Latest Expert Opinions

Signal
Opinion
Expert
BUY
BUY
February 17, 2016

This is a utility, so shouldn’t be volatile, but it is. Has 20 year contracts to the oil companies. Also, oil sands development is still growing. Their capital structure is fine. They got hit with the whole oil price situation. This has been oversold and overdone. Dividend yield of 7.3% is sustainable.

Inter Pipeline (IPL-T)
February 17, 2016

This is a utility, so shouldn’t be volatile, but it is. Has 20 year contracts to the oil companies. Also, oil sands development is still growing. Their capital structure is fine. They got hit with the whole oil price situation. This has been oversold and overdone. Dividend yield of 7.3% is sustainable.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$22.020
Owned
Yes
COMMENT
COMMENT
February 17, 2016

He owns this through convertible debentures, which is giving about a 7% yield and an option to participate in the upside of the underlying. Just released numbers last week which were quite good. This has always been a free cash flow business, and has always gushed out earnings. The biggest issue was the print media business which was decaying by 20%. 65% of all their revenue now comes from the digital side, which has an 8%-9% growth. He likes the company from a convertible debenture standpoint.

Yellow Media Inc (Y-T)
February 17, 2016

He owns this through convertible debentures, which is giving about a 7% yield and an option to participate in the upside of the underlying. Just released numbers last week which were quite good. This has always been a free cash flow business, and has always gushed out earnings. The biggest issue was the print media business which was decaying by 20%. 65% of all their revenue now comes from the digital side, which has an 8%-9% growth. He likes the company from a convertible debenture standpoint.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$18.600
Owned
Yes
BUY
BUY
February 17, 2016

Just reported and beat on some metrics. This is the right time to own this company. It is focused out East where vacancy rates are dropping and there is stability. They seem to have executed on what they promised in the last several years. Thinks it is on the cheap side. Trading at about 11X price to AFFO. Yield of 5.6%.

Just reported and beat on some metrics. This is the right time to own this company. It is focused out East where vacancy rates are dropping and there is stability. They seem to have executed on what they promised in the last several years. Thinks it is on the cheap side. Trading at about 11X price to AFFO. Yield of 5.6%.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$10.840
Owned
Yes
COMMENT
COMMENT
February 17, 2016

They are diversified to the industrial side such as FedEx and low intense industries. The only issue is Alberta, but Ontario and BC have lower vacancy rates. Kind of a desirable asset class globally with mergers and acquisitions. Industrials tend to be really defensive on a recession basis. Has always shied away from this because of their management contracts.

They are diversified to the industrial side such as FedEx and low intense industries. The only issue is Alberta, but Ontario and BC have lower vacancy rates. Kind of a desirable asset class globally with mergers and acquisitions. Industrials tend to be really defensive on a recession basis. Has always shied away from this because of their management contracts.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$7.620
Owned
No
PAST TOP PICK
PAST TOP PICK
February 17, 2016

(A Top Pick March 31/15. Down 6.46%.) Real estate focused on Eastern Ontario and Québec. Their active strategy is to upgrade their portfolio and sell non-core assets. The biggest issue is that they are still over levered. Fantastic yield of 9%-10%.

(A Top Pick March 31/15. Down 6.46%.) Real estate focused on Eastern Ontario and Québec. Their active strategy is to upgrade their portfolio and sell non-core assets. The biggest issue is that they are still over levered. Fantastic yield of 9%-10%.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$4.340
Owned
Yes
PAST TOP PICK
PAST TOP PICK
February 17, 2016

(A Top Pick March 31/15. Up 7.66%.) Gives mortgages to developers to create retail space, apartment buildings, condos. They tend to be short term mezzanine loans.

(A Top Pick March 31/15. Up 7.66%.) Gives mortgages to developers to create retail space, apartment buildings, condos. They tend to be short term mezzanine loans.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$7.870
Owned
Yes
PAST TOP PICK
PAST TOP PICK
February 17, 2016

(A Top Pick March 31/15. Down 14.2%.) Supposedly they are getting a binding offer from Sirius XM US. This is probably worth at least $1 more.

(A Top Pick March 31/15. Down 14.2%.) Supposedly they are getting a binding offer from Sirius XM US. This is probably worth at least $1 more.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$4.280
Owned
Yes