Opinions by Jeff Young | StockChase
415
Jeff Young

Co-CEO & CIO

ON STOCKCHASE SINCE May 2012

NexGen Financial
36 Toronto StreetSuite 1070 Toronto, ONM5C 3G9 nexgenfinancial@ifdsgroup.com


Opinions by Jeff Young


Signal Opinion Expert Chart

2015-12-08

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

Markets. OPEC didn’t help us at all by not cutting oil prices. Also, there is tax loss selling because of weakness in the oil stocks and weakness in the cyclical stocks. US investors have concerns about Cdn Banks, especially with the loan loss provisions going up and challenges they are having with growth. You have to really pick your spots on an individual company basis. This is one of those markets where things have been working, so in Canada things that have a lot of revenue growth from outside of Canada and a lot of exposure to the US, have been working very well and consequently are quite expensive. Growth is very patchy around the world, so if you are looking for growth now, the US seems to be the place to be. He is expecting GDP and earnings growth to be positive globally next year. Doesn’t expect it to be a runaway success, but there will be spots that you can pick to do well.

Jeff Young

Co-CEO & CIO, NexGen Financial

Price: $0.020
Owned: _N/A

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2015-12-08

COMMENT
Alaris Royalty (AD-T)

He likes management and their business model. They go into private businesses that need capital, and instead of them having to raise equity, they take a royalty off the top line. They’ve had a couple of problems with companies they invested in, but haven’t really lost a lot of money. Also, they invest in smaller companies, so as people get concerned about economic growth and the prospects of these investee companies, it puts a little pressure on them. It is cheap and over time it will grow. In an improving environment, this is a good company.

Financial Services
Jeff Young

Co-CEO & CIO, NexGen Financial

Price: $22.740
Owned: Unknown

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2015-12-08

BUY
Brookfield Asset Management (A) (BAM.A-T)

Very good allocators of capital. If you want to give your money to somebody to look after and allocate it responsibly, this company is great. Have infrastructure assets and property all around the world. They are kind of cyclical investors as well. He doesn’t see a ton of upside, but it’s a good stable place to be.

management/diversified
Jeff Young

Co-CEO & CIO, NexGen Financial

Price: $44.310
Owned: Yes

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2015-12-08

COMMENT
Bonavista Energy Corp (BNP-T)

The company is doing the right things. Their assets are good. They are just caught in this malaise of the price of gas. The longer that goes on, the more difficult it is for them to survive. Doesn’t see any immediate threat, but is now focusing on what he considers to be safer bets.

oil/gas
Jeff Young

Co-CEO & CIO, NexGen Financial

Price: $1.890
Owned: No

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2015-12-08

TOP PICK
Cineplex Inc (CGX-T)

A bit of a steady Eddie in this market environment. Not the cheapest stock out there, but they have done a good job of justifying their valuation. They continue to grow revenues and their earnings. Have about 80% market share of Canadian theatres and are branching out from that. Very good at selling concessions to clients in those theatres. Have all sorts of different drivers of revenue inside the theatre. Branching out into a new concept called The Rec Room where they will have entertainment centres across the country. Also, moving into E gaming. Dividend yield of 3.3%.

other services
Jeff Young

Co-CEO & CIO, NexGen Financial

Price: $48.300
Owned: Yes

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2015-12-08

COMMENT
Canadian National R.R. (CNR-T)

Key metrics to focus on comparing it to other railways? Network speed and operating ratios is something you look at in the rails. He sold his holdings and switched into Canadian Pacific (CP-T) where he sees more improvement in operating ratios. (See Top Picks.)

Transportation
Jeff Young

Co-CEO & CIO, NexGen Financial

Price: $72.980
Owned: No

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2015-12-08

TOP PICK
Canadian Pacific Rail (CP-T)

Valuation has come off a lot. They are doing the right things. They are streamlining the speed of their networks up. Thinks US economy continues to grow and he has taken advantage of the dip in the valuation data position. Dividend yield of 0.82%.

