Opinions by Michael Sprung | StockChase
3270
Michael Sprung

President

ON STOCKCHASE SINCE Oct 2000

Sprung Investment Management
25 Adelaide Street East, Suite 500Toronto, ONM5C 3A1
T: 416-934-7160 msprung@sprunginvestment.com
http://www.sprunginvestment.com/


Opinions by Michael Sprung


Signal Opinion Expert Chart

2017-09-13

BUY
Canadian Natural Rsrcs (CNQ-T)

He likes this a lot and admires its management. Probably the foremost producer in Canada without being integrated. A real benchmark for the energy industry. Superbly run, and has always maintained a good solid balance sheet. That allows them to take advantage when opportunities arise. Lately they’ve made some significant acquisitions, and he expects that will continue going forward.

oil/gas
Michael Sprung

President, Sprung Investment Management

Price: $40.220
Owned: Yes

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2017-09-13

PAST TOP PICK
Cenovus Energy (CVE-T)

(A Top Pick Nov 4/16. Down 40%.) Had bought this with its clean balance sheet, etc. and then they made a gigantic acquisition which transformed it. However, they’ve been very successful at disposing of some assets, and he expects they will close on some more dispositions before year-end. They know they have to address the balance sheet problem.

oil/gas
Michael Sprung

President, Sprung Investment Management

Price: $10.980
Owned: Yes

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2017-09-13

COMMENT
Enbridge (ENB-T)

Enbridge (ENB-T) or Inter Pipeline (IPL-T)? Both are out of favour now, but are 2 of the better pipeline stocks you can be invested in. Has long admired this company, which tends to be a little more expensive over time, but you are paying for very high-quality management. They’ve done some job of deploying the resources. Both companies have fairly well defined CapX programs going forward. You could probably expect more rapid increases in dividends from this company. Both stocks would be vulnerable to a rising rate environment.

oil/gas pipelines
Michael Sprung

President, Sprung Investment Management

Price: $49.870
Owned: Unknown

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2017-09-13

TOP PICK
Fortis Inc. (FTS-T)

One of his favourite utilities. Has a large US presence. A big part of their M&A growth is behind them. They made 2 major acquisitions in the last few years, one of them being in Texas, so capital expenditures might be going up a little in the near term. They are much more into energy transmission as well as generation. Dividend yield of 3.5%. (Analysts’ price target is $50.)

electrical utilities
Michael Sprung

President, Sprung Investment Management

Price: $44.430
Owned: Yes

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2017-09-13

PAST TOP PICK
Home Capital Group (HCG-T)

(A Top Pick Nov 4/16. Down 43%.) The whole market was somewhat askance at how the situation on this was handled. It literally caused a run on the bank. Also, for a while, it was tenuous as to whether this would survive. It fell so fast, that he decided not to dump his shares. His feeling was that the fundamentals of this business were still intact. They’ve managed to execute a recovery which was very astute. This was followed by Warren Buffett stepping in, and funding costs started going down. Recently announced they were going to stop paying some of the excessive rates they were paying on GICs, etc. He is still buying shares.

investment companies/funds
Michael Sprung

President, Sprung Investment Management

Price: $14.030
Owned: Yes

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2017-09-13

COMMENT
Inter Pipeline (IPL-T)

Enbridge (ENB-T) or Inter Pipeline (IPL-T)? Both are out of favour now, but are 2 of the better pipeline stocks you can be invested in. Enbridge tends to be a little more expensive over time, but you are paying for very high-quality management. Both companies have well defined CapX programs going forward. You could probably expect more rapid increases in dividends from Enbridge. One unknown with this company is, will they go ahead with the big petrochemical plant. Both stocks would be vulnerable to a rising rate environment.

oil pipelines
Michael Sprung

President, Sprung Investment Management

Price: $22.700
Owned: Unknown

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2017-09-13

COMMENT
Loblaw Companies Ltd (L-T)

The dominant one in grocery chains in Canada. The grocery industry lately has seen food deflation. Some are facing higher labour costs if minimum wage initiatives go forward, which will be fairly significant to a company like this. He prefers to own this through George Weston (WN-T), which gives you the bakery business as an added diversification. In groceries, this company would be his 1st choice.

