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COMMENT

The current record-breaking rally reminds him of the dotcom bubble of the late-1990s and usually these periods don't end too well. These prices reflect a gambling, rather than an investing, mindset. He looks at the cyclically adjusted PE on a 10-year basis which is now quite high. Canadian looks pretty well priced vs. the US; perhaps there's some safety in that. This rally will drive people more towards value stocks. Stocks with high multiples that have run up have the furthest to fall. Be more defensive now, so you won't be hurt too badly when the market falls. He doesn't think the US wants to tariff themselves into inflation, but they want a different trade deal with Canada and Mexico.

WEAK BUY

Has come back a lot from its SNC Lavalin days. Recent talk of them moving into nuclear was a boost. Are shifting money from share buybacks to more M&A is a sign of them seeing opportunity. They've had a good rally. The price now vs. future growth looks all right, okay.

HOLD

Was his top pick last November. It will continue to do well. Is selling at 12x PE and little above book value. Pays a generous dividend. Are redeeming their convertible debentures and replace that with less expensive debt. There could be a little dilution. Will continue to hold.

WATCH

One of the Canadian superstars. Historic PE has always been a little high for him, but the CEO has done a great job buying companies. As for AI, he sees a lot of money going into AI and won't see a lot of revenues for a while. AI can write software, but it takes a lot of skill to put it all together.CSU will continue to exploit this. It's still too pricey for him, but growth investors should consider this.

WATCH

This industry has its cycles. Will be more business as they expand. No comment on its valuation. Are well-positioned in the waste business, where they are a leader.

BUY ON WEAKNESS

Is a lot of excitement baked into this stock and its peers, given the big building projects that will happen. The PE is too high, so would wait for a pullback. The big projects won't happen until later that some expect, he thinks.

BUY

Is famous for making module houses, so they will likely go for Ottawa's new building incentives, which make this a buying opportunity. Will benefit from rising demand for utilities.

BUY

The new infrastructure projects that Ottawa has announced will benefit the banks. NA is more Canadian than CIBC, though both are. Big projects need a lot of funding, and the banks' job is to find that capital. CM is pretty well priced now.

BUY

The new infrastructure projects that Ottawa has announced will benefit the banks. NA is more Canadian than CIBC, though both are. Big projects need a lot of funding, and the banks' job is to find that capital. CM is pretty well priced now.

HOLD

The shares have gone down, and so have his shares. The market is looking past 2025. The wireless market has seen strong competition, and the markets hope this stabilizes in the future, perhaps from less immigration. BCE surprised many with its US acquisition which could add 500,000 customers. Pays a good 5.5% dividend. Isn't much downside from here.

DON'T BUY
Short-seller report

The short-seller alleges that GSY is taking on riskier loans as consumer are more pressured in this market. GSY is managed well, has been around many years, so is certain that they have many reserves to protect them from riskier loans. Expects share to at least partially recover. The PE is too high for him.

PAST TOP PICK
(A Top Pick Oct 04/24, Up 21%)

Is surprised it's done so well amid tariffs. Will be a survivor. Still trading under book value, with an ROE of 8-9%. Don't own this for yield but for expansion in business. The PE is over 20x, a little high, but expects this to drop a lot.

PAST TOP PICK
(A Top Pick Oct 04/24, Up 8%)

Likes it. Trades at a reasonable 7.5x PE, and a good ROE while book value is at 1.6x. Pays a good +6% dividend.

PAST TOP PICK
(A Top Pick Oct 04/24, Up 8%)

Has long been a fan. Gives exposure to private equity and pays a decent yield. Has done well over the years. Trades just under book value. Still strongly recommends it.

COMMENT
Why the downturn today?

Doesn't know why it's down 3.6% today. WSP is extremely well managed, therefore commands a premium valuation.

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