Latest Expert Opinions

Signal
Opinion
Expert
BUY
BUY
August 2, 2013

In the short term, you are in for volatility but over the medium term he expects it will get to $20-$21 based on the value creation they have in the portfolio. Have an active disposal program where they raise hundreds of millions of dollars. Have an active redevelopment program where they are going to add tremendous value. Relentlessly improved the quality of their balance sheet through terming out their debt, injecting more unsecured debentures to the point where 43% of their assets are unencumbered.

In the short term, you are in for volatility but over the medium term he expects it will get to $20-$21 based on the value creation they have in the portfolio. Have an active disposal program where they raise hundreds of millions of dollars. Have an active redevelopment program where they are going to add tremendous value. Relentlessly improved the quality of their balance sheet through terming out their debt, injecting more unsecured debentures to the point where 43% of their assets are unencumbered.

Dennis Mitchell, CFA
Executive Vice-President & Chief Investment Office, Sentry Select Capital Corp
Price
$17.080
Owned
Yes
BUY
BUY
August 2, 2013

Their North Battleford Creek asset is coming into service this year, which reduces pressure on the payout ratio. Thinks it is worth $19-$20. Looking to make a huge acquisition off the coast of the Netherlands, an offshore wind farm. 6.6% yield.

Their North Battleford Creek asset is coming into service this year, which reduces pressure on the payout ratio. Thinks it is worth $19-$20. Looking to make a huge acquisition off the coast of the Netherlands, an offshore wind farm. 6.6% yield.

Dennis Mitchell, CFA
Executive Vice-President & Chief Investment Office, Sentry Select Capital Corp
Price
$16.350
Owned
Yes
DON'T BUY
DON'T BUY
August 2, 2013

He would avoid. Cut their distribution significantly and there is a risk they could cut it again. Also, have to re-contract their Cardinal facility, a gas-fired power generation. If the cash flow stream is materially below the existing cash flow stream, distribution could come under further pressure.

He would avoid. Cut their distribution significantly and there is a risk they could cut it again. Also, have to re-contract their Cardinal facility, a gas-fired power generation. If the cash flow stream is materially below the existing cash flow stream, distribution could come under further pressure.

Dennis Mitchell, CFA
Executive Vice-President & Chief Investment Office, Sentry Select Capital Corp
Price
$3.970
Owned
No
BUY
BUY
August 2, 2013

Reported a great quarter. Sales per square foot have gone up. New leases in terms of renewal rates have gone up dramatically. Grew their funds from operations. You will probably see another distribution increase later this year. $29-$30. 5.9% yield.

Reported a great quarter. Sales per square foot have gone up. New leases in terms of renewal rates have gone up dramatically. Grew their funds from operations. You will probably see another distribution increase later this year. $29-$30. 5.9% yield.

Dennis Mitchell, CFA
Executive Vice-President & Chief Investment Office, Sentry Select Capital Corp
Price
$24.320
Owned
Yes
DON'T BUY
DON'T BUY
August 2, 2013

A diversified power name, gas, heating oil, coal. The problem with this company is that the average duration of their purchase agreements are sub-10 years and he likes to see greater than 10 years. Leverage is high and the payout is high. They cut the distribution earlier this year. Have a number of plants that are going to be re-contracted later this year and if some of these are recontracting at considerably lower levels, there could be another distribution cut.

A diversified power name, gas, heating oil, coal. The problem with this company is that the average duration of their purchase agreements are sub-10 years and he likes to see greater than 10 years. Leverage is high and the payout is high. They cut the distribution earlier this year. Have a number of plants that are going to be re-contracted later this year and if some of these are recontracting at considerably lower levels, there could be another distribution cut.

Dennis Mitchell, CFA
Executive Vice-President & Chief Investment Office, Sentry Select Capital Corp
Price
$4.340
Owned
No
COMMENT
COMMENT
August 2, 2013

A diversified REIT. Entered into the US. A couple of headwinds have impacted this company. Moved a material amount of their balance sheet into variable rate debt so as the 10 year backed up on both sides of the border, people have expressed concern about what that means for their cost of capital. Have also been very, very acquisitive so they issued a lot of equity in the last couple of years. Probably worth $18-$19. 7.5% yield.

A diversified REIT. Entered into the US. A couple of headwinds have impacted this company. Moved a material amount of their balance sheet into variable rate debt so as the 10 year backed up on both sides of the border, people have expressed concern about what that means for their cost of capital. Have also been very, very acquisitive so they issued a lot of equity in the last couple of years. Probably worth $18-$19. 7.5% yield.

Dennis Mitchell, CFA
Executive Vice-President & Chief Investment Office, Sentry Select Capital Corp
Price
$14.270
Owned
Unknown
BUY
BUY
August 2, 2013

Tied to Sobey’s (SBY-T) so when Sobey’s acquired Safeway (SWY-N) it was telegraphed that those assets would make their way into Crombie. Probably worth about $17. Prefers others. 6.6% yield.

Tied to Sobey’s (SBY-T) so when Sobey’s acquired Safeway (SWY-N) it was telegraphed that those assets would make their way into Crombie. Probably worth about $17. Prefers others. 6.6% yield.

Dennis Mitchell, CFA
Executive Vice-President & Chief Investment Office, Sentry Select Capital Corp
Price
$13.400
Owned
No