Latest Expert Opinions

Signal
Opinion
Expert
HOLD
HOLD
September 19, 2013

Great company. Extremely high barriers to entry and it’s only real competition is MasterCard (MC-N). There are no default, interest-rate or credit risks. They are in technology not financials. Continues to drive very, very solid earnings. There are regulatory risks. Thinks this business will continue to grow over time. Very solid franchise. Trades at a fairly lofty valuation.

Visa Inc. (V-N)
September 19, 2013

Great company. Extremely high barriers to entry and it’s only real competition is MasterCard (MC-N). There are no default, interest-rate or credit risks. They are in technology not financials. Continues to drive very, very solid earnings. There are regulatory risks. Thinks this business will continue to grow over time. Very solid franchise. Trades at a fairly lofty valuation.

Stuart Hinshelwood
US Equities Specialist, BMO Nesbitt Burns
Price
$194.710
Owned
No
DON'T BUY
DON'T BUY
September 19, 2013

Extremely big company. Thinks the prospects for organic growth are fairly low. Top line growth may be 2%-3% so it really is a cost cutting story. Making sure they have the right footprints and that they are in the right markets and have brand relevancy. Not his favourite name as he thinks it is fairly valued at current levels. Would prefer Target (TGT-N).

Walmart Inc (WMT-N)
September 19, 2013

Extremely big company. Thinks the prospects for organic growth are fairly low. Top line growth may be 2%-3% so it really is a cost cutting story. Making sure they have the right footprints and that they are in the right markets and have brand relevancy. Not his favourite name as he thinks it is fairly valued at current levels. Would prefer Target (TGT-N).

Stuart Hinshelwood
US Equities Specialist, BMO Nesbitt Burns
Price
$76.210
Owned
No
BUY
BUY
September 19, 2013

Half of its business is a pharmacy benefits manager, managing not only the software programs but the distribution of pharmacy benefits in the US. The front end is a retail store, which always tends to struggle and pull down the overall business. They are doing a very good job on execution.

CVS Health Corp (CVS-N)
September 19, 2013

Half of its business is a pharmacy benefits manager, managing not only the software programs but the distribution of pharmacy benefits in the US. The front end is a retail store, which always tends to struggle and pull down the overall business. They are doing a very good job on execution.

Stuart Hinshelwood
US Equities Specialist, BMO Nesbitt Burns
Price
$59.800
Owned
Yes
DON'T BUY
DON'T BUY
September 19, 2013

Has a very mixed opinion on this. Doesn’t like to sit on the fence because it is a really great company and really well run. The problem is, they are in an area of the market where there is low or limited demand for their products. Made an acquisition in Bucyrus a couple of years ago on which they overpaid. Wrote most of this down and will probably write the rest of it down. Globally we are seeing that commodities have rolled over and mining demand is lower.

Caterpillar (CAT-N)
September 19, 2013

Has a very mixed opinion on this. Doesn’t like to sit on the fence because it is a really great company and really well run. The problem is, they are in an area of the market where there is low or limited demand for their products. Made an acquisition in Bucyrus a couple of years ago on which they overpaid. Wrote most of this down and will probably write the rest of it down. Globally we are seeing that commodities have rolled over and mining demand is lower.

Stuart Hinshelwood
US Equities Specialist, BMO Nesbitt Burns
Price
$87.750
Owned
No
BUY
BUY
September 19, 2013

This is his preferred name in the rail space. The best performing class 1 in the US, year to date. Good execution story and good management. Likes the leverage to all things that are recovering in the US. They transport everything from fertilizer to furniture to autos to chemicals, etc. Coal became a problem for them, but management made adjustments for that. He can see this going to the $29 level.

CSX Corp (CSX-Q)
September 19, 2013

This is his preferred name in the rail space. The best performing class 1 in the US, year to date. Good execution story and good management. Likes the leverage to all things that are recovering in the US. They transport everything from fertilizer to furniture to autos to chemicals, etc. Coal became a problem for them, but management made adjustments for that. He can see this going to the $29 level.

Stuart Hinshelwood
US Equities Specialist, BMO Nesbitt Burns
Price
$26.750
Owned
Yes
COMMENT
COMMENT
September 19, 2013

Apple (AAPL-Q) versus Google (GOOG-Q)? Thinks you can own both of these. Both are good companies. This one is a battleground stock. They are still the premier player in the space but margins are going to continue to go lower over time as they continue to introduce new products. There is probably a better entry point in the $350 range.

Apple (AAPL-Q)
September 19, 2013

Apple (AAPL-Q) versus Google (GOOG-Q)? Thinks you can own both of these. Both are good companies. This one is a battleground stock. They are still the premier player in the space but margins are going to continue to go lower over time as they continue to introduce new products. There is probably a better entry point in the $350 range.

Stuart Hinshelwood
US Equities Specialist, BMO Nesbitt Burns
Price
$472.300
Owned
No
BUY
BUY
September 19, 2013

Apple (AAPL-Q) versus Google (GOOG-Q)? Thinks you can own both of these. Both are good companies. This one gives you good leverage to online advertising. There is the potential of them monetizing the Android system. They come out with innovative products. Big cash balance and there are opportunities for them to grow in the mobile space.

Apple (AAPL-Q) versus Google (GOOG-Q)? Thinks you can own both of these. Both are good companies. This one gives you good leverage to online advertising. There is the potential of them monetizing the Android system. They come out with innovative products. Big cash balance and there are opportunities for them to grow in the mobile space.

Stuart Hinshelwood
US Equities Specialist, BMO Nesbitt Burns
Price
$898.390
Owned
Yes