Most Anticipated Earnings: SLF-T, REAL-T and more Canadian Companies Reporting Earnings this Week (Nov 13-17)

Opinion about SLF-T: Chart looks great. Above 200-day and 200-week MAs, which are both moving higher. Not explosive growth, but steady eddy instead. 11-12x forward PE. Pretty decent dividend of 4%.

Opinion about POW-T: Sleep easy at night, tends to move up over time. Safe and steady rather than the kind of growth you'd get from a BN or one of the banks. Used to be dead money, but that's changed. Attractive dividend. A good name to fund your retirement.

Opinion about EIT.UN-T: 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.

Opinion about UNC-T: Making changes to be able to invest more in foreign stocks. Wait to see how they do.

Opinion about ECN-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research ECN is, at least, up 58% in the past year (down 16% YTD). Considering its economic exposure and small size, its decline is not really out of line with others. That being said, it is hard to be too bullish here. Consumers…

Opinion about DHT.UN-T: Applied similar royalty approach from mining sector to pharmaceutical business. Allows for new development in pharmaceutical business. Capital light business. Second listing in the world of this nature. Very cheap valuation, trading ~1.3x book value. Excellent long term prospects. 

Opinion about AW-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research AW is relatively small, but we like it well enough. It has operated very well in differing economies, raised its dividend over time, and maintained its market share. However, we would view it far more as an income stock and not one…

Opinion about APR.UN-T: Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. They invest in income-producing automotive dealerships. If there is an increase in demand for cars, the dealerships will pay rent and more dealerships will open up. DEmand for cars has only slightly increased, and it is more a supply constraint right now.…

Opinion about KEG.UN-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research The Keg Royalties Income Fund (KEG.UN) is a $240M fund that invests in the Keg Rights Limited Partnership in connection with the operation and franchising of Keg steakhouse restaurants. It has a distribution yield of around 8%. Sales growth has mostly been…

Opinion about HTL-X: Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Sales and EPS outlook are good. The markets are reacting well to results from last quarter. EBITDA increased by 47% for the year. Organic growth was roughly 20% with $5M added to its cash balance. Management’s outlook is positive for 2022. Demand…

Opinion about SYZ-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research Revenue was up 3% to $16.3 mln for the quarter. SaaS ARR was up 15% and total ARR was up 6%. Net revenue retention was 108%. Bookings looks positive as well. Overall it looked like a solid quarter as the company begins…

Opinion about TNT.UN-T: Suffered from exposure to commercial office space. More secondary markets. Suspended distribution entirely, in favour of buying back stock. Consolidated shares. Uphill battle.

Opinion about NET.UN-X: Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Recent results were quite positive. It collected 100% of rent with an increase in revenue by 61%. Free cashflow is at $2.9M this quarter. They have added the Food Basics banner and acquired more land for development. Profit margins increased and cash…

Opinion about ACD-T: (A Top Pick July 26/13. Up 18.07%.) A niche lender to small businesses. Very, very well run. They raise their dividend almost every year. Insiders own piles of stock. Very conservative. They are finding new ways to grow the bottom line. Have lots of capital, which is all deployed. Expects earnings will…

Opinion about BRY-T: They do oil/gas fluids. Profitable company and revenues are growing by leaps and bounds. They have a lot of debt and have taken on quite a bit of debt and have virtually no cash in the bank. Just did a $10 million raise and sold 6.6 million shares, which they needed to…

Opinion about HR.UN-T: Would recommend holding. Majority of portfolio in sunbelt states like Arizona and Texas. Would expect income to increase as more people move to warmer Southern areas. Good balance sheet that allows company to maintain dividend payouts. Expecting better times for company ahead. 

Opinion about CHE.UN-T: A top pick last November, because it's one of the leaders in industrial chemicals in North America. There's a lot going on behind the scenes here. He didn't see the downturn in this sector as well as intense competition. Likely, shares won't recover until the economy picks up, but an opportunity now.

