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


Signal Opinion Expert Chart
N/A
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

Must be logged in to use chart
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

Must be logged in to use chart
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
BUY
Quarterhill Inc(QTRH-T) 

April 1, 2016

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

electrical/electronic

(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 C...

PricePrice
$2.950
Owned Owned
Yes

Must be logged in to use chart
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

(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 C...

PricePrice
$35.270
Owned Owned
Yes

Must be logged in to use chart
COMMENT

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

Energy Infrastructure, Industrials & Utilities

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 C...

PricePrice
$12.700
Owned Owned
Yes

Must be logged in to use chart
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

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 C...

PricePrice
$75.100
Owned Owned
Unknown

Must be logged in to use chart
DON'T BUY
Saputo Inc.(SAP-T) 

April 1, 2016

(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

(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 C...

PricePrice
$40.900
Owned Owned
No

Must be logged in to use chart
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

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 C...

PricePrice
$2.060
Owned Owned
No

Must be logged in to use chart
COMMENT

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

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 C...

PricePrice
$41.850
Owned Owned
Yes

Must be logged in to use chart
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

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 C...

PricePrice
$47.020
Owned Owned
Unknown

Must be logged in to use chart
BUY

(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

(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 C...

PricePrice
$8.880
Owned Owned
Yes

Must be logged in to use chart
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

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 C...

PricePrice
$56.100
Owned Owned
Unknown

Must be logged in to use chart
COMMENT

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

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 C...

PricePrice
$26.000
Owned Owned
Yes

Must be logged in to use chart
TOP PICK
Valener Inc.(VNR-T) 

April 1, 2016

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

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 C...

PricePrice
$20.780
Owned Owned
Yes

Must be logged in to use chart
COMMENT

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

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 C...

PricePrice
$40.980
Owned Owned
Unknown

Must be logged in to use chart
BUY on WEAKNESS

(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

(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 C...

PricePrice
$18.920
Owned Owned
No

Must be logged in to use chart
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

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 C...

PricePrice
$15.980
Owned Owned
Unknown

Must be logged in to use chart
N/A
General Market Comment 

February 5, 2016

Markets. We are in a lower growth environment and people are going to have to ratchet their expectations down. The Canadian market has been dramatically affected by the oil price, not only affecting the auto sector, but bank stocks as well. Thinks we are in to a new era where we have a lower growth. We are in an aging demographic where people are saving more. He loves dividend paying stocks. Rather than the volatility, he prefers more of the good old steady Eddie, and dividends are a big focus for him. Likes technology for finding safe value companies, especially in the US.

Markets. We are in a lower growth environment and people are going to have to ratchet their expectations down. The Canadian market has been dramatically affected by the oil price, not only affecting the auto sector, but bank stocks as well. Thinks we are in to a new era where we have a lower growth. We are in an aging demographic where people are saving more. He loves dividend paying stocks. Rather than the volatility, he prefers more of the good old steady Eddie, and dividends are a big focus for him. Likes technology for finding safe value companies, especially in the US.

Unknown
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$0.020
Owned Owned
_N/A

Must be logged in to use chart
COMMENT
General Market Comment 

February 5, 2016

High-yield ETF Bond Funds such as XHY-T or ZHY-T? These have come under a lot of pressure recently because 20% of these funds are in oil/gas related industries, and there is a lot of concern that these companies are going to fail and not be able to make their payments on their debts. He has not seen any evidence of that. Default rates are not anywhere near high levels. This is an area that could do significantly better if oil prices stabilize.

High-yield ETF Bond Funds such as XHY-T or ZHY-T? These have come under a lot of pressure recently because 20% of these funds are in oil/gas related industries, and there is a lot of concern that these companies are going to fail and not be able to make their payments on their debts. He has not seen any evidence of that. Default rates are not anywhere near high levels. This is an area that could do significantly better if oil prices stabilize.

