He likes the management and they are in the processes of a major acquisition and will need to divest some of the assets. Organic growth is picking up. Not a cheap stock, but it is reasonable. (Analysts’ price target is $175).

Do you like the company? He likes the business – it is not cheap on a multiple of free cash. It has become an annuity type investment. It deserves a higher than peer multiple. It is a good business with good cash flow. Yield 2%.

The company has a few divisions and their US truck load division has been giving them trouble, but US spot truck rates have been improving. Their contracted business will take a while to improve. The Canadian division is fine. This is a business worth a lot more than the sum of the parts – he thinks they may end up selling parts of the business. Yield 2.8%.

Should I add to my position? It trades at a fair price, but comes with a fair amount of debt. They had a good wireless quarter. What could shake things up is if true wireless competition will become real. Yield 5.4%.

The long term outlook is quite solid. They have not handled the minimum wage issue of Tim Hortons. He blames politicians for not seeing this coming. It is a great business with an expanding list of brands. It is not dirt cheap, but if interest rates rise it could face headwinds. Yield 3%. (Analysts’ price target is $90 )

Is the dividend safe? He has a lot of respect for the management team and feels the dividend is safe. It has executed well, however, he is careful of the risk of adding more at this price.

Owning Brookfield Infrastructure Partners versus other Brookfield entities. He feels owning the parent (BAM.A-T) is better than the entities as this is where the fees accrue to and where the key decision makers have their capital. (Analysts’ price target is $58.79 )