Opinion about DRM-T: Likes real estate in general. In particular, likes those that are building their businesses; not the ones that are just collecting rents, paying dividends, and going sideways. CEO is great and is investing in the company. Turning around. Sector will benefit from lower interest rates. Looked at this one, likes it, but not…

Opinion about CF-T: 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.

Opinion about AI-T: It is in the short term mortgage lending business, mostly residential. It is trading at a slight discount to NAV with an 8% yield. It is not widely followed.         Buy 2  Hold 0  Sell 0 (Analysts’ price target is $12.96)

Opinion about MHC.U-T: Top income pick, newest holding. Provides mobile and manufactured housing parks in US. Growth through acquisition, improves services and trappings of those acquisitions. Low monthly rental fee, increased a bit every year. Strong balance sheet. Yield is 4%, payout ratio only 40%.Provides affordable home ownership when real estate is still expensive.

Opinion about AIM-T: 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.

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 SOT.UN-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research It is not looking good, considering more than $900M in debt and cash flow of only $37M in the last 12 months. Interest expenses were $73M, nearly twice cash flow. It does of course have assets, but it is not a seller's…

Opinion about CWL-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research IF growth returns then CWL could do OK, but it has seen revenues decline for nearly the last two years. Margins also took a significant dip in 2023 and CWL generated a net loss. Looking back to years when CWL did see…

Opinion about NXR.UN-T: Pretty good job transitioning to pure-play industrial, but some worry about capital allocation. Trades at a higher discount than peers. He wants more liquidity and concentrated in key markets. Better risk/reward in larger entities with more liquidity. See his Top Picks.

Opinion about FDI-X: They have finally inked some very significant deals in the last 3 months, which is why the stock has doubled since then. Thinks there is pretty good opportunity. One of the challenges is that there is only one analyst covering it.

Opinion about INO.UN-T: Difficult to own. Commercial real estate in Europe. Strategy of owning secondary assets was not the best. Cut distribution. Unless you have a high risk tolerance, don't add to your portfolio.

Opinion about TII-X: They had a project where they had lent out some money to the big Urban Corp. real estate company, which defaulted on their loans. Fortunately, the loan was secured by some real estate. Terra Firma just announced getting full repayment of the principal plus interest for that property. Now it will be…

Opinion about REAL-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research REAL is in recovery mode; it has a solid Q2 with a 27% 'beat' on earnings. It also has good positive leverage to lower interest rates (now occurring) and the real estate market. Earnings in the next two years will still be…

Opinion about FTT-T: Repeatedly compares this to TIH, and TIH always comes out on top in terms of ROIC and dividend growth.

Opinion about WTE-T: Canada has some of the best high-grade coal for steelmaking, and this company exports it. Permits to build new mines are being held up by environmental concerns. Safe name, good dividend. Even if coal falls off, export capability is still intact. Yield is 6.8%.

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 TBL-T: 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…

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

Opinion about DE-X: He was in on the IPO a few years ago. Wood-burning stoves is a large business for them, plus agriculture and some industrial. They acquire and integrate small businesses in order to lead the market. It pays a high dividend. During Covid, business in some parts spiked, but after Covid, their YOY…

Opinion about SJ-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research EPS of 93c beat estimates of 71c; revenue of $730M beat estimates of $693M. EBITDA of $115M beat estimates by 6%. Sales rose 6.1% but EBITDA fell 4.2%. Railway ties showed strength, up 17%. Guidance was affirmed. Commentary was much more positive…

Opinion about SPB-T: Strategy was to get bigger in Canada and US propane distribution, and he liked that. Didn't like the payout ratio of 80-90%. Certarus acquisition wise. Balance sheet couldn't support all its big plans. Dividend cut a positive, and should free up capital.Widespread team turnover since the acquisition, so it'll take him some…

Opinion about BLDP-T: Renewables at lower cost rates don't work; you need the subsidies. But what does work are large-scale hydrogren projected. Not sure about small-scale like Ballard.

