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

COMMENT
Sleep Country Canada Holdings (ZZZ-T)

Hasn’t been spending a lot of time working on this, but what is impeding its progress lately probably has more to do with encroaching competition in that industry. There have been more Internet mattress sellers coming on stream lately. Also, they are facing some cost escalations. Feels they are generally facing some fundamental shifts in retail. He would be very sensitive to the valuation you pay on this.

household goods
Michael Sprung

President, Sprung Investment Management

Price: $32.090
Owned: No

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2017-07-21

N/A
A Comment -- General Comments From an Expert 

Market.Non-resource markets did very well. The European economies are putting up better numbers. Even in the Asian emerging markets, there was a lot of trade in technology happening. The resource markets were somewhat left out of it, and financials were kind of dull in the 1st half. When you set the stage for the 2nd half, all of a sudden you have Central Banks around the world talking more hawkishly and interest rates rising. We are just coming out of what has been a very long, slow and tepid recovery. You don’t really know how economies are going to adjust to higher rates, and how fast that is going to happen, and whether or not there might be some adjustments along the way. Inflation is almost negligible, so why push interest rates up against that? This is a time to be really cautious and look at the quality of the companies you are investing in. Even though the recovery has been slow, markets have been fairly good. The wildcard in all of this are trade talks which have just started.

Michael Sprung

President, Sprung Investment Management

Price: $0.020
Owned: _N/A

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2017-07-21

BUY
Alaris Royalty (AD-T)

This had a bit of a setback over the last couple of years, but we are finally beginning to see them work out of the problems they’ve had with their partner companies. A good stock for people who are looking for steady income. One of the fears was when a number of these companies were having trouble meeting their preferred payments. They’ve made a few new investments with some new companies and have started a small-cap division. They are finally getting back on track. Dividend yield of 7.25%.

Financial Services
Michael Sprung

President, Sprung Investment Management

Price: $21.880
Owned: Yes

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2017-07-21

TOP PICK
AGT Food & Ingredients (AGT-T)

This has been an off year for them. The pulse market has been somewhat in the doldrums. The perennial problem with the fumigation issues on importing pulses into India, has surfaced again. Over time, the company has been diversifying into ingredients for human and pet consumption. They’ve recently just bought some more transportation access to a port facility. Dividend yield of 2.4%. (Analysts’ price target is $35.)

agriculture
Michael Sprung

President, Sprung Investment Management

Price: $26.000
Owned: Yes

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2017-07-21

COMMENT
Altagas Ltd (ALA-T)

A company that is balanced between regulatory and other activities. The dividend is fairly secure at this time. Originally, they were more western based. Within the sector there are probably other quasi-utility type situations that he would look at first.

oil/gas
Michael Sprung

President, Sprung Investment Management

Price: $29.270
Owned: No

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2017-07-21

COMMENT
Brookfield Asset Management (A) (BAM.A-T)

An extremely well-managed company over the years. They’ve been very, very astute investors over time. It is just a question of what you pay for it. He has a very small position in this.

management/diversified
Michael Sprung

President, Sprung Investment Management

Price: $49.720
Owned: Yes

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2017-07-21

COMMENT
BCE Inc. (BCE-T)

Sell Rogers (RCI.B-T) and buy Bell (BCE-T)?A really interesting question, particularly with the 1st salvo we’ve had from the trade negotiations were the US has said that they want to have greater access to our telecommunications industry. In that case, he’s not sure you want to own any of these. His preference would be with this one, but only because it is dominant within the wireless industry. Also feels it would be a little more secure in the longer-term.

telephone utilities
Michael Sprung

President, Sprung Investment Management

Price: $58.530
Owned: Unknown

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2017-07-21

DON'T BUY
CCL Industries (B) (CCL.B-T)

He admires this since it became a label company. It has done tremendously well. Unfortunately, when a company does as well as they have, people tend to build in expectations of growth rates that he does not believe are sustainable for a long period of time. It looks expensive.

packaging/containers
Michael Sprung

President, Sprung Investment Management

Price: $60.490
Owned: No

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2017-07-21

WEAK BUY
Detour Gold (DGC-T)

Had a bit of the stumble about a year ago, which caused a delay in one of their mines. They seem to be getting past that now and things seem to be getting back on track. It could be a potential investment, but he wouldn’t put all his eggs in one basket.

precious metals
Michael Sprung

President, Sprung Investment Management

Price: $14.010
Owned: No

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2017-07-21

COMMENT
Descartes (DSG-T)

A lot of technology companies sell beyond multiples he looks at as a value investor. This one has always been an extremely good company. They are at the forefront of their technology. Longer-term they are in a very good place. Trading at 52X forward earnings. You have to grow a whole lot to justify those kinds of multiples.

computer software/processing
Michael Sprung

President, Sprung Investment Management

Price: $30.790
Owned: No

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2017-07-21

TOP PICK
Encana Corp (ECA-T)

Just reported and the street was impressed. This is one of North America’s leading energy producers with a diverse portfolio of plays in 4 critical areas, that are all doing extremely well. Assets they own are among the best in North America. They’ve improved their balance sheet in the last year or 2. They have a five-year plan to increase production and cash flow. Dividend yield of 0.7%. (Analysts’ price target is $12.25.)

oil/gas
Michael Sprung

President, Sprung Investment Management

Price: $12.340
Owned: Yes

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2017-07-21

COMMENT
Fairfax India Holdings Corp (FIH.U-T)

Prem Watsa for a long time has wanted to build a major business in India. He knows that the key success factor in building a business in India is the partners that he partners with. If anyone can do it, Prem probably can. For anyone looking at international exposure, this is probably not a bad one to take a hard look at.

E.T.F.'s
Michael Sprung

President, Sprung Investment Management

Price: $17.760
Owned: No

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2017-07-21

COMMENT
Fortis Inc. (FTS-T)

Well-managed. Made a large Texas acquisition a few years back which turned out very well. Then they bought the transmission assets. They have a good growth pattern ahead. You are buying a lot of US exposure now. He thinks they are in a good place at a good time. The stock has performed very well.

electrical utilities
Michael Sprung

President, Sprung Investment Management

Price: $44.800
Owned: Yes

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2017-07-21

COMMENT
Hydro One (H-T)

This is a company where the government sets its rates, takes its cash flow. The flexibility that management has within Ontario is limited. You have to ask yourself, are you really buying equity or just buying a participation with a right to a dividend as it goes along. Making a US acquisition gives them an outlook for growth, and hopefully earn a better return on equities.

electrical utilities
Michael Sprung

President, Sprung Investment Management

Price: $22.650
Owned: Unknown

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2017-07-21

PAST TOP PICK
Hudbay Minerals Inc. (HBM-T)

(A Top Pick Aug 24/16. Up 48.05%.) Fairly priced. Has a lot of good things going. A large part of their CapX program went into developing Constancia, and that is now behind them. They’ve had some good news leading to the next development of permits and feasibility studies for Rosemont. They continue to have good projects on the horizon. Well-managed. If it pulled back about 15% he would add a little more to his position.

precious metals
Michael Sprung

President, Sprung Investment Management

Price: $8.400
Owned: Yes

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