Unknown
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$0.020
Owned Owned
Yes

Must be logged in to use chart
COMMENT
Altagas Ltd(ALA-T) 

February 5, 2016

They have more and more operations trying to ship LNG out of the West Coast of the US. Nothing wrong with the company. This has been lumped in with the energy sector, so seems to have been hurt by that comparison. Have long “take or pay” contracts, so the operations are very stable. Prefers Inter Pipeline (IPL-T). Great yield of 6.25%.

oil/gas

They have more and more operations trying to ship LNG out of the West Coast of the US. Nothing wrong with the company. This has been lumped in with the energy sector, so seems to have been hurt by that comparison. Have long “take or pay” contracts, so the operations are very stable. Prefers Inter Pipeline (IPL-T). Great yield of 6.25%.

oil/gas
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$31.700
Owned Owned
Unknown

Must be logged in to use chart
HOLD

(Market Call Minute.) Doesn’t know this one very well.

electrical utilities

(Market Call Minute.) Doesn’t know this one very well.

electrical utilities
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$11.980
Owned Owned
No

Must be logged in to use chart
BUY
Aecon Group Inc(ARE-T) 

February 5, 2016

(Market Call Minute.) Safe and would buy it.

contractors

(Market Call Minute.) Safe and would buy it.

contractors
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$14.270
Owned Owned
Yes

Must be logged in to use chart
BUY
BCE Inc.(BCE-T) 

February 5, 2016

Just reported and are increasing their dividend. This stock almost fits everybody. Great business and good management. Yield of 4.7%.

telephone utilities

Just reported and are increasing their dividend. This stock almost fits everybody. Great business and good management. Yield of 4.7%.

telephone utilities
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$58.160
Owned Owned
Unknown

Must be logged in to use chart
BUY

(Market Call Minute.) This is engineering and there is going to be more money coming from the federal government into this area.

REAL ESTATE

(Market Call Minute.) This is engineering and there is going to be more money coming from the federal government into this area.

REAL ESTATE
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$11.950
Owned Owned
Yes

Must be logged in to use chart
DON'T BUY

They had said their dividend was safe, and then followed that by cutting it. Based on where we are with current oil prices, they may have to cut the dividend again. At these levels they are barely covering their cash costs, and are not able to spend enough money on maintaining their production to capital expenditures.

oil/gas

They had said their dividend was safe, and then followed that by cutting it. Based on where we are with current oil prices, they may have to cut the dividend again. At these levels they are barely covering their cash costs, and are not able to spend enough money on maintaining their production to capital expenditures.

oil/gas
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$15.150
Owned Owned
No

Must be logged in to use chart
COMMENT
Canadian Solar Inc.(CSIQ-Q) 

February 5, 2016

Solar panel manufacturer. A Canadian company with operations in Canada, but is basically a US company. They get a lot of their product out of China. However, there are a lot of strange cross currents. Very difficult to get information on this company. Very volatile.

other mines

Solar panel manufacturer. A Canadian company with operations in Canada, but is basically a US company. They get a lot of their product out of China. However, there are a lot of strange cross currents. Very difficult to get information on this company. Very volatile.

other mines
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$19.440
Owned Owned
No

Must be logged in to use chart
PAST TOP PICK

(A Top Pick May 14/15. Down 32.85%.) Sold his holdings at $20, so his clients made money.

precious metals

(A Top Pick May 14/15. Down 32.85%.) Sold his holdings at $20, so his clients made money.

precious metals
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$15.650
Owned Owned
No

Must be logged in to use chart
COMMENT
Emera Inc(EMA-T) 

February 5, 2016

Ranks well in his program, but so far they haven’t had much earnings growth. Prefers others. Dividend yield of 4.2%.

mngmnt/diversified

Ranks well in his program, but so far they haven’t had much earnings growth. Prefers others. Dividend yield of 4.2%.

mngmnt/diversified
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$45.960
Owned Owned
No

Must be logged in to use chart
COMMENT
Hydro One(H-T) 

February 5, 2016

He stays away from new issues. It’s an area where you have increased risks. There is no history with management or how it is going to react in the market. Doesn’t rank well in his program being in the bottom quartile, partially because it doesn’t have any history.

electrical utilities

He stays away from new issues. It’s an area where you have increased risks. There is no history with management or how it is going to react in the market. Doesn’t rank well in his program being in the bottom quartile, partially because it doesn’t have any history.

electrical utilities
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$23.120
Owned Owned
No

Must be logged in to use chart
DON'T BUY
Kelt Exploration(KEL-T) 

February 5, 2016

Thinks oil is close to a bottom and you can start picking your favourites out, but he would not be buying oil/gas companies right now. We still have an extended period of time, maybe the rest of the year, before we have a sustained movement up. This is not a bad company and has a decent track record, but these companies are not making money.

oil/gas

Thinks oil is close to a bottom and you can start picking your favourites out, but he would not be buying oil/gas companies right now. We still have an extended period of time, maybe the rest of the year, before we have a sustained movement up. This is not a bad company and has a decent track record, but these companies are not making money.

oil/gas
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$3.750
Owned Owned
No

