Teal Linde
Member since: Feb '14
Portfolio Manager & Publisher, Linde Equity Report at
Linde Equity Report
Linde Equity Report
641 Opinions
Latest Top Picks
(A Top Pick Jun 24/19, Down 22%) Going forward they are in the enviable position amongst competitors. The average age of aircraft leased to airlines is 3.7 years. Older planes are retired first. So they will hang on to their AL-N aircrafts. Airlines will be in a weaker position to purchase aircraft so will be more likely to lease them.
(A Top Pick Jun 24/19, Up 42%) This is an example of frothiness in the market. Despite being up more than 50% this year, their earnings outlook for 2020 have been cut in half and by 25% for next year. This company has become detached from fundamentals. It is over-price. He sold it last month.
(A Top Pick Jun 24/19, Down 49%) There were two infrastructure projects that were completed in 2019. They were completed on time and on budget. Then there was the fall out in the oil and gas sector. It is very attractive at these levels.
They have a new large shareholder that holds 24% of the company -- It is a private equity firm. This firm has a stellar track record. (Analysts’ price target is $1.20)
Insiders were buying during their strike last year, then again this March. It is still attractive. This company has had a very consistent track record in terms of profitability. It trades at a discount. (Analysts’ price target is $1.05)
Signal
Opinion
Expert
Chart
N/A
N/A
June 22, 2020
Market. P/E multiples are near record highs. Look at the last bull market. The S&P increased 16% annualized. There were some strong tail winds that don’t exist now. The market will probably be lack-lustre for several years. 40% of the upside in the last bull market was from multiple expansion. 25% of the gains were from pre-tax profit margin expansion. There were tax breaks contributing 10%. None of the factors contributing to these exist now. Consolidators should do well going forward. The economic pie is not going to grow that much. Disruptors should also do well. Both are taking more of a pie that is not growing.
Show full opinionHide full opinion
Market. P/E multiples are near record highs. Look at the last bull market. The S&P increased 16% annualized. There were some strong tail winds that don’t exist now. The market will probably be lack-lustre for several years. 40% of the upside in the last bull market was from multiple expansion. 25% of the gains were from pre-tax profit margin expansion. There were tax breaks contributing 10%. None of the factors contributing to these exist now. Consolidators should do well going forward. The economic pie is not going to grow that much. Disruptors should also do well. Both are taking more of a pie that is not growing.
HOLD
HOLD
June 22, 2020
It is a hold like most utilities. Canadian utilities cleaned up their balance sheets since the last recession and then used them to acquire US companies. This has largely been played out now. The CEO has recently stepped down and this creates uncertainty.
It is a hold like most utilities. Canadian utilities cleaned up their balance sheets since the last recession and then used them to acquire US companies. This has largely been played out now. The CEO has recently stepped down and this creates uncertainty.
electrical utilities
BUY
BUY
June 22, 2020
They are using Huawei to a great extent. Are they a good investment? There is now better appreciation for their stability during the pandemic. BCE-T is the steady blue chip of the sector while T-T is more of a grower. There is also a lot of insider buying of T-T over the years. He would prefer T-T. He would not be too concerned with use of Huawei. We are now moving away from globalization. There won't be enough impact to dissuade someone from investing in either of them.
They are using Huawei to a great extent. Are they a good investment? There is now better appreciation for their stability during the pandemic. BCE-T is the steady blue chip of the sector while T-T is more of a grower. There is also a lot of insider buying of T-T over the years. He would prefer T-T. He would not be too concerned with use of Huawei. We are now moving away from globalization. There won't be enough impact to dissuade someone from investing in either of them.
telephone utilities
BUY
BUY
June 22, 2020
They are using Huawei to a great extent. Are they a good investment? There is now better appreciation for their stability during the pandemic. BCE-T is the steady blue chip of the sector while T-T is more of a grower. There is also a lot of insider buying of T-T over the years. He would prefer T-T. He would not be too concerned with use of Huawei. We are now moving away from globalization. There won't be enough impact to dissuade someone from investing in either of them.
They are using Huawei to a great extent. Are they a good investment? There is now better appreciation for their stability during the pandemic. BCE-T is the steady blue chip of the sector while T-T is more of a grower. There is also a lot of insider buying of T-T over the years. He would prefer T-T. He would not be too concerned with use of Huawei. We are now moving away from globalization. There won't be enough impact to dissuade someone from investing in either of them.
telephone utilities
BUY WEAKNESS
BUY WEAKNESS
June 22, 2020
Despite being up 100% over the last few weeks, it is not back to where it was in January, so there is more upside. The book value also suggests upside. You could buy some today or wait for a pullback.
Show full opinionHide full opinionDespite being up 100% over the last few weeks, it is not back to where it was in January, so there is more upside. The book value also suggests upside. You could buy some today or wait for a pullback.
oil/gas
HOLD
HOLD
June 22, 2020
Tech stocks have done very well this year. Many are seeing revenue and earnings outlooks looking down, but MSFT-Q is the exception. It is a stock you want to own for stability and durability; however he would leave it as a hold at this point.
