TOP PICK
REIT sector is very beaten up. Trades at a significant discount to its Net Asset Value. On a free cash flow basis it is trading at about 14 times. Very solid numbers. About 99% occupancy. Wal-Mart is about 27% of their leases. Good development pipeline.
TOP PICK
Provides the land registry in Ontario. Have a monopoly until 2017. $87million cash on the balance sheet. Expanding into other services such as hospital billing.
TOP PICK
Infrastructure play. Pre-cast and pre-stressed concrete. Made a great acquisition last summer in western Canada. 70% of business comes from government.
HOLD
A conglomerate and he isn’t a big fan of this model. A well-known catalyst investor has just purchased about 19%. May sell of some weaker units.
COMMENT
Has some issues with debt, so sold some assets. Thinks their payout ratio will be in the 65% - 70% range. Good management.
BUY
Great defensive business.
BUY
A very good oil/gas company.
BUY
Gas stations in western Canada. Very good trust with very low debt. Very attractive.
BUY
Lodging with limited service across western Canada. Getting beaten up.
BUY
Very good natural gas company. Good tax pools out to 2015. About a 60% payout ratio.
DON'T BUY
No reason to own this one.
BUY
Recent results released were quite strong. Gave guidance for next year of about 4%. Good price.
BUY
Consolidating public storage space and are diversified across Canada. Expecting it to do very well over the next 12 months. Very cheap.
DON'T BUY
Merging with Canetic (CNE.UN-T), which will give it a production of about 210,000 barrels a day. About 55% oil. Payout ratio is about 125%on a free cash flow basis (after maintenance capital spending), which is high.
DON'T BUY
Largest trucking company in Canada. Recent Q3 results reflected the higher Cdn$ and the slowdown in manufacturing. Also have concerns on their debt levels.