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

February 5, 2016

Low debt, good interest coverage and has a 7-8 times on a price to earnings basis going forward. Also, has good free cash flow which can be used to increase the dividend, buy back shares or make an acquisition. Dividend yield of 0.76%.

transportation equip & components

Low debt, good interest coverage and has a 7-8 times on a price to earnings basis going forward. Also, has good free cash flow which can be used to increase the dividend, buy back shares or make an acquisition. Dividend yield of 0.76%.

transportation equip & components
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$52.720
Owned Owned
Yes

Must be logged in to use chart
PAST TOP PICK
Magna Int'l. (A)(MG-T) 

February 5, 2016

(A Top Pick May 14/15. Down 31.18%.) Even though there has been a significant drop in the share price, he doesn’t have a Sell signal from analysts decreasing their earnings estimates. Trading at around 7X earnings and has a very low debt to equity. Still a Buy.

Automotive

(A Top Pick May 14/15. Down 31.18%.) Even though there has been a significant drop in the share price, he doesn’t have a Sell signal from analysts decreasing their earnings estimates. Trading at around 7X earnings and has a very low debt to equity. Still a Buy.

Automotive
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$45.480
Owned Owned
Yes

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TOP PICK
Metro Inc (A)(MRU-T) 

February 5, 2016

Trading around its market multiple on earnings, so is pretty comfortable with it. It also has a low debt level and good interest coverage. For uncertain times, this is a nice stable area where you won’t see a huge amount of fluctuation in their revenue or earnings. 1.36% dividend yield.

food stores

Trading around its market multiple on earnings, so is pretty comfortable with it. It also has a low debt level and good interest coverage. For uncertain times, this is a nice stable area where you won’t see a huge amount of fluctuation in their revenue or earnings. 1.36% dividend yield.

food stores
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$41.090
Owned Owned
Yes

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PAST TOP PICK

(A Top Pick May 14/15. Down 6. 76 %.) This is still a Buy. Has a free cash flow to enterprise value of over 11%. Very low debt level and a healthy dividend.

specialty stores

(A Top Pick May 14/15. Down 6. 76 %.) This is still a Buy. Has a free cash flow to enterprise value of over 11%. Very low debt level and a healthy dividend.

specialty stores
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$32.000
Owned Owned
Yes

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TOP PICK
Transalta Renewables(RNW-T) 

February 5, 2016

The parent company Transalta (TA-T) keeps pushing their stuff down, and doesn’t want to see them get into any trouble. Owns wind farms and some Hydro operations. Payout is high at 90%, but he is not concerned about the dividend. Dividend yield of 8.64%.

Energy Infrastructure, Industrials & Utilities

The parent company Transalta (TA-T) keeps pushing their stuff down, and doesn’t want to see them get into any trouble. Owns wind farms and some Hydro operations. Payout is high at 90%, but he is not concerned about the dividend. Dividend yield of 8.64%.

Energy Infrastructure, Industrials & Utilities
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$10.320
Owned Owned
Yes

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BUY

Ranks very well in his program. Has had very good earnings growth and reasonable coverage on their interest payments. Dividend yield of 12%.

Transportation

Ranks very well in his program. Has had very good earnings growth and reasonable coverage on their interest payments. Dividend yield of 12%.

Transportation
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$5.110
Owned Owned
Unknown

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BUY
Telus Corp(T-T) 

February 5, 2016

(Market Call Minute.) At $40 or lower, this is a great buy.

telephone utilities

(Market Call Minute.) At $40 or lower, this is a great buy.

telephone utilities
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$40.450
Owned Owned
Unknown

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COMMENT
Tricon Capital Group(TCN-T) 

February 5, 2016

A real estate manager with over $2 billion worth of a wide range of properties in the US. Everything from single family homes to some lower cost properties. Has a decent dividend. He likes this company. Has underperformed recently and is not sure if this is just going down with the real estate sector or something to do with the oil prices. Vacancy rate is well under 10% for their properties.

REAL ESTATE

A real estate manager with over $2 billion worth of a wide range of properties in the US. Everything from single family homes to some lower cost properties. Has a decent dividend. He likes this company. Has underperformed recently and is not sure if this is just going down with the real estate sector or something to do with the oil prices. Vacancy rate is well under 10% for their properties.

