Latest Expert Opinions

Signal
Opinion
Expert
COMMENT
COMMENT
October 4, 2016

He tends to be leery of airlines in general. Has a Long position in this, but it is a hedge position. This is trading at very cheap valuations, at less than 2X PE, because it has a lot of debt. It has the most debt of any airline in North America. It should trade at a premium to Westjet (WJA-T) where the fundamentals are very poor.

Air Canada (AC-T)
October 4, 2016

He tends to be leery of airlines in general. Has a Long position in this, but it is a hedge position. This is trading at very cheap valuations, at less than 2X PE, because it has a lot of debt. It has the most debt of any airline in North America. It should trade at a premium to Westjet (WJA-T) where the fundamentals are very poor.

Jerome Hass
Portfolio Manager, Lightwater Partners
Price
$11.320
Owned
Yes
BUY
BUY
October 4, 2016

Recently bought this. This is the 1st day the Element Financial shares are formally split into 2 companies. You now have ECN Capital (ECN-T) and Element Fleet Management (EFN-T). Thinks both are undervalued. This one is trading at about 10X next year’s earnings. Its group trades at about 20X. Both companies are looking to do some acquisitions which could transform things in the next couple of quarters, but both assets are attractive right now.

Recently bought this. This is the 1st day the Element Financial shares are formally split into 2 companies. You now have ECN Capital (ECN-T) and Element Fleet Management (EFN-T). Thinks both are undervalued. This one is trading at about 10X next year’s earnings. Its group trades at about 20X. Both companies are looking to do some acquisitions which could transform things in the next couple of quarters, but both assets are attractive right now.

Jerome Hass
Portfolio Manager, Lightwater Partners
Price
$12.860
Owned
Yes
BUY
BUY
October 4, 2016

Recently bought the stock. This is the 1st day that Element Financial shares are formally split into 2 companies, ECN Capital (ECN-T) and Element Fleet Management (EFN-T). Thinks both are undervalued. He tends to do this in terms of the Price to Book ratio. The BV is more or less about $4, so if you assign a Price to Book ratio of 1 to 1.25, you get a price of $4-$5 for a share price. Both companies are looking to do some acquisitions which could transform things in the next couple of quarters, but both assets are attractive right now.

ECN Capital (ECN-T)
October 4, 2016

Recently bought the stock. This is the 1st day that Element Financial shares are formally split into 2 companies, ECN Capital (ECN-T) and Element Fleet Management (EFN-T). Thinks both are undervalued. He tends to do this in terms of the Price to Book ratio. The BV is more or less about $4, so if you assign a Price to Book ratio of 1 to 1.25, you get a price of $4-$5 for a share price. Both companies are looking to do some acquisitions which could transform things in the next couple of quarters, but both assets are attractive right now.

Jerome Hass
Portfolio Manager, Lightwater Partners
Price
$3.380
Owned
Yes
COMMENT
COMMENT
October 4, 2016

He used to own this, and it didn’t work out well. The whole sector seems to trade in line. He just gave up on management. It has been a rough patch for them in the last 2 years. He has better places to put his capital.

He used to own this, and it didn’t work out well. The whole sector seems to trade in line. He just gave up on management. It has been a rough patch for them in the last 2 years. He has better places to put his capital.

Jerome Hass
Portfolio Manager, Lightwater Partners
Price
$2.000
Owned
No
DON'T BUY
DON'T BUY
October 4, 2016

Video streaming. Their technology is not particularly sophisticated, and he doesn’t see a lot of barriers to entry. He cut the cord on this a couple of years ago, and now watches BNN on his Internet connections. His experience with this company as a consumer, has not being great. This is not a stock that he would invest in.

Neulion (NLN-T)
October 4, 2016

Video streaming. Their technology is not particularly sophisticated, and he doesn’t see a lot of barriers to entry. He cut the cord on this a couple of years ago, and now watches BNN on his Internet connections. His experience with this company as a consumer, has not being great. This is not a stock that he would invest in.

Jerome Hass
Portfolio Manager, Lightwater Partners
Price
$1.070
Owned
No
HOLD
HOLD
October 4, 2016

Being acquired at $19 per share. He sold his holdings at that price. The reason it is trading so close to the takeout price is that they are going to continue to pay the dividend until it is taken out. If you get taken out on the last day of January, you could potentially have an extra $0.48 coming in. You also defer capital gains until the next fiscal year.

Being acquired at $19 per share. He sold his holdings at that price. The reason it is trading so close to the takeout price is that they are going to continue to pay the dividend until it is taken out. If you get taken out on the last day of January, you could potentially have an extra $0.48 coming in. You also defer capital gains until the next fiscal year.

Jerome Hass
Portfolio Manager, Lightwater Partners
Price
$18.900
Owned
No
DON'T BUY
DON'T BUY
October 4, 2016

Alberta is the best auto market in all of Canada. They sell a lot of expensive pickup trucks. With oils’ protracted downturn in the oil/gas industry, he thinks it is going to have continued impact on this company. They are trying to diversify by picking up dealerships outside of Alberta, but he still thinks there is a big overhang on the stock.

AutoCanada Inc. (ACQ-T)
October 4, 2016

Alberta is the best auto market in all of Canada. They sell a lot of expensive pickup trucks. With oils’ protracted downturn in the oil/gas industry, he thinks it is going to have continued impact on this company. They are trying to diversify by picking up dealerships outside of Alberta, but he still thinks there is a big overhang on the stock.

Jerome Hass
Portfolio Manager, Lightwater Partners
Price
$22.160
Owned
No