Weekly 52-Week Low (or 52-Week High): BNE-T, IMO-T, ADBE-Q, ENGH-T and More 52-Week Highs and Lows (Jan 28-Feb 03)

Opinion about AD.UN-T: (A Top Pick Oct 04/24, Up 8%) Has long been a fan. Gives exposure to private equity and pays a decent yield. Has done well over the years. Trades just under book value. Still strongly recommends it.

Opinion about AGF.B-T: Over the decades, they made poor acquisitions and should have accepted buy-out offers. It's now a shadow of itself, though is well run and generates cash. The only way to maximize value is to sell it (or raise the dividend each year).

Opinion about BNS-T: Stockchase Research Editor: Michael O'Reilly BNS is one of five Canadian banks who have partnered to create the Defense, Security, and Resilience Bank (DSRB) designed to provide funding to the Government of Canada's commitment to boost military spending.  We think the DSRB will create another avenue for business growth in the years…

Opinion about DC.A-T: It has a collection of assets in the real estate sector which could be interesting. The CEO owns a lot. Watch governance in this space. He looks at it every couple of years.

Opinion about DF-T: Dividend 15 Split Corp. (DFN-T) or Dividend 15 Split Corp. II (DF-T)? Both are Split shares. The preferred share is the low risk preferred share dividend. He wouldn’t buy both, because you are looking for either growth or income. He would use one or the other and build that in your portfolio.

Opinion about DFN-T: These split shares company give you some leverage. The total return over 20 years has been 8% vs. the TSX which has done no better. Has some good dividends here, but is volatile--when the market goes bad, this really goes bad. 

Opinion about DGS-T: Has a degree of leverage in it. You're buying exposure to a basket of great Canadian stocks with dividends. Leverage can be in the range of 150-200%. When it's going up, it's great. But when it's going down, not so much. He wouldn't add leverage to a portfolio now with anybody's money. We're…

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 PHYS-N: The second of two long volatility strategies, along with long bonds. If the Fed pivots, TLT will do well, but gold may not. But if we go from disinflation to hyper-inflation, gold will do spectacularly well, and the TLT may get beaten up. Don't look at the day-to-day moves, look for big…

Opinion about ALS-T: (A Top Pick Jun 16/25, Up 46%) (Note the short timeframe.)  Space has done well. No longer a cheap or overlooked name. Low risk/high margin model is still the core of the story. Lithium acquisition really improves long-term growth profile. High-quality way to stay exposed to the resource/energy theme. A hold for…

Opinion about ASM-T: Challenges with cartels in Mexico.Long history of development in Province.Socialist orientation of Mexican President a worry.Does not own shares at this time.Concerned about inventory & reserves.Drilling results have been fairly strong.Would prefer companies with larger reserves.

Opinion about CGG-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research We are typically cautious on China-based companies, but of course CGG shares are up 223% anyway this year, and market cap is now $9.5B. Earnings historically have been highly variable, but CGG is starting to see more growth and consistency. P/E is…

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

Opinion about FAR-T: The drillers haven't participated as much during this mining boom. FAR is diversifying out of high-risk areas and junior miners. Shares have been cheap a long time. Is a take-out candidate. 

Opinion about FDY-T: Looks like an interesting exploration/development company.Will watch company to see how results pan out.Financial certainty a concern.Might buy shares down the road.

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

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

Opinion about LAM-T: Chart shows a up pattern on the beginning of the year. Even though it had a nasty day today, the uptrend has not been violated. Has to get through about the $1.25 area before it can be considered a breakout. If you know the fundamentals and this matches them, it could be…

Opinion about NG-T: Leveraged call on gold. Very large, undeveloped deposit with very high upfront capital costs. If gold price continues to do well, will ultimately find a partner to put its asset into production. If gold price doesn't do well, value trap.

Opinion about ORE-X: High regard for management. Bit of trouble reaching capacity after finishing recent construction, but bigger issue probably is that it operates in Burkina Faso (facing political challenges with Islamic fundamentalists, plus increasing social rents extracted from mines). This company is not alone with these challenges, and that won't change until we get…

Opinion about SLS-T: Be cautious if you can't handle a long timeframe (5 years) or political/sociological risk. Very high risk/high reward. Copper/gold discovery is Tier 1 in Ecuador, a challenging country. Well-backed by high-quality entrepreneurs.

Opinion about TECK.B-T: He's generally bullish on the price of copper, and TECK is a big producer. If copper price stays or increases, then cashflow should also increase. Anglo American has complementary assets, so combined entity should be better off.If you own, hold. If not, don't chase due to recent runup.

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 GPH-X: He doesn’t follow this company, but generic comments on graphite is that if you are keen on Elon Musk and Tesla, you should be keen on graphite. There is literally more graphite in lithium ion batteries than there is lithium. However, graphite is not all the same. You want really, really course…

Opinion about KG-X: He is using as a proxy for sole risk exploration. Run by good people. He is not really a believer in sole risk exploration as the odds are really stacked against you.

