Opinions by Peter Imhof | StockChase
698
Peter Imhof

Vice President & Portfolio Manager

ON STOCKCHASE SINCE Jan 2008

AGF Investments Inc


Opinions by Peter Imhof


Signal Opinion Expert Chart

2017-09-28

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

Markets.  If you look at Canada, we are trading at quite a discount to the US.  If you look at the Copper price, and oil price, over the last number of months they are starting to move up.  In 6 of the last 7 years small caps have underperformed.  These sectors should start to do better.  A lot of bigger energy names got added to the small cap index.  They will probably start to move their weights up. 

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.020
Owned: _N/A

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2017-09-28

WATCH
AGT Food & Ingredients (AGT-T)

He just started to realize that quarter after quarter they were starting to miss and debt levels were quite high.  Fairfax lent them quite a bit of money.  It is like Warren Buffet taking part of the company on the cheap.  He exited about 9 months ago.  He is watching for revenues to come up.

agriculture
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $24.470
Owned: No

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2017-09-28

WATCH
Aphria Inc (APH-T)

This is the only play he has ever owned in the Marijuana space.   He did extremely well on it but before all the hype about it.  The market caps are now so large and not spinning off much cash flow so it is hard for him to justify them.  He likes the management and they are one of the low cost producers.  He stays away because of valuations. 

agriculture
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $6.860
Owned: No

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2017-09-28

DON'T BUY
Avigilon Corp (AVO-T)

The CEO runs it like a private company.  It is hard for him if he is not aligned with the CEO.  The stock has done alright on a longer term chart.  But he will not invest in it.

INDUSTRIAL PRODUCTS
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $17.820
Owned: No

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2017-09-28

BUY
Grande West Transportation Group (BUS-X)

He took the majority of a recent financing.  They are just starting to ramp up and are now earnings positive.  Their backlog should keep them busy for the next couple of quarters. 

Transportation
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.750
Owned: Yes

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2017-09-28

WEAK BUY
Clearwater Seafoods Inc.  (CLR-T)

He exited about 5 months or so ago.  They pretty much had 100% of the quotas in Canadian in these shell fish.  The last couple of quarters were half decent for them but the last few years were choppy.  It is coming down to a valuation that makes more sense.

Financial Services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $9.180
Owned: No

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2017-09-28

SELL
CRH Medical Corp. (CRH-T)

He exited this story.  He was a big bull.  It came back for stock specific stories.  Multiple compression resulted from short reports. 

biotechnology/pharmaceutical
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.890
Owned: No

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2017-09-28

WAIT
Diversified Royalty Corp. (DIV-T)

It has had a really big run here. It was falling and then they signed with Air Miles. Now their payout ratio is not above 100% like it was. They may sign another deal by year end and that would cover off their dividend. He likes the management team but he is not sure theres much more upward room left, unless they sign another deal. Some analysts are calling for $3.75-$4. There's strength and the fundamentals are looking good, but he thinks its more fairly priced now than it was a couple months ago.

other services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $3.100
Owned: Yes

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2017-09-28

HOLD
Diamcor Mining Inc. (DMI-X)

South African mining.  It has been quite disappointing.  They had a hiccup in their production.  He still owns it.  They have been finding larger karats but have had a bit of a water issue.  You need to continue to hold it. 

Mining
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.590
Owned: Yes

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2017-09-28

COMMENT
Freshii Inc (FRII-T)

Disappointed with recent results and guided down store openings. There hasn't been many successful IPOs in Canada in the last few years. They didn't have enough visibility in what was coming in the first few quarters to build a strong shareholder base and keep IPO shares price up.

food services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $5.600
Owned: Unknown

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2017-09-28

BUY
Firan Technology Group Corp. (FTG-T)

It has done extremely well since he last recommended it.  They made some management changes but he still likes it.  There are more and more planes being ordered.  It is fairly cheap but there is not a lot of liquidity to it.  It still looks cheap.  He thinks they will come out with better quarters. 

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $3.390
Owned: Yes

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2017-09-28

BUY
Gear Energy (GXE-T)

It is a small position for him.  It is heavier oil and has not kept up with other names.  It is under the radar.  He is quite impressed with their production ramp up and netbacks.  People are hesitant to move down to these microcap names.  It looks cheap.  The oil price has moved up but this stock has not.  He would buy.

oil/gas
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.790
Owned: Yes

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2017-09-28

WATCH
Impact Silver Corp. (IPT-X)

It has come off over the last couple of weeks.  A lot of people were playing it as a materials stock.  The last couple of quarters were not that strong.  There have been some increases in costs.  The next couple of quarters should not be that strong.  He is going to take a closer look at it if it comes down a little further. 

precious metals
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.330
Owned: No

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2017-09-28

PAST TOP PICK
Milestone Apartment REIT (MST.UN-T (Dead))

(Top Pick Dec 20/16, Up 18%) He did not want them to get taken over.  He thought there was more growth left.  You would have got more upside over a couple of years. 