Opinion about CJT-T: Economic uncertainty contributed to the pullback and it is down quite a bit. It is a secure, slow and steady type of company. It has a dominant position in the overnight courier business in Canada. It is in a range where you could start to accumulate.

Opinion about AFN-T: Frustrating, he sold. Numbers good, but continues to have lots of problems in its farm business. Commercial side's been pretty strong. Some of its geographies have been weak. Guided down. Not worth it, look elsewhere.

Opinion about MAL-T: 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.…

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 WEF-T: 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…

Opinion about CFF-T: Forestry space He owns no names. The stocks are okay but face trade disputes and an economic slowdown that will hit housing stocks. The stocks have been beaten up.

Opinion about OML-X: California company that makes very precise metal parts. A lot of their work comes out of the defense area. Recently got a new contract for a diesel engine and anti-lock brake component as well as green lead free ammunition.

Opinion about BDT-T: Really likes. Numbers are fantastic. Within the engineering/construction space, this is the one to own. He hasn't bought more as his method is to buy stocks as they're working higher, and this one wasn't. Trades at 6-7x PE, with ROIC north of 20% every year. Excellent management. Consistent, large contract wins.

Opinion about CCL.B-T: Its businesses depend on consumers, so some growth might be capped. Pullback could be a time to look at it, but has already done pretty well over the medium term. Steady-eddy with potentially high valuation. Keep an eye on.

Opinion about LNR-T: (A Top Pick May 13/24, Down 13%) It announced it will not be affected by tariffs and is well managed. However he has sold - it has had a hard time getting respect from the market in spite of their successes. Has a dedicated fan base but this is not enough to…

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 NFI-T: Competition has withered away. Pays no dividend. He's held this through some tough periods. The problem with a seat suppliers seems to be resolved. Huge backlog. They can withstand tariffs. If they deliver some buses in Q2, 3 and 4, the stock will look good in 12 months. (Analysts’ price target is…

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 LGT.B-T: (A Top Pick Oct 26/21, Up 51%) (Note: acquired in January 2024)  Bought out by a large private equity fund that focuses on infrastructure.

Opinion about EFX-T: Great-looking chart. Had a long base of 2-3 years, which was ripe for swing trading. But now it's broken out, and that's good news. Parabolic move in a very short time, from $7.50 to $12.50, and it will take a break. When it does, that would be another great entry point as…

Opinion about SOY-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research We think investors can wait. With a highly leveraged balance sheet, very weak momentum, economic concerns and a history of mixed results and losses, we do not think it is the type of stock to own in the current market environment, especially…

Opinion about CHR-T: 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. 

Opinion about BOS-T: 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. 

Opinion about CVX-X: Specialized, more durable concrete. Story makes sense, but the numbers aren't there. Company's been around a long time, but sales haven't grown that much. If the product is revolutionary, why aren't more people using it? Companies with sub-$100M market caps have to be really, really good to justify an investment.

Opinion about CAE-T: (A Top Pick Feb 05/24, Up 34%) Earnings good, guidance disappointed. But she takes a long-term view. One of the few stocks she owns with no dividend. Checked the boxes of recurring revenues, stable business. Still a pilot shortage in NA, geopolitical risks favour the defense segment.

Opinion about CURA-CSE: 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,…

Opinion about EIF-T: Extremely well managed. Trying to buy a company in Australia that does search & rescue there. Likes it, in his income fund. Profitable businesses that are protected, with opportunities to grow.

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 GDI-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research. Consecutive quarterly revenue growth. Industry leader in out- sourced facility service. Non-cyclical market with tremendous pricing power. Continues to be acquisitive. Unlock Premium - Try 5i Free

Opinion about WEED-T: Good for marijuana exposure. Speculative, but quality. 

Opinion about EXRO-X: 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…

Opinion about ACB-T: Avoid the sector. High risk, speculative. Doesn't see catalysts to drive the sector higher, especially if Republicans succeed in the US election.

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 TSL-T: (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…

Opinion about CRP-T: (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…

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 FLY-X: 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…

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 ANRG-T: 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…

Opinion about KRN-T: (Market Call Minute.) Feels the potash market is oversupplied.