Opinion about MGM-X: Doesn't like the sole risk exploration. If the story develops the people behind the company have the financial connections. The terrain is legendary gold ground. he can not make the data work for hi to buy it.

Opinion about MUN-X: (A Top Pick Mar 05/19, Down 33%) A copper play in Serbia. It has three joint ventures including Newport. They still have a large land package that could lead to other projects. They also have assets in Bulgaria. He will continue to hold it.

Opinion about PRG-X: Has no current plans to own this. Has a high regard for management, but his suspicion is that their cost of capital is too low. He sees them having a very difficult time thriving in the next 18 months. There are much better names out there.

Opinion about BCE-T: Buying opportunity with the hit after results? Likes it at this level. Dividend absolutely secure. Throwing off additional free cashflow, which will probably be used to reduce debt somewhat. Room to invest in some growth. Defensive, not growth. Possibly delivers double-digit returns over next number of years.

Opinion about HAI-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research With a decline of 12.5% YTD, shares have drifted back down to the level of the 2023 takeover offer. Growth has stalled in the past four years but profits are expected to improve nicely in 2026. The balance sheet remins fine. The…

Opinion about MU-Q: Memory is a key bottleneck in tech. MU has done very well with memory supply tight. He expects shares to continue to do well. You could even buy it at current levels. Supply will remain tight. Will be volatile.

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 CJ-T: Great job on bleeding edge of small-scale SAGD, which is becoming more and more common. Trades at a bit of a premium. Not using debt to pay dividend for last year. As Reford ramps up, dividend becomes more sustainable.

Opinion about CNQ-T: Top-tier company. Dividend increases every year since it started paying one over 20 years ago. Stable income stream. Low-cost producer, profitable at $40 oil. Not overly bullish on long-term oil prices, so this is a good play against that backdrop.

Opinion about CVE-T: Added in the high teens. Still undervalued, even at current share price. Fixed downstream challenges. One of the best operators in oil sands properties. Trades at 6.4x cashflow for 2026. He thinks 8x is appropriate, which is 32% upside at $60 oil, 60% upside at $70.

Opinion about EFX-T: (A Top Pick Oct 11/24, Down 10%) It helps companies in terms of employment type verification. It is still a good company and lower interest rates should help it.

Opinion about FRU-T: Looking for income. Remains a top pick for him. Largest weight in his income fund. Sleepy, boring, but a good yield.

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

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

Opinion about IMO-T: (A Top Pick Jan 31/25, Up 45%) At the time, they thought the 4-year-cycle reset was going to occur sometime in 2025. That happened from February-April, a very short phase. So this was a stable/defensive pick. Still likes it here. Testing the $140 level. If he's correct that energy's going to be a…

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 MER-T: (A Top Pick Mar 14/25, Up 3%) (Formerly Africa Oil.)  Now has about a third of his original position, as he's selling it down. Owned it for 2 reasons:  traded at substantial discount to net present value of assets, and liked exploration upside. Management chose to return capital to shareholders instead of…

Opinion about PD-T: Heck of a rally, perhaps based on sanctioning of LNG Canada for next year. Achieved debt target, so pivoting to 50% return of capital to shareholders. Trades at about 20% FCF yield next year, buying back 10% of stock -- pretty compelling.Services stocks actually do well when trading at very high multiples…

Opinion about PSK-T: Strong performer over past several years, so trades at fairly high multiple (for example, twice that of FRU earlier this year). Extraordinarily good exposure to the Clearwater, good job with its business model. He struggles with what a fair multiple is. About 10% upside from here, and that doesn't do it for…

Opinion about PXT-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research PXT has staged a small recovery, up 30% YTD now. It remains very cheap at 8X earnings, with an 8.13% dividend. The balance sheet remains strong, with $75M net cash. Financials are still lower than they were several years ago, but consensus…

Opinion about SDE-T: High quality on the junior side. Understand that if you're in low-cap or mid-cap in oil & gas, you're taking on more risk than with names like XOM. But if you're patient, names like this are probably where the leverage is. Doesn't own, but admires the company and management.

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

Opinion about SU-T: Tremendous respect for the company and the CEO. Fairly valued right now, though multiple is a bit less than CNQ. Barring some geopolitical event, such as Ukraine striking actual production facility in Russia, he's challenged to see oil spiking over the short term. No reason to own right now.See his Top Picks…

Opinion about TCW-T: Lots of the services companies in energy have been shaping up. Volatile stock. Trading above a rising 50-day MA. Generating cash. If the sector can get going, certainly will participate. Other sectors right now are clearly in gear. No sense owning a good company if nobody else cares.Traded better than about 50%…

Opinion about TNZ-T: Really likes its international focus for orphaned projects. Enhanced recovery expected from its current project. CEO constantly looking for more deals. Stock tends to jump on big news. Management owns 20%. Amazing job with the capital structure. No dividend. (Analysts’ price target is $38.63)

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 TPZ-T: Income name in the energy space. A relatively new holding for his firm. You get a royalty stream plus infrastructure, so lower risk than E&P. It's also growing. Between dividends and growth and excess FCF, total shareholder return is ~13-14% this year. That's pretty healthy. Yield is 5%.

