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

2017-05-25

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

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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

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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

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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

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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

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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

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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

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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

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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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