Stock Opinions by Stephen Takacsy, B. Eng, MBA - Stockchase Experts
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Stephen Takacsy, B. Eng, MBA

On Stockchase since : May 2013

Chief Investment Officer & Portfolio Mgr at Lester Asset Management

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Stephen Takacsy, B. Eng, MBA Latest Top Picks...

Stock Opinions by Stephen Takacsy, B. Eng, MBA - Stockchase Experts

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COMMENT
General Market Comment 

March 27, 2019

Veritas saying get out of Canadian banks. We've heard this "cry wolf" for over a decade. Veritas tend to be short analysts. Bank sector is slowing down, but to predict a precipitous drop is really sticking your neck out. Mortgage lending is slowing, interest rates are lower. But they're still making money and have attractive dividends. Doesn't expect big surprises in loan losses. It's fear-mongering. But growth is muted for sure, so he doesn't own any. Plus, they're expensive price to book. There will be loan losses with oil and gas, but sees no ticking time bomb out there.
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Veritas saying get out of Canadian banks. We've heard this "cry wolf" for over a decade. Veritas tend to be short analysts. Bank sector is slowing down, but to predict a precipitous drop is really sticking your neck out. Mortgage lending is slowing, interest rates are lower. But they're still making money and have attractive dividends. Doesn't expect big surprises in loan losses. It's fear-mongering. But growth is muted for sure, so he doesn't own any. Plus, they're expensive price to book. There will be loan losses with oil and gas, but sees no ticking time bomb out there.
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Stephen Takacsy

Chief Inve, Lester Asset Managem...

Price Price
$0.000
Owned Owned
Unknown

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WATCH
Tough business, and they've navigated well, but there's only so much you can do. Now they've pivoted into packaging. Big learning curve. Made a few acquisitions that they're trying to integrate. They paid a hefty price to get in, and there are some big players. May take a few years to hit their stride. It's a show me story. Watch results to see things stabilize.
publishing/printing
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Tough business, and they've navigated well, but there's only so much you can do. Now they've pivoted into packaging. Big learning curve. Made a few acquisitions that they're trying to integrate. They paid a hefty price to get in, and there are some big players. May take a few years to hit their stride. It's a show me story. Watch results to see things stabilize.
publishing/printing
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Stephen Takacsy

Chief Inve, Lester Asset Managem...

Price Price
$16.500
Owned Owned
No

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BUY
Velan Inc(VLN-T) 

March 27, 2019

Cutting dividend was symbolic. Stock buyback stopped, he's not sure why. There's a turnaround taking place. Bit of a mountain to climb, as it's a global market with big players. They have a valuable asset. Closing unprofitable plants. Hopefully we'll start to see the fruit. Solid balance sheet. World leaders in many segments. Hang on, especially at this price, and he'd be buying more.
INDUSTRIAL PRODUCTS
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Cutting dividend was symbolic. Stock buyback stopped, he's not sure why. There's a turnaround taking place. Bit of a mountain to climb, as it's a global market with big players. They have a valuable asset. Closing unprofitable plants. Hopefully we'll start to see the fruit. Solid balance sheet. World leaders in many segments. Hang on, especially at this price, and he'd be buying more.
INDUSTRIAL PRODUCTS
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Stephen Takacsy

Chief Inve, Lester Asset Managem...

Price Price
$9.060
Owned Owned
Unknown

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WAIT
Savaria Corp(SIS-T) 

March 27, 2019

Trimmed at $20. Likes the company and the business. Management is terrific. Hold on to shares at $13. Wait for earnings to buy more. Consolidating the industry. Stock's come down on revised guidance. It's a wait and see before reloading to a full position.
other services
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Trimmed at $20. Likes the company and the business. Management is terrific. Hold on to shares at $13. Wait for earnings to buy more. Consolidating the industry. Stock's come down on revised guidance. It's a wait and see before reloading to a full position.
other services
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Stephen Takacsy

Chief Inve, Lester Asset Managem...

