Stock Opinions by James Telfser - Stockchase Experts
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James Telfser @

On Stockchase since : Sep 2012

Partner & Portfolio Manager at Aventine Management Group

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Stock Opinions by James Telfser - Stockchase Experts

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COMMENT
General Market Comment 

February 27, 2019

Wilson-Raybould's allegations today are very serious. For SNC, it's only more negative news which could cause SNC to fall further, since federal contracts may now fall further out of their grasp. Infrastructure is not the business he wants to be in, where bribes are not unheard of in certain parts of the world....US-China trade negotiations will still lead to a deal, he feels....Q3-2018 reports was a tough quarter while Q4 reports (currently) are entirely different, positive enough to keep him fully invested....Laurentian Bank, which got punished today with a bad report, has been a broken stock for a while. Otherwise, he's impressed with Canadian stocks now....Alberta's deficit is lower than expected, which is good news for all of Canada. He has no exposure there himself.
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Wilson-Raybould's allegations today are very serious. For SNC, it's only more negative news which could cause SNC to fall further, since federal contracts may now fall further out of their grasp. Infrastructure is not the business he wants to be in, where bribes are not unheard of in certain parts of the world....US-China trade negotiations will still lead to a deal, he feels....Q3-2018 reports was a tough quarter while Q4 reports (currently) are entirely different, positive enough to keep him fully invested....Laurentian Bank, which got punished today with a bad report, has been a broken stock for a while. Otherwise, he's impressed with Canadian stocks now....Alberta's deficit is lower than expected, which is good news for all of Canada. He has no exposure there himself.
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James Telfser

Partner & , Aventine Management ...

Price Price
$0.000
Owned Owned
Unknown

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DON'T BUY
IBI Group(IBG-T) 

February 27, 2019

A past top pick. They were doing well in Canada, but not the U.S. They changed their management team, which meant a few quarters of weak US growth, so he sold at a loss. Now, it looks a little interesting as the stock gets closer to being fully valued. He hasn't followed it recently.
Business Services
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A past top pick. They were doing well in Canada, but not the U.S. They changed their management team, which meant a few quarters of weak US growth, so he sold at a loss. Now, it looks a little interesting as the stock gets closer to being fully valued. He hasn't followed it recently.
Business Services
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James Telfser

Partner & , Aventine Management ...

Price Price
$4.850
Owned Owned
No

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DON'T BUY
Bank of Nova Scotia(BNS-T) 

February 27, 2019

BNS missed its earnings earlier this week, so is it a buying opportunity? For the first time in years, he's owned BMO which he prefers. Valuations of all the banks fell to a good level in December, so he bought. BNS is his least-favourite bank, having made poor acquisitions in the last few years. They didn't execute in the past quarter, unlike its peers. You don't need to unload this stock, though.
banks
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BNS missed its earnings earlier this week, so is it a buying opportunity? For the first time in years, he's owned BMO which he prefers. Valuations of all the banks fell to a good level in December, so he bought. BNS is his least-favourite bank, having made poor acquisitions in the last few years. They didn't execute in the past quarter, unlike its peers. You don't need to unload this stock, though.
banks
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James Telfser

Partner & , Aventine Management ...

Price Price
$72.720
Owned Owned
No

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BUY
CCL Industries (B)(CCL.B-T) 

February 27, 2019

It's a top pick tonight. He likes the packaging stocks which is getting past a rough quarter where there were recession fears and rising costs due to rising oil prices. But these stocks will leave this behind and regain strength. More details on CCL in his top picks.
packaging/containers
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It's a top pick tonight. He likes the packaging stocks which is getting past a rough quarter where there were recession fears and rising costs due to rising oil prices. But these stocks will leave this behind and regain strength. More details on CCL in his top picks.
packaging/containers
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James Telfser

Partner & , Aventine Management ...

Price Price
$54.850
Owned Owned
Yes

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BUY
Manulife Financial(MFC-T) 

February 27, 2019

Likes it. Canadian financials had a gift in Q4. The short report, he can't comment on it because he doesn't know enough. They've been executing well and buying back an insane number of shares. It's one of his largest positions. He liked their last quarter and they will continue buybacks.
insurance
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Likes it. Canadian financials had a gift in Q4. The short report, he can't comment on it because he doesn't know enough. They've been executing well and buying back an insane number of shares. It's one of his largest positions. He liked their last quarter and they will continue buybacks.
insurance
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James Telfser

Partner & , Aventine Management ...

