Opinions by Allan Meyer | StockChase
166
Allan Meyer

VP & Portfolio Manager

ON STOCKCHASE SINCE Apr 2004

Wickham Investment Counsel


Opinions by Allan Meyer


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2016-04-01

BUY
Quarterhill Inc (QTRH-T)

(Market Call Minute.) Very, very inexpensive on a PE basis. It has no debt. Free cash flow is something like 27%.

electrical/electronic
Allan Meyer

VP & Portfolio Manager, Wickham Investment Counsel

Price: $2.950
Owned: Yes

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2016-04-01

PAST TOP PICK
Ritchie Bros Auctioneers Inc. (RBA-T)

(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
Allan Meyer

VP & Portfolio Manager, Wickham Investment Counsel

Price: $35.270
Owned: Yes

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2016-04-01

COMMENT
Transalta Renewables (RNW-T)

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

Energy Infrastructure, Industrials & Utilities
Allan Meyer

VP & Portfolio Manager, Wickham Investment Counsel

Price: $12.700
Owned: Yes

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2016-04-01

COMMENT
Royal Bank (RY-T)

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
Allan Meyer

VP & Portfolio Manager, Wickham Investment Counsel

Price: $75.100
Owned: Unknown

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2016-04-01

DON'T BUY
Saputo Inc. (SAP-T)

(Market Call Minute.) A little bit high on a PE basis. In the near term, he would be careful about going into this. Very, very well-managed and are setting themselves up for the long-term, but it doesn’t rate well for him at this time.

food processing
Allan Meyer

VP & Portfolio Manager, Wickham Investment Counsel

Price: $40.900
Owned: No

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2016-04-01

COMMENT
Surge Energy Inc (SGY-T)

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
Allan Meyer

VP & Portfolio Manager, Wickham Investment Counsel

Price: $2.060
Owned: No

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2016-04-01

COMMENT
Sun Life Financial Inc (SLF-T)

Sun Life or Canadian banks? He likes this on a valuation basis. The PE is similar to the banks. Free cash flow to EBITDA is something like 18%. This will be affected by interest rates more so than the banks.

insurance
Allan Meyer

VP & Portfolio Manager, Wickham Investment Counsel

Price: $41.850
Owned: Yes

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2016-04-01

DON'T BUY
SNC-Lavalin Group Inc. (SNC-T)

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
Allan Meyer

VP & Portfolio Manager, Wickham Investment Counsel

Price: $47.020
Owned: Unknown

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2016-04-01

BUY
Tricon Capital Group (TCN-T)

(Market Call Minute.) Favours this for the long-term. It has swooned over the last few months, and thinks this is really good value here. It gives you exposure to the US housing and rental market.

REAL ESTATE
Allan Meyer

VP & Portfolio Manager, Wickham Investment Counsel

Price: $8.880
Owned: Yes

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2016-04-01

COMMENT
Toronto Dominion (TD-T)

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
Allan Meyer

VP & Portfolio Manager, Wickham Investment Counsel

Price: $56.100
Owned: Unknown

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2016-04-01

COMMENT
Tourmaline Oil Corp (TOU-T)

You have to like natural gas and the energy area, and that you are going to see some recovery. If he were going to be buying an oil or gas company, this would be in the top 4 of choices. They are very good at keeping their costs down.

oil/gas
Allan Meyer

VP & Portfolio Manager, Wickham Investment Counsel

Price: $26.000
Owned: Yes

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2016-04-01

TOP PICK
Valener Inc. (VNR-T)

This gives you a play on Gaz Metro, the big Quebec gas utility. Likes the dependable, forecastable nature of its gas distribution. Has 7% free cash flow Enterprise Value. Dividend yield of 5.25%.

pipelines
Allan Meyer

VP & Portfolio Manager, Wickham Investment Counsel

Price: $20.780
Owned: Yes

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2016-04-01

COMMENT
Vanguard MSCI U.S. Broad Mkt ETF Cdn Hedge (VUS-T)

He likes the US market, and you are getting the broadest exposure with this instrument. Vanguard is noted for having some of the lowest MERs. Their hedging is very reasonable. Unfortunately that hedging didn’t help you last year.

E.T.F.'s
Allan Meyer

VP & Portfolio Manager, Wickham Investment Counsel

Price: $40.980
Owned: Unknown

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2016-04-01

BUY on WEAKNESS
BMO Equal Weight REITs Index (ZRE-T)

(Market Call Minute.) He generally thinks that REITs are great. Have increased recently, but have been undervalued for a long time. Feels they may pull back in the short term, and he would Buy on the dip.

E.T.F.'s
Allan Meyer

VP & Portfolio Manager, Wickham Investment Counsel

Price: $18.920
Owned: No

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2016-04-01

COMMENT
BMO Covered Call Cdn Banks ETF (ZWB-T)

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
Allan Meyer

VP & Portfolio Manager, Wickham Investment Counsel

Price: $15.980
Owned: Unknown

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