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

2007-10-26

TOP PICK
Bank of Nova Scotia (BNS-T)
“A steady Eddie”. With all the financial concerns about, this company is well diversified. A lot of exposure in south America and the Caribbean. They have steady earnings gains going forward. Very good buy. Trading in the middle of the pack, has 3.6% yield.
banks
Michael Sprung

President, Sprung Investment Management

Price: $51.600
Owned: Yes

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2010-06-02

TOP PICK
Viterra Inc (VT-T (Dead))
[Was past pick] Sometimes a pick goes down and you have to reassess. It’s now a better buy that it was. There are some things that delayed their earnings potential. There have been weak wheat prices. Earnings will be less this year than he had anticipated they would be, but they will be a dominant player in Canada in the agriculture business, especially in grain handling. Stock has more than pulled back.
agriculture
Michael Sprung

President, Sprung Investment Management

Price: $7.530
Owned: Yes

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2008-06-26

DON'T BUY
General Motors Corporation (GM-N)
You would have to take an extremely long-term perspective on this one. Not sure what you would be buying if you bought it today. Given what is happening to the North American manufacturers, they could evolve just into a marketer by moving all the production off shore. Burning a lot of working capital and could be in trouble.
Automotive
Michael Sprung

President, Sprung Investment Management

Price: $11.430
Owned: No

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2007-07-13

DON'T BUY
Bombardier Inc (B) (BBD.B-T)
You pay a huge multiple for this stock based upon future earnings and growth. Extremely expensive. Book value is closer to $1.60 and you are paying 5 X book value.
transportation equip & components
Michael Sprung

President, Sprung Investment Management

Price: $6.640
Owned: No

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2007-08-31

HOLD
Nova Chemicals Corp. (NCX-T)
You have to think about the feed stock prices on this. Has some good cost advantages based on their location in Alberta. Earned $2.05 in 06 and is estimated to earn $2.10-$2.15 over the next couple of years.
chemicals
Michael Sprung

President, Sprung Investment Management

Price: $38.490
Owned: No

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2011-11-25

TOP PICK
Cenovus Energy (CVE-T)
You have a great play on the oil sands with this one. You also have the refining kicker. Have been expanding their operations and looking for joint ventures to help finance the development of a number of properties.
oil/gas
Michael Sprung

President, Sprung Investment Management

Price: $30.150
Owned: Yes

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2006-03-23

DON'T BUY
Trinidad Energy Services (TDG.UN-T)
You are getting 6.5/7% compared to a government bond of about 5% in what might be considered a volatile business. Would prefer having a 9/10% yield which would mean more of a pullback before he bought.
oil/gas field services
Michael Sprung

President, Sprung Investment Management

Price: $17.650
Owned: Yes

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2012-02-21

DON'T BUY
Potash Corp of Saskatchewan (POT-T)
You are dealing with one commodity and betting on the demand of that one commodity. As economy picks up the ag space should also pick up. It will look attractive around these levels. He prefers more diversified investments in this space.
integrated mines
Michael Sprung

President, Sprung Investment Management

Price: $46.880
Owned: No

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2008-10-16

DON'T BUY
iShares S&P/TSX Capped REIT (XRE-T)
You are buying the good with the no-so-good. You are better to go and pick the strong members of the group.
E.T.F.'s
Michael Sprung

President, Sprung Investment Management

Price: $9.410
Owned: Unknown

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2007-10-26

DON'T BUY
Canadian Oil Sands (COS-T (Acquired)
Yield that’s less than 5%. Not going to see real earnings in the oil sands for some time. This is more of a play on the future of oil sands. There are other places that you could put your money in oil sector to get a better yield. A very long-term play. Don’t expect to see the stock price rise.
oil/gas
Michael Sprung

President, Sprung Investment Management

Price: $33.200
Owned: Unknown

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2010-07-28

HOLD
Inter Pipeline (IPL-T)
Yield of almost 7% is not in any immediate jeopardy. Have some growth ahead of them. Last quarter was in line. Corridor expansion is on track.
oil pipelines
Michael Sprung

President, Sprung Investment Management

Price: $12.730
Owned: Yes

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2007-02-20

DON'T BUY
Yellow Media Inc (Y-T)
Yield of about 8%. They will survive, but in the long-term there are alternative sources opening up for the Yellow Pages.
communications/media
Michael Sprung

President, Sprung Investment Management

Price: $13.350
Owned: Unknown

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2010-03-17

HOLD
CML Healthcare (CLC-T (Dead))
Yield of about 8% and could go down to 5%-6% when they convert. This one is on his radar screen. Cash flow from laboratory is relatively stable. Longer term, it is a good company to own.
other services
Michael Sprung

President, Sprung Investment Management

Price: $12.520
Owned: No

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2008-11-18

DON'T BUY
Peyto Exploration & Develop. (PEY-T)
Yield of about 17.5%, which is telling you that it is somewhat chancy. Despite forecasts of reductions in cash for distribution, it is still running ahead of the $1.80 so there is a bit of a cushion. Thinks there are others that are more attractive.
oil/gas
Michael Sprung

President, Sprung Investment Management

Price: $10.560
Owned: No

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2006-01-06

BUY
Obsidian Energy (OBE-T)
Yield is pretty good at 9%. They have very good assets. On a P/E basis they are only trading at slightly under 7 X's. Price to book is almost 3 X's but it doesn't worry him too much. Longer term, it will still be a good performer.
oil/gas
Michael Sprung

President, Sprung Investment Management

Price: $39.750
Owned: Unknown

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