Opinions by Christine Poole | StockChase
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Christine Poole

CEO & Managing Director

ON STOCKCHASE SINCE Jul 2009

GlobeInvest Capital Management


Opinions by Christine Poole


Signal Opinion Expert Chart
COMMENT
General Market Comment 

June 8, 2018

US economy. Third longest expansion in US history of 108 months or so. Slow, sluggish expansion with GDP growth around 2-2.5%. Going forward, she looks at sentiment, manufacturing and services activity. No signs of a recession in next 12 months. Thinks we still have another year or two of runway, though you still have to monitor. Most importantly, consumer spending is very healthy. Consumer spending accounts for 7% of US GDP, unemployment is low at 3.8%, they’ve de-levered, and house prices have gone up. Canada household debt is much higher than US. Canada’s 5.8% unemployment is historically low, but our household debt levels are higher. Rates are creeping up, which will impact those debt levels.

US economy. Third longest expansion in US history of 108 months or so. Slow, sluggish expansion with GDP growth around 2-2.5%. Going forward, she looks at sentiment, manufacturing and services activity. No signs of a recession in next 12 months. Thinks we still have another year or two of runway, though you still have to monitor. Most importantly, consumer spending is very healthy. Consumer spending accounts for 7% of US GDP, unemployment is low at 3.8%, they’ve de-levered, and house prices have gone up. Canada household debt is much higher than US. Canada’s 5.8% unemployment is historically low, but our household debt levels are higher. Rates are creeping up, which will impact those debt levels.

Unknown
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$0.020
Owned Owned
Unknown

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COMMENT
General Market Comment 

June 8, 2018

Equities. Still likes equities, despite volatility. S&P 500 still 3% off highs in January. US companies have increased both bottom line and topline growth, and tax reform was another catalyst to add to earnings growth. Tax reform hopefully will encourage capital spending, providing more widespread economic activity.

Equities. Still likes equities, despite volatility. S&P 500 still 3% off highs in January. US companies have increased both bottom line and topline growth, and tax reform was another catalyst to add to earnings growth. Tax reform hopefully will encourage capital spending, providing more widespread economic activity.

Unknown
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$0.020
Owned Owned
Unknown

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COMMENT
General Market Comment 

June 8, 2018

Ontario election. Conservative party should be more beneficial to business. They promised to roll back the minimum wage increase of $15 planned for next year, which will provide less of a headwind for businesses such as food services.

Ontario election. Conservative party should be more beneficial to business. They promised to roll back the minimum wage increase of $15 planned for next year, which will provide less of a headwind for businesses such as food services.

Unknown
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$0.020
Owned Owned
Unknown

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DON'T BUY
Air Canada(AC-T) 

June 8, 2018

Rarely invests in airlines. Have executed fairly well. They’re seeing big growth internationally. It’s so capital intensive, and little control over price of fuel. There is more competition coming onstream. Oil price increase is a headwind.

Transportation

Rarely invests in airlines. Have executed fairly well. They’re seeing big growth internationally. It’s so capital intensive, and little control over price of fuel. There is more competition coming onstream. Oil price increase is a headwind.

Transportation
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$23.190
Owned Owned
No

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DON'T BUY
Altagas Ltd(ALA-T) 

June 8, 2018

The yield is relatively safe. High dividend at 8.76%. The big overhang is that they’re waiting for approval on their recent acquisition. Need to sell assets to fund this transaction, plus interest rate sensitivity, has contributed to the pullback. Prefers other names in terms of cash flow growth. (Analysts’ price target is about $28.)

oil/gas

The yield is relatively safe. High dividend at 8.76%. The big overhang is that they’re waiting for approval on their recent acquisition. Need to sell assets to fund this transaction, plus interest rate sensitivity, has contributed to the pullback. Prefers other names in terms of cash flow growth. (Analysts’ price target is about $28.)

oil/gas
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$25.010
Owned Owned
No