Price Price
$13.690
Owned Owned
Yes

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HOLD
Long-term holders of it. Really like it. Excellent track record in investment management returns. Acquiring assets to diversify out of Canada. Distribution business for mutual funds and insurance, which is extremely profitable. His valuation is in the low 30s. Rock solid balance sheet. No debt. One of the asset managers that's performed the best in this market.
investment companies/funds
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Long-term holders of it. Really like it. Excellent track record in investment management returns. Acquiring assets to diversify out of Canada. Distribution business for mutual funds and insurance, which is extremely profitable. His valuation is in the low 30s. Rock solid balance sheet. No debt. One of the asset managers that's performed the best in this market.
investment companies/funds
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Stephen Takacsy

Chief Inve, Lester Asset Managem...

Price Price
$24.000
Owned Owned
Yes

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HOLD
Winpak Ltd.(WPK-T) 

March 27, 2019

Excellent operators, but are they also excellent allocators of capital. Underlevered, overcapitalized. Pay a special dividend. Sold it recently, and moved into CCL, as it's more global. North American-centric. Will generate lower revenues and profits from new K-cups process. Organic growth has slowed down. Facing more competition. Hold on if you're a long-term investor, as there may be a catalyst at some point.
packaging/containers
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Excellent operators, but are they also excellent allocators of capital. Underlevered, overcapitalized. Pay a special dividend. Sold it recently, and moved into CCL, as it's more global. North American-centric. Will generate lower revenues and profits from new K-cups process. Organic growth has slowed down. Facing more competition. Hold on if you're a long-term investor, as there may be a catalyst at some point.
packaging/containers
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Stephen Takacsy

Chief Inve, Lester Asset Managem...

Price Price
$42.320
Owned Owned
No

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BUY on WEAKNESS
WSP Global Inc.(WSP-T) 

March 27, 2019

Super well managed. Only in the consulting business, so they don't take on the enormous project risks of the others. Making targeted acquisitions around the world. Great company and management. Pricey. Catch it on the dips. High on his watch list.
Business Services
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Super well managed. Only in the consulting business, so they don't take on the enormous project risks of the others. Making targeted acquisitions around the world. Great company and management. Pricey. Catch it on the dips. High on his watch list.
Business Services
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Stephen Takacsy

Chief Inve, Lester Asset Managem...

Price Price
$73.520
Owned Owned
No

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HOLD
Sitting on a mountain of cash. Look at it as a mutual fund of health care companies. Long runway stock for kids and grandkids. Trusts management. For ultra patient investors, like watching paint dry. Extremely disciplined. Just doesn't meet his criteria for investments.
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Sitting on a mountain of cash. Look at it as a mutual fund of health care companies. Long runway stock for kids and grandkids. Trusts management. For ultra patient investors, like watching paint dry. Extremely disciplined. Just doesn't meet his criteria for investments.
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Stephen Takacsy

Chief Inve, Lester Asset Managem...

Price Price
$7.390
Owned Owned
No

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BUY
Leaders in North America. Ridiculously cheap. Management's done a great job over the years. Institutional managers have been bailing because growth has slowed. Value investors are slowly coming in. Hang on at this price. He'd invest at these prices. Really good dividend, huge buybacks. Basically an oligopoly. Steady business over the long run, though lumpy between quarters.
Automotive
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Leaders in North America. Ridiculously cheap. Management's done a great job over the years. Institutional managers have been bailing because growth has slowed. Value investors are slowly coming in. Hang on at this price. He'd invest at these prices. Really good dividend, huge buybacks. Basically an oligopoly. Steady business over the long run, though lumpy between quarters.
Automotive
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Stephen Takacsy

Chief Inve, Lester Asset Managem...

Price Price
$32.620
Owned Owned
Yes

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COMMENT
Sold half for tax loss, and because orders have been slow coming in. Now it's a wait and see. Thinks the orders will come in. May have to partner with someone. Compete with New Flyer. Great product, great business model. More of a struggle to penetrate the market than they thought.
Transportation
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Sold half for tax loss, and because orders have been slow coming in. Now it's a wait and see. Thinks the orders will come in. May have to partner with someone. Compete with New Flyer. Great product, great business model. More of a struggle to penetrate the market than they thought.
Transportation
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Stephen Takacsy

Chief Inve, Lester Asset Managem...

