Latest Expert Opinions

Signal
Opinion
Expert
BUY
BUY
September 8, 2011
Natural gas processor and its byproducts. They are in a very good spot. Feels there is even more room even though it has hit 52-week highs. They benefit from a low natural gas price and the byproducts. Could see $55 in the next 1-1.5 years. Yield of 4.2%.
Keyera Corp (KEY-T)
September 8, 2011
Natural gas processor and its byproducts. They are in a very good spot. Feels there is even more room even though it has hit 52-week highs. They benefit from a low natural gas price and the byproducts. Could see $55 in the next 1-1.5 years. Yield of 4.2%.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$45.930
Owned
Yes
COMMENT
COMMENT
September 8, 2011
Last couple of earnings reports have disappointed the street. Trade at around 2X book. US strategy has failed. Have been impacted by being a beta for the global market. Doesn't expect it will do anything for the next 6 months. Needs the global markets to recover. This is a 2012-2013 story. (See Top Picks.)
Royal Bank (RY-T)
September 8, 2011
Last couple of earnings reports have disappointed the street. Trade at around 2X book. US strategy has failed. Have been impacted by being a beta for the global market. Doesn't expect it will do anything for the next 6 months. Needs the global markets to recover. This is a 2012-2013 story. (See Top Picks.)
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$48.920
Owned
Unknown
DON'T BUY
DON'T BUY
September 8, 2011
6.46% strip bonds expiring May 2042? Normally he does not give money longer than 7 years because the business cycle is 3-4 years. You not getting paid enough to extend that far out. He owns 2016 bonds.
BCE Inc. (BCE-T)
September 8, 2011
6.46% strip bonds expiring May 2042? Normally he does not give money longer than 7 years because the business cycle is 3-4 years. You not getting paid enough to extend that far out. He owns 2016 bonds.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$38.800
Owned
Yes
BUY
BUY
September 8, 2011
Likes that it trades very cheap on a cash flow basis. Their copper assets and the new mines that are going into production will really add to the bottom line.
Likes that it trades very cheap on a cash flow basis. Their copper assets and the new mines that are going into production will really add to the bottom line.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$12.290
Owned
Yes
HOLD
HOLD
September 8, 2011
Really interesting at this point. Their business has not fallen that drastically. They are a beta for the financial markets and specifically track the bank indexes. Their financial products are highly sensitive to a cut in spending for a lot of the banks. However, they also have legal, medical and marketing data. Trading at 5X EBITDA versus their normal 7X.
Really interesting at this point. Their business has not fallen that drastically. They are a beta for the financial markets and specifically track the bank indexes. Their financial products are highly sensitive to a cut in spending for a lot of the banks. However, they also have legal, medical and marketing data. Trading at 5X EBITDA versus their normal 7X.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$29.010
Owned
No
BUY
BUY
September 8, 2011
Has the wind at its back that not only does it have the capital, but their strategy is being deployed (being accretive in the US). Dividends will go up, but probably not for the next 2 quarters.
Toronto Dominion (TD-T)
September 8, 2011
Has the wind at its back that not only does it have the capital, but their strategy is being deployed (being accretive in the US). Dividends will go up, but probably not for the next 2 quarters.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$76.310
Owned
Unknown
TOP PICK
TOP PICK
September 8, 2011
Purchase and refurbish old apartment buildings in Alberta where vacancy rates are dropping. Starting to get some pricing power. Really cheap on NAV value. Don't pay out anything but use their free cash flow to continue growing the bottom line. Management owns 30% of outstanding stock.
Purchase and refurbish old apartment buildings in Alberta where vacancy rates are dropping. Starting to get some pricing power. Really cheap on NAV value. Don't pay out anything but use their free cash flow to continue growing the bottom line. Management owns 30% of outstanding stock.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$17.400
Owned
Yes