Opinion about TRP-T: (A Top Pick Mar 25/25, Up 14%) Definitely holding. Nat gas prices have gone up 40% since the beginning of the year. Sold its oil, kept natural gas, and now involved in nuclear. Decent dividend, with growth in 4-5% range. More pipeline infrastructure to be built in Canada, US, and Mexico. Still…

Opinion about TVE-T: Really well run. Successfully pivoted away from mature assets with limited running room. Almost a pure play in the Clearwater. At the bleeding edge of using water flooding, phenomenal results. Expects a good report on year-end reserves (company expects at least 25 years of running room in this play). Continued success should…

Opinion about VLE-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research VLE is now $809M market cap, up 5% for the year and trading at 6.5X earnings. In the Q2, EPS of 5c missed estimates of 11.4c; revenue of $129.2M beat estimates of $116.9M. EBITDA of $62.4M beat estimates by 5%. Oil production…

Opinion about WCP-T: An energy name for income. Another name with a good yield for the income investor. Largest weight in his fund at almost 12%. Quality of management team and quality of assets are still misunderstood. At 5.1x, trades at material discount to peers. Beat expectations 8 or 9 quarters in a row. Healthy dividend…

Opinion about ALV-X: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research ALV is quite cheap on valuation, especially considering the 8.43% yield. The dividend was last raised in March 2025, but a 2c special dividend was just declared (ex dividend Dec. 31). 12-month payout ratio is 35% and the balance sheet is net-debt-free…

Opinion about EXE-T: This space is now all the rage. A tough business. We are underbuilt, and the demographic wave is coming through. But all that's already in the share price. Be careful, especially with stocks that go parabolic on the chart. There are some very-well-financed private equity players that are hiding supply.He owns SIS…

Opinion about FTG-T: Aerospace and defense electronics. Chart shows a base after a pretty strong move up. He uses the angle of ascent/descent to tell if something's gone parabolic or capitulated to the downside. Went a bit parabolic, now taking a break and that's healthy. You just don't want to see it round over and…

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

Opinion about GRID-T: Billy Kawasaki’s Insights - Billy's most-liked answers from 5i Research In the most recent quarter, connected devices generated $9.3M in revenue, while software and services contributed $4.9M. They have a favorable view of both the company and its management team. The balance sheet is solid, with approximately $2M in net cash and…

Opinion about ADBE-Q: He bought more shares. The software apocalypse is totally overblown. How many PDFs did you open today? Anthropic won't replace Adobe anytime soon. Trades at only 13x PE. They grow their topline 10% annually and bottom EPS around 15%. The PE fell from 30x from 3 years ago. It's too cheap now.

Opinion about CSU-T: All of the Top Picks today are being tarred with the same software brush, with very little differentiation of what they do ad how they do it. For this name, it's all about its size.It's a large-cap, doing over 1k acquisitions since its IPO roughly 20 years ago. Its small, niche clients…

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

Opinion about ENGH-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research EPS of 38c beat estimates of 36c; revenue of $124.4M missed estimates of $125.8M. EBITDA of $33.66M beat estimates by 1.2%. Revenue fell 1% year over year. EBITDA fell 5.5%. Net cash is $258M. It was an earnings beat and the stock…

Opinion about KXS-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research We don't want to shrug off the threat of AI on software, but we have a hard time seeing how a company utilizes AI in-house to create a competitive supply chain and logistics solution. We think AI is more likely to be…

Opinion about NFLX-Q: Sold Netflix. He had enough. It was a winning trade, now losing. He was long at $66 and it will bounce, but what can he do? He can't watch the stock go lower and lower.

Opinion about DSG-T: All of the Top Picks today are being tarred with the same software brush, with very little differentiation of what they do ad how they do it. This name is lumped in as though it's an enterprise software company. Misunderstood.It's a logistics network that's been built up over the last 20 years.…

Opinion about SCAN-X: SCAN-X vs. PAT-X SCAN-X uses weapon detection technology that can scan up to 15 feet away. They have a market cap of $55 million. Compared with PAT-X, it is about one-quarter of the market value although the technology is very similar. He would prefer SCAN-X based on its value.

Opinion about TRI-T: All of the Top Picks today are being tarred with the same software brush, with very little differentiation of what they do ad how they do it.Huge differentiator is the 3 end markets:  lawyers, compliance professionals, and accountants. The data in all of its core product offerings is proprietary. Employs more than…