Sold off their international interests in preparation of becoming a trust. The man behind the trust is contemplating retirement and the CFO has resigned which is a concern.
Became concerned with the operating fundamentals of the company, so sold her holdings. Bit of a margin squeeze when the signed long term contracts with their customers at reduced prices to offset Asian competition. Also facing pretty significant raw material costs. Feels they will have a hard time maintaining their payout ratio.
Had a number of gas stations that had quite strong growth over the last couple of years with a strong price performance. The weakness in the stock price could be because of strong gas prices in terms of some of their sales and revenue growth. Feels their growth story is pretty intact.
Tends not to play in the retail space, so didn't participate in the IPO. This space is quite cyclical. Very difficult to maintain their competitive advantage longer term. At the time of the IPO, they had just taken over United Wharehouse and expanded into Quebec. Had concerns on their forcasts which included some pretty strong numbers regarding those operations. Same store sales down 5%.
A very well managed company. Focused on the mid stream part of the oil/gas industry. Have a lot of sour gas plants and basically are looking at some of the extraction facilities. Strong niche position. Growth through aquisitions.
One of the blue chip trusts in the business trusts. Very strong company. Dominant in their space. Acquired Blue Pages and expects their will be synergies arising from that. Looking for modest growth of 3/4%. Starting to look a little bit expensive. A long term hold.
A small new issue that came to market in the last month or two. Basically they're focused on the value segment of the beer market (24 cans of beer for $24) and she is concerned on how sustainable their competitive position is.
In other oil/gas trusts you have seen an evolution in a more sustainable model of trusts. This one was one of the earlier ones and was focused on their position in replacement of production. Trying to change to a more sustainable model, but are having trouble keeping people on board.
(A Top Pick Apr 15/05. Up 5.5%.) Still likes. Have a very significant drilling inventory and a very strong asset base. Trades at a bit of a discount to the group.
(A Top Pick Apr 15/05. Up 9.2%.) A full service waste management company. A recession resistant industry. Very strong organic growth in Canada and the US. Very conservative payout ratio (mid 80's). Not really cheap, but given the growth prospects and conservative payout ratio, a great buy.
(A Top Pick Apr 15/05. Down 13%.) Had a disappointing 1st quarter which was due to a short term phenomina of high costs in tuna. Very stable demand for the product.
Very strong company. Likes the management team. Focused on the residential side of the market, primarily apartments in Calgary. Not involved in the Toronto market which has been soft. Rising interest rates will be beneficial for apartment REITs as people are buying rather than renting because of low rates.
Had some operating difficulties in the last couple of months in that one of their large customers took less volume than what was expected. 1st quarter was quite a bit softer than what was expected. Looks like they are coming back on track operationally although the rest of the year will be somewhat challenging for them.
Constructive on metalurgical coal going into 2006/2007. Good place to be in a rising interest rate environment. There is some upside to the story as they are looking to do a tax reorginization which could result in more distributable cash. Also looking to expand to help clear some of the bottle necks.