-T: A good name, but risky at the moment after the huge runup. Will maintain its high valuation.

Opinion about FDY-T: 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.

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 LIO-X: Fiji is an interesting place. They have raised $85 Million last year when it was tough. If they get this thing going it will build up confidence. They are putting a relatively small scale gold mine into production while doing exploration. They should eventually get bought out.

Opinion about DSV-T: Owns it as a management play. Good silver development project albeit in Mexico, where there are permitting difficulties. Recent pivot to buying one of the Tier 2 Newmont assets changes the picture of the company; gives management a chance to do what they do well, developing mines in Abitibi district. They can use…

Opinion about ALS-T: The market is a little ahead of itself and this one has been ignored. They are high quality allocators of capital. It is a very high quality name. Management is seasoned. FFH-T is making a large investment in them. (Analysts’ target: $15.00).

Opinion about MUX-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research MUX is a 'love it or hate it' stock. Mr. McEwen has his fans, and his not fans. He is an aggressive CEO, and has grown via acquisition. He had good success decades ago, not so much since. He owns 15% of…

Opinion about NEO-T: Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Cannacord reduced their price target for the company today, which could be the reason for recent weakness. The company is cash rich on the balance sheet. Currently trading at 8x earnings. Oversold and could buy today. Unlock Premium - Try 5i Free

Opinion about III-T: Will respond to copper prices if those prices move up. Tier 2 assets. Impressed with financial backing of the company. Not considering buying.

Opinion about GENM-T: A palladium-copper developer in northwestern Ontario. Rates of return are just below 30%. This will be hard to finance, though they scored funding from Export Development Canada. Can they get equity financing. That's the key question.

Opinion about FNV-T: (A Top Pick Dec 15/23, Up 14%) Still suffering the shut-down of the Panama mine, though new discussions may arise about it. FNV has no debt. Arbitration could happen. Once Panama is back on line, FNV shares will resume their climb. He bought this just after the Panama situation. He's happy to…

Opinion about LGD-T: 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…

Opinion about FF-T: (Market Call Minute.) Great execution with a $500 million market cap. Thinks it is ahead of itself. It is expensive.

Opinion about MGM.V: Doesn't like the sole risk exploration. If the story develops the people behind the company have the financial connections. The…

Opinion about EDV-T: 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. 

Opinion about GMIN.TO: First-class management -- young, but experienced. Buys projects, builds the deposit, and then operates it. Proven mine…

Opinion about HBM-T: Whole base metals space does well over 5 years, though perhaps poorly over 6 months. Dearth of Tier 1 deposits, whole bunch of Tier 2 deposits. For him Tier 1 means world-scale size and top quartile on ROIC, but bottom quartile on costs. Likes its built-in growth and renewed focus in Arizona,…

Opinion about SKE-T: It is re-starting its Eskay Creek Gold-Silver Project. The cost of production and gold reserves are phenomenal so there is a quick payback on money spent and it can continue to expand. There is immediate and long term upside. Its price will move up and down with the price of the commodity.

Opinion about AYA-T: Hoping to bring a second silver mine into production in Morocco, which has boosted investor-friendly fiscal regimes. Spectacular recent drilling results, not that the market has cared. He needs more results and more consistency to model the deposit. No country is without political risk, and he compares the reward to the (political)…

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

Opinion about BRVO.V: High quality platinum and palladium company. He likes the CEO. Inherently risky business.

Opinion about LUC-T: The company has suspended its dividend. They operate diamond mines in South Africa. They are looking into underground, from open pit. The cost is more expensive than thought. The price of diamonds has been reduced, though retail prices won’t change.

Opinion about PEY-T: Great company and dividend. Rather risky, riskier than GEI. Q4 was in line, operating costs down 8%, production up. 2025 calls for 6% production growth. A 10% tariff is, really, peanuts. Will be helped by better decisions in building out Canadian infrastructure.

Opinion about KEY-T: (A Top Pick Apr 09/18, Up 66%) Always felt it didn't get the credit it deserved. Great business. If Canada wants to be able to better defend itself on the global stage, perhaps it should bring more of the value chain within its borders instead of sending every oil and gas molecule…

Opinion about ELE.V: Holding company. His preference is to be a long-term investor -- so if nothing goes wrong, he holds for a long time. This…

Opinion about BNE-T: It is a conservative producer. They did a good job over the long term. All dividends are at risk, but this one should participate in a recovery. They already cut their dividend.

Opinion about TOT-T: Good management team. Inexpensive. Well diversified. Getting into tank storage business, which is exciting.

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 JOY.TO: They brought in a partner this summer to help develop the East Duvernay. They still have too much debt. She is watching it but…

Opinion about PRQ-T: He believes we are seeing a very firm bottom for nat. gas prices. This is a premier deep basin player. Has owned for a couple of decades. This is the top take-out candidate if someone wanted exposure to deep basin wells.

Opinion about PNE-T: Nothing wrong with the assets or management. It's just the market cap. Current environment is not conducive to meaningful outperformance by small caps. Small-cap model in Canada is essentially obsolete, they just can't afford to drill. Consider taking the tax loss. See his Top Picks.