Transportation
Jeff Young

Co-CEO & CIO, NexGen Financial

Price: $171.640
Owned: Yes

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2015-12-08

COMMENT
Dream Office REIT (D.UN-T)

He has a little bit and thinks it is cheap. Trading well under NAV. It gets about 40% of its Net Operating Income from the West. There is a lot of capacity coming on in the office space, both in Toronto and Calgary. They are doing the right things on leasing. This is one that he hopes will rise after the pressures of this year come off. The company has said they are not looking at the 13% dividend as it is fine and their cash flow supports it at the moment.

property mngmnt/investment
Jeff Young

Co-CEO & CIO, NexGen Financial

Price: $17.200
Owned: Yes

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2015-12-08

COMMENT
Enbridge (ENB-T)

Mastered Limited Partnerships were very popular for a while, but have been under a lot of pressure over the last year or 2. Feels this company has been dragged down with that. Their revenues are largely contracted so there are not real issues in the short term, but the multiples have been compressing. They have lots of growth prospects in pipelines, but people are worried that they’ll need to raise equity and the plans will get shelved which brings down the multiple. Reasonably priced, but it is going to take a change in sentiment before it turns around.

oil/gas pipelines
Jeff Young

Co-CEO & CIO, NexGen Financial

Price: $41.860
Owned: Yes

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2015-12-08

COMMENT
Fortis Inc. (FTS-T)

This is a regulated utility and he doesn’t think there are any issues with the dividend. Doesn’t expect there is a lot of growth in the near term and there could be a bit of pressure if rates start to rise quickly or unexpectedly. The business is sound.

electrical utilities
Jeff Young

Co-CEO & CIO, NexGen Financial

Price: $35.930
Owned: Unknown

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2015-12-08

PAST TOP PICK
Gildan Activewear Inc. (GIL-T)

(A Top Pick Dec 8/14. Up 37.01%.) Predominantly US in their earnings and revenues. Cotton prices have cooperated. Have moved up from just being a maker of T-shirts, underwear and socks into a brand of their own. They have a near-shore operation so that they don’t do things in Asia, which he thinks is an advantage. Still likes.

household goods
Jeff Young

Co-CEO & CIO, NexGen Financial

Price: $41.730
Owned: Yes

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2015-12-08

TOP PICK
Hudson Bay Co. (HBC-T)

Sort of the “last department store standing” in Canada. The price has come off which made it attractive to him. Thinks the valuation is largely backstopped by the real estate and they are starting to spin that out. Have done a couple of joint ventures with the real estate in Canada and outside of Canada. They are taking the Saks Fifth Avenue off price, and the off-price retailers have done very well in the US. Expanding that and bringing it into Canada. Also, expanding into Europe. Dividend yield of 0.98%.

department stores
Jeff Young

Co-CEO & CIO, NexGen Financial

Price: $20.350
Owned: Yes

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2015-12-08

HOLD
Inter Pipeline (IPL-T)

A stock that did very well in the run-up of the oil sands, and it got quite expensive. It was priced to keep growing. Thinks it was 22X EBITDA, and it is now 11, so the premium has come way out of it. There is not a lot of direct commodity exposure, although they are exposed to volumes of the oil sands.

oil pipelines
Jeff Young

Co-CEO & CIO, NexGen Financial

Price: $20.430
Owned: Unknown

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2015-12-08

PAST TOP PICK
Keyera Corp (KEY-T)

(A Top Pick Dec 8/14. Up 4.96%.) Gas gathering and processing. Doesn’t have a lot of direct commodity risks, but it does have throughput risks. Its assets are in the right area, and he thinks they come out of this downturn better. Still likes it.

oil/gas
Jeff Young

Co-CEO & CIO, NexGen Financial

Price: $38.330
Owned: Yes

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2015-12-08

BUY
Magna Int'l. (A) (MG-T)

Recently bought this. It is cyclical, so you need to be a little careful. It has come down sufficiently so that the price warrants taking a position here.

Automotive
Jeff Young

Co-CEO & CIO, NexGen Financial

Price: $58.350
Owned: Yes

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