Latest Expert Opinions

Signal
Opinion
Expert
DON'T BUY
DON'T BUY
February 23, 2012
Held it for a year and a half but sold it based on valuation. It did as much as he could possible see. They are earning great margins out of 3D even though it has come off. Their loyalty program is paying off. Digitization of films, which is happening, will help increase their margins. He would get excited again in the low $20s.
Cineplex Inc (CGX-T)
February 23, 2012
Held it for a year and a half but sold it based on valuation. It did as much as he could possible see. They are earning great margins out of 3D even though it has come off. Their loyalty program is paying off. Digitization of films, which is happening, will help increase their margins. He would get excited again in the low $20s.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$27.000
Owned
No
BUY
BUY
February 23, 2012
85% of free cash flow is paid out so dividend probably won’t go up. It is possible Bell could want to take them out. IT all comes down to fiber. They are doing fiber to the home. It is the first time they will be able to compete on the TV space. He owns the debt and the stock. Likes the company, but it is early days.
Bell Aliant (BA-T)
February 23, 2012
85% of free cash flow is paid out so dividend probably won’t go up. It is possible Bell could want to take them out. IT all comes down to fiber. They are doing fiber to the home. It is the first time they will be able to compete on the TV space. He owns the debt and the stock. Likes the company, but it is early days.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$27.170
Owned
Yes
BUY
BUY
February 23, 2012
Just did some equity financing. He thinks it is a consistent player. It trades at a slight discount to NAV. Good enough portfolio to get you an 8% yield.
Just did some equity financing. He thinks it is a consistent player. It trades at a slight discount to NAV. Good enough portfolio to get you an 8% yield.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$0.910
Owned
Yes
SPECULATIVE BUY
SPECULATIVE BUY
February 23, 2012
Bonds maturing in the next 3 years. He has recently engaged into the bonds. Thinks the rest of it is worthless. He thinks they will go into receivership. The bondholders get to take the asset. When it comes out of restructuring, you will have a company at 2.5 times EBITA. He thinks he is getting compensated for the risk and will get paid in full.
Yellow Media Inc (Y-T)
February 23, 2012
Bonds maturing in the next 3 years. He has recently engaged into the bonds. Thinks the rest of it is worthless. He thinks they will go into receivership. The bondholders get to take the asset. When it comes out of restructuring, you will have a company at 2.5 times EBITA. He thinks he is getting compensated for the risk and will get paid in full.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$0.130
Owned
Yes
BUY
BUY
February 23, 2012
There is so much growth at Apple but there is so much cash. They could keep so much value by just paying a dividend.
Apple (AAPL-Q)
February 23, 2012
There is so much growth at Apple but there is so much cash. They could keep so much value by just paying a dividend.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$516.390
Owned
Unknown
BUY
BUY
February 23, 2012
Is the largest retail strip mall REIT. Can’t grow more in Canada so are growing into the US. They will probably add value because you avoided the wipe-out over the last 3 years. Thinks it could go as high as 25% US. He owns the debt.
Is the largest retail strip mall REIT. Can’t grow more in Canada so are growing into the US. They will probably add value because you avoided the wipe-out over the last 3 years. Thinks it could go as high as 25% US. He owns the debt.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$26.890
Owned
Yes
TOP PICK
TOP PICK
February 23, 2012
No dividend, but it is so incredible. They take buildings in Alberta and refurbish them and then re-lease them. Hot economy there. Trades at a discount to NAV. Will eventually pay a dividend. CMHC financing is used.
No dividend, but it is so incredible. They take buildings in Alberta and refurbish them and then re-lease them. Hot economy there. Trades at a discount to NAV. Will eventually pay a dividend. CMHC financing is used.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$22.870
Owned
Yes