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HOLD
Bank of America(BAC-N) 

June 8, 2018

Hold for another 3-5 years? Has done very well since the crash. Good play on the US economy and consumer, and she is positive on both. You can continue to hold it. Banks should continue to do well, as long as US economy and consumer continue to. At end of June they should hear about capital return and any increase in dividend. Anticipates a dividend raise and share repurchase at that time.

banks

Hold for another 3-5 years? Has done very well since the crash. Good play on the US economy and consumer, and she is positive on both. You can continue to hold it. Banks should continue to do well, as long as US economy and consumer continue to. At end of June they should hear about capital return and any increase in dividend. Anticipates a dividend raise and share repurchase at that time.

banks
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$30.010
Owned Owned
No

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WAIT

Salesforce compared to Facebook and Google? Software company, trades at a high multiple, which is holding her back from buying. It’s more a momentum stock, any stumble and it will pull back. Not similar to Facebook or Google, which are advertising plays on the internet. Great company. Wait for pullback.

computer software/processing

Salesforce compared to Facebook and Google? Software company, trades at a high multiple, which is holding her back from buying. It’s more a momentum stock, any stumble and it will pull back. Not similar to Facebook or Google, which are advertising plays on the internet. Great company. Wait for pullback.

computer software/processing
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$133.530
Owned Owned
No

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BUY

Have held it for a number of years and continue to like it. Would be buyers at these levels below $15. Demographics favour this industry. Most of their revenue comes from private pay, not government. Offer all levels of care -- long term, assisted living, independent living. Strong and experienced management team. Good organic growth plus acquisitions. Company got out of the US;  feel they have enough opportunities for growth in Canada. Yield about 4%.

property mngmnt/investment

Have held it for a number of years and continue to like it. Would be buyers at these levels below $15. Demographics favour this industry. Most of their revenue comes from private pay, not government. Offer all levels of care -- long term, assisted living, independent living. Strong and experienced management team. Good organic growth plus acquisitions. Company got out of the US;  feel they have enough opportunities for growth in Canada. Yield about 4%.

property mngmnt/investment
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$14.690
Owned Owned
Yes

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PAST TOP PICK
Walt Disney(DIS-N) 

June 8, 2018

(A Top Pick June 15/17, Down 0.4%) Market is focusing on ESPN losing subscribers.  Have introduced their own direct-to-consumer product, so they can pull Netflix content and go directly to the consumer. Other divisions are doing incredibly well -- theme park, movies. Attractive at 14x forward earnings. Expecting earnings growth to come through next year. Lots of confidence in the CEO, having bought Pixar,  Marvel and Star Wars.

entertainment services

(A Top Pick June 15/17, Down 0.4%) Market is focusing on ESPN losing subscribers.  Have introduced their own direct-to-consumer product, so they can pull Netflix content and go directly to the consumer. Other divisions are doing incredibly well -- theme park, movies. Attractive at 14x forward earnings. Expecting earnings growth to come through next year. Lots of confidence in the CEO, having bought Pixar,  Marvel and Star Wars.

entertainment services
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$103.980
Owned Owned
Yes

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PAST TOP PICK
Enbridge(ENB-T) 

June 8, 2018

(A Top Pick June 15/17, Down 15%) Stock has pulled back for a number of reasons: the Spectra acquisition, need to do asset sales to pay for it, pulled back dividend to 10%. The Line 3 expansion approval in June is the biggest overhang. Yield is over 6%. Market is not going to give Enbridge much credit for Line 3 going through. Trading at a very attractive multiple. Income-sensitive stocks like this one have been hit. If you don’t hold it, buy half a position.

oil/gas pipelines

(A Top Pick June 15/17, Down 15%) Stock has pulled back for a number of reasons: the Spectra acquisition, need to do asset sales to pay for it, pulled back dividend to 10%. The Line 3 expansion approval in June is the biggest overhang. Yield is over 6%. Market is not going to give Enbridge much credit for Line 3 going through. Trading at a very attractive multiple. Income-sensitive stocks like this one have been hit. If you don’t hold it, buy half a position.