Opinion about KLS-T: He's look at this many times, but never bought it. Pipelines still need to be approved, despite more talk about them. Co, crude-by-oil will endure, and everyone wants to make this safer. KLS has the technology to do this though their tech hasn't been mass-adopted. He'd like to see accelerated growth and…

Opinion about HRX-T: 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…

Opinion about PYR-T: There is a solid plan to build out the company. Plasma can be used in several different industries. If buying, start with a small quantity.

Opinion about CJ-T: 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.…

Opinion about PHX-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research PHX has had very strong momentum over the last year and is also cheap at 6.5x forward earnings. Most recent quarterly earnings results were very good, recording a large beat on revenue and EPS. Outlook for 2024 forecasts a drawdown while 2025…

Opinion about YGR-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research EPS of $0.11 missed estimates of $0.13 and revenues of $42.41M missed estimates of $44M. Its FFO increased by 29% against the previous quarter, and its operational efficiency improved by 3% in average production. It demonstrated drilling cost reductions in the quarter,…

Opinion about CWC-X: (Top May 21/14, Down 80.33%) He has trimmed some. They have no debt problem. It is totally out of favour. Don’t be concerned if they cut the dividend again. It will go up again when things improve.

Opinion about MEG-T: They received the second hostile bid in 10 years from the same company. He opposes this deal. The bid is laughable, massively undervalued. Unique, MEG has a super-quality single Oil Sands asset. Modest growth over time. They use all free cash flow to buy back stock. At $70 oil, MEG could buy…

Opinion about OVV-T: 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…

Opinion about VNP-T: Based in Montreal. Supply specialty semiconductors and performance materials. Customers such as a manufacturer of solar panels. FSLR in the US, one of VNP's biggest customer, guided down. Stock dipped. Need to get a handle on tariff impact. Not growthy enough for him.

Opinion about JOY-T: 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.

Opinion about SU-T: He likes the big integrated names, but doesn't own any oil producers now. His team deemed that group as having first-derivative vulnerability to tariffs on volumes and profitability. Premium brand in the space. He's waiting out some of the volatility on the price of oil before getting back in. Nice dividend.

Opinion about TRP-T: (A Top Pick May 10/24, Up 50%) Catalyst was spinoff of South Bow oil pipelines, so remaining energy would be "clean". 

Opinion about KEY-T: Last quarter was a nice beat. Asset sales. Sizeable projects seem to be making progress. Low leverage, low payout ratio with nice dividend, lots of volume growth on existing assets. Lots of upside from new project announcements. Natural gas plus getting it offshore are real tailwinds for Canada. Trading ~16.3x 2027, not cheap,…

Opinion about PEY-T: Has good exposure to nat gas; he's a nat gas bull. They bought a fine company last year just as they smartly hedged natural gas. So, there's upside ahead. Pays a sustainable 6.9% dividend yield, which he expects to rise in June 2026 possibly to 8%.

Opinion about PXT-T: Yield is 13%. Dividend not sustainable. Great candidate for tax-loss selling, and buy another high yielder (such as WCP) with the proceeds. WCP has meaningfully better assets, reliable management, with no Colombian geopolitical risk. 

Opinion about NVA-T: You get exposure to natural gas and condensates. NVA is growing production by 33% the next few years, then will plateau production which they can do for 28 years. Wait for their share buybacks to happen over time. At $4 nat gas and $60-70 oil, NVA can buy back 33-52% of their…

Opinion about CR-T: Some people own it for M&A takeover potential. He doesn't like to do that. It's a market where interest in small caps remains very low. Not hitting enough radar screens currently. Pursuing growth, so more modest cashflow. 

Opinion about CFW-T: 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. 

Opinion about ALV-X: This was a spin out from a deal that Petrorubiales did about 6 months ago. Often these spin outs get dumped because people want to own the larger company. This is trading below cash and some nice prospects. Likelihood of success by the drill bit is pretty high.

