Latest Expert Opinions

Signal
Opinion
Expert
BUY WEAKNESS
BUY WEAKNESS
March 22, 2018

This is an extraordinarily well-run company. He has been a shareholder for a long time but is not one now because of valuation. He will buy again when the price goes down

This is an extraordinarily well-run company. He has been a shareholder for a long time but is not one now because of valuation. He will buy again when the price goes down

Mark Grammer
Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates
Price
$124.660
Owned
No
DON'T BUY
DON'T BUY
March 22, 2018

This is a decent company. He has owned it but does not now because he doesn’t see much upside at this time. Cost containment would improve their margins and would therefore improve their value. He doesn’t see room for a lot of growth of this company in Europe. The dividend will probably be safe but only modest growth. (Analysts’ price target is 17€, the stock trades at 14€)

Orange SA (ORAN-N)
March 22, 2018

This is a decent company. He has owned it but does not now because he doesn’t see much upside at this time. Cost containment would improve their margins and would therefore improve their value. He doesn’t see room for a lot of growth of this company in Europe. The dividend will probably be safe but only modest growth. (Analysts’ price target is 17€, the stock trades at 14€)

Mark Grammer
Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates
Price
$16.740
Owned
No
DON'T BUY
DON'T BUY
March 22, 2018

This is a very good company, well-positioned, but it is facing pricing pressure. The market share is around 80% so there is not much room for growth. Their recently-released earnings were decent. They increased the dividend a little. This company, like other large mobile operators, is more a dividend play than a growth opportunity. There stock has been drifting lower this year because there is not much interest in the name at this time.

This is a very good company, well-positioned, but it is facing pricing pressure. The market share is around 80% so there is not much room for growth. Their recently-released earnings were decent. They increased the dividend a little. This company, like other large mobile operators, is more a dividend play than a growth opportunity. There stock has been drifting lower this year because there is not much interest in the name at this time.

Mark Grammer
Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates
Price
$45.510
Owned
No
BUY WEAKNESS
BUY WEAKNESS
March 22, 2018

He thinks the spirits industry is in a good position now. Scotch whiskeys are in short supply, other whiskeys are selling well. Diageo is the world leader in this. He will buy this when it hits the right price. He discussed cannabis with them a few months ago. They have made initial investments in cannabis stocks but are still taking a wait-and-see attitude. He expects them to acquire a cannabis company later, after the dust settles.

Diageo PLC (DEO-N)
March 22, 2018

He thinks the spirits industry is in a good position now. Scotch whiskeys are in short supply, other whiskeys are selling well. Diageo is the world leader in this. He will buy this when it hits the right price. He discussed cannabis with them a few months ago. They have made initial investments in cannabis stocks but are still taking a wait-and-see attitude. He expects them to acquire a cannabis company later, after the dust settles.

Mark Grammer
Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates
Price
$132.950
Owned
No
COMMENT
COMMENT
March 22, 2018

This is in a similar place to Orange, China Mobile and other large and successful telecom companies. They are a dividend play, not a growth play. Dividend plays are less attractive in a rising interest environment. This is a rational competitor and investors are not likely to lose money in it.

This is in a similar place to Orange, China Mobile and other large and successful telecom companies. They are a dividend play, not a growth play. Dividend plays are less attractive in a rising interest environment. This is a rational competitor and investors are not likely to lose money in it.

Mark Grammer
Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates
Price
$11.830
Owned
Unknown
BUY
BUY
March 22, 2018

He likes it because of its exposure to Entresto, which cardiologists often call a wonder drug. The drug is relatively expensive ($9 per day) so the issue is getting insurance companies to pay for it. He thinks the runway for the drug is excellent and that it will become a blockbuster within a year or two. Pharma companies are under pressure because Trump is currently talking about reducing drug prices, but he (Grammer) is willing to wait on this stock.

Novartis AG (NVS-N)
March 22, 2018

He likes it because of its exposure to Entresto, which cardiologists often call a wonder drug. The drug is relatively expensive ($9 per day) so the issue is getting insurance companies to pay for it. He thinks the runway for the drug is excellent and that it will become a blockbuster within a year or two. Pharma companies are under pressure because Trump is currently talking about reducing drug prices, but he (Grammer) is willing to wait on this stock.

Mark Grammer
Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates
Price
$79.880
Owned
Yes
PAST TOP PICK
PAST TOP PICK
March 22, 2018

(A Top Pick April 20, 2017. Up 51.66%). This is a play on the tight Japanese labour market. Persol has done well as a temporary placement agency and has expanded into recruiting, which is a higher-margin business, and is doing well there. Persol was founded by a woman (and it has made her the wealthiest woman in Japan). It finds opportunities for women in an economy that is somewhat male-dominated. This is a distinctive and successful aspect of its business.

(A Top Pick April 20, 2017. Up 51.66%). This is a play on the tight Japanese labour market. Persol has done well as a temporary placement agency and has expanded into recruiting, which is a higher-margin business, and is doing well there. Persol was founded by a woman (and it has made her the wealthiest woman in Japan). It finds opportunities for women in an economy that is somewhat male-dominated. This is a distinctive and successful aspect of its business.

Mark Grammer
Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates
Price
$0.000
Owned
Yes