REAL ESTATE
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$8.310
Owned Owned
Yes

Must be logged in to use chart
BUY
Toronto Dominion(TD-T) 

February 5, 2016

Banks have come off 5%-17% from their recent highs, and this is a great buying opportunity. You are getting them well below market multiples. He prefers using the BMO S&P TSX Equal Weight Bank Index (ZEB-T).

banks

Banks have come off 5%-17% from their recent highs, and this is a great buying opportunity. You are getting them well below market multiples. He prefers using the BMO S&P TSX Equal Weight Bank Index (ZEB-T).

banks
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$52.400
Owned Owned
Unknown

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BUY
Valener Inc.(VNR-T) 

February 5, 2016

(Market Call Minute.) Loves this. A nice stable business.

pipelines

(Market Call Minute.) Loves this. A nice stable business.

pipelines
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$19.720
Owned Owned
Yes

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COMMENT
Winpak Ltd.(WPK-T) 

February 5, 2016

Likes this company. No debt. Has a market multiple, so is not cheap, but has been a great performer over the last year. Good free cash flow to enterprise value.

packaging/containers

Likes this company. No debt. Has a market multiple, so is not cheap, but has been a great performer over the last year. Good free cash flow to enterprise value.

packaging/containers
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$42.590
Owned Owned
Yes

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BUY

BMO has a great suite of ETF’s. This one has done very, very well. You can buy this and set it aside, and you are going to do well.

E.T.F.'s

BMO has a great suite of ETF’s. This one has done very, very well. You can buy this and set it aside, and you are going to do well.

E.T.F.'s
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$28.690
Owned Owned
Unknown

Must be logged in to use chart
N/A
General Market Comment 

November 24, 2015

Markets. US stocks look more promising than Canadian over the next year and perhaps even longer. GDP growth in the US is about twice as much as the Canadian, which is a tailwind that will favour the US market. Also, valuations are pretty attractive in the US market. It is hard to get excited about Canada when the metals are under pressure. On oil and gas, we are starting to see the light at the end of the tunnel. Banks although favoured are still under pressure.

Markets. US stocks look more promising than Canadian over the next year and perhaps even longer. GDP growth in the US is about twice as much as the Canadian, which is a tailwind that will favour the US market. Also, valuations are pretty attractive in the US market. It is hard to get excited about Canada when the metals are under pressure. On oil and gas, we are starting to see the light at the end of the tunnel. Banks although favoured are still under pressure.

Unknown
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$0.020
Owned Owned
_N/A

Must be logged in to use chart
BUY
Alaris Royalty(AD-T) 

November 24, 2015

Great company. Selling at less than 13X on a earnings basis and the debt is very, very low. Also, pays a decent dividend. Earnings have been a little disappointing, but think that is a short term blip. Have a very well thought out strategy for delivering earnings to the companies. A great entry point.

Financial Services

Great company. Selling at less than 13X on a earnings basis and the debt is very, very low. Also, pays a decent dividend. Earnings have been a little disappointing, but think that is a short term blip. Have a very well thought out strategy for delivering earnings to the companies. A great entry point.

Financial Services
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$24.600
Owned Owned
Yes

Must be logged in to use chart
TOP PICK

Has a below market multiple at about 15X. They have about $4 per share in cash. Analysts keep on increasing their estimates to catch up to what the company is actually doing. 5.5% dividend yield.

REAL ESTATE

Has a below market multiple at about 15X. They have about $4 per share in cash. Analysts keep on increasing their estimates to catch up to what the company is actually doing. 5.5% dividend yield.

REAL ESTATE
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$13.940
Owned Owned
Yes

Must be logged in to use chart
HOLD

Should the offer from Suncor (SU-T) be accepted? He thinks Suncor is going to do a better job with those assets than Canadian Oil Sands. This is very opportunistic of Suncor to be doing this at this time. Doesn’t expect there will be a better offer coming. There aren’t a lot of companies that can buy an asset this size.

oil/gas

Should the offer from Suncor (SU-T) be accepted? He thinks Suncor is going to do a better job with those assets than Canadian Oil Sands. This is very opportunistic of Suncor to be doing this at this time. Doesn’t expect there will be a better offer coming. There aren’t a lot of companies that can buy an asset this size.

oil/gas
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$8.820
Owned Owned
Unknown

Must be logged in to use chart
COMMENT
Dividend 15 Split Corp.(DFN-T) 

November 24, 2015

This is kind of a leveraged play on high yielding common share. Some of them are really good.

investment companies/funds

This is kind of a leveraged play on high yielding common share. Some of them are really good.

investment companies/funds
Allan Meyer

VP & Portfolio Manager, Wickham Investment C...

PricePrice
$10.840
Owned Owned
Unknown

Must be logged in to use chart
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