Opinions by Allan Meyer | StockChase
166
Allan Meyer

VP & Portfolio Manager

ON STOCKCHASE SINCE Apr 2004

Wickham Investment Counsel

166
Allan Meyer

VP & Portfolio Manager

ON STOCKCHASE SINCE Apr 2004

Wickham Investment Counsel


Opinions by Allan Meyer


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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.

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
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$0.020
Owned Owned
_N/A

Must be logged in to use chart
COMMENT
Barrick Gold(ABX-T) 

April 1, 2016

Evaluating gold is next to impossible. Has made some tremendous mistakes in acquisitions and the write offs that they have had. He avoids gold companies generally.

precious metals

Evaluating gold is next to impossible. Has made some tremendous mistakes in acquisitions and the write offs that they have had. He avoids gold companies generally.

precious metals
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$17.780
Owned Owned
No

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COMMENT

This scores very well on his safety & value strategy. It doesn’t have an excessive amount of debt. However, analysts have been revising down their estimates recently, so he would avoid at this time.

electrical utilities

This scores very well on his safety & value strategy. It doesn’t have an excessive amount of debt. However, analysts have been revising down their estimates recently, so he would avoid at this time.

electrical utilities
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$10.880
Owned Owned
Unknown

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COMMENT

Has an analyst friend that recommends a Pair trade going Long on this and Shorting Canadian Pacific (CP-T), and he is going to defer to him that this rail looks good.

Transportation

Has an analyst friend that recommends a Pair trade going Long on this and Shorting Canadian Pacific (CP-T), and he is going to defer to him that this rail looks good.

Transportation
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$81.120
Owned Owned
Unknown

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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

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
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$33.100
Owned Owned
Unknown

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PAST TOP PICK

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

precious metals

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

precious metals
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$14.560
Owned Owned
No

Must be logged in to use chart
TOP PICK
Descartes(DSG-T) 

April 1, 2016

Helps companies manage their complex supply chains. A little expensive on a PE basis at 18X, but has no debt. Reasonable free cash flow. This is a reasonable entry point and he can see more upside.

computer software/processing

Helps companies manage their complex supply chains. A little expensive on a PE basis at 18X, but has no debt. Reasonable free cash flow. This is a reasonable entry point and he can see more upside.

computer software/processing
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$25.720
Owned Owned
Yes

Must be logged in to use chart
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

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
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$49.320
Owned Owned
Unknown

Must be logged in to use chart
TOP PICK

Has a 20-year exclusive mandate to provide land registry and affiliated services in Saskatchewan. Very, very inexpensive. Trading at 13X on a PE basis, and has something like a 10% free cash flow to enterprise value. Also, has a very low level of debt. Dividend yield of 5.68%.

Has a 20-year exclusive mandate to provide land registry and affiliated services in Saskatchewan. Very, very inexpensive. Trading at 13X on a PE basis, and has something like a 10% free cash flow to enterprise value. Also, has a very low level of debt. Dividend yield of 5.68%.

0
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$14.400
Owned Owned
Yes

Must be logged in to use chart
DON'T BUY

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

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
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$8.020
Owned Owned
No

Must be logged in to use chart
BUY
Linamar Corp(LNR-T) 

April 1, 2016

Reasonable debt levels, low P/E and good cash flow. Magnificently well run. Loves this company and what they are doing.

transportation equip & components

Reasonable debt levels, low P/E and good cash flow. Magnificently well run. Loves this company and what they are doing.

transportation equip & components
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$62.440
Owned Owned
Yes

Must be logged in to use chart
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

(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
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$54.500
Owned Owned
Yes

Must be logged in to use chart
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

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
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$67.380
Owned Owned
Unknown

Must be logged in to use chart
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

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
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$29.860
Owned Owned
Unknown

Must be logged in to use chart
COMMENT

This is a little bit expensive on a P/E basis. Got hurt with the lower oil prices, but has some great growth opportunities. Wouldn’t have any concerns with the dividends on this. Dividend yield of about 4%.

pipelines

This is a little bit expensive on a P/E basis. Got hurt with the lower oil prices, but has some great growth opportunities. Wouldn’t have any concerns with the dividends on this. Dividend yield of about 4%.

pipelines
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$34.290
Owned Owned
No

Must be logged in to use chart
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