Stock Opinions by Allan Meyer - Stockchase Experts
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Allan Meyer

On Stockchase since : Apr 2004

VP & Portfolio Manager at Wickham Investment Counsel

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Stock Opinions by Allan Meyer - Stockchase Experts

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General Market Comment 

April 1, 2016

Economy. There could be 5 years of muted economic growth. We are looking at world growth slower than it has been historically, and demographics is part of the reason. Once you get the slower growth with the GNP, you are going to see that going back through the markets. Also doesn’t think there is going to be upward pressure on interest rates. His advice to investors is to look for good quality dividend paying companies.

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Economy. There could be 5 years of muted economic growth. We are looking at world growth slower than it has been historically, and demographics is part of the reason. Once you get the slower growth with the GNP, you are going to see that going back through the markets. Also doesn’t think there is going to be upward pressure on interest rates. His advice to investors is to look for good quality dividend paying companies.

Unknown
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Allan Meyer

VP & Portf, Wickham Investment C...

Price Price
$0.020
Owned Owned
_N/A

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DON'T BUY
Alcanna(CLIQ-T) 

April 1, 2016

Very tied to the Alberta economy, so it is under a lot of pressure. Wouldn’t go in at this time. He also has some balance sheet concerns.

merchandising/lodging
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Very tied to the Alberta economy, so it is under a lot of pressure. Wouldn’t go in at this time. He also has some balance sheet concerns.

merchandising/lodging
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Allan Meyer

VP & Portf, Wickham Investment C...

Price Price
$8.020
Owned Owned
No

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COMMENT

Has been caught up in the Valeant (VRX-T) downdraft. However, it is starting to look very interesting from a value proposition. If the earnings can be believed, it is less than 4X earnings, but they have a lot of debt. While it looks cheap on a Price/Book basis, the debt worries him. It might be a short-term buy, but for the long-term you have to really worry about the debt.

Pharma & Healthcare
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Has been caught up in the Valeant (VRX-T) downdraft. However, it is starting to look very interesting from a value proposition. If the earnings can be believed, it is less than 4X earnings, but they have a lot of debt. While it looks cheap on a Price/Book basis, the debt worries him. It might be a short-term buy, but for the long-term you have to really worry about the debt.

Pharma & Healthcare
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Allan Meyer

VP & Portf, Wickham Investment C...

Price Price
$33.100
Owned Owned
Unknown

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COMMENT
Power Corp(POW-T) 

April 1, 2016

Trading at around 10X earnings, so it is not expensive. Has a reasonable dividend. However, it doesn’t look like it has any earnings momentum. It is probably going to sit, doing very little at this point. You are probably in a sideways market unless they can do something to rejuvenate the earnings and get them going up, so you are probably sitting with dead money. Dividend yield of 4.2%.

mngmnt/diversified
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Trading at around 10X earnings, so it is not expensive. Has a reasonable dividend. However, it doesn’t look like it has any earnings momentum. It is probably going to sit, doing very little at this point. You are probably in a sideways market unless they can do something to rejuvenate the earnings and get them going up, so you are probably sitting with dead money. Dividend yield of 4.2%.

mngmnt/diversified
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Allan Meyer

VP & Portf, Wickham Investment C...

Price Price
$29.860
Owned Owned
Unknown

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HOLD
Enbridge(ENB-T) 

April 1, 2016

Not one of his favourite stocks. Has a lovely 4% yield, but has a premium multiple, so is open to some disappointment. People are definitely flocking to pipelines and utilities, because of their dependability, and are bidding them up in price. He would not be buying any more at these levels. This would be a Soft Hold.

oil/gas pipelines
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Not one of his favourite stocks. Has a lovely 4% yield, but has a premium multiple, so is open to some disappointment. People are definitely flocking to pipelines and utilities, because of their dependability, and are bidding them up in price. He would not be buying any more at these levels. This would be a Soft Hold.

oil/gas pipelines
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Allan Meyer

VP & Portf, Wickham Investment C...

Price Price
$49.320
Owned Owned
Unknown

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DON'T BUY

Would stay away from this. There is some good value in the company, but when you have the RCMP coming in the door and collecting records, he is uncomfortable with that.

contractors
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Would stay away from this. There is some good value in the company, but when you have the RCMP coming in the door and collecting records, he is uncomfortable with that.

contractors
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Allan Meyer

VP & Portf, Wickham Investment C...

Price Price
$47.020
Owned Owned
Unknown

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COMMENT
Royal Bank(RY-T) 

April 1, 2016

Wait until after earnings in case low energy prices have trickled down? He likes the banks. Great dividends of around 4% and great opportunities to increase dividends by 5%-7%. Thinks concerns on bad loans due to oil prices is getting a little overdone. They have been setting money aside to deal with bad loans.

banks
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Wait until after earnings in case low energy prices have trickled down? He likes the banks. Great dividends of around 4% and great opportunities to increase dividends by 5%-7%. Thinks concerns on bad loans due to oil prices is getting a little overdone. They have been setting money aside to deal with bad loans.

banks
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Allan Meyer

VP & Portf, Wickham Investment C...