Opinion about CEU-T: Consumable chemical solutions for the entire lifecycle of oilfields. Nice runup, but still likes it for 7-8% upside (not huge). Ranks 9/10 on fundamentals. Analysts peg it as Buy to Outperform. Yield is ~1.5%.

Opinion about BIR-T: His numbers show burning $25M of debt to satisfy dividend next year. US nat gas supply's at all-time high. Won't cut dividend, unless gas price goes down materially due to a warm winter. Strong balance sheet. Trades at a premium. 13% downside from here. Yields almost 12%.

Opinion about QEC-T: Gas weighted. Good name but thinks ultimately development is going to be slow.

Opinion about KEL-T: Has deep assets, which they won't sell for 9-12 months, as they add others. He can't own every midcap, though this is good.

Opinion about ORC.B-X: (Formerly Eastcoast Energy (ECE.B-X)) Natural gas production in Tanzania. Fabulous expansion in gas reserves offshore. Contracts onshore for the gas. Have announced they are going back to West Africa.

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 SIA-T: TFSA suggestion for appreciation and income. Not actually a REIT, but a corporation. Offers a nice blend of both capital appreciation and income. Half its portfolio is government-funded, long-term care; other half is private-pay retirement homes. Stability of government funding + tremendous growth from aging baby boomers. Well-covered, safe yield of 4.1%.Sometimes…

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 RX-X: (A Top Pick Dec 24/14. Down 31.71%.) This stock came down early in the year because of concerns about their over focus on a single product. Corrected earlier in the year and has just been trading sideways. Looks cheap. He expects it will bounce back with the rest of the sector.

Opinion about CRDL-T: COVID-19 heart issues? The company makes a synthetic CBD. Their original work saw CBD helped to reduce inflammation of the heart. It is expected they will start to re-purpose their product for COVID patients. This would help accelerate testing by about 2 years. This could lead to product being sold in Canada…

Opinion about ADEN.TO: (A Top Pick Feb 03/23, Up 6%) Their architectural products come later in the building process. He sold last summer since it is…

Opinion about GEO-T: Small start-up geothermal company. Once you actually find the thermal resource, what it produces is competitive with grid power prices. However, very capital intensive, which drags down returns. He would rather play the manufacturer side. Biggest one is Ormat Technologies (ORA-N)

Opinion about DII.A-T: They had huge writeoffs in 2018 and more could be coming. They got hit by the 25% tariffs. They have diversified into car seats, bicycles and furniture. The dividend has been eliminated. He is watching it, but too early to buy.

Opinion about DII.B-T: It's never done anything and has disappointed shareholders. He owned shares 10 years and sold it because he got fed up with its lack of progress.

Opinion about CCL.B-T: (A Top Pick Jun 02/23, Up 1%) Impressive Q1 results. Sales grew only a bit in Q2, but beat expectations and earnings. Higher rates impacted consumer spending. Really strong balance sheet. Light yield of 1.7%, but has increased dividend over 5 years by 110%. Fundamentally 9/10 for her.

Opinion about FTT-T: She'd rather own CAT, which she's been looking at. Go to the company that makes the machinery, rather than to the distributor.

Opinion about SPB.TO: Propane is more volatile than natural gas, highly dependent on weather, and faces lots of seasonal margin pressure. A positive…

Opinion about GRA-T: 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…

Opinion about TSL-T: Sold his holdings when the US housing market started coming apart. 20.5% yield. Wouldn't bet that the housing market will recover and sales will go up again.

Opinion about CFF-T: Play on the US housing recovery as well as timber, as they ship to US and Asia. Management bought 3 sawmills in 2006 which have been losing money. Have recapitalized a couple of the mills and are looking for better utilization. With better timber prices, she is expecting it to turn around…

Opinion about CAE-T: (A Top Pick Feb 05/24, Down 9%) (Note short timeframe.)  Attributes underpinning her recommendation are still there. Pilot shortage. Revenue is still consistent, stable, growing. Struggled on defense side, margins have come off, but geopolitical tensions are still high. Signed 25-year, $11B contract in May; services still in demand.

Opinion about BDT-T: 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. 

Opinion about CJT-T: Does have a moat. Does most of the AMZN shipping. Very capital-intensive, and investors need to be aware of that. Stock got far too cheap. CEO transition. Most things are up this year, and investors are looking for tax-loss selling candidates. Take that away, and he sees it being up 10-15% in…

Opinion about GRID.TO: A number of trials ongoing with customers as they seek out contracts. Lumpy numbers. Smaller cap and very thinly traded, so…

Opinion about AFN-T: Delays in reporting from Brazilian business, and it's significant enough that Q3 numbers can't be released. That's always a red flag. He stopped investing, as it's so dependent on the unpredictable agriculture cycle.

Opinion about IAN-CSE: 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…

Opinion about STN-T: There is a demand for infrastructure, and there's spending to be done. He prefers the engineering companies that provide the services to build the infrastructure, such as this one. Infrastructure builds across NA. Big holding for him.