oil/gas pipelines
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$40.550
Owned Owned
Yes

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HOLD

Management quite good, They develop space for condos and stores. Trades at a premium. Yield is not as high as other REITs, but yield of 4% is actually not bad.

property mngmnt/investment

Management quite good, They develop space for condos and stores. Trades at a premium. Yield is not as high as other REITs, but yield of 4% is actually not bad.

property mngmnt/investment
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$21.120
Owned Owned
No

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TOP PICK
Fortis Inc.(FTS-T) 

June 8, 2018

An income stock. Price is down only because of general distaste for interest sensitive stocks. Earnings are fine. Yield 4.2%. Estimated 6% dividend growth each year till 2021. 50% of its revenue is from the States. Focussing on organic growth, not acquisitions. Dividend growth profile and the yield make it really attractive. (Analysts’ price target is $48.08)

electrical utilities

An income stock. Price is down only because of general distaste for interest sensitive stocks. Earnings are fine. Yield 4.2%. Estimated 6% dividend growth each year till 2021. 50% of its revenue is from the States. Focussing on organic growth, not acquisitions. Dividend growth profile and the yield make it really attractive. (Analysts’ price target is $48.08)

electrical utilities
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$40.760
Owned Owned
Yes

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BUY on WEAKNESS
CGI Group (A)(GIB.A-T) 

June 8, 2018

Have owned for many years. Well managed company. Recurring revenue stream, long-term contracts, stable cash flows. Relatively mature business, with some acquisitions. Ready for another big acquisition. Decent organic growth vertically. Older systems that CGI is familiar with are not built to accommodate the access that customers demand. Her target price is $85-87. Likes it long term. Keep holding. Doesn’t pay a dividend.

consulting

Have owned for many years. Well managed company. Recurring revenue stream, long-term contracts, stable cash flows. Relatively mature business, with some acquisitions. Ready for another big acquisition. Decent organic growth vertically. Older systems that CGI is familiar with are not built to accommodate the access that customers demand. Her target price is $85-87. Likes it long term. Keep holding. Doesn’t pay a dividend.

consulting
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$80.600
Owned Owned
Yes

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WAIT

Bought it a couple of years ago. They’d be buyers below $1100. As the leader in search engines, they’re going to garner digital advertising dollars as advertising budgets move from traditional spaces to online. Other divisions have promising businesses, such as the driverless car unit. They’re in a secular growth area. Expecting growth of high teens for the foreseeable future. Managed topline growth of 20% plus despite their size. Brought in more financial discipline, reasonable valuation, lots of cash on balance sheet.

Business Services

Bought it a couple of years ago. They’d be buyers below $1100. As the leader in search engines, they’re going to garner digital advertising dollars as advertising budgets move from traditional spaces to online. Other divisions have promising businesses, such as the driverless car unit. They’re in a secular growth area. Expecting growth of high teens for the foreseeable future. Managed topline growth of 20% plus despite their size. Brought in more financial discipline, reasonable valuation, lots of cash on balance sheet.

Business Services
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$1132.710
Owned Owned
Yes

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DON'T BUY

Worst is behind it, with funding in place. She’s never invested in this sector. New mortgage rules as of Jan 1 have affected this sector more than Canadian banks. Best of growth in the Canadian housing market is behind it. Mortgage volume is slowing and they have to be careful of their mortgage sources.

investment companies/funds

Worst is behind it, with funding in place. She’s never invested in this sector. New mortgage rules as of Jan 1 have affected this sector more than Canadian banks. Best of growth in the Canadian housing market is behind it. Mortgage volume is slowing and they have to be careful of their mortgage sources.

investment companies/funds
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$14.690
Owned Owned
No

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