Stock Opinions by Michael Sprung - Stockchase Experts
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Michael Sprung @

On Stockchase since : Oct 2000

President at Sprung Investment Management

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T: 416-934-7160http://www.sprunginvestment.com/

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Stock Opinions by Michael Sprung - Stockchase Experts

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COMMENT
General Market Comment 

January 15, 2019

Losing the Brexit vote. Everyone was expecting that. Now we're in a void. Longer term danger is if Corbin forms a government, that's what the markets are afraid of. Brexit was threatening the fabric of the EU and throwing the world into uncertainty. Now the UK might prefer to stay, so this might add confidence to the EU. Overall, long term positive; short term volatility.
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Losing the Brexit vote. Everyone was expecting that. Now we're in a void. Longer term danger is if Corbin forms a government, that's what the markets are afraid of. Brexit was threatening the fabric of the EU and throwing the world into uncertainty. Now the UK might prefer to stay, so this might add confidence to the EU. Overall, long term positive; short term volatility.
Unknown
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Michael Sprung

President, Sprung Investment Ma...

Price Price
$0.000
Owned Owned
Unknown

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COMMENT
General Market Comment 

January 15, 2019

How does it look for 2019? Still seeing desynchronization in global growth. Signs that consumer spending, business investment, and general growth are slowing down. Shorter term, cyclical concerns. Overall, growth is still slightly positive. Last quarter of 2018, plus first couple of days of 2019 were scary, but now things have reversed. Don't get complacent. This year will have greater volatility than last year. Investors need to be choosy. Going forward, more focus on valuation and fundamentals. Will see more M&A activity this year, involving a great restructuring.
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How does it look for 2019? Still seeing desynchronization in global growth. Signs that consumer spending, business investment, and general growth are slowing down. Shorter term, cyclical concerns. Overall, growth is still slightly positive. Last quarter of 2018, plus first couple of days of 2019 were scary, but now things have reversed. Don't get complacent. This year will have greater volatility than last year. Investors need to be choosy. Going forward, more focus on valuation and fundamentals. Will see more M&A activity this year, involving a great restructuring.
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Michael Sprung

President, Sprung Investment Ma...

Price Price
$0.000
Owned Owned
Unknown

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PARTIAL BUY
In a good position now. Commodity companies valuations and multiples are very low. But ask what is the stability of earnings. TECK is well positioned, balance sheet's in better shape. Good exposure to copper and coal. Multiples are attractive enough that long-term investors can start to chip away at it.
precious metals
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In a good position now. Commodity companies valuations and multiples are very low. But ask what is the stability of earnings. TECK is well positioned, balance sheet's in better shape. Good exposure to copper and coal. Multiples are attractive enough that long-term investors can start to chip away at it.
precious metals
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Michael Sprung

President, Sprung Investment Ma...

Price Price
$30.000
Owned Owned
Unknown

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COMMENT
Very cheap at 0.3x book. But on other hand, why is it so cheap? Cut budget and dividend, which was eating up cash flow. Now that it's happened, market could be breathing a sigh of relief. Don't put all eggs in one basket here. Fairly compelling valuation.
oil/gas
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Very cheap at 0.3x book. But on other hand, why is it so cheap? Cut budget and dividend, which was eating up cash flow. Now that it's happened, market could be breathing a sigh of relief. Don't put all eggs in one basket here. Fairly compelling valuation.
oil/gas
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Michael Sprung

President, Sprung Investment Ma...

Price Price
$4.440
Owned Owned
Unknown

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COMMENT
Yamana Gold Inc.(YRI-T) 

January 15, 2019

Gold price is firmer than it has been. Could be a better year for gold. YRI had good production numbers today. Not his first choice. But overall, we're going to see more activity than we've seen in quite some time.
precious metals
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Gold price is firmer than it has been. Could be a better year for gold. YRI had good production numbers today. Not his first choice. But overall, we're going to see more activity than we've seen in quite some time.
precious metals
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Michael Sprung

President, Sprung Investment Ma...

Price Price
$3.200
Owned Owned
No

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WATCH
Stock's been beaten up. Sold half his position. Drop is a bit overdone. Slowing economy is having an impact. Well balanced between Canada and US. Fairly efficient. Could look at it at this level.
Automotive
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Stock's been beaten up. Sold half his position. Drop is a bit overdone. Slowing economy is having an impact. Well balanced between Canada and US. Fairly efficient. Could look at it at this level.
Automotive
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Michael Sprung

President, Sprung Investment Ma...

Price Price
$33.960
Owned Owned
Yes

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DON'T BUY
Market cap is valuation that people put on companies, based on future profits and cash flow. SNC does mostly "cost plus" contracts, so margin is built in. Exposed to Middle East, not a favourable place. Some issues with CRA, and how they got contracts. He'd be wary. If you think the economies are slowing, there may be better opportunities to buy companies like this.
contractors
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Market cap is valuation that people put on companies, based on future profits and cash flow. SNC does mostly "cost plus" contracts, so margin is built in. Exposed to Middle East, not a favourable place. Some issues with CRA, and how they got contracts. He'd be wary. If you think the economies are slowing, there may be better opportunities to buy companies like this.
contractors
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Michael Sprung

President, Sprung Investment Ma...

Price Price
$47.330
Owned Owned
Unknown

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HOLD
Inter Pipeline(IPL-T) 

January 15, 2019

Still favours it, but not a buy right here. Tremendous yield at 8.61%. Dividend's not in particular jeopardy. A hold right now. For pipeline stocks, the multiples and the leverage always look high, but that's how these companies exist, they borrow to build. As long as throughput is maintained, they're in good shape.
oil pipelines
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Still favours it, but not a buy right here. Tremendous yield at 8.61%. Dividend's not in particular jeopardy. A hold right now. For pipeline stocks, the multiples and the leverage always look high, but that's how these companies exist, they borrow to build. As long as throughput is maintained, they're in good shape.
oil pipelines
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Michael Sprung

President, Sprung Investment Ma...

