Latest Expert Opinions

Signal
Opinion
Expert
BUY
BUY
December 21, 2016

Within the engineering/construction companies, this is probably one of the better valued ones. They are not trading at all-time highs, and had a significant downdraft a few months ago, of which they have recovered about half. They are lagging the group, and part of the reason for that is that they had a bit more of a Western exposure. This company has significant operations in Ontario. Very well-run.

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Aecon Group Inc (ARE-T)
December 21, 2016

Within the engineering/construction companies, this is probably one of the better valued ones. They are not trading at all-time highs, and had a significant downdraft a few months ago, of which they have recovered about half. They are lagging the group, and part of the reason for that is that they had a bit more of a Western exposure. This company has significant operations in Ontario. Very well-run.

COMMENT
COMMENT
December 21, 2016

If this company meets all of its expectations, it is not too bad. He sees projections of cash flow somewhere near $5, 2-3 years out. If they achieve that, then you could certainly justify the current valuation. It has always had tremendous properties, of which they have been fairly successful at maturing. However, they continued paying a ridiculous dividend for many, many years, which was largely financed by their DRIP plan. They don’t do that anymore. Trading at over 4X BV, whereas at one time it used to be trading at 2X. Still a bit rich for him.

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If this company meets all of its expectations, it is not too bad. He sees projections of cash flow somewhere near $5, 2-3 years out. If they achieve that, then you could certainly justify the current valuation. It has always had tremendous properties, of which they have been fairly successful at maturing. However, they continued paying a ridiculous dividend for many, many years, which was largely financed by their DRIP plan. They don’t do that anymore. Trading at over 4X BV, whereas at one time it used to be trading at 2X. Still a bit rich for him.

HOLD
HOLD
December 21, 2016

He likes the company although he doesn’t currently own it. It has been one of the better managed ones through this whole debacle. They have been quite proactive in how they handled their balance sheet and finances. There have been a lot of costs taken out of the energy companies in the last few years, and are much more efficient than they used to be.

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Whitecap Resources (WCP-T)
December 21, 2016

He likes the company although he doesn’t currently own it. It has been one of the better managed ones through this whole debacle. They have been quite proactive in how they handled their balance sheet and finances. There have been a lot of costs taken out of the energy companies in the last few years, and are much more efficient than they used to be.

COMMENT
COMMENT
December 21, 2016

This ran into significant trouble and were in a lot of fixed-price contracts that went over costs. They have had to totally restructure the company. Also, they are primarily a Western exposed company, and more on the construction side rather than engineering in the equation. Feels they have been overlooked. If there is going to be any increase in infrastructure spending, particularly out west, this is certainly one of the companies that will benefit. Relative to the group, it looks very inexpensive, but it is a much higher risk/reward than some of the others.

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Stuart Olson Inc (SOX-T)
December 21, 2016

This ran into significant trouble and were in a lot of fixed-price contracts that went over costs. They have had to totally restructure the company. Also, they are primarily a Western exposed company, and more on the construction side rather than engineering in the equation. Feels they have been overlooked. If there is going to be any increase in infrastructure spending, particularly out west, this is certainly one of the companies that will benefit. Relative to the group, it looks very inexpensive, but it is a much higher risk/reward than some of the others.

DON'T BUY
DON'T BUY
December 21, 2016

From a value perspective, he has had to be looking at all the print companies over the last few years, because they had plummeted. However, you have to ask how they are going to replace the revenues that are being lost on the print side. All of them have been attempting to go to the Internet, but it seems that they are getting about $.10 on every dollar that they used to have on the other side of the equation. A

much more speculative investment, and he has no idea of how it is going to turn out for them.

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TorstarCorp (B) (TS.B-T)
December 21, 2016

From a value perspective, he has had to be looking at all the print companies over the last few years, because they had plummeted. However, you have to ask how they are going to replace the revenues that are being lost on the print side. All of them have been attempting to go to the Internet, but it seems that they are getting about $.10 on every dollar that they used to have on the other side of the equation. A

much more speculative investment, and he has no idea of how it is going to turn out for them.

COMMENT
COMMENT
December 21, 2016

He really likes this company. Doesn’t own it, but only because he owns other companies instead. It has been one of the best managed of the gassy companies in the oil patch, and the price has always sort of reflected that superior management capability.

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Tourmaline Oil Corp (TOU-T)
December 21, 2016

He really likes this company. Doesn’t own it, but only because he owns other companies instead. It has been one of the best managed of the gassy companies in the oil patch, and the price has always sort of reflected that superior management capability.

COMMENT
COMMENT
December 21, 2016

The benchmark in the Canadian energy industry. It is the most integrated having both upstream and downstream, oil sands/conventional. Extremely well-managed. For years and years, this always sold at a discount relative to the group. They have some of the best assets, and are in the best position as well as being the most diversified. If you have long-term faith in the energy industry, this is a stock you want to own.

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Suncor Energy Inc (SU-T)
December 21, 2016

The benchmark in the Canadian energy industry. It is the most integrated having both upstream and downstream, oil sands/conventional. Extremely well-managed. For years and years, this always sold at a discount relative to the group. They have some of the best assets, and are in the best position as well as being the most diversified. If you have long-term faith in the energy industry, this is a stock you want to own.