REAL ESTATE
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $22.150
Owned: No

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2017-09-28

HOLD
NYX Gaming Group Ltd (NYX-X)

It has been doing well lately.  There as a takeover bid for it at 105% premium.  He owns a lot of it.  He has not sold yet .  He prefers to hold on to it.  He will still get a little bit if he holds it and someone else may come in to bid higher.  He would rather hold it.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.360
Owned: Yes

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2017-09-28

DON'T BUY
Pengrowth Energy (PGF-T)

The last few days it has moved.  This is not one he is invested in because of the debt load.  They are trying to rectify this.  He prefers other companies with higher netbacks.  There are better opportunities for a highly levered oil company. 

oil/gas
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $1.300
Owned: No

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2017-09-28

BUY
Photon Control (PHO-X)

They have a great balance sheet, with 25% of market cap in cash and their margins continue to increase.  He sees some follow on.  Their recent management changes will benefit them.  They have a pristine balance sheet.  There is a lot of upside and the downside is limited.

electrical/electronic
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $1.510
Owned: Unknown

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2017-09-28

BUY on WEAKNESS
Pivot Technology Solutions Inc. (PTG-T)

This is a micro cap stock and the company has slim margins.  It has done well.  You get a lot of leverage if margins do move up.  It is a bit small for him.  He wants to wait for a few quarters and see if they get their margins up.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.590
Owned: No

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2017-09-28

BUY
Parex Resources Inc. (PXT-T)

It is one of his favourite oil names and is in his top ten.  It came off over a 4 week period and has moved up.  They want to get to 50k BOE per day over the next 5 years.  He can sleep well at night even though it is in Columbia.  It is one of the goto names in Columbia from Canada. 

oil/gas
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $15.040
Owned: Yes

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2017-09-28

WAIT
StorageVault Canada (SVI-X)

He likes the story.  It has come off.  He is looking at adding to it.  It is not cheap but it is the only way to play storage in Canada.  He thinks it will consolidate here.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.150
Owned: Yes

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2017-09-28

PAST TOP PICK
Tahoe Resources (THO-T)

(Top Pick Dec 20/16, Down 44%)  He thought he was picking it up near the bottom.  It is geopolitical issues.  It is a difficult environment there now and he exited but may take another look at it. 

Mining
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $6.420
Owned: No

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2017-09-28

TOP PICK
Spin Master Corp (TOY-T)

One of Canada’s great success stories.  Management owns a huge chunk of it.  They recently came out with a high quarter.  They were up 42% in Q1.  The next 6 months or so will have them beating expectations.  (Analysts’ target: $52.00).

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $46.570
Owned: Yes

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2017-09-28

BUY
Trevali Mining Corp (TV-T)

It has done well.  This is the pure play.  He bought it in a smaller fund of his.  He likes it but it will be quite volatile.  This is the one way to play zinc.

Mining
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $1.420
Owned: Yes

Must be logged in to use chart

2017-09-28

TOP PICK
Tamarack Valley Energy (TVE-T)

There were in the penalty box for quite some time.  They did not structure their acquisition very well.  It is now going better than they expected.  He really likes that they are in a similar play to another that is perfecting the play in Alberta.  The market is not rewarding them for this at present.  He thinks they will beat expectations.  (Analysts’ target: $3.75).

oil/gas
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.850
Owned: Yes

Must be logged in to use chart

2017-09-28

BUY
Whitecap Resources (WCP-T)

He likes this one.  It is not in his top 5 but the management team has done a good job.  They have good production growth.  He would buy at these prices.

Oil and Gas (Integrated Oils)
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $9.730
Owned: Yes

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2017-09-28

TOP PICK
WPT Industrial REIT (WIR.U-T)

It pays a nice dividend (5.6%).  It is close to hitting new highs.  Amazon is one of their clients – the 7th largest.  Most analysts like it.  It does not trade a lot because it is heavily owned by insiders.  It could play out quite well over the next few years.  (Analysts ’target: $14.00).

