(A Top Pick Feb 8/17, Down 11%) There was the rapid move on interest rates. It trades at a 20% discount to NAV, now closer to 25%. Long term it will work out but the market is digesting an acquisition causing them to issue stock. The acquired company was in an index but BPY.UN-T is not so some will have to sell the stock received as part of the acquisition.

The market does not think T-Mobile and Sprint will merge. There is other competition when it comes to how we communicate. T-N has to spend a lot of money to upgrade their systems to 5G. Their dividend coverage is getting less and less. He prefers T-Mobile.

The dividend will not likely be cut again. You have to wait until Uranium prices rise and that would be good for this stock but they would not rush to increase the old dividend level. The dividend is almost irrelevant.

They issued stock 4 months or so ago. There is not a lot of demand for mid-cap stocks in Canada. The deal struggled even though the company was doing quite well. This put an overhang on the stock. When Air Canada reported, they said they would be using Rouge more often and CHR-T stock dropped even though they had a long term contract with Air Canada. The dividend is safe. He is looking at buying more now that it has been hit.

It is a cash cow. He does not mind their business but is not overweight telcos. He would refer Shaw (SJR.B-T) if was buying a telco.

What happened over the last year he was waiting for 4 years to happen. Most cash flow does not come from the ticket but from the food. It has finally hit the company that traffic is lower and will be forever. The stock has now reached the level it was going to drop to anyway. This is the time to average down.

It is not the same company of 5 years ago. All the headwinds are now tailwinds. They are becoming cash flow positive and paying down debt. It is quite attractive, being a utility. (Analysts’ target: $8.20).