Price Price
$22.460
Owned Owned
Yes

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WATCH
Parkland Fuel Corp(PKI-T) 

February 27, 2019

A great Canadian story. Managerment has executed on everything. They've been pushing into the US and Caribbean, buying asset, though he can't tell how that will effect their next report. They've been buying assets like gas stations that came with refineries. That's great because it creates vertical integration, but it comes with a crack spread, which creates positivity. So analysts built that into their estimates and the stock got a little ahead of themselves. He's excited to see how tomorrow's report is. He may buy. They've been shrewd buyers. A long-term buy.
merchandising/lodging
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A great Canadian story. Managerment has executed on everything. They've been pushing into the US and Caribbean, buying asset, though he can't tell how that will effect their next report. They've been buying assets like gas stations that came with refineries. That's great because it creates vertical integration, but it comes with a crack spread, which creates positivity. So analysts built that into their estimates and the stock got a little ahead of themselves. He's excited to see how tomorrow's report is. He may buy. They've been shrewd buyers. A long-term buy.
merchandising/lodging
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James Telfser

Partner & , Aventine Management ...

Price Price
$37.250
Owned Owned
No

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BUY
BCE Inc.(BCE-T) 

February 27, 2019

Will the 5G conversion hurt the telcos? A challenge but also an opportunity for them. Look at how much capital they can tap, which BCE can without problem. Their stock price doesn't indicate that there's a big risk on the horizon. A great company with a fine dividend. You can buy and hold this and it will weather a recession. A big holding of his.
telephone utilities
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Will the 5G conversion hurt the telcos? A challenge but also an opportunity for them. Look at how much capital they can tap, which BCE can without problem. Their stock price doesn't indicate that there's a big risk on the horizon. A great company with a fine dividend. You can buy and hold this and it will weather a recession. A big holding of his.
telephone utilities
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James Telfser

Partner & , Aventine Management ...

Price Price
$58.420
Owned Owned
Yes

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PAST TOP PICK
People Corp.(PEO-X) 

February 27, 2019

(A Top Pick Apr 24/18, Up 9%) Not followed much, but he stands by this stock. A great business plan that managers have executed. A growth by acquisition story that has tripled its market cap to $500 million since he bought it. They do HR, admin and consulting. Done a great job integrating purchases. Their runway is long. Think it'll hit $10-15 in 4-5 years or bought out by a lifeco.
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(A Top Pick Apr 24/18, Up 9%) Not followed much, but he stands by this stock. A great business plan that managers have executed. A growth by acquisition story that has tripled its market cap to $500 million since he bought it. They do HR, admin and consulting. Done a great job integrating purchases. Their runway is long. Think it'll hit $10-15 in 4-5 years or bought out by a lifeco.
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James Telfser

Partner & , Aventine Management ...

Price Price
$7.880
Owned Owned
Yes

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PAST TOP PICK
Descartes(DSG-T) 

February 27, 2019

(A Top Pick Apr 24/18, Up 20%) A core holding though he's trimmed his position. They do trucking and logistics with systems in place to ensure that clients don't get fined on, say, missing tariffs. They grow by acquisition. They have a high multiple but have generated great cash flow and have been buying great businesses. Mainly tailwinds in trucking and e-commerce.
computer software/processing
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(A Top Pick Apr 24/18, Up 20%) A core holding though he's trimmed his position. They do trucking and logistics with systems in place to ensure that clients don't get fined on, say, missing tariffs. They grow by acquisition. They have a high multiple but have generated great cash flow and have been buying great businesses. Mainly tailwinds in trucking and e-commerce.
computer software/processing
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James Telfser

Partner & , Aventine Management ...

