Most Anticipated Earnings: NTR-T, ONEX-T and more Canadian Companies Reporting Earnings this Week (Feb 17-21)

Opinion about CJT-T: The chart shows a downtrend, being a laggard, but lately is starting to catch up. You can nibble at here. If we're starting a new economic cycle now, it will be positive for CJT and the economy. Expect weakness in a pullback coming. Play the long game and start adding to this…

Opinion about FAR-T: Mining services, and rapidly growing water treatment. Very well run, nice clean balance sheet. Missed a couple of quarters because junior miners reduced activity. Numbers looked flat or down. With tariff threat, he wanted his best ideas only and he sold.Now, mining activity is picking up. May have seen the trough on…

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 SECU-X: They do physical and cybersecurity. A very small-cap, early-stage company. If they execute in the next 2-3 years, they will be great.

Opinion about BU-T: Extracts protein from vegetables like canola, peas, and soy. Has 285 patents. There is negligible revenue despite the company being around for more than 20 years. Difficult to apply fundamental analysis. Too speculative for him. Need to see revenue and profit.

Opinion about NTR-T: Lots of geopolitical things happening. When stock shot up from Russian invasion, sold some but still retains a 1/2-2/3 position. Likes it long term. BHP is bringing on Jansen, but it's behind (and second phase may be mothballed). Good diversifier. Nice yield.For new clients, buying a half position. Ideally, want to buy…

Opinion about TFII-T: Is the worst company to own during a tariff war. Their last quarter still reported significant earnings and free cash flow. Is aggressively buying back shares and reducing costs. Trading at a reasonable PE until it recovers. (Analysts’ price target is $149.79)

Opinion about CCL.B-T: (A Top Pick Jul 18/24, Up 13%) Owned it for a long time. They make labels for various sectors. They operate around the world. There's so much acquisition potential. Is showing good organic, topline growth. Is cyclical. The balance sheet has improved, buying back shares and raising the dividend. Is waiting for…

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

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

Opinion about SVI-T: Really hot area a couple of years ago. Not a ton of barriers to entry, so supply/demand can change rapidly. Not a lot of differentiation, because "a box is a box". Sector doesn't have strong enough defensive capabilities.

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 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 CFX-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research CFX has been on a steady downtrend. Revenue has been in decline over the last two years, free cash flow has gone negative and it has been operating at a net loss since 2019. Debt has been increasing as well and net…

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 GCL-T: They own a series of food distribution businesses. It appears they are not making any money from them. It appears to be a scale problem.

Opinion about IAG-T: (A Top Pick Nov 13/20, Up 33%) Has started buying back shares and paying dividends. Financials should do well as the yield curve steepens. Valuation is not as compelling as before. Middle of the pack. Has moved to US banks and non-financial banks in Canada.

Opinion about REI.UN-T: Big fan. In general, no new retail properties have been developed. Increasing efficiency (reducing staff and selling apartment segment), focusing on core strengths (retail). Positive on ability to grow earnings for next few years.

Opinion about DIR.UN-T: Value 9/10, fundamentals 8/10. Looks like strong momentum since April bottom. REITs have been hit; hopefully seeing a turnaround as rates come down. In NA and Europe. Below 50- and 200-day MAs.  (Analysts’ price target is $14.00)

Opinion about MFC-T: Stock's been flat and stuck at these levels for the last little while. There may have been a downgrade yesterday. Thinks it's undervalued. Great dividend yield, dividend should remain steady and increase. Steady growth company; sees ~8% going into the next few years. Price-to-book is 1.6x, fairly cheap relative to some peers.Wait…

Opinion about CRR.UN-T: (A Top Pick Aug 06/24, Up 16%) Are exposed only 10% to the general economy. Meanwhile, real estate prices are falling, which leads to attractive acquisitions. And lower rates are a tailwind. Offers a safe, steady dividend with some growth.

Opinion about DRR.UN-T: Focused on assets in US. Has never traded above its IPO price. Pursuing strategic alternatives; if you own it, see how those go.

Opinion about BEI.UN-T: One of the larger Canadian apartment REITs. Mostly in Alberta, where there's no rent control. So with population growth, it can raise rates faster. But if economic slowdown in Alberta, this name feels it faster. Pivot in Canadian immigration policy put the whole apartment sector under pressure.Well run. Alberta's economy is doing…

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

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

Opinion about LFE-T: This is a seasonal period when Lifecos in general tend to do well. This is a special vehicle where they buy a lifeco, split it up and give the capital appreciation to one half, and the dividend to the other half. Dividend yield of 19% is extremely high, and he is having…

Opinion about ONEX-T: (A Top Pick Dec 31/24, Down 4.4%)Stockchase Research Editor: Michael O’Reilly Our PAST TOP PICK with ONEX has triggered its stop at $108.  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 6%.