Opinion about EIF-T: The chart is very volatile. A rollercoaster. Is now breaking out and could keep going or pull back. If this breakout lasts for a while, he would buy it.

Opinion about XLY-T: 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.

Opinion about CWEB-T: Wellness drives CBD demand and there's more competition entering this space. The CBD market continues to expand into drinks and food. He used to own this, but sees better opportunities. But CWEB is one of the U.S. leaders in this crowded space, so it's okay. You want to be in this space.

Opinion about CHE.UN-T: Is okay to open a small position now, then especially if it breaks out to new highs above $12. The issue is that he expects a bigger correction in 6-8 weeks.

Opinion about H-T: Great company and business. Trading at 18x. Growing at peer average. Better names in sector to own. Would recommend holding. 

Opinion about NPI-T: (A Top Pick Nov 28/24, Up 28%) His dividend choice of the 3 Past Top Picks. At that time, had operational issues and no permanent senior leadership. Global assets amidst a positive outlook for power demand. Now has a great new CEO, delivering on growth projects. Will reevaluate at investor day in…

Opinion about MAL-T: The five-year chart looks good. Since early 2025, the chart shows higher highs and higher lows. Likes it.

Opinion about FORA.TO: (A Top Pick Jun 05/24, Up 10%) It is an interesting business at the right time. It should be up more and is one of the…

Opinion about GIB.A-T: Suspects it's just a lull in the business. Results were fine, very nice balance sheet. Great capital allocation. Always going to need consultants. Good time to look at it with its reasonable multiple. Sector's been hate-sold. Great acquirers. If AI implementation picks up, could be a good entry point.

Opinion about ABXX.TO: Market got really excited, and then really concerned. Short report highlighted volumes boosted by market-making, which is not…

Opinion about BYL-T: They make antennas for smartphones and other applications. Problem is that it's tough for them to make money. They buy a lot of companies. The target is 67 cents after falling a lot. Has little liquidity, under 60,000 shares daily.

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 CMG-T: Basically an international computer software and consulting company that is able to simulate the reservoirs for oil/gas companies giving precise locations for drilling. Has grown about 20% per year in the past and he is expecting 12%-15% growth. Yield of 2.94%.

Opinion about TGO-T: Originally a pure connectivity play. They acquired a company recently and are now cross selling to the acquired company’s customers. It could cause the stock to double at some point.

Opinion about EAGR.TO: It is the former Leaf Mobile. A fantastic business with impressive accomplishments. It has two parts: first a mobile game…

Opinion about ALYA-T: Just went public in June. Plays into same space as CGI. Small minnow in big pond, but very smart. Built business on acquisitions. Interesting, because they're picking out smaller and mid-size, and they have a long runway.

Opinion about PET-T: Stockchase Research Editor: Michael O'Reilly We reiterate PET, Canada's largest pet food distributor with over 800 locations, as a TOP PICK.  The company announced completion of its BC distribution centre, the second largest in Canada (following its own in Ontario) and plans to grow in Calgary.  We like that cash reserves are…

Opinion about HLF-T: He held it for 10 years and did very well, but then he unloaded it entirely, starting in February. He didn't see a recovery in its last quarter and sold his remaining shares. Highliner made a distrastrous acqusition and suffered a brutal recall. Doesn't see a recovery anytime soon.

Opinion about CSW.A-T: Only one analyst covers it. Earnings estimates are lower for next year and the year after than this year. Year over year sales (reported Feb 7) were up a glacial 1% and year over year earnings were down over 20%. Return on equity is forecast at a reasonable 13% but there is…

Opinion about KPT-T: Trading like it is a private label company, which is not the case, because they have significant branded products they sell in Canada. The previous quarter they had was pretty good, and have announced that they are raising prices. They are looking to add another private label machine and has also started…

Opinion about CTC-T: Online shopping taking major toll on business.Not as many visitors in the past.Business not competing well with Amazon.Rewards program not very good.Not a good time to invest in business. 

Opinion about CTC.A-T: Steer clear. Generally, retail is a tough industry. Not good insulation from online competition. Wary of retail that's not specialty. Would prefer HD, ORLY, or dollar store segment, but wait for pullback.Tends to be a more economically sensitive retailer. Could benefit from rate cuts and an uptick in discretionary spending. But rate…

Opinion about ACQ-T: Evaluates on reasonable valuation, good price trend and prefer lower volatility. For ACQ, it has good price momentum and good value characteristics. 7.5x cashflow. Debt is a bit heavy. With less debt, he would look closer at it.

Opinion about KBL-T: Billy Kawasaki’s Insights - Billy's most-liked answers from 5i Research. Star Mayan, acquired for $200M last June, has been reflected in recent quarterly results. Year-over-year comparisons for Q1 and Q2 will show strength from the added revenue, though analysts have already incorporated this acquisition into their estimates. The most recent quarter was…

Opinion about IFA.TO: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research IFA is a very small company ($36.7M market cap), and for…