Opinions by David Driscoll | StockChase
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David Driscoll

President & CEO

ON STOCKCHASE SINCE Oct 2000

Liberty International Investment Management Inc


Opinions by David Driscoll


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2017-11-01

N/A
A Comment -- General Comments From an Expert 

Market. Now is the time people should be adding money to their portfolio, but because the market is at these lofty levels, do half now and bleed the rest in. Valuations are very rich and are reaching new highs. Also, people who are just North American focused have really fallen behind the curve. Canada is up 4%, and the US in Cdn$ terms is only up 10%, whereas the emerging markets and Europe have done much, much better.  Having global diversification provides you with less risk and greater return.

David Driscoll

President & CEO, Liberty International Investment Management Inc

Price: $0.020
Owned: _N/A

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2017-11-01

N/A
A Comment -- General Comments From an Expert 

Oil & Gas?Saudi Arabia just announced they were building 2 nuclear power plants. This means they can flood the market with oil rather than keeping it domestically. At the same time, Pres. Trump wants to export oil also. There is going to be pressure on changes in demand and supply. Also, electrification is moving forward, and how much of an impact is that going to have on oil? Coal fired plants are being rejigged into gas which is cheaper. Demand is starting to ebb a little. If you own oil stocks, you have to do a very quick discounted cash flow to find out what the true price of a company is going to be, between now and the next 10 years. When it hits that price, you need to either pare back or sell.

David Driscoll

President & CEO, Liberty International Investment Management Inc

Price: $0.020
Owned: _N/A

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2017-11-01

HOLD
Agrium (AGU-T)

Wasn't impressed with the Potash (POT-T) acquisition. They could have bought it for a lot less. It could be a drag for them right now, because commodity prices are still down. This is a good business in that they are able to generate good operating income, so margins are good. They are only one of 2-3 players in the space.

chemicals
David Driscoll

President & CEO, Liberty International Investment Management Inc

Price: $140.890
Owned: Yes

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2017-11-01

COMMENT
Canadian National R.R. (CNR-T)

Bought this in 1997 because it was the lowest cost operator, it is both east-west and north south, and has ownership of rails in the Chicago area. Doesn't know how NAFTA renegotiations will affect things. However, they should do better than other rails because they have alternatives. If it got a little cheaper, he would be more interested. Dividend growth has been roughly 20% over that time frame.

Transportation
David Driscoll

President & CEO, Liberty International Investment Management Inc

Price: $102.960
Owned: Yes

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2017-11-01

COMMENT
GlaxoSmithKline PLC (GSK-N)

Sales of $7.8 billion was up 2%, which doesn't do a lot for his interest. EPS was 49%. You are getting no top line growth or bottom line growth. A lot of their products have been on the market for a long time. They are trying to switch into a new HIV product, but has competition that has been doing it for a long time.

biotechnology/pharmaceutical
David Driscoll

President & CEO, Liberty International Investment Management Inc

Price: $36.200
Owned: Unknown

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2017-11-01

PAST TOP PICK
Halma plc (HLMA-LN)

(A Past Pick Nov 14/16. Up 25%.) A safety company that does sensors and other technologies for measurement, such as detecting smoke detectors and carbon monoxide. They also do analysis on the environmental side as well. Just made an acquisition of Minicam Enterprises, which is supposed to fit in well with their water technologies.

David Driscoll

President & CEO, Liberty International Investment Management Inc

Price: $0.000
Owned: Yes

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2017-11-01

TOP PICK
Intertek Group plc (ITRK-LON)

This is a group in Britain who do product inspection. Whether it is toys, clothes, food, anything that needs government regulation to inspect, has to get the stamp of approval from this company. They are selling more to their existing clients, but also getting new business. Projections are for 20% growth, both in earnings and dividends, and as a result, it has hit a new high today. (Analysts' price target is £4460.)

