BUY
Does trench work for oil/gas in industrial and utilities sectors. No long-term debt. They're paying for their growth expansion through internal generated cash flow. Good management. Like their growth prospects.
BUY
Strong market share. Very strong EBITDA margins. Trades at a fair multiple.
BUY
Likes.
BUY
Originally they were in the private label bleach but have expanded to other consumer products as well as health/beauty care. Sees more growth on the pharmaceutical and healthcare side. Management has done a good job.
WEAK BUY
Acquired Viking Energy Trust which he owned. Their capital spending is increasing. Payout ratio is 110/115%. Not a bad trust, but there are better opportunities out there.
DON'T BUY
They recently announced the price they will get for their metallurgical coal, which was a little bit lower than the market expected. They are faced with some bottlenecks in western Canada, including the rail line and shortage of tires for trucks. Longer term he likes coal. If stock price fell more, he would take a look at it.
BUY
A smaller oil/gas trust with more exposure to oil. Unique, in that they are a royalty structure. They allow others to drill on their properties and they collect the royalties. In high oil/gas prices, they benefit from the amount of drilling. Solid management.
BUY
Very stable trust. Started with gas fired hydro plant but have diversified into wind power with a large project in Quebec. Good management and very stable prospects going forward. There won't be a lot of growth but he likes it.
DON'T BUY
About 70% gas weighted. Over the last two years, they have missed on their production numbers. Because of this, it's not popular in the market.
PAST TOP PICK
(A Top Pick Dec 30/05. No change.) Two small distribution increases. Going very well in Ontario with their same store sales growth. Still likes it.
PAST TOP PICK
(A Top Pick Dec 30/05. Up 13%.) This was a trucking IPO. They have done very well concentrating on the pharmaceutical and consumer industries. A very well-run company.
PAST TOP PICK
(A Top Pick Dec 30/05. Up 11%.) Stock was consolidated on a 15:1 basis. This Top Pick was based on his theme of stronger growth in western Canada. Very conservative and well-run. Still likes. Trades at a discount to its net asset value. Still sees more upside.
BUY
There is only one key analyst that covers this. This is a REIT that is focused in the Quebec area with some Saskatchewan properties also. Payout ratio is about 95%. There will be more coverage and good stories coming out as it grows. This is a good opportunity to get in before growth. Good management.
BUY
There is only one key analyst that covers this. This is a REIT that is focused in the Quebec area with some Saskatchewan properties also. Payout ratio is about 95%. There will be more coverage and good stories coming out as it grows. This is a good opportunity to get in before growth. Good management.
DON'T BUY
Recently cut their distribution. They get about 45% of revenue from lumber and panels which is a volatile area. Good management. Would prefer to see them cut to about an 80% payout ratio.