Paul Gardner, CFA
Member since: Dec '04
Partner and Portfolio Manager at
Avenue Investment Management

Latest Top Picks

(A Top Pick Mar 20/19, Up 12%) Now that Yellow Pages has reorganized and stabilized their business, there is very little debt. This convertible debt is almost risk-free now. Their business has not necessarily done great, it creates free cash flow (with a 32% margin) and pays an 8% yield. He expects the bonds to be called in the next year.
(A Top Pick Mar 20/19, Up 8%) It trades at a discount to their peers -- it is cheap. They have realigned management, bringing it back internal, so it is again re-aligned with unit holders. They have a 99.5% occupancy rate in the Midwest and South -- all logistic centres -- and is very stable. There is way more value versus owning the US company equivalent -- trading 20% cheaper.
(A Top Pick Mar 20/19, Up 19%) It trades at a huge 15% discount to NAV. They just bought WestJet. It should be trading at $100.
A play on e-commerce. It is not cheap, but he likes that Amazon is a minority shareholder and they hold a contract with Canada Post offering same day delivery. They have hired more pilots, which hurt their financial position last year, but they are seeing revenues exploding now. Yield 0.81% (Analysts’ price target is $117.50)
Great management team in Alberta, who owns 25% of the shares. Their last earnings reported a 10% increase in profitability as they have reduced costs internally. The exposure in Calgary and Edmonton has stabilized. Their cost per door is almost half of its peer group. Yield 2.09% (Analysts’ price target is $52.10)