Price Price
$75.100
Owned Owned
Unknown

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COMMENT
Toronto Dominion(TD-T) 

April 1, 2016

Wait until after earnings in case low energy prices have trickled down? He likes the banks. Great dividends of around 4% and great opportunities to increase dividends by 5%-7%. Thinks concerns on bad loans due to oil prices is getting a little overdone. They have been setting money aside to deal with bad loans.

banks
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Wait until after earnings in case low energy prices have trickled down? He likes the banks. Great dividends of around 4% and great opportunities to increase dividends by 5%-7%. Thinks concerns on bad loans due to oil prices is getting a little overdone. They have been setting money aside to deal with bad loans.

banks
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Allan Meyer

VP & Portf, Wickham Investment C...

Price Price
$56.100
Owned Owned
Unknown

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COMMENT

This gets extra income from writing Calls options on the banks. If you do have a good run on a bank, you can get called out and not capture the full upside. Good dividend which is targeted, rather than having fully earned it.

E.T.F.'s
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This gets extra income from writing Calls options on the banks. If you do have a good run on a bank, you can get called out and not capture the full upside. Good dividend which is targeted, rather than having fully earned it.

E.T.F.'s
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Allan Meyer

VP & Portf, Wickham Investment C...

Price Price
$15.980
Owned Owned
Unknown

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COMMENT

This is in his Safety & Value Strategy fund. Has a free cash flow yield of 5% to enterprise value.

Energy Infrastructure, Industrials & Utilities
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This is in his Safety & Value Strategy fund. Has a free cash flow yield of 5% to enterprise value.

Energy Infrastructure, Industrials & Utilities
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Allan Meyer

VP & Portf, Wickham Investment C...

Price Price
$12.700
Owned Owned
Yes

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COMMENT
Open Text(OTEX-T) 

April 1, 2016

Trading at less than 3X Price to Book. Looks attractive on a P/E basis and has great free cash flow value to enterprise value. Likes in the short term, but wouldn’t treat this as a hold for 5 – 10 years.

computer software/processing
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Trading at less than 3X Price to Book. Looks attractive on a P/E basis and has great free cash flow value to enterprise value. Likes in the short term, but wouldn’t treat this as a hold for 5 – 10 years.

computer software/processing
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Allan Meyer

VP & Portf, Wickham Investment C...

Price Price
$67.380
Owned Owned
Unknown

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PAST TOP PICK
Dominion Diamond(DDC-T) 

April 1, 2016

(A Top Pick May 14/15. Down 37.97%.) Sold his holdings shortly after at around $20.

precious metals
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(A Top Pick May 14/15. Down 37.97%.) Sold his holdings shortly after at around $20.

precious metals
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Allan Meyer

VP & Portf, Wickham Investment C...

Price Price
$14.560
Owned Owned
No

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PAST TOP PICK
Magna Int'l. (A)(MG-T) 

April 1, 2016

(A Top Pick May 14/15. Down 16.74%.) It swooned because of the trade agreement we had and people’s concerns about auto sales. Currently it is dirt cheap. Thinks there is great, great value here. Still a Hold. Dividend yield of around 4%.

Automotive
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(A Top Pick May 14/15. Down 16.74%.) It swooned because of the trade agreement we had and people’s concerns about auto sales. Currently it is dirt cheap. Thinks there is great, great value here. Still a Hold. Dividend yield of around 4%.

Automotive
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Allan Meyer

VP & Portf, Wickham Investment C...

Price Price
$54.500
Owned Owned
Yes

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PAST TOP PICK

(A Top Pick May 14/15. Up 3.6%.) A little expensive on a PE and Price to Book basis, but has very little debt. Really good free cash flow. Dividend yield of around 2.6%.

specialty stores
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(A Top Pick May 14/15. Up 3.6%.) A little expensive on a PE and Price to Book basis, but has very little debt. Really good free cash flow. Dividend yield of around 2.6%.

specialty stores
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Allan Meyer

VP & Portf, Wickham Investment C...

Price Price
$35.270
Owned Owned
Yes

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COMMENT
Surge Energy Inc(SGY-T) 

April 1, 2016

You need a positive outlook on energy. Looking at the pricing curve, he is seeing $50 out in a year or 2. Some people are predicting production will have dropped enough that inventories will be down by the end of this year, leading to higher oil prices. Companies like this are already reflecting $50-$60 prices for oil. His concern is whether these companies will be around long enough. This company has more debt than he would like, so he is avoiding these companies. Too risky for him.

oil/gas
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You need a positive outlook on energy. Looking at the pricing curve, he is seeing $50 out in a year or 2. Some people are predicting production will have dropped enough that inventories will be down by the end of this year, leading to higher oil prices. Companies like this are already reflecting $50-$60 prices for oil. His concern is whether these companies will be around long enough. This company has more debt than he would like, so he is avoiding these companies. Too risky for him.

oil/gas
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Allan Meyer

VP & Portf, Wickham Investment C...

Price Price
$2.060
Owned Owned
No

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