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

Opinion about IPO-T: 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…

Opinion about SHLE-T: One of his favourites. Has come off with rest of energy services names. Came off on tariff concerns, has applied for an exemption. Extremely cheap at 2x EBITDA. Strategic and highly profitable asset, could be takeover target.

Opinion about HWO-T: 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,…

Opinion about ESN-T: One of the largest fleets of generation 3 and 4 deeper coil tubing. Two businesses: coil tubing and tools. Both are being run efficiently. Margin pressure in the sector. Great little story that will be a big beneficiary of LNG drilling. No debt. 5-year bull market target of $3. 2023 will be…

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 TCW-T: High beta service name, so can be volatile on a tweet. CEO is honourable, respected, and a good operator. Healthy stock buybacks have supported the stock. Net cash lets them survive anything. May see weakness in FCF. He's cautious on the services sector, owns none right now.

Opinion about OBE-T: Not a good investment with current management team. Other energy companies available with better opportunities.

Opinion about CEU-T: He's tempted, but difficult to see a near-term catalyst. Extremely strong balance sheet, very competent management. Gaining market share. Niche player. Closest competitor is not as good. Spending environment not good for service companies. Stock will struggle. He'd prefer pure-play oil yielding 9-10% or natural gas.

Opinion about TOT-T: 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.

Opinion about OYL-X: 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…

Opinion about CET-T: (A Top Pick Feb 19/19, Down 67%) He took it off the buy list a while ago. They have paid down their debt load, but their revenues from drilling in the Permian are dropping. He hopes a new management team will help. A high risk - high reward scenario. He will continue…

Opinion about MCB-T: A week or two ago, stock popped on excitement over a new product that will lead to some recurring revenue, cut costs, and improve safety. 2025 will be a good year, but product is still being tested and rolled out. Pivotal year will be 2026. Trades at only 6x PE, profitable, great…

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 E-T: Very high margins, using nat gas instead of diesel for generators in its power division. Power division is growing quickly. Chart is beautiful, more room to run. Anticipates a $4-5 stock.

Opinion about XOP-CN: Raised $130 million last year. Will be drilling 5 or 6 combination exploration/appraisal wells in UK North Sea before year end. Also looking at deals offshore west Africa and Brazil. Good team. High risk situation but there is downside support.

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 NVEI-T: 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. 

Opinion about MDA-T: Friday saw NASA cut funding for a lot of space programs, significant impact on MDA. On his radar. Really impressive contract wins, revenue growing pretty quickly, sector's been hot. He's invested in companies that depend on government and has been burned before. Be careful.

Opinion about CPLF-T: Large infrastructure & utilities technology.Optimization software that replaces spreadsheets.Large organizations that create recurring revenues.SAP partnership helps create new opportunities. Under the radar - not widely followed in the markets. 

Opinion about KSI-X: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research We like KSI, and we even covered the name in one of our latest podcast episodes (link to our discussion on KSI can be found here). KSI is a $630M healthcare SaaS company that provides solutions for data and document management. Good sales…

Opinion about MDF-T: (A Top Pick Sep 25/23, Up 63%) It was bought out, an undervalued Canadian tech company as leaders in e-procurement in both Canada and the U.S. This stock was too cheap for too long, then KKR bought it last May. He thought the buying price was way too late.

Opinion about QTRH-T: They dominate US market share in electronic toll roads, and lead in weight-in-motion in trucks. This space is getting more technology driven. They had low-margin contracts a few years ago, but those are turning around, so we will see wider margins. Recent quarters are guiding towards that under new management. They have…

Opinion about ART-X: 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.

Opinion about CSU-T: A rather mysterious and opaque company. Well held, well owned, and people hold onto it for dear life. Massive compounder of 36,000% since the IPO in 2006. Acquires mission-critical, vertical market (narrow of scope -- such as an operating management system for a vet clinic or daycare or golf course) software companies. Tuck-in…

Opinion about DCBO-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research EPS of 28c beat estimates of 24c; revenue of $57M beat estimates of $56.1M. EBITDA of $9.5M beat estimates by 3%. But guidance came in light at $57M, vs estimates of $58.7M. Expected F/x headwinds really hurt guidance. Sales rose 16%. EPS…

Opinion about HUT-T: (A Top Pick May 01/25, Up 29.8%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with HUT has achieved its target at $24.  To remain disciplined, we recommend covering half the position at this time and trailing up the stop (from $10) to $15.  