Price Price
$0.760
Owned Owned
Yes

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PAST TOP PICK
(A Top Pick Mar 27/18, Down 45%) Speed bumps recently. Chinese exports came down. Has regained shelf space at LCBO. Thinks we've seen the bottom. Sales growth has been phenomenal. Biggest market share in grocery channel. Dirt cheap. They're long-term shareholders. They're doing all the right things.
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(A Top Pick Mar 27/18, Down 45%) Speed bumps recently. Chinese exports came down. Has regained shelf space at LCBO. Thinks we've seen the bottom. Sales growth has been phenomenal. Biggest market share in grocery channel. Dirt cheap. They're long-term shareholders. They're doing all the right things.
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Stephen Takacsy

Chief Inve, Lester Asset Managem...

Price Price
$0.190
Owned Owned
Yes

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PAST TOP PICK
(A Top Pick Mar 27/18, Up 1%) World leaders in wireless antennae. Benefiting from huge long-term trends, such as internet of things, network densification by telcos, and 5G. Huge growth runway. Unique company. Revenues will ramp up organically and through acquisition.
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(A Top Pick Mar 27/18, Up 1%) World leaders in wireless antennae. Benefiting from huge long-term trends, such as internet of things, network densification by telcos, and 5G. Huge growth runway. Unique company. Revenues will ramp up organically and through acquisition.
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Stephen Takacsy

Chief Inve, Lester Asset Managem...

Price Price
$4.040
Owned Owned
Yes

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PAST TOP PICK
(A Top Pick Mar 27/18, Up 13%) Second biggest after Chartwell. Safe, defensive play in a volatile market. Attractive growing dividend in low interest rate environment. Trading at a huge, unwarranted discount to the apartment sector. Conservative stock for your portfolio, reasonably priced. Demographic tailwind. Not too much government regulation.
other services
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(A Top Pick Mar 27/18, Up 13%) Second biggest after Chartwell. Safe, defensive play in a volatile market. Attractive growing dividend in low interest rate environment. Trading at a huge, unwarranted discount to the apartment sector. Conservative stock for your portfolio, reasonably priced. Demographic tailwind. Not too much government regulation.
other services
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Stephen Takacsy

Chief Inve, Lester Asset Managem...

Price Price
$18.990
Owned Owned
Yes

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DON'T BUY
Lightspeed POS(LSPD-T) 

March 27, 2019

Valuation quite rich. Software for smaller retailers. Good recurring revenue model. Multiple to sales was high. Hot sector, but he doesn't play that game. If there's a miss, these stocks crash. Hold on if you own it. But too expensive for him.
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Valuation quite rich. Software for smaller retailers. Good recurring revenue model. Multiple to sales was high. Hot sector, but he doesn't play that game. If there's a miss, these stocks crash. Hold on if you own it. But too expensive for him.
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Stephen Takacsy

Chief Inve, Lester Asset Managem...

Price Price
$21.040
Owned Owned
No

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COMMENT
General Market Comment 

March 27, 2019

What sector would you put money into now for income? He doesn't normally invest by sector. He looks for opportunities and value. Avoids resources, oil and gas, mining, biotech. Loves renewable energy, energy infrastructure like pipelines, senior living. Tech, consumer staples, and industrials are company-specific. Stay on the conservative side and keep a long-term perspective.
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What sector would you put money into now for income? He doesn't normally invest by sector. He looks for opportunities and value. Avoids resources, oil and gas, mining, biotech. Loves renewable energy, energy infrastructure like pipelines, senior living. Tech, consumer staples, and industrials are company-specific. Stay on the conservative side and keep a long-term perspective.
Unknown
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Stephen Takacsy

Chief Inve, Lester Asset Managem...

Price Price
$0.000
Owned Owned
Unknown

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