food stores
Michael Sprung

President, Sprung Investment Management

Price: $65.010
Owned: No

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2017-09-13

COMMENT
Magna Int'l. (A) (MG-T)

Has been looking at this recently. On a valuation basis, it looks quite reasonable. What is affecting this is not so much political, but the changing dynamics within the car industry. Between autonomous vehicles possibly coming in, car sharing programs, Uber programs, and the dynamics of how people are going to own automobiles is changing. Nonetheless, someone is still going to have to make the parts and build the components, and this company is well positioned to do that. They have significant manufacturing capabilities globally.

Automotive
Michael Sprung

President, Sprung Investment Management

Price: $59.860
Owned: Unknown

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2017-09-13

PAST TOP PICK
North West Company (NWC-T)

(A Top Pick Nov 4/16. Up 23%.) Still considers this as a Buy. It is nice if you can get it under $30. They will be impacted a little by the hurricane as they had 12 stores in the islands, which would have represented about 10% of pre-tax profit. Giant Tiger has been lagging, but they have been doing some tremendous adjustments in their management of product in the far North, and margins and market share have been going up. Has a new delivery system with the air transport that they purchased. Good company and good dividend.

merchandising/lodging
Michael Sprung

President, Sprung Investment Management

Price: $30.090
Owned: Yes

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2017-09-13

COMMENT
Painted Pony Energy (PONY-T)

Among the junior intermediates, this is a well-managed company. At these levels, this has caught his attention. They run a very good operation, and tend to have a fairly good discipline on their capital deployment. This is one he would be looking at to add in the near future.

oil/gas
Michael Sprung

President, Sprung Investment Management

Price: $3.190
Owned: No

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2017-09-13

COMMENT
Sun Life Financial Inc (SLF-T)

Likes the longer-term outlook, not only for the fact that in a rising rate environment insurance companies tend to benefit, but also in the way they have been able to change their business mix over the years, with an emphasis more on wealth management, pension planning and retirements. They are well positioned in the US. This is a company you can be very comfortable in owning going forward.

insurance
Michael Sprung

President, Sprung Investment Management

Price: $46.920
Owned: Yes

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2017-09-13

COMMENT
Stuart Olson Inc (SOX-T)

This has had its share of difficulties over the years, with some fixed price contracts that went overpriced. There was also a slowdown in energy industry, and they were largely exposed to Alberta at the time. They’ve made attempts to diversify. With the proposed spending going forward on infrastructure, their industrial segment should pick up. Believes this still has significant upside.

REAL ESTATE
Michael Sprung

President, Sprung Investment Management

Price: $5.300
Owned: Yes

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2017-09-13

COMMENT
Teck Resources Ltd. (B) (TECK.B-T)

In the last day or so, we have seen a few of the mining stocks suffering from fairly rapid setbacks. What was driving this company up to now was a very good met coal market. Right now, he thinks people are stepping back and saying “We have seen some strength in commodities lately, but how sustainable is it, and how likely is it going to last.” The pullbacks might be a bit of a buying opportunity.

precious metals
Michael Sprung

President, Sprung Investment Management

Price: $26.730
Owned: Unknown

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2017-09-13

COMMENT
Tourmaline Oil Corp (TOU-T)

An extremely well-managed company. Until recently, it has always looked expensive to him, relative to some of the alternatives in the oil patch. It is nearing areas now where it is beginning to hit his screens, and he is beginning to take a closer look at it. This could be a good opportunity.

oil/gas
Michael Sprung

President, Sprung Investment Management

Price: $24.830
Owned: No

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2017-09-13

TOP PICK
Vermilion Energy Inc (VET-T)

Has operations in the Netherlands, Germany, Ireland and North America. A very solid free cash flow generator even at today’s prices. Well valued and well-managed. Dividend yield of 6.1%. (Analysts’ price target is $50.)

oil/gas
Michael Sprung

President, Sprung Investment Management

Price: $43.900
Owned: Yes

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