Latest Expert Opinions

Signal
Opinion
Expert
BUY
BUY
August 2, 2013

Acquired Primerus REIT with a couple of other bidders so that created a retail platform for them. There was a conundrum as Primerus is internally managed while H&R is externally managed. Decided to internalize management on the entire REIT which resulted in a large payment to the management company. Wasn’t thrilled with this. This is a sound, quality name and cheap at these levels. Probably worth $25-$26.

Acquired Primerus REIT with a couple of other bidders so that created a retail platform for them. There was a conundrum as Primerus is internally managed while H&R is externally managed. Decided to internalize management on the entire REIT which resulted in a large payment to the management company. Wasn’t thrilled with this. This is a sound, quality name and cheap at these levels. Probably worth $25-$26.

Dennis Mitchell, CFA
Executive Vice-President & Chief Investment Office, Sentry Select Capital Corp
Price
$21.140
Owned
Yes
WAIT
WAIT
August 2, 2013

The question is, where is BV going to trough and can you buy it at a discount to BV. Right now the BV is around $25.50 so if you can buy it at a discount to that price, you should do pretty well. As the 10 year bond continues to back up, the BV is going to continue to come under pressure and it is a question as to whether they can maintain the dividend. He would wait to see who the next fed governor in the US is going to be.

The question is, where is BV going to trough and can you buy it at a discount to BV. Right now the BV is around $25.50 so if you can buy it at a discount to that price, you should do pretty well. As the 10 year bond continues to back up, the BV is going to continue to come under pressure and it is a question as to whether they can maintain the dividend. He would wait to see who the next fed governor in the US is going to be.

Dennis Mitchell, CFA
Executive Vice-President & Chief Investment Office, Sentry Select Capital Corp
Price
$22.590
Owned
No
PAST TOP PICK
PAST TOP PICK
August 2, 2013

(A Top Pick August 20/12. Down 13.56%.) Sold off in sympathy with the rest of the REIT universe. Sold his holdings. Doubled the size of the REIT in the last 3 years but cash flow per unit growth has been constrained by their balance sheet. Have now de-levered and secured an investment grade credit rating so they will get rid of the convertibles and add more secured debentures which will improve their cost of capital. Still a good quality name.

(A Top Pick August 20/12. Down 13.56%.) Sold off in sympathy with the rest of the REIT universe. Sold his holdings. Doubled the size of the REIT in the last 3 years but cash flow per unit growth has been constrained by their balance sheet. Have now de-levered and secured an investment grade credit rating so they will get rid of the convertibles and add more secured debentures which will improve their cost of capital. Still a good quality name.

Dennis Mitchell, CFA
Executive Vice-President & Chief Investment Office, Sentry Select Capital Corp
Price
$20.090
Owned
No
PAST TOP PICK
PAST TOP PICK
August 2, 2013

(A Top Pick August 20/12. Up 27.04%.) Midstream processor tied to gas volumes, NGL pricing, differentials. Have done a great job this year and have a number of developments and expansions they can do, which will grow cash flow per unit going forward. Not a lot of upside left in this. Wait for the low $50’s before getting in.

Keyera Corp (KEY-T)
August 2, 2013

(A Top Pick August 20/12. Up 27.04%.) Midstream processor tied to gas volumes, NGL pricing, differentials. Have done a great job this year and have a number of developments and expansions they can do, which will grow cash flow per unit going forward. Not a lot of upside left in this. Wait for the low $50’s before getting in.

Dennis Mitchell, CFA
Executive Vice-President & Chief Investment Office, Sentry Select Capital Corp
Price
$57.460
Owned
Yes
PAST TOP PICK
PAST TOP PICK
August 2, 2013

(A Top Pick August 20/12. Up 42.1%.) Tremendous business 4 or 5 subsidiaries. Still further upside to this name. Worth $60-$65.

(A Top Pick August 20/12. Up 42.1%.) Tremendous business 4 or 5 subsidiaries. Still further upside to this name. Worth $60-$65.

Dennis Mitchell, CFA
Executive Vice-President & Chief Investment Office, Sentry Select Capital Corp
Price
$57.760
Owned
Yes
COMMENT
COMMENT
August 2, 2013

(Worst call ever made.) He was in on a private placement at $2. Adjusted cost base was as high as $3.60. The last time he sold it was at $0.28. This was followed by a 40 to 1 consolidation.

(Worst call ever made.) He was in on a private placement at $2. Adjusted cost base was as high as $3.60. The last time he sold it was at $0.28. This was followed by a 40 to 1 consolidation.

Dennis Mitchell, CFA
Executive Vice-President & Chief Investment Office, Sentry Select Capital Corp
Price
$3.740
Owned
No
BUY
BUY
August 2, 2013

(Best call ever made.) This is one where he had adhered to his discipline and he has been rewarded handsomely. Has the ability to create value going forward.

(Best call ever made.) This is one where he had adhered to his discipline and he has been rewarded handsomely. Has the ability to create value going forward.

Dennis Mitchell, CFA
Executive Vice-President & Chief Investment Office, Sentry Select Capital Corp
Price
$57.760
Owned
Yes