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $13.400
Owned: Yes

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2017-09-28

PAST TOP PICK
Yangarra Resources (YGR-T)

(Top Pick Dec 20/16, Up 101%)  Their net backs are about the largest in the industry.  They have beaten guidance and all the analysts have moved their numbers up.  They are the fastest growing small cap company.  If we get a lift in oil prices it will go up even higher.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $3.890
Owned: No

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2017-05-25

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

Market. This is the weak period seasonally where liquidity dries up. You want to make sure you have very high conviction in the small caps you own during this period. He has a little more cash than what he would usually have. Although cautious because of the seasonality, long term he is bullish.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.020
Owned: _N/A

Must be logged in to use chart

2017-05-25

COMMENT
AcuityAds Inc (AT-X)

This has done well. Originally, he had thought it was a concept stock, but they’ve proved their concept is working. He is not ready to invest yet.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $4.140
Owned: No

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2017-05-25

COMMENT
Grande West Transportation Group (BUS-X)

He really likes the story. Their backlog for 2018 looks very strong, and the stock has moved up quite a bit. They just have to execute on all their orders, and you will be able to see how they do over the next several quarters.

Transportation
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.950
Owned: Yes

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2017-05-25

COMMENT
CRH Medical Corp. (CRH-T)

This got up to $11-$12, where he thought it was a little ahead of itself. Markets were jittery and someone came out with a Short report, so a lot of Shorts piled on and the stock came off quite a bit. At the current value of around $8, it looks half decent. He is comfortable with management.

biotechnology/pharmaceutical
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $8.050
Owned: Yes

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2017-05-25

COMMENT
Ceapro Inc. (CZO-X)

A very high margin business. They do beta glucan that goes into Burt’s Bees, Aveeno etc. It is extracted from oats. This is a small component of a number of their products, but margins are very high. They were getting orders from a few companies in China, which ramped up their earnings. The last quarter wasn’t great. He still likes the company. It is going to be bumpy in terms of earnings.

Healthcare
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $1.020
Owned: Yes

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2017-05-25

DON'T BUY
DHX Media (DHX.B-T)

Just made a large acquisition of Strawberry Shortcake and Peanuts. In the last while, there has not been a lot of positive cash flow from the properties they have. A lot of their properties are older and are not the hottest, so they are trying to rejuvenate them. He is staying on the sidelines.

other services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $6.020
Owned: No

Must be logged in to use chart

2017-05-25

COMMENT
Diversified Royalty Corp. (DIV-T)

Payout ratio is more than 100%, but they sold one of their Alberta assets. They are looking to redeploy that cash from that, but for now they’re going to pay a little bit more than their actual cash flow numbers. Their dividend is quite high at about 8.5%, so people are worried about that. If you break up this company, you could get close to $3.

other services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.630
Owned: Yes

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2017-05-25

COMMENT
Diamcor Mining Inc. (DMI-X)

Would have expected them to be cash flow positive this past quarter, but they weren’t, but are ramping up nicely. However, rough diamond prices have come off quite a bit. This is a very, very cheap stock. He really likes the capital structure, it is only about $50 million market cap. Thinks they will start to ramp up and will start to see some cash flow and earnings. He is still quite bullish on this.

Mining
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.990
Owned: Yes

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2017-05-25

PAST TOP PICK
Espial Group (ESP-T)

(A Top Pick May 12/16. Up 20%.) This has been in the news with a hedge fund trying to replace some people on the board. Feels there needs to be changes. The market cap is about 45% in cash. They have 2 companies that make up the majority of their revenue. He is hoping they can bring on some new customers.

Business Services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.490
Owned: Yes

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2017-05-25

DON'T BUY
Flyht Aerospace Solutions (FLY-X)

This is trying to improve black box flight recorder technology. Looking at the long-term chart, they haven’t gained a lot of traction. He doesn’t like to invest on hope, but prefers to see some results for several quarters first. This seems more like a lottery ticket.

