Stock Opinions by Don Lato - Stockchase Experts
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Don Lato @

On Stockchase since : Nov 2007

President at Padlock Investment Management

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Stock Opinions by Don Lato - Stockchase Experts

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WEAK BUY
Netflix Inc.(NFLX-Q) 

March 13, 2019

Growth prospects despite huge PE? Yes it does, but it is trading at 88x this year's earnings. This doesn't work for his portfolio and he subscribes to Netflix himself. A great business model with huge retention, but they're facing competition with Amazon Prime, Google/Youtube and soon Apple. At least you'll get revenue increases when they continue to raise rates. It's rebounded the most in the FAANGs since Xmas Eve.
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Growth prospects despite huge PE? Yes it does, but it is trading at 88x this year's earnings. This doesn't work for his portfolio and he subscribes to Netflix himself. A great business model with huge retention, but they're facing competition with Amazon Prime, Google/Youtube and soon Apple. At least you'll get revenue increases when they continue to raise rates. It's rebounded the most in the FAANGs since Xmas Eve.
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Don Lato

President, Padlock Investment M...

Price Price
$361.210
Owned Owned
Yes

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WEAK BUY

It went public in 2010 with 1 barrel per day per 1000 shares – now it is 30 barrels.  They have become more focused on oil recognizing the difficulties in natural gas.  They now have a modest dividend and he likes management.   Differentials on oil have narrowed as well. 

oil/gas
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It went public in 2010 with 1 barrel per day per 1000 shares – now it is 30 barrels.  They have become more focused on oil recognizing the difficulties in natural gas.  They now have a modest dividend and he likes management.   Differentials on oil have narrowed as well. 

oil/gas
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Don Lato

President, Padlock Investment M...

Price Price
$22.900
Owned Owned
Unknown

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WEAK BUY

There is a motion in front of shareholders to shake things up.  It would not be his preferred choice in the sector.  The downside is limited, but there is not much upside.  He would be a luke-warm buyer.   (Analysts’ price target is $13.40 )

oil/gas
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There is a motion in front of shareholders to shake things up.  It would not be his preferred choice in the sector.  The downside is limited, but there is not much upside.  He would be a luke-warm buyer.   (Analysts’ price target is $13.40 )

oil/gas
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Don Lato

President, Padlock Investment M...

Price Price
$10.790
Owned Owned
No

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WEAK BUY
Walt Disney(DIS-N) 

April 20, 2018

He does not hold it, but is looking at it given the recent weakness.  Trading near 13.5 times earnings, which is cheap.  There is erosion on the networks and plenty of competition, but they are getting into streaming video.  You could buy it safely here.  Yield 1.7%.  (Analysts’ price target is $121 )

entertainment services
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He does not hold it, but is looking at it given the recent weakness.  Trading near 13.5 times earnings, which is cheap.  There is erosion on the networks and plenty of competition, but they are getting into streaming video.  You could buy it safely here.  Yield 1.7%.  (Analysts’ price target is $121 )

entertainment services
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Don Lato

President, Padlock Investment M...

Price Price
$100.240
Owned Owned
No

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WEAK BUY
Dollarama Inc.(DOL-T) 

April 20, 2018

He does own this and sees it as always expensive.  He likes how hard they work for shareholder value.  They survived the higher wage increase in Ontario.  A core holding for sure. 

Consumer Products
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He does own this and sees it as always expensive.  He likes how hard they work for shareholder value.  They survived the higher wage increase in Ontario.  A core holding for sure. 

Consumer Products
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Don Lato

President, Padlock Investment M...

Price Price
$148.360
Owned Owned
Yes

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WEAK BUY
Netflix Inc.(NFLX-Q) 

April 20, 2018

He always thought it was too expensive and even today he feels that way.  It had a great earnings report this week with record new subscriber rates.  Trades at 70 times next year earnings. 

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He always thought it was too expensive and even today he feels that way.  It had a great earnings report this week with record new subscriber rates.  Trades at 70 times next year earnings. 

Unknown
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Don Lato

President, Padlock Investment M...

Price Price
$327.770
Owned Owned
No

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WEAK BUY
General Electric(GE-N) 

April 20, 2018

They have been in the penalty box for a while, but the recent earnings are a good step for the road to recovery.  It is a great business, but there were management issues that were not apparent.  They have a great brand and it might be an interesting buy here.

electrical/electronic
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They have been in the penalty box for a while, but the recent earnings are a good step for the road to recovery.  It is a great business, but there were management issues that were not apparent.  They have a great brand and it might be an interesting buy here.

electrical/electronic
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Don Lato

President, Padlock Investment M...

Price Price
$14.540
Owned Owned
No

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WEAK BUY
Blackstone Group LP(BX-N) 

January 25, 2018

It is a little bit rich.  He is into the sector through KKR-N.  The valuation is a bit better there and they have a nice yield.  As the M&A frenzy takes hold, the whole group will be better positioned.

investment companies/funds
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It is a little bit rich.  He is into the sector through KKR-N.  The valuation is a bit better there and they have a nice yield.  As the M&A frenzy takes hold, the whole group will be better positioned.

investment companies/funds
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Don Lato

President, Padlock Investment M...