Price Price
$45.620
Owned Owned
Yes

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PAST TOP PICK
Evertz Technologies Ltd.(ET-T) 

February 27, 2019

(A Top Pick Apr 24/18, Down 4%) Likes it a lot, a great overlooked Canadian story. Solid yield and managers. They dominate their sector. More details under his top picks.
electrical/electronic
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(A Top Pick Apr 24/18, Down 4%) Likes it a lot, a great overlooked Canadian story. Solid yield and managers. They dominate their sector. More details under his top picks.
electrical/electronic
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James Telfser

Partner & , Aventine Management ...

Price Price
$16.160
Owned Owned
Yes

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BUY
Magna Int'l. (A)(MG-T) 

February 27, 2019

You need to own Magna or Linamar, cheap names. Yes, they're cyclical and there's talk of auto sales rolling over and e-cars, but he doesn't believe those fears. These companies continue to put up impressive numbers and are still growing 5% on the topline. They're well-run and diversified. He's not worried about this sector. Insiders are buying their own stocks. Linamar has a great CEO.
Automotive
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You need to own Magna or Linamar, cheap names. Yes, they're cyclical and there's talk of auto sales rolling over and e-cars, but he doesn't believe those fears. These companies continue to put up impressive numbers and are still growing 5% on the topline. They're well-run and diversified. He's not worried about this sector. Insiders are buying their own stocks. Linamar has a great CEO.
Automotive
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James Telfser

Partner & , Aventine Management ...

Price Price
$69.630
Owned Owned
Unknown

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PARTIAL BUY
The Stars Group Inc(TSGI-T) 

February 27, 2019

A frustrating stock but he does like it. They've cleaned up the board and management, and have made some acquisitions. TSGI is making a deal with the NBA in the gamblign space. Trading at a single-digit PE multiple, but they carry a lot of debt which is a worry. It can be volatile. Don't take a massive position. If they have a mediocre quarter, the stock will go up; a good quarter, it'll shoot up a lot.
Business Services
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A frustrating stock but he does like it. They've cleaned up the board and management, and have made some acquisitions. TSGI is making a deal with the NBA in the gamblign space. Trading at a single-digit PE multiple, but they carry a lot of debt which is a worry. It can be volatile. Don't take a massive position. If they have a mediocre quarter, the stock will go up; a good quarter, it'll shoot up a lot.
Business Services
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James Telfser

Partner & , Aventine Management ...

Price Price
$21.920
Owned Owned
Yes

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HOLD
Nutrien Ltd.(NTR-T) 

February 27, 2019

He's eliminated commodities from his portfolios. Commodities have been in a tough spot in recent years. NTR hasn't done much over the past 5 years as potash prices hace failed to break out upwards and sustain momentum. He is curious about where NTR goes, given the deal they announced today. If you own this, it's a solid hold.
agriculture
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He's eliminated commodities from his portfolios. Commodities have been in a tough spot in recent years. NTR hasn't done much over the past 5 years as potash prices hace failed to break out upwards and sustain momentum. He is curious about where NTR goes, given the deal they announced today. If you own this, it's a solid hold.
agriculture
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James Telfser

Partner & , Aventine Management ...

Price Price
$73.060
Owned Owned
No

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DON'T BUY
Pizza Pizza Royalty(PZA-T) 

February 27, 2019

He once owned it. He prefers Domino. PZA has big Alberta exposure and has had trouble getting going there. Valuation and high yield are compelling now, but he needs to see a positive catalyst to turn around their story.
merchandising/lodging
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He once owned it. He prefers Domino. PZA has big Alberta exposure and has had trouble getting going there. Valuation and high yield are compelling now, but he needs to see a positive catalyst to turn around their story.
merchandising/lodging
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James Telfser

Partner & , Aventine Management ...

Price Price
$10.370
Owned Owned
No

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BUY
He likes the Brookfield stocks, one of the cheapest REITs around with quality property. Pays a 6.5% yield. He'd buy it not even after a run-up. A long-term hold of 3-5 years.
REAL ESTATE
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He likes the Brookfield stocks, one of the cheapest REITs around with quality property. Pays a 6.5% yield. He'd buy it not even after a run-up. A long-term hold of 3-5 years.
REAL ESTATE
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James Telfser

Partner & , Aventine Management ...

Price Price
$25.580
Owned Owned
Yes

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