TOP PICK
(A Top Pick Dec 10/07. Down 46%.) Great assets and well diversified. Potential to make money at the wellhead as well as at retail distribution. Incredibly inexpensive. Even with low oil prices, cash flow should be in excess of $10 over the next couple of years.
TOP PICK
Finally seeing some improvements in Loblaws (L-T) and the beginning of a turn. Recently sold their US bakery division. Speculation that they could privatize Loblaws.
TOP PICK
North American engineering firm. Infrastructure play. Recently purchased a largely environmental engineering firm. Earnings over the next 2 years should be around 2.25 or higher.
PAST TOP PICK
(A Top Pick Dec 10/07. Down 7%.) Exposure to financial markets is substantial but in a position where they are integrating Reuters acquisition and will have competitive products with Bloomberg. Also have legal, scientific and information sites.
PAST TOP PICK
(A Top Pick Dec 10/07. Down 42%.) Of all the banks, it seems to have the most conservative accounting. Relatively strong capital base. Yield of over 6.5%.
BUY
Good holding for longer than 3 or 5 years. Excellent assets through Great West Lifeco (GWO-T), Investors Group (IGM-T), etc. Have got hurt in this market but for the long-term is a relatively safe place to be.
SELL
Takeover is probably one of the only things that will pull this company out but people might wait for it to go into receivership and then go for the assets.
COMMENT
Aecon Group (ARE-T) and SNC Lavalin (SNC-T) are both well positioned to take advantage substantially if there is going to be a huge amount of infrastructure spending. Aecon is not as internationally diversified and has more of the engineering side. Of these 2 he would prefer Aecon. (See Top Picks.)
COMMENT
Aecon Group (ARE-T) and SNC Lavalin (SNC-T) are both well positioned to take advantage substantially if there is going to be a huge amount of infrastructure spending. SNC is more internationally diversified with more construction. Of these 2 he would prefer Aecon. (See Top Picks.)
COMMENT
Commercial exposure in the US. People are focused now on what will happen to commercial real estate, leases, etc. in the next year. Well-managed company and will likely pull through in the long-term.
BUY
Has years of potential property to develop, a lot of it in the Bakken field. Extremely well managed.
DON'T BUY
Despite Yellow Pages trying to diversify the Internet is basically eating them.
COMMENT
Cheque business is a steady cash flow type of business. Have hung in relatively well compared to their peers. 12% yield.
DON'T BUY
Was a lot of restructuring in anticipation of the buyout. Company now has a better balance sheet but also needs to spend a lot to catch up with its competition and upgrade its infrastructure. No one has had time to examine this so he wouldn't be a buyer at this time.
COMMENT
Basically gives exposure to a smelter in North America. Very unlikely more will be built in North America. Earns margins on processing metals. Cash flow has been reasonably steady. Payout is relatively high. 40% yield tells you more about the markets outlook on commodities rather than the company itself.