Show full opinionHide full opinionTech stocks have done very well this year. Many are seeing revenue and earnings outlooks looking down, but MSFT-Q is the exception. It is a stock you want to own for stability and durability; however he would leave it as a hold at this point.
computer software/processing
BUY
BUY
June 22, 2020
It has considerable upside to get back to where it was. We should be less concerned now than we were when the economy was getting shut down. They say they are generating 80% of what they were previously by increasing prices, increasing turns, and there is greater activity on take out and pick up. This is his choice for investing in the recovery.
Show full opinionHide full opinionIt has considerable upside to get back to where it was. We should be less concerned now than we were when the economy was getting shut down. They say they are generating 80% of what they were previously by increasing prices, increasing turns, and there is greater activity on take out and pick up. This is his choice for investing in the recovery.
food services
BUY
BUY
June 22, 2020
He prefers services companies to producers. Existing wells decline quickly. Services companies have gear that you don’t have to worry about it declining. Insiders have been buying more recently. This one could be the last one standing.
Show full opinionHide full opinionHe prefers services companies to producers. Existing wells decline quickly. Services companies have gear that you don’t have to worry about it declining. Insiders have been buying more recently. This one could be the last one standing.
oil/gas field services
PAST TOP PICK
PAST TOP PICK
June 22, 2020
(A Top Pick Jun 24/19, Down 22%) Going forward they are in the enviable position amongst competitors. The average age of aircraft leased to airlines is 3.7 years. Older planes are retired first. So they will hang on to their AL-N aircrafts. Airlines will be in a weaker position to purchase aircraft so will be more likely to lease them.
Show full opinionHide full opinion(A Top Pick Jun 24/19, Down 22%) Going forward they are in the enviable position amongst competitors. The average age of aircraft leased to airlines is 3.7 years. Older planes are retired first. So they will hang on to their AL-N aircrafts. Airlines will be in a weaker position to purchase aircraft so will be more likely to lease them.
Financial Services
PAST TOP PICK
PAST TOP PICK
June 22, 2020
(A Top Pick Jun 24/19, Up 42%) This is an example of frothiness in the market. Despite being up more than 50% this year, their earnings outlook for 2020 have been cut in half and by 25% for next year. This company has become detached from fundamentals. It is over-price. He sold it last month.
Show full opinionHide full opinion(A Top Pick Jun 24/19, Up 42%) This is an example of frothiness in the market. Despite being up more than 50% this year, their earnings outlook for 2020 have been cut in half and by 25% for next year. This company has become detached from fundamentals. It is over-price. He sold it last month.
PAST TOP PICK
PAST TOP PICK
June 22, 2020
(A Top Pick Jun 24/19, Down 49%) There were two infrastructure projects that were completed in 2019. They were completed on time and on budget. Then there was the fall out in the oil and gas sector. It is very attractive at these levels.
Show full opinionHide full opinion(A Top Pick Jun 24/19, Down 49%) There were two infrastructure projects that were completed in 2019. They were completed on time and on budget. Then there was the fall out in the oil and gas sector. It is very attractive at these levels.
COMMENT
COMMENT
June 22, 2020
Collateralized Loan Obligations. They are similar to sub-prime securities causing the financial crisis. They are low quality debt. When a recession or downturn occurs, these could suddenly find their ratings go down and prolong the recession. Look for banks that have long term track records and are conservatively managed and Canadian banks do this.
Show full opinionHide full opinionCollateralized Loan Obligations. They are similar to sub-prime securities causing the financial crisis. They are low quality debt. When a recession or downturn occurs, these could suddenly find their ratings go down and prolong the recession. Look for banks that have long term track records and are conservatively managed and Canadian banks do this.
BUY WEAKNESS
BUY WEAKNESS
June 22, 2020
An outstandingly well managed company. It has run up and the valuation is on the premium side. The insurance they are in is doing well so you might want to wait for softening on the market or a one time event like forest fires. Long term you will do okay.
Show full opinionHide full opinionAn outstandingly well managed company. It has run up and the valuation is on the premium side. The insurance they are in is doing well so you might want to wait for softening on the market or a one time event like forest fires. Long term you will do okay.
insurance
HOLD
HOLD
June 22, 2020
Look at it over a three year time horizon. Management believes they will be back to normal business by 2023. It could double in three years. It would be a fantastic return for a new money investment. It will probably appreciate in two phases. First investors have to be comfortable with their balance sheet. Second phase is people are more convinced that air travel is on its way to a full recovery. Their balance sheet is great.
Show full opinionHide full opinionLook at it over a three year time horizon. Management believes they will be back to normal business by 2023. It could double in three years. It would be a fantastic return for a new money investment. It will probably appreciate in two phases. First investors have to be comfortable with their balance sheet. Second phase is people are more convinced that air travel is on its way to a full recovery. Their balance sheet is great.
Transportation
HOLD
HOLD
June 22, 2020
They are probably positioned better than most producers right now. It has had a lot of challenges prior to COVID-19. They have been restructuring for some time. They sold off non-core assets. If he were to buy a producer, this would be on his short list.
Show full opinionHide full opinionThey are probably positioned better than most producers right now. It has had a lot of challenges prior to COVID-19. They have been restructuring for some time. They sold off non-core assets. If he were to buy a producer, this would be on his short list.
oil/gas
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