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

Opinion about SLF-T: Over time it should get back to $88. Life insurance companies have less exposure to tariffs and recession than banks. Banks are more vulnerable to rising unemployment. Near term, life insurance companies are better buys than banks but longer term banks are better.

Opinion about POW-T: Great as a diversified financial. Great dividend payer and grower. Technically hanging in really well. Great long-term hold. Trading now at the 50-day MA. Yield is 5.1%.

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 National Bank has made ECN a Top 2025 pick. The company has a high degree of leverage to interest rates and the economy. If rates decline and the economy holds up, it certainly could do well. Consensus calls for 75% growth in…

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: (A Top Pick Oct 26/21, Down 13%) Stock's started to recover under the new CEO. Now focused more on faster growth. Margins have pulled back because expenses have increased, but still a high-margin business long term.

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 May 29/24, Up 6%) Will probably do reasonably well in light of tariffs, as the chemicals they provide for NA water treatment are rather nichey. Well-run company. Its decent and safe dividend makes investors more tolerant of rough waters.

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: He just trimmed target due to additional capex. EBITDA up 10%, nice. He is worried about tariffs on this name. Always trades a bit pricey. Expects 11% EPS growth, trades at 19.5x. Could probably get cheaper, but good grower over time.If you think tariffs will go away, good technical level to start…

Opinion about AFN-T: Disappointing. Slowdown in farm division last year, and management anticipates continued challenges. Management keeps cutting guidance, so its credibility has taken a hit. Better use for capital elsewhere over the next year or so.

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: Industrial stocks have come off on tariff, and other, fears. Very good ROE profile. Excellent earnings growth, with analysts projecting ~30% earnings growth a year for next 3 years. Quarters can be spotty due to lag time for project approval, so you have to own it for a while. At 9x forward…

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: He prefers MG. The 2 charts look exactly the same over the last 10 years, so pick your poison. Buy these names when things look awful.

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: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research We have been concerned on the company's execution, small size, high debt and economic vulnerability. It had to restructure its debt not that long ago. But the Q4 was strong, and its supply chain issue (seats) looks to be resolved. It also…

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

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 33%) Management did exactly what it said it was going to. Increased margins on the defense side from about 4% to 8%. All the geopolitical risk doesn't hurt. Both civil and defense segments now doing well.

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: Business is 80% aviation, 20% manufacturing. Recent acquisition looks accretive. Trades ~12x, growing ~16%. Money's flowing into safer areas like this one. Good balance sheet. Payout ratio is 68%, will probably boost dividend in the next year or two. Real growth engine is from being in the north and having really good…

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: One of his largest holdings. It has sold off from tariff worries, just hitting a one-year low. They have 35 years of stay-flat inventory. Over 5 years, will grow production 25% while buying back half their shares as they pay a dividend. At $70, will trade at 4x cash flow and 13%…

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

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 sold off a bunch of energy names, but retained this one. Concerns about global recession is hitting energy names. He's in the camp of too early to think about a recession, and tariffs will look very different 6-12 months from now. If we see there's no recession, things can turn around…

Opinion about TRP-T: Defensive. Pays a 4.8% dividend. Natural gas demand will endure. No tariff worries. Data centres need power, and he doubts tariffs will impact Canadian energy supply. (Analysts’ price target is $71.18)

Opinion about KEY-T: Chart's looking pretty good, broken out from the December downtrend. Initial resistance would be close to the previous high of $48. So far so good, nice breakout.

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 PXT-T: Last year was a complete disaster. They wasted hundreds of millions in Colombia that turned out to be non-productive. They are deeply in the penalty box in a risk-off market. It's a value trap.

Opinion about NVA-T: In his aggressive fund. Choppy pattern, which he likes for swing trading. Support ~$10, resistance ~$14-15. Could drop a bit more from here. 

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: (A Top Pick Oct 24/24, Up 9.5%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with SHLE has triggered its stop at $13.  To remain disciplined, we recommend covering the position at this time.  When combined with our previous guidance, this will result in a net investment gain of 14%.  

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: Has held up well at 8x PE, even with nat gas prices low. Pristine balance sheet, using it to invest in equipment that reduces carbon footprint, which gives it a marketing advantage. One of the more volatile among the service companies. Yield is 3-4%.

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

Opinion about CEU-T: He sold it and did well. His interest in energy service stocks is low, because he doesn't see the US rig count increasing. Gas production growth will happen not until latter this year and into 2026. Pure play natural gas and/or oil will do better. Offshore is a potentially new market for…

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: Owns a small position. They're bringing a new software product to market that will save oil/gas companies money, but we'll see if they can execute. 