Opinion about CIX-T: (A Top Pick Sep 11/24, Up 81%) Taken out at $32.

Opinion about SII-T: To protect purchasing power? Yes, that's exactly the reason to own Sprott. It's a diversifier. Gold is a way as an investor to protect yourself from inflation and geopolitical concerns. This name brings leverage to gold because of assets they own and funds they manage. It also brings uranium. He sold some…

Opinion about MKP-T: Lending in real estate finance. Very interest-rate sensitive. If you think interest rates are going to rise, as in 2022, then it will underperform significantly. Will do better if rates fall. Thinks the BOC has a bit more to go on that, so there could be a bit more upside.But the stock's…

Opinion about GEI-T: (A Top Pick Oct 17/24, Up 12%) (All the past picks today were from October, when he thought we were late cycle. His view is that we've started a new cycle, so tech and consumer discretionary risk-on names should do better.) Thought we were heading into a market peak, which is when…

Opinion about TCW-T: 100% up. Sell? Ask yourself what the opportunity is. We've seen a real change in the oilfields over the last decade. Instead of growth at all costs, companies have decided to get balance sheets in order and pay back capital to shareholders. So this name has fewer opportunities. That said, LNG Canada…

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

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

Opinion about NXE-T: Sitting on world's largest undeveloped deposit of uranium. Will get developed, but not producing, so doesn't fit his firm's risk appetite. Likes uranium, the world needs more, and Canada has lots. The world particularly likes uranium from geopolitically stable countries; much comes from Russia and Kazakhstan, which aren't poster children for geopolitical…

Opinion about AAV-T: One of the worst energy names. The CEO and board did one of the word acquisitions in history. When the market wanted natural gas, they added liquids exposure. Are the worst-performing nat gas stock in North America. No upside. An activist has put members on the board.

Opinion about SSL-T: Mistakes in capital deployment were made about 3 years ago. Believes Turkiye mine will go into production, and cashflow will really change this company. Now using FCF to pay down debt rapidly. Either share price goes up, or company is taken over.

Opinion about SSRM-T: One of the most senior producers of silver. Silver is better than gold, as the bulk of silver production comes from copper mines. Silver just crossed $24, and there's lots of upside. SSRM has a $28 price target. He wants something that will benefit once inflation is realized.

Opinion about ORV-T: He owns it around these levels. They have mines in Bolivia and Spain and looking to acquire in Argentina. The property they just bought has costs of $500-$650 per ounce of gold. He is concerned about the revolving door on management. He does not know where gold prices are going to go.…

Opinion about IVN-T: Stock fell precipitously because of underground stability issues in Congo mine; operation is temporarily suspended as they fix it. Suspects this issue might last 6-8 months; part of the answer involves less aggressive underground mining. Longer term, that complex is nowhere near maturity in terms of copper production. Bringing on world's largest…

Opinion about AGI-T: Likes last year's acquisition of Argonaut. Good path to boost production by 11% compounded rate of growth by end of the decade. None of the intermediates or seniors can match this. All in low political risk jurisdictions. Yield is 0.35%. (Analysts’ price target is $50.97)

Opinion about PAAS-T: Probably the premier silver company. 

Opinion about CS-T: Copper is one of the reasons he thinks we're starting a new cycle. Both silver and copper have broken out to new highs; both have industrial uses and should benefit from a strengthening economy. If cyclical commodities are breaking out to new highs, then copper should continue to work into 2027. His firm's…

Opinion about OR-T: (A Top Pick Mar 11/24, Up 67%) Everybody loves gold now. Still only trades at 1.1x NAV. Cheaper on valuation than AEM, and still growing. Gossip that one of its downed mines might come back, so that's a catalyst. He'll always have an allocation to gold. See his Top Picks.

Opinion about HBM-T: Gold and copper. Likes copper long term for the power opportunities. Multi-mine and multi-jurisdiction, so not all eggs in one basket. (FM found out how something can change and really cause a problem.) Produces cashflow, solid operating business. Very interesting opportunity in Arizona for Copper World, an accretive deal. Well financed. Trump keeps…

Opinion about BTO-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research It has made a big recovery along with the sector, and is now up 66% YTD. It remains very cheap at 7X earnings with a 1.97% dividend. The balance sheet is solid. Very good earnings growth is expected this year, but is…

Opinion about PRU-T: It is low grade and they have had issues getting it to make money. It probably won’t make a lot of money ever unless the price of gold goes up.

Opinion about NGD-T: Collection of Tier 2 assets. Never been fond of Ontario assets. He likes higher quality. Could do very well with a rising price for gold, which tends to favour the marginal over the lower-cost producer.

Opinion about TXG-T: (A Top Pick Jun 28/24, Up 102%) Trading ridiculously cheaply as one pit was running out. However, a new mine (70% gold, 30% copper) came in on time and on budget and has taken reserves into 2038. So they won't miss a step in production. Still at a big discount to the…

Opinion about TKO-T: Does not own shares. Prefers companies companies with lower costs and higher return on capital. 