Price Price
$36.350
Owned Owned
No

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WEAK BUY
Mastercard Inc.(MA-N) 

November 30, 2017

V-N vs. MA-N.  They keep going up.  V-N is slightly better valuation than M-N and he prefers to by M-N when it is two or three multiple points between the two.  Generally speaking they are both great and have a huge runway ahead of them.  A lot of countries are still just scratching the surface.  He just owns V-N right now.

other services
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V-N vs. MA-N.  They keep going up.  V-N is slightly better valuation than M-N and he prefers to by M-N when it is two or three multiple points between the two.  Generally speaking they are both great and have a huge runway ahead of them.  A lot of countries are still just scratching the surface.  He just owns V-N right now.

other services
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Don Lato

President, Padlock Investment M...

Price Price
$150.470
Owned Owned
No

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WEAK BUY
Dollarama Inc.(DOL-T) 

January 27, 2016

Both medium and long term it is a buy.  It did well until early December when they announced their earnings.  They were very cautious about guidance into the next quarter and next year.  Most of their products are imported and the low CAD$ is causing their cost of goods sold to creep up.  They have lots of room for store growth.  Dollar stores in the US don’t hold a candle to DOL-T.  It is at 22 times earnings.

Consumer Products
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Both medium and long term it is a buy.  It did well until early December when they announced their earnings.  They were very cautious about guidance into the next quarter and next year.  Most of their products are imported and the low CAD$ is causing their cost of goods sold to creep up.  They have lots of room for store growth.  Dollar stores in the US don’t hold a candle to DOL-T.  It is at 22 times earnings.

Consumer Products
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Don Lato

President, Padlock Investment M...

Price Price
$72.350
Owned Owned
Unknown

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WEAK BUY

CM-T vs. NA-T.  CM-T has better value.  Is concerned about NA-T’s exposure to the oil patch.  CM-T has concentrated more on the retail customer.  He does not think we have seen all of the repercussions of low oil prices.  The US banks are cheaper, but the currency is more expensive and you get the dividend tax credit on Canadian banks. 

banks
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CM-T vs. NA-T.  CM-T has better value.  Is concerned about NA-T’s exposure to the oil patch.  CM-T has concentrated more on the retail customer.  He does not think we have seen all of the repercussions of low oil prices.  The US banks are cheaper, but the currency is more expensive and you get the dividend tax credit on Canadian banks. 

banks
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Don Lato

President, Padlock Investment M...

Price Price
$87.680
Owned Owned
Unknown

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WEAK BUY
Bank of America(BAC-N) 

January 27, 2016

The US banks have great value right now in relation to book value and don’t have the energy exposure that Canadian banks have.  He would prefer Goldman Saks for a US bank.  He would buy a US bank for the growth, vs. a Canadian bank for the dividend.

banks
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The US banks have great value right now in relation to book value and don’t have the energy exposure that Canadian banks have.  He would prefer Goldman Saks for a US bank.  He would buy a US bank for the growth, vs. a Canadian bank for the dividend.

banks
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Don Lato

President, Padlock Investment M...

Price Price
$13.360
Owned Owned
Unknown

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WEAK BUY

Feels there will be upside from here but it comes with a little bit rockier road because of the pure commodity exposure. With the news of the cartel in Russia exploding, there was a huge selloff and the downside from here is going to be rather limited but you have to be prepared for a little bit rockier road on the way up.

integrated mines
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Feels there will be upside from here but it comes with a little bit rockier road because of the pure commodity exposure. With the news of the cartel in Russia exploding, there was a huge selloff and the downside from here is going to be rather limited but you have to be prepared for a little bit rockier road on the way up.

integrated mines
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Don Lato

President, Padlock Investment M...

Price Price
$32.210
Owned Owned
Unknown

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WEAK BUY
Suncor Energy Inc(SU-T) 

January 17, 2013

It is not going to take off.  He has a muted outlook on oil itself.  Because of problems in Canadian resource sector last year it didn’t do well but this year you can look for a better year.  Brought more production on line.  A good solid return but it won’t take off.

integrated oils
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It is not going to take off.  He has a muted outlook on oil itself.  Because of problems in Canadian resource sector last year it didn’t do well but this year you can look for a better year.  Brought more production on line.  A good solid return but it won’t take off.

integrated oils
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Don Lato

President, Padlock Investment M...

Price Price
$33.980
Owned Owned
Yes

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WEAK BUY
Manulife Financial(MFC-T) 

December 6, 2012

It is not moving up because of two things: equity prices and they are just not earnings the returns on the fixed income side of the portfolio.  They are trying to do as much as they can to grow the business and are expanding there and it is becoming a much larger part of their earnings stream.  He holds this rather than SLF, which he prefers.

insurance
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It is not moving up because of two things: equity prices and they are just not earnings the returns on the fixed income side of the portfolio.  They are trying to do as much as they can to grow the business and are expanding there and it is becoming a much larger part of their earnings stream.  He holds this rather than SLF, which he prefers.

insurance
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Don Lato

President, Padlock Investment M...

Price Price
$12.860
Owned Owned
Yes

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