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 BR-T: Brewery. Tough for them to compete. Have a strong following in Alberta but his concern would be if their product has a strong enough niche to compete with the big companies.

Opinion about PET-T: (A Top Pick Nov 12/24, Up 17.8%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with PET is progressing well.  To remain disciplined, we recommend trailing up the stop (from $23) to $26 at this time.  

Opinion about LEV-N: 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.

Opinion about PZA-T: 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%.

Opinion about RAY.A-T: 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.

Opinion about IDG-T: Has had a huge run and is not sure he would be courageous enough to get onboard at this point. Management has done a remarkable job of building this. He would look for a little lower entry point.

Opinion about LNF-T: How do you feel about the consumer? This name is based on sentiment and consumer's comfort with buying big-ticket items. Dominant player in Canada. He wants companies that can grow 20+% a year, and he struggles with being able to sell 20% more couches, etc. Conservative choice. Don't buy right now.Just because…

Opinion about CSW.A-T: Ace Beverage acquisition got him interested. Some really nice growth coming, but not all segments are growing. So it's not going to give him the consistent 10-15% growth rate of a great company. Last quarter showed 9%.

Opinion about CSW.B-T: He doesn’t know the seasonality on this, but the technicals show that it has been in an upward trend for quite a period of time. During the last little while, it has been in a trading range between around $19 and $22. It is not unusual for a lot of stocks in…

Opinion about HLF-T: 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)

Opinion about DCM-T: Small player in packaging, did large acquisition last year. Growing quickly. Very cheap. If you need to own something in the space, look at this name.

Opinion about KPT-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research KPT is a $101.6M company that pays a high yield of 7.1%. Its valuation is decent, but its balance sheet has been contracting for several years now. It's considered a consumer staples name, but we are not very impressed by the fundamentals…

Opinion about TGO-T: (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…

Opinion about RCI.B-T: No issue with defaulting on bonds from any of the big 3 telcos. For the equity side: not a lot of growth, price competition, CRTC always making new rules. 

Opinion about SAP-T: A month ago, SAP reported its full-year earnings, and EPS of €2.68 beat expectations, but was down from €3.24 in FY 2023. Revenues of €34.2b were 9.5% higher from FY 2023. The main driver was the cloud. In 2024, its cloud backlog leapt 43% year-over-year to €63.3 billion while cloud revenues jumped…

Opinion about CTC-T: 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. 

Opinion about CTC.A-T: Can't tell what the impact of a trade war will be; they receive a lot of Asian goods. Also, this is consumer-dependent which is a risk. They are selling Helly Hanson at a profit and will reinvest funds in tech. They're buying back shares. Not a bad business and are profitable, but…

Opinion about QBR.A-T: 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.

Opinion about QBR.B-T: (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.

Opinion about ZZZ-T: A great one to buy at the height of Covid. This has come back with a vengeance. Amazing Q4 report and the housing market is on fire. Factors lined up for ZZZ. They've managed debt well. It's a one-product business, though, so keep that in mind and don't pay a big PE.…

Opinion about ACQ-T: (A Top Pick Sep 21/23, Down 7.6%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with ACQ has triggered its stop at $23.  To remain disciplined, we recommend covering the position at this time.  This will result in a net investment gain of 16%, when combined with our previous recommendations.  

Opinion about CGX-T: It was a darling, a great business years ago that generated tons of free cash flow. He once owned it. Then, it was supposed to be bought, but bad luck saw Covid hit and the deal died. Great management and still a good business that generates cash, but times have changed--there are…

Opinion about VCM-T: It is a well run company. He got out of it. They paid out a lot of special dividends and the stock did well, but he got out because most of the catalysts are out of it.

