Greg Dean

It is the largest LBO in Australia to go down during the financial crisis. It has a very high payout ratio with a 7% yield and too much debt. The business of broadcast outlets is a tough one because there is lots of inflation. It is hard to invest for growth when a company is paying most of its cash intake in dividends.

There is not enough cash flow but the revenue growth is higher than they expected so he is watching it and has met with them. Trades at over 100X earnings. Be leery of using P/E for investing in growth companies. He uses EBITA to profit growth or sales.

He lkes the size of the company but it has leverage issues. Could be a beneficiary of consolidation in the U.S. He wants to see long term past success of management. 

It has high quality properties. Essentially its income passes through to shareholders and therefore it has to issue shares for growth. He prefers real estate operating companies with more flexible capital structures, eg. storage companies.

It is an interesting asset but his difficulty is with management. Also you need to be good to make money from today's asset value companies in sports. They are basically real estate empires.

It is a Toronto based insurance company. It merged with a private equity manager in the U.S. He has an issue with the cap table - cap size for a U.S. and Canadian business. He doesn't see value or upside.

He has lots of respect for management and has made money in their prior ventures. It is a proven and ambitious team. It is interesting because it is growing revenue and production by 200% as well as cash flow. Has under two terms of debt. He likes their longer term development plan. They have an interesting and smart view of infrastructure. They are not paying out cash flow in dividends but are using it for developing per share growth. Ultimately they don't need capital markets.
If you are looking for exposure to LNG, Tourmaline would be good.

It is well capitalized and has an almost 6% yield. He is looking for double digit returns and for a stock price of $50. Collects royalties and has 1000 franchises in Canada. Only 2 analysts follow it.

It sold off unfairly because Pfizer left. It is the fourth largest professional services consulting company in Japan. It is founder led and growing revenue at 20+ per year with operating margins at 25+ per year.

Based in Norway it is involved in construction software across Northern Europe. It is like a Constellation Software and has been thoughtfully assembled with very high margins. It is one of his largest holdings.

It went international, at least partially, but there is lots of opportunity in Canada. Also international valuations are lower. Return on Capital is lower than what he looks at. He would consider Logan instead.

It has done well creating long term value for shareholders. It is good at acquiring and integrating assets. Doesn't own but likes it.

It is focused on sustainable yield but has had reasonable growth as well. He isn't buying because he is interested more on the growth side. Another like this is Prairie Sky which has a very talented team.

It has a collection of assets in the real estate sector which could be interesting. The CEO owns a lot. Watch governance in this space. He looks at it every couple of years.