Transportation
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.240
Owned: No

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2017-05-25

PAST TOP PICK
Firan Technology Group Corp. (FTG-T)

(A Top Pick May 12/16. Up 70%.) Electronic circuit boards and display equipment. It looks like they are going to put up some good earnings this year. In 2018 they’ll be able to earn $.40 or so. The problem is, there is not much liquidity to it.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $4.200
Owned: Yes

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2017-05-25

COMMENT
Knight Therapeutics (GUD-T)

This is more of a cash shell, but also has some products. Excellent management team. One thing; this trades above cash, and he likes to trade at a discount to cash.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $9.960
Owned: No

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2017-05-25

HOLD
Intrinsyc Software Inc (ITC-T)

A technology play and he doesn’t know the story well. It looks like they were putting up some very good earning numbers for several quarters in a row, however the recent quarter was not very strong. There may be some weakness in the coming quarter, but it looks like the back half of the year will be coming on strong because of some new customers.

computer software/processing
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.020
Owned: No

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2017-05-25

COMMENT
Lite Access Technologies (LTE-X)

They are doing distinctive infrastructure, where they are digging trenches to get that last mile to the home. They are doing this in the UK, and have a large contract with one company. He really likes the story, but is waiting to see some revenues and earnings drop to the bottom line over the next few quarters. Has a small position, waiting to see if they can improve their concept out over the next couple of quarters.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.410
Owned: Yes

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2017-05-25

HOLD
Magellan Aerospa (MAL-T)

He really likes this company. The multiple is very low. When he recommended it in the past, it was about 10X earnings. You only have to get a couple of multiple readings above that to get a much, much higher stock price. Last quarter wasn’t great, but thinks the cash flow generation is still there. The problem is that it is very illiquid, so for individuals it is a good one to own, but for institutions it is difficult.

transportation equip & components
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $21.000
Owned: No

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2017-05-25

TOP PICK
Photon Control (PHO-X)

A technology company that works in the semiconductor space doing etching. (Only 1 analyst follows.) Has a pristine balance sheet. 25% of the market cap is in cash. Has a good backlog over the next number of quarters. Reporting in about a week or so, and expects them to have an all-time record of top line revenue. (Analysts’ price target is $2.)

electrical/electronic
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $1.400
Owned: Yes

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2017-05-25

DON'T BUY
Painted Pony Energy (PONY-T)

When companies tell us they have great assets, and then go out and buy something else, he wonders why they have to do that. The company is in the penalty box.

oil/gas
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $5.260
Owned: Unknown

Must be logged in to use chart

2017-05-25

PAST TOP PICK
Parex Resources Inc. (PXT-T)

(A Top Pick May 12/16. Up 22%.) He really likes management. Started out, 5-6 years ago, with 5000 BOE of production. In the recent quarter, they produced 32,500 and their NETBACKS increased quite a bit. There have been 8 consecutive quarters where their transportation costs have gone down. It is one of the only oil/gas companies that has cash on the balance sheet. They increase their production through cash flows, which is a great indication of how they’ve been able to build the NAV. He still likes this.

oil/gas
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $16.460
Owned: Yes

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2017-05-25

COMMENT
Quarterhill Inc (QTRH-T)

This still has its patent litigation, but has now deployed some capital into buying a couple of other companies. It is going to become a holding company. Recently bought International Road Dynamics and one other company. Thinks they are trying to transform the company, so there will probably be a turnover in terms of shareholders. There will probably be a discount to the sum of its parts.

electrical/electronic
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $1.880
Owned: Unknown

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2017-05-25

COMMENT
Real Matters Inc. (REAL-T)

This does mortgage appraisal, with 90% of revenues coming from the US. They’ve done a great job in terms of signing up a lot of the larger US banks. They just went public this month. He really likes the story. If you have a long-term perspective, he thinks the company is going to do extremely well. You just have to be patient in terms of them getting market share.

Financial Services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $12.850
Owned: Yes

Must be logged in to use chart

2017-05-25

TOP PICK
Pure Multi-Family REIT LP (RUF.U-X)

A multifamily REIT of Class A rentals in the US in the Sunbelt. The majority of assets are in Texas, one of the fastest-growing states in the US. Rental prices have been going up. Recently announced a couple of acquisitions in Arizona. Good management. Dividend yield of 5.4%. (Analysts’ price target is $7.25.)

REAL ESTATE
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $7.050
Owned: Yes

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2017-05-25

DON'T BUY
Sherritt International Corp. (S-T)

Hasn’t followed this closely over the past couple of months, but did do a lot of work on it 6 months ago. Had a lot of debt they were trying to get rid of, at which time the multiple would expand. That has happened, but the stock really didn’t react the way people expected. He would stay on the sidelines.

integrated mines
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.800
Owned: No

Must be logged in to use chart

2017-05-25

COMMENT
Savaria Corp (SIS-T)

He likes the story. They do chair lifts, etc. for people who want to stay in their homes. The multiple is getting quite stretched. Raised some money and then did an acquisition. Thinks the acquisition is going to be highly accretive and make it a much bigger company. Likes management.

other services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $16.840
Owned: Yes

Must be logged in to use chart

2017-05-25

COMMENT
Spartan Energy Corp (SPE-T)

This was a market darling for quite a while. All the energy names have come down quite a bit. This company is still performing well in terms of their net back. He was buying this below $3.

oil/gas
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.230
Owned: Yes

Must be logged in to use chart

2017-05-25

COMMENT
Trevali Mining Corp (TV-T)

One of the only pure play zinc producers. He doesn’t like some of the assets. Thinks they had some problems in this recent quarter. He does like the story, but would be looking for a lower entry point. Zinc can be very volatile and very niche. You have to have a long-term belief in the price of zinc. He would like it at around $1.05 or so.