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: In 2020, they launched Evolution Power Products, having the exclusive right to nat gas turbines, slashing customers' diesels costs to zero and reducing pollution. Demand is strong. (Customers get carbon credits as a result.) He expects E-T to triple earnings as business rapidly grows. (Analysts’ price target is $2.78)

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: Very successful. On his farm team. Has been incredibly resilient going through this downturn. Has a deal with AAPL. Talk of a merger in US would require financing; if markets are a bit better, he'd probably participate.

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: He owns the quarterly debentures. It was a good story, but now stuck in neutral. Sales and revenue growth are lumpy, because they depend on contracts (in infrastructure). Has disappointed investors. He will let his debentures mature in 2026. They have cash to buy companies as revenue grows. It's worth holding onto.

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: One of a kind. One of the best compounders in the world. Big misconception is that the total addressable market is not that big. Fear that can't deploy capital for the same rate of return going forward as it has in the past. He very much disagrees with that. The addressable market is…

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: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research Hut 8 is traditionally a bitcoin mining company which now has a few main operating segments; digital assets mining, managed services (infrastructure development), and high-performance computing (AI cloud computing). The majority of its revenue is from bitcoin mining (59%), 18% is from…

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 Jan 23/25, Down 3.7%)Stockchase Research Editor: Michael O’Reilly Our PAST TOP PICK with PET is stagnating.  To remain disciplined, we recommend trailing up the stop (from $18) to $20 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: It has executed very well over the long run and works on cost structures. There could be another special dividend. It has lots of real estate and wants spin off a REIT. However a lot of their properties are not in the greatest areas so the REIT may not do as well…

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: (A Top Pick Jan 23/25, Down 6.6%)Stockchase Research Editor: Michael O’Reilly Our PAST TOP PICK with RCI.B has triggered its stop at $38.  To remain disciplined, we recommend covering the position at this time.  

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: Just OK. Better-managed retail out there. Essentially, everything it sells is a discretionary purchase. Also susceptible to tariff risk. Recent retail sales report in Canada shows slowing. Sidestep this one.

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: Not his cup of tea. Doesn't own the actual real estate; instead long-term leases, but CGX has to spend the capital. Very capital intensive, and it's not even in control of its own destiny. He and his wife usually just stream content happily at home.

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: He's looking at it. It's softened up considerably. Decent dividend payer, cut a few years ago but now back on track. High-quality company with share price having sold off. An opportunity, but he hasn't pulled the trigger yet.Spike on chart due to strong earnings and a bunch of analysts giving it a…

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: Not sure if tariffs would be applied to this type of cross-border energy. Hit along with all the other clean energy. Likes it here. Nibbling on weakness. Compelling yield. Doesn't see a lot of upside, capped in mid-$20s for next 3-5 years.

Opinion about BLX-T: By far, best performer in the space. Great growth in EBITDA, good balance sheet, great management.

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%) A boring, stable utility. Pretty much discarded last year with people chasing the AI trend. Big move since January with the flight to safety. Outlook was upgraded from Negative to Stable. Good job reducing leverage. Florida just approved storm reparation costs from 2 hurricanes in…

Opinion about AQN-T: Bounced off the bottom; actually one of the best-performing utilities because it traded so low for such a long time. Attempt to acquire Kentucky Power was bad timing with interest rates going up. Host of other issues, market penalized them, and it continues to do so.But if you look at it today,…

Opinion about DNTL-T: IT is pretty cheap and he has been looking at it but there is a lot of debt. He would buy if the debt gets to where it is less than three years of cash flow. Pretty strong execution.

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: Loves the space. Core holding. Wouldn't be shy adding here. Defensive profile, as over half its portfolio is in LTC. Mainly in Ontario, where wait list is over 50k. Rents are paid by the Ontario government. Nice job growing retirement side, with a compelling demographic.Supply is barely 1% of inventory. Anytime there's…

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: (A Top Pick Sep 10/24, Up 3%) Solid hold over the longer term, need patience. Accumulate on any pullback. Volatility of Latin American markets is not helping, so watch that. Understands how to monetize recent acquisition.

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: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research EPS of 1.6c missed estimates of 2.8c; revenue of $20.59M beat estimates of $19.42M. EBITDA of $5.0M beat estimates by 9%. Cash is $90M, and the CEO noted the four acquisitions last year and expects a continued strong M&A pace this year…

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.