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Stock Opinions by Mike Vinokur


Believes January is traditionally a good month for stocks, and expects strength to continue in markets. Profit taking at the beginning of New Year will end, and markets will continue to go up. Does not see any reason to sell stocks and will continue investing in select companies. 

Oshkosh Truck Corp.

State of the art technology and good management team will continue to perform. Very good at M&A in the past. Believes company will exceed earnings expectations. Trading at 10x earnings, which is under valued. "Inflation Reduction Act" money & conflict in Middle East will also help business. Has been buying shares on recent share pullback. Good to own for long term investors. 

Capital Power

Excellent business franchise in Western Canada. Excellent management team with very good dividend. ~7% increase in dividend last year. Very big acquisition with Black Rock last year turning out very well. Now have 30 locations across North America. Very little maintenance expenditure for facilities turns into free cash flow. Debt levels low in comparison to sector peers. 

electrical utilities

Very well run company serving millions of customers across ~40 US states. In sweet spot of mobile phone demands. Excellent capital allocation skills with low debt levels. Capital expenditures expected to drop which will increase free cash flow. When interest rates fall, will also be good for profits in the business (less lending costs).

Consumer Products
CVS Health Corp
(A Top Pick Nov 28/23, Up 10%)

Bought at less than 10x earnings with recent dividend increase is good for share price appreciation. Recent M&A also good for investors. Will continue to own shares. Excellent management team and solid dividend. Weakness is sector creating opportunities to buyout competitors. 

specialty stores
Onex Corp
(A Top Pick Nov 28/23, Up 3%)

Wonderful franchise that generates excellent profits. New CEO very experienced. Believes share price should be around $140 / share. Currently undervalued with room for growth. Will continue to own shares. 

mngmnt / diversified
Manulife Financial
(A Top Pick Nov 28/23, Up 9%)

Excellent franchise with highest credit ratings in the world. Very good debt levels. New CEO performing very well. Last year saw dividend increase. Higher interest rates mean better returns for the business. Will continue to own shares. 

Laurentian Bank

Company struggles reflect cheap stock price. Would be very careful investing in company. Lots of errors within in management team. Believes credit will become a problem in going forward. Better / cheaper names in financial sector to invest in. Unsure on quality of balance sheet and assets. Would not recommend investing in right now. 

Cargojet Inc

Would not invest in company right now. Good company, but very capital intensive & if there is economic slowdown - will not be good for business. Does not own shares. Better options for investors in the markets. 

Transportation & Environmental Services

Very strong business with diverse business model. High margin AWS business excellent. Recent investments in storage beginning to pay off. Company becoming more and more profitable. Brand value also very strong. Advertising business has huge margins. Believes earnings will continue to grow. 

specialty stores
Microsoft Corp

Not a value company, but has become a "utility" style company due large scale adoption of products. Very strong product suite with high margins. Excellent management team. 30x earnings per / share hard to justify, but strong dividend and excellent balance sheet. Would recommend holding, or buying on weakness. 

computer software / processing
Cenovus Energy

Excellent company that is top holding in portfolio. Excellent management team with executing. Believes stock buybacks will commence within next month or two. Between 75%-100% free cash flow will be dedicated to return of capital. Excellent assets in oil sands and refineries. Will continue to hold and buy more. 

oil / gas
Fairfax Financial

Regrets not buying shares earlier. Very good management team with Prem Watsa. Value oriented business with very good track record. Excellent for long term investors. Property/Casualty business' are in sweet spot of cycle. Earnings expected to be volatile, but overall a good business. 

Equitable Group

Very good business for investors. Return on equity very high. Strong management team. Consistent growth for the past 20 years. Only concern is that credit cycle will tighten and make it harder to perform. 

Financial Services
Nutrien Ltd.

Owns shares in company and likes future prospects. Good value style company wit diversified assets (Potash, retail etc.) Well rounded business with strong management. Conflict in Ukraine and Middle East creating demand for grain products. Expanding population will also increase demand. Expecting further earnings growth. Recent fall of share price presenting a good buying opportunity. Massive moat around business. 

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