Mining
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $1.180
Owned: No

Must be logged in to use chart

2017-05-25

TOP PICK
Yangarra Resources (YGR-T)

The company was producing 2900 BOE’s in December, which went to 4000 in February. They are now producing 6000. Even though the stock has gone up a ton, the valuation has remained the same because cash flow generation and production has gone up as much, if not more, than the valuation. In the last quarter, they recorded $.13 in cash flow, which is up 200%, versus last year. Probably going to do $.55 in cash flow this year, so it is still not expensive. (Analysts’ price target is $4.)

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $3.310
Owned: Yes

Must be logged in to use chart

2017-02-28

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

Market. The market is almost flat year to date. We had a big move at the end of the year after the US election. He has seen a lot of good earnings come through that has just reported, so there is good visibility on a lot of companies. You have to be more of a stock picker in this environment. Good correlations have broken down, but that is the type of manager he is and where he has historically been able to perform.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.020
Owned: _N/A

Must be logged in to use chart

2017-02-28

COMMENT
A Comment -- General Comments From an Expert 

Stocks that will do well in US defence spending? He doesn’t follow the US market closely, but for Canada there is CAE (CAE-T) that will benefit from larger defence spending. Also, Top Picks will include a stock that has a portion of their business in US defence spending. Sometimes these stocks move ahead of the news, so sometimes it is good to sell into the news and wait for a pullback. The spending doesn’t happen for a while, so it will take a while for you to see it in earnings.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.020
Owned: Unknown

Must be logged in to use chart

2017-02-28

COMMENT
AutoCanada Inc. (ACQ-T)

The stock did extremely well, and then they did a financing and the stock came off. Oil prices had come off and most of their dealerships were in Alberta. They’ve been consolidating quite a bit. Has traded sideways for about 1.5 years. When things start to come back, these guys will garner a higher multiple. Also, they are the only way to play the auto dealership sector in Canada.

specialty stores
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $22.970
Owned: Yes

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2017-02-28

COMMENT
Brick Brewing Company Ltd. (BRB-T)

What normally happens with the smaller brewers is that they get taken out. He likes the company, but doesn’t follow it closely. A good story with good earnings growth.

breweries/beverages
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.900
Owned: No

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2017-02-28

TOP PICK
Grande West Transportation Group (BUS-X)

They make smaller buses, relative to New Flyer (NFI-T). It will probably be his “go to” name over the next couple of years. Thinks they are at an inflection point where they have over 240 buses in backlog. Have just started to ramp up in terms of production, and thinks Q1 will be a good quarter. Has a huge advantage over everybody else. It is more cost efficient for people to buy these buses, because if you look at the 40 foot buses that are out there, they are driving around fairly empty after peak hours. The US is spending a lot more money in this area in terms of municipalities. Probably going to earn $.10 this year, and maybe $.15 in 2018, and will probably trade at around 14X next year’s earnings, but earnings are going to be extremely strong. (Analysts’ price target is $2.25.)

Transportation
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.400
Owned: Yes

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2017-02-28

PAST TOP PICK
Boyd Group Income Fund (BYD.UN-T)

(A Top Pick Jan 8/16. Up 42%.) A great company. They’ve done a great job in terms of same store sales growth. Management is A+ and he has the utmost confidence in them. Stock is not trading at a low multiple, but over the last 5 years their EPS growth has grown by 25% compounded annually. They’ve done a very good job and there is still a lot of consolidation going on in the US. They are still talking about a lot of growth over the next couple of years.

other services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $86.270
Owned: Yes

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2017-02-28

COMMENT
Clearwater Seafoods Inc.  (CLR-T)

Has a small position. The last couple of quarters have not been very good, and the visibility for the next couple of quarters doesn’t look too good either. There are so many names to buy in the small-cap area, that he would prefer other places. Long-term, he likes this area.

Financial Services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $10.570
Owned: Yes

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