Opinion about NGT-T: Gold's done well. She typically doesn't invest in commodity sectors. If you want gold exposure, her preference has always been AEM or FNV.

Opinion about TECK.B-T: In a bit of trouble. Copper has come down from $9 highs to ~$4-5. Main mine in Chile is having production issues, costs coming in higher. Revenue announced last week was OK, but can't get over the hurdle of costs. FM is an alternative.

Opinion about CCO-T: For the longest time, no one wanted to talk about this one. All of a sudden people have realized that nuclear is safe, clean, and abundant. Has become in vogue. When uranium is sold to power utilities, those contracts are done for 5-10 years at a time. So he's not sure the…

Opinion about LUG-T: Highly ranked stock acting extremely well. RSI doing well. Stock's currently in an uptrend, and gold is trending upward. Gold is consolidating around $3000. 

Opinion about IMG-T: Consistent theme across his Top Picks will be companies that are going to rerate, due to new projects or a shift in business.This one has benefited from strong gold prices, but real upside will come from the Cote gold mine around Sudbury. It will start to operate at full speed by end…

Opinion about ELD-T: (A Top Pick Dec 13/22, Up 19.2%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with ELD has triggered its stop at $13.50.  To remain disciplined, we recommend covering the position at this time.  This will result in a net investment gain of 19%, when combined with our previous recommendations.  

Opinion about CXB-X: Does not own shares, but could be a good option for short term traders. Unsure on direction of company. 

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

Opinion about CG-T: It's good to be in gold now, and CG is one of the cheapest gold stocks. They've diversified their portfolio geographically, which is good, but this stock always bounces around.

Opinion about MND-T: They had three working mines, now two. When you have a major catastrophe in a mine, people often jump out. This company has been around for years and years. That shows a certain staying power. He likes to invest in companies that have been around for at least 10 years. He doesn’t…

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

Opinion about FPC-X: A project that is effectively right underneath the Horne Mine Complex in Québec. Originally it was very low grade gold and copper, so in order for this to be economic, they have to be able to mine it using bulk mining methods, and keep the costs as low as possible. That would…

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

Opinion about GIL-T: With tariffs, could see the price of clothing go up. As Springsteen sang, textile jobs are not coming back to NA; clothes will still be imported. Impact on the clothing industry remains to be seen. Thinks prices will go higher, but people still need to get dressed. Onshoring will be a multi-year…

Opinion about TBRD-X: He knows it very well, back to when they were private. They continue to build out. If they can allocate capital well, resulting in animated programs that are well-syndicated, then they should do well. If not, then this will be a lumpy stock. He needs to research them more.

Opinion about L-T: Stock split doesn't change his view of the fundamentals, which he likes. Leading grocer. Advantaged by all its discount banners, and consumers are gravitating toward these with all the economic uncertainty. Store brands like President's Choice and no name are resonating well. Shoppers DM has high organic growth prospects. Biggest loyalty program…

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 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 ENW-X: He owned the stock years ago. They dry things like food. They are now getting into the marijuana space. It has done very well lately but if they are going to get meaningful contracts, they are going to do well.

Opinion about BHC-T: Kudos to the new executive at delevering and cleaning things up. Inexpensive valuation. Still a lot of debt. A turnaround story. 3% of your portfolio is a bit heavy. Add some diversity. Had a great move. Be cautious.

Opinion about SIA-T: CSH.UN vs. SIA Supply/demand in the space is good. People usually move in to these places around age 80, and 2025 is the very beginning of baby boomers turning 80. This should really drive demand. Properties are hard to build, also tough to operate, so you really need good management. Entirely retirement,…

Opinion about PHA-X: They are like an Uber for healthcare staff: allows hospitals to quickly hiring nurses for hospitals, and PHA transports patients and staff. Not well known. The problem, is that haven't been able to expand outside Quebec--and he's looking for this. That said, you can own this now.

Opinion about JWEL-T: Bottomed back in 2023. Since then a defined uptrend, with higher highs and higher lows. Chart looks good, stock remains in a trading range. Next upside target is ~$40.50.

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 H-T: Likes the regulated utilities. 

Opinion about TA-T: (A Top Pick Apr 29/25, Up 31.4%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with TA is progressing well.  To remain disciplined, we recommend trailing up the stop (from $13.00) to $14.50 at this time.

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

Opinion about EMA-T: Likes the regulated utilities. 

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 NPT-CN: Has pretty well fallen off the radar screen of most analysts. Sales are down 12%. Ranks in the bottom 20% of their database.

Opinion about OEE-X: He hasn't heard any recent news on the company. The stock has moved up a lot lately, but is still well below past highs. Demand for company products remains huge. The CEO promises good news in the next earnings report.