TOP PICK
His model price is $46.49, a 54% positive differential. He put it through a stress test. They announced they were going to write off $7 billion to $11 billion and he used the figure of $15 billion. He took one analysts estimate of $290 for 08 and he used $284. Doing all this, his model price still came out to $37.00. They have ample capital to get them through this.
TOP PICK
The Chinese made a $5 billion investment. This was fantastic as it virtually guarantees them an in road into China. His model price is $95.46, a 90% positive differential.
TOP PICK
Even though management guided down on the earnings for 08, it has not really affected his model price of $75.35. That is a 125% positive differential.
PAST TOP PICK
(A Past Top Pick Dec 21/06. Up 6.9%.) Still mispriced. His model price is $78.28. A 53.5% positive differential.
PAST TOP PICK
(A Past Top Pick Dec 21/06. Down 10.8%.) This one is probably the bane of all the value managers. Even boosted their dividend by 10%. His model price is $40.53, a 74% positive differential. If they could do anything to thin out that balance sheet, it would be a huge positive for the stock.
PAST TOP PICK
(A Past Top Pick Dec 21/06. Up 45.2%.) His model price is $88.36. That's a 23% positive differential and no longer qualifies for his funds.
BUY
Has a lot of value. His model price is $41.41 giving it a positive differential of 39%.
COMMENT
Model price has been coming off as earnings estimates have been creeping down. Model price is $81.89. Was probably $92 in September $92. Under pressure because fundamentals have been coming down. When you see a turnaround in the Canadian economy, there could be some positive earnings estimates coming through. That's when the stock should either base or start to turn upward.
DON'T BUY
He has a model price of $1.91, which is a 76% negative differential. The stock has a history over the last 12 years and could get to $4.58. It bottomed there in 1996 and at the end of 2002.
COMMENT
His model price is $29.78, a 14% positive differential.
COMMENT
Finds US financials far cheaper than Canadian. Even though he is overweight in US financials, he is underweight in Canadian financials. Thinks the stock hangs around the $73.50 level. Next level down would be about $60. His model price is $92.63, a 30% positive differential.
COMMENT
His model price is $68.60. A 32% positive differential.
DON'T BUY
This stock scares him to death. His model price is $25.11. That's a -48% differential. The model price was around $32 in June and has dropped. Earnings estimates are being cut.
COMMENT
His model price is $30.83 giving it 125% positive differential. He sees 08 earnings at $1.54. Bad news is basically shadowing this stock. It is probably at its low, discounting any more bad news. Any good news and it should pop. Frustrating stock.
DON'T BUY
Model price is $14.51. That's an 8% positive differential. Earnings have been decreasing for this company. Fundamentals have been deteriorating.