David Driscoll

President & CEO, Liberty International Investment Management Inc

Price: $0.010
Owned: Yes

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2017-11-01

TOP PICK
Littelfuse Inc. (LFUS-Q)

Engineers that makes fuses and sensors. We are in the electrification of automobiles and smart phones. You can't turn on your smart phone without a fuse, and you can't turn on your car without a fuse. Over the next 20 years, their growth in the electrification of cars is expected to grow by about 30%. Made an acquisition about 4 months ago, which increased their size by about a 3rd. Earnings came out a penny short, and the stock went down $20, so this is a gift. Dividend yield of 0.7%. (Analysts' price target is $200.)

INDUSTRIAL PRODUCTS
David Driscoll

President & CEO, Liberty International Investment Management Inc

Price: $188.440
Owned: Yes

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2017-11-01

DON'T BUY
Roche Holding AG (RHHBY OTC (US))

Made an acquisition quite a while ago of a biotech firm that comes up with all the future products. However, they are starting with some of the research that are in stage I and stage II. Sales were up 5% in the last quarter, but have seen a decline of 1% overall. The stock hasn't done a lot this year. Until this actually comes up with something that is going to be a gang buster, he would stay away.

David Driscoll

President & CEO, Liberty International Investment Management Inc

Price: $0.000
Owned: Unknown

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2017-11-01

TOP PICK
Rollins Inc (ROL-N)

Pest control. This company dominates the business. A very expensive stock trading at 50X earnings, and is trading at that premium because they are the only game in town. They have all of North and South America covered. Dividend yield of 1.1%. (Analysts' price target is $47.)

David Driscoll

President & CEO, Liberty International Investment Management Inc

Price: $43.700
Owned: Yes

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2017-11-01

BUY
Roper Technologies Inc. (ROP-N)

They generate so much cash that they are able to pay off most of their debt quickly, so they can then make the next acquisition. They are also into areas such as medical software, TAG technology for the toll roads in Texas, Florida, New Jersey and New York State, and a little bit of oil and gas. They got into the right sectors at the right time. They eschewed all the old industrial stuff they used to have, but still keeps the high margin stuff. They have margins in the 63% range. He still buys this for new clients.

electrical/electronic
David Driscoll

President & CEO, Liberty International Investment Management Inc

Price: $258.210
Owned: Yes

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2017-11-01

DON'T BUY
Banco Santander SA (SAN-N)

Effects of Catalonia on this bank? 42% of revenues are from Latin America with the other 41% in Europe, mostly Spain and Britain. Valuations are up 20% this year. PE multiple is 13.4. Cheap on a Price to Book and Price to Sales method, but Catalonia is a little wart that is on their backside right now. He is not interested in this, because dividend growth for him has to be over 10%. Dividend yield of 3.5%.

banks
David Driscoll

President & CEO, Liberty International Investment Management Inc

Price: $6.770
Owned: No

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2017-11-01

COMMENT
Saputo Inc. (SAP-T)

Just made a milk acquisition in Australia. They've been making acquisitions in New Zealand and Australia in order to export to China. That takes NAFTA out of probably a quarter of their business. Just announced they had made an acquisition of a goat cheese operation out of Wisconsin.

food processing
David Driscoll

President & CEO, Liberty International Investment Management Inc

Price: $46.440
Owned: Unknown

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2017-11-01

PAST TOP PICK
Stantec Inc (STN-T)

(A Past Pick Nov 14/16. Up 8%.) Still in a turnaround situation. The last quarter was good, but the previous three quarters were not. They are moving aggressively into environmental engineering and water management. Just made an acquisition that covers California and Western US. This is currently at a decent value, and he is continuing to buy it.

consulting
David Driscoll

President & CEO, Liberty International Investment Management Inc

Price: $36.570
Owned: Yes

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2017-11-01

COMMENT
Toronto Dominion (TD-T)

Has owned this since 1997, which is why he doesn't own US banks. It is basically is a US bank, and when you include Waterhouse, you have almost 50% of revenue that is coming from the US. They are great at allocating their capital when using it. As a retail branch, they don't have to deal with the volatility of equity, fixed income, etc. Branch banking has higher margins. He is still buying for his clients.

banks
David Driscoll

President & CEO, Liberty International Investment Management Inc

Price: $73.160
Owned: Yes

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