Lab and Imaging business. Made a US acquisition about 2 years ago that hasn’t worked out. Q1 had poor results due to economy and a harsh winter. 2nd quarter was a turnaround with margins up to 11%. Will convert to a corp and have set their dividend to $0.75.
Pulp prices have been coming down but this was off of record prices. Pulp inventories are gradually increasing. Coming off the best times so things might slow.
Holes and trenches for utilities and around the oil sands. Have corporate and franchisee trucks. Last quarter indicated things were turning around and was more positive. Cheap at 5X on a Price to Cash Flow basis. Conservative management.
World’s oldest publishing/distribution, primarily children’s education and media. 1.17% yield but have potential to grow it 30%-50%. Will generate $100 million in free cash flow. Trades at about only 4.8X enterprise to cash flow. Strong balance sheet with virtually no debt.
Trucking and logistics. Know primarily for being in the oil field services in western Canada but are doing a lot of infrastructure work. Their Canadian de-watering unit is helping in cleaning of oil sands tailing ponds. Looking for dividend increases in the near term.
Excellent conservative management. About 68% natural gas. Great new area, Holbie (?) where Nat gas prices are low but they get the benefit of having Nat gas as liquids, propane, butane that are priced off of oil. Will convert to a Corp with a small amount of growth and pays a dividend.
Cut distribution by about 40%. Have always had problems with their capital efficiencies compared to their peers. Started farming out some of their massive land holdings, which helps, but until he can this demonstrated he wn’t own.
New CEO with telecom experience. Large shareholder in Hong Kong likes the dividend but if the board wants to see growth, the dividend might be at stake.