Opinion about ADW.A-T: 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.

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 LAS.A-T: (A Top Pick Oct 26/21, Up 15%) Stock fell soon after recommending, he sold, now it's recovered. Good company. Supply issues and inflationary pressures have normalized. Pretty good value at 11-11.5x PE. Watches it; could potentially add on a pullback.

Opinion about TA-T: Long a favourite of Stockchase Michael O'Reilly, this Alberta renewable energy company sank over 2% during April's tariff-induced slide. The sell-off helped to halve TA's PE of 40x from last September, and is now trading far lower than the industry's 33x. Even better, is the confident forward PE of 33.57x. Other qualities:…

Opinion about H-T: (A Top Pick Jul 12/24, Up 11%) It broke out since mid-July but has been sideways lately. As long as the stock holds at lows around $44, fine, but if it breaks below that, there will likely be more downside.

Opinion about INE-T: 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.

Opinion about MXG-T: He bought it as a value play with sum of the parts worth more than it was trading at. They are trying to sell some of the parts. Thinks they will sell all the parts and distribute the cash. $4-$5 breakup value. It is taking longer than he thought to break it…

Opinion about NPI-T: Power generator with consistent and concrete growth. Currently building 3 projects, on time and on budget, should come online in 2027.

Opinion about BLX-T: (A Top Pick Mar 28/24, Up 11%) Canada's leading renewable energy company. Are strong in Quebec, US and France in wind, but solar and energy storage are growing. Recommended it because all utilities were beaten down. It hit $36 before Trump was elected. However, energy demand is increasing. BLX has fine free…

Opinion about KEC-T: 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…

Opinion about GRN-T: 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.

Opinion about EMA-T: (A Top Pick Feb 05/24, Up 34%) Largest distribution utility is in Florida, where population growth has soared since pandemic. Regulator in Florida is easy to deal with. Diversified. Benefits from a risk-off mentality in the market.

Opinion about AQN-T: Working to transition to a pure-play utility, still holding onto small (3%) renewable hydro assets. New CEO and management team doing good job so far. Most utilities are in the US, with staggered and ongoing rate reset price increases. Likes it.

Opinion about DNTL-T: Now has ~3-4% market share in Canada. Lots of opportunity to expand, as Canadian market is more fragmented than, say, the US. Entirely domestic, not exposed to tariffs. Essential service, most patients have insurance. Market didn't love its equity issue; stock's down 20%, so he's been adding. Good insider ownership.

Opinion about CRON-T: It got stuck above $30 and is now building a nice base. He likes this.

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 TRUL-CN: 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…

Opinion about SIA-T: Demographics is a huge tailwind. LTC component is a steady business and government-controlled; transitioning a bit away from this. Canada-only. The 85+ demographic is expected to triple in the next 25 years. Yield is 5.6%. (Analysts’ price target is $18.58)

Opinion about EXE-T: Focused on LTC in Ontario, also a home healthcare business just in Ontario (which forms 50% of the business). No longer in retirement homes. If you own it, you've done well; continue to hold and collect the yield now south of 4%. If you have strong view of the home healthcare business,…

Opinion about GUD-T: Numbers are OK, but not fantastic. Better names in the sector. Lot of respect for management. May not be able to recapture the glory days of buying rights to distribute older drugs.

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 VHI-T: Great name. Valuation is a premium multiple, and well deserved. Management's done well. Wouldn't step in now, but only because of valuation. If you buy now, you'll do well over time. Favourite among investors. No trouble raising capital.

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 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 AEZS-T: Rather bad couple of days. Was down substantially, outside of a range. Consolidated. It broke down and is more likely to go down. $1.50 on the downside.

Opinion about HUGE-CN: There's no coverage on them. They're retrofitting an old Kraft location to grow high-grade cannabis. They've suffered a lot of delays, and have had aggressive expectations. He's waiting for them to deliver results first. Look elsewhere in cannabis for now.