Price Price
$20.950
Owned Owned
Yes

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BUY
Alaris Royalty(AD-T) 

January 15, 2019

He likes this one. Has had problems over the last few years with partner investments, but people are looking too much at the past and not at the future. Key is how efficiently can they deploy capital. Generous dividend was just increased, and management wouldn't have done this if there was the possibility of a cut. Positive resets on preferreds will produce more cash. (Analysts’ price target is $21.07)
Financial Services
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He likes this one. Has had problems over the last few years with partner investments, but people are looking too much at the past and not at the future. Key is how efficiently can they deploy capital. Generous dividend was just increased, and management wouldn't have done this if there was the possibility of a cut. Positive resets on preferreds will produce more cash. (Analysts’ price target is $21.07)
Financial Services
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Michael Sprung

President, Sprung Investment Ma...

Price Price
$18.190
Owned Owned
Unknown

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PAST TOP PICK
Manulife Financial(MFC-T) 

January 15, 2019

(A Top Pick Jan 23/18, Down 20%) A disappointment, but so have all the insurers. Trading at a "buy" valuation. Would buy for new clients. Manulife is exposed to Asian economy, which is slowing, so there may be an opportunity to buy when the fourth quarter reports. Extremely well capitalized. May see disposal of assets. Lots of strength going forward.
insurance
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(A Top Pick Jan 23/18, Down 20%) A disappointment, but so have all the insurers. Trading at a "buy" valuation. Would buy for new clients. Manulife is exposed to Asian economy, which is slowing, so there may be an opportunity to buy when the fourth quarter reports. Extremely well capitalized. May see disposal of assets. Lots of strength going forward.
insurance
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Michael Sprung

President, Sprung Investment Ma...

Price Price
$20.860
Owned Owned
Yes

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PAST TOP PICK
Goldcorp Inc(G-T) 

January 15, 2019

(A Top Pick Jan 23/18, Down 26%) Disappointed in the recent deal, because of a low premium. It was nearing the point of positive free cash flow.
precious metals
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(A Top Pick Jan 23/18, Down 26%) Disappointed in the recent deal, because of a low premium. It was nearing the point of positive free cash flow.
precious metals
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Michael Sprung

President, Sprung Investment Ma...

Price Price
$13.530
Owned Owned
Yes

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PAST TOP PICK
Arc Resources Ltd(ARX-T) 

January 15, 2019

(A Top Pick Jan 23/18, Down 26%) Another disappointment, but he'd still recommend it. Clean balance sheet, top-tier assets. Great future. Dividend's not in jeopardy. Sold assets to boost balance sheet possibly to buy assets coming up for sale.
oil/gas
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(A Top Pick Jan 23/18, Down 26%) Another disappointment, but he'd still recommend it. Clean balance sheet, top-tier assets. Great future. Dividend's not in jeopardy. Sold assets to boost balance sheet possibly to buy assets coming up for sale.
oil/gas
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Michael Sprung

President, Sprung Investment Ma...

Price Price
$9.560
Owned Owned
Yes

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HOLD
Royal Bank(RY-T) 

January 15, 2019

The banks didn't perform particularly well last year. Still, all the banks are well capitalized. Has a strong presence everywhere. With the banks, try to buy the best valuation at the time, and there are better options than Royal right now. Not his first choice, but if you own it, don't sell. It's a long-term investment that will pay off. Yield is 4%.
banks
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The banks didn't perform particularly well last year. Still, all the banks are well capitalized. Has a strong presence everywhere. With the banks, try to buy the best valuation at the time, and there are better options than Royal right now. Not his first choice, but if you own it, don't sell. It's a long-term investment that will pay off. Yield is 4%.
banks
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Michael Sprung

President, Sprung Investment Ma...

Price Price
$97.270
Owned Owned
Yes

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HOLD
TD Bank(TD.PR.T-T) 

January 15, 2019

Buy now or wait? Not his first choice in the banking group, but the valuation is better than it was. Expansion has been costly, and it's a long-term prospect. Yield is lower at 3.9%, and valuation is about the same as the rest. Don't sell if you own it, but there are other choices to buy.
Financial Services
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Buy now or wait? Not his first choice in the banking group, but the valuation is better than it was. Expansion has been costly, and it's a long-term prospect. Yield is lower at 3.9%, and valuation is about the same as the rest. Don't sell if you own it, but there are other choices to buy.
Financial Services
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Michael Sprung

President, Sprung Investment Ma...

Price Price
$0.000
Owned Owned
No

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COMMENT
Power Financial Corp(PWF-T) 

January 15, 2019

Some people put more of a premium on Power Corp than Power Financial. Longer term, Great West Life is probably a sustainable investment. Mutual funds are under increasing competition. He leans slightly toward Power Corp, but Power Financial has a slightly enhanced dividend. Both dividends are well covered. Future dividend hikes will depend on how they position themselves going forward, and this will take time to show up.
finance/leasing
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Some people put more of a premium on Power Corp than Power Financial. Longer term, Great West Life is probably a sustainable investment. Mutual funds are under increasing competition. He leans slightly toward Power Corp, but Power Financial has a slightly enhanced dividend. Both dividends are well covered. Future dividend hikes will depend on how they position themselves going forward, and this will take time to show up.
finance/leasing
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Michael Sprung

President, Sprung Investment Ma...

Price Price
$26.590
Owned Owned
Unknown

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