Latest Expert Opinions

Signal
Opinion
Expert
BUY
BUY
March 28, 2017

An interesting REIT. Most properties are situated in the US. 2/3rds of the hotels service railways. Railway workers have to have specific rest periods. A large part of their business is focused on exactly that. It is an extremely stable business. The only issue is that it is sensitive to railway traffic. Last year has been generally really good. It is safe and he likes it. It is too small cap for him.

An interesting REIT. Most properties are situated in the US. 2/3rds of the hotels service railways. Railway workers have to have specific rest periods. A large part of their business is focused on exactly that. It is an extremely stable business. The only issue is that it is sensitive to railway traffic. Last year has been generally really good. It is safe and he likes it. It is too small cap for him.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$10.850
Owned
No
BUY
BUY
March 28, 2017

The dividend is sustainable. They did an acquisition in the US. The market did not technically like it because of equity issue, but he things it is transformational and incredibly accretive. It will take about 18 month for the process to go through and for them to close the deal. It is cheap and you will see it outperform next year. Their assets are incredibly strong.

Altagas Ltd (ALA-T)
March 28, 2017

The dividend is sustainable. They did an acquisition in the US. The market did not technically like it because of equity issue, but he things it is transformational and incredibly accretive. It will take about 18 month for the process to go through and for them to close the deal. It is cheap and you will see it outperform next year. Their assets are incredibly strong.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$30.960
Owned
Yes
COMMENT
COMMENT
March 28, 2017

He prefers the income fund. They are tremendously good at return on equity and capital. He does not know of anything specific about why they are down today. It may be the record date being 3 days before today. You would not get the dividend if you bought it today. Today they decided to sell half a million worth of assets to the income fund.

He prefers the income fund. They are tremendously good at return on equity and capital. He does not know of anything specific about why they are down today. It may be the record date being 3 days before today. You would not get the dividend if you bought it today. Today they decided to sell half a million worth of assets to the income fund.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$33.330
Owned
No
DON'T BUY
DON'T BUY
March 28, 2017

It has issues. Its underlying mutual funds are generally high fees. It is more vulnerable to a sell off because the shares are expensive, 17 times PE. The mutual fund space is being hit with lower fees.

It has issues. Its underlying mutual funds are generally high fees. It is more vulnerable to a sell off because the shares are expensive, 17 times PE. The mutual fund space is being hit with lower fees.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$40.720
Owned
Unknown
DON'T BUY
DON'T BUY
March 28, 2017

It is a diversified office, residential and industrial REIT. It is geographically diversified. They have been selling down Alberta assets. Alberta is not going to go anywhere for the next year or two. There are a lot of moving parts. He has trouble understanding individual parts. He does not think it is going to go anywhere anytime soon.

It is a diversified office, residential and industrial REIT. It is geographically diversified. They have been selling down Alberta assets. Alberta is not going to go anywhere for the next year or two. There are a lot of moving parts. He has trouble understanding individual parts. He does not think it is going to go anywhere anytime soon.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$23.100
Owned
Unknown
BUY
BUY
March 28, 2017

They have some exposure to Alberta but most is Ontario, Quebec and BC. There is very little vacancy. They have executed incredibly well. He likes the company and its assets. This one is defensive in nature. Apartments do well in a real estate downturn.

They have some exposure to Alberta but most is Ontario, Quebec and BC. There is very little vacancy. They have executed incredibly well. He likes the company and its assets. This one is defensive in nature. Apartments do well in a real estate downturn.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$33.350
Owned
Unknown
DON'T BUY
DON'T BUY
March 28, 2017

They have had the ability to grow and this is why they issued units. Industrial space is the hot commodity right now. 17 times price to AFFO so it is on the higher side.

They have had the ability to grow and this is why they issued units. Industrial space is the hot commodity right now. 17 times price to AFFO so it is on the higher side.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$6.040
Owned
Unknown