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Stock Opinions by Ryan Bushell

Market outlook. Looking back 6-9 months ago and where markets were then, there was market discounting. Confidence returned to the broader market in November with vaccine trial announcements. We can see the results of vaccination campaigns in economic recovery and case counts. Looking forward, there needs to be caution as much of the recovery expectations are priced in.
Good news can be bad news since 2008. There is outside stimulus from the central banks and government that is propping up markets. When there is good news and the stimulus is reduced, there could be a market pause. Hopefully vaccines remain effective and this will lead to more spending on services and less on durable goods.
Energy sector. Many one car families became two car families. There is also a desire for travel. This will be positive for oil demand. Demand for power with heat waves is also another factor pulling natural gas demands forward. There will also be continued development of renewables.
Interesting time in mid stream and infrastructure plays in Canada. The space in general is positive. If Inter Pipelines is acquired, Keyera will be one of the few remaining smaller players. It could be a consolidation target. Their core business is doing well. Natural gas prices are rising. A company to watch in the next 6-12 months.
oil / gas
The company has done incredibly well over the last 10 years, and particularly through the pandemic. We will see enduring habits from the pandemic. However, in the near term, it might have reached its plateau. Always seemed expensive to him so waiting for a good entry point.
packaging / containers
Owned it in the past and sold it around current levels just above $30. A cyclical company. Well managed. Doing a lot to stabilize the business. Sold because they were too exposed to energy. A good dividend yield. Likes it and wants to own it more now that they are diversifying their business. However, wait since it is very expensive.
Participating in the commodities boom but not doing as well as others. There are competitors in the space. A big shipper in metallurgical coal. The production of steel will be needed and this company will profit. There will be a strong market for it. The stock is more cyclical than the underlying business.

Similar to Keyera. A smaller infrastructure and transportation sector player. The sector is being rapidly consolidated. The play right now is to look at the next acquisition. Could be okay for a smaller position or for those with more risk appetite.

Durable goods has had a boom. We are probably past the best point of that. Would be cautious on their YOY trend. This drives the momentum in the stock price. Faster money investors hop on the trend and leaves to push down the price. The dividend has improved and increased at a good pace. There could be an intersection where share prices fall and dividends increase. Start a position when this happens.
specialty stores
Gold. An interesting set up for gold. The price has not performed as well as those who believe in inflation and gold bugs have thought. The sector has been so decimated that producers that remain are seeing great cashflow yield. Could see a more positive environment for gold. The producers at current prices are making good margins so there could be steady dividend growth out of these.
The shares have doubled since the bottom. They suspended dividends last year. It should be reinstate it after they close their acquisition. Seeing a complete reorganization of pilots. The extra cost of flying private versus benefit will be a different calculation. Could see good business jet demand. The company is fully priced now. Buys whenever it dips below $30.
transportation equip & components
There are risks on Line 5 but Line 3 had positive news. You could see the shares move to mid 50s with more risk deleveraging. A good total return proposition.
oil / gas pipelines
Goes back to the caution on broader market. Has not seen a big run like other stocks. Yields over 4% at current levels and could increase it. Continued growth trends. Collect your dividend while you are in a stable entity and wait for upside. Good for when things look frothy. (Analysts’ price target is $29.02)

The take out price is $40.50. Thinks that risk-reward it is pretty favourable. 6-9 months to closing with a double digits return opportunity. Good odds of the deal going through. Precedent transactions with BCE taking over Manitoba Telecom and others in the states. Rogers is willing to divest wireless division. Even if the deal falls appart, the downside should not be too bad, especially with the dividend. (Analysts’ price target is $39.08)

Power demand and renewable power increases. The company did some equity issues that has not been well received. There is also some water holdings that are interesting. There is a stable distribution arm. A steady dividend grower. (Analysts’ price target is $21.21)
electrical utilities
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