Latest Expert Opinions

Signal
Opinion
Expert
HOLD
HOLD
May 29, 2018

Choice or Riocan to sell? He sold Choice recently. It disapointed him. This was Loblaw that spun into a REIT. Choice just merged with CREIT which has seaoned management. He doesn't like Choice--it's decayed more than the REIT sector. It'll be a work in progress for a while. He would sell Riocan and hold Choice, because Choice has come off so much.

Choice or Riocan to sell? He sold Choice recently. It disapointed him. This was Loblaw that spun into a REIT. Choice just merged with CREIT which has seaoned management. He doesn't like Choice--it's decayed more than the REIT sector. It'll be a work in progress for a while. He would sell Riocan and hold Choice, because Choice has come off so much.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$11.550
Owned
Unknown
TOP PICK
TOP PICK
May 29, 2018

He recently bought it and had been wanting it for a long time. He really likes the industrial REIT space. WPT is US logistics and industrial properties which has grown 22% in the last five years. It was small and grown to $1-billion cap. They own great assets. They have manageable leverage so they have room to grow. They can raise rents with 100% occupancy. There's growth in US industrials. Can WPT grow fast enough? That's the only question. (Analysts' price target: $14.87)

He recently bought it and had been wanting it for a long time. He really likes the industrial REIT space. WPT is US logistics and industrial properties which has grown 22% in the last five years. It was small and grown to $1-billion cap. They own great assets. They have manageable leverage so they have room to grow. They can raise rents with 100% occupancy. There's growth in US industrials. Can WPT grow fast enough? That's the only question. (Analysts' price target: $14.87)

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$13.860
Owned
Yes
TOP PICK
TOP PICK
May 29, 2018

(Convertible 8% 2022) Yellow is struggling and reorganizing, but still makes money and has free cash flow. It's a bond, not equity story. They're actively paying down debt. He's confident they'll pay it all down. They slashed their costs with free cash flow annualized around $80 million. 75% of their growth comes from digital hits, so revenues are decaying which is a concern. Their margins are still around 28%.

(Convertible 8% 2022) Yellow is struggling and reorganizing, but still makes money and has free cash flow. It's a bond, not equity story. They're actively paying down debt. He's confident they'll pay it all down. They slashed their costs with free cash flow annualized around $80 million. 75% of their growth comes from digital hits, so revenues are decaying which is a concern. Their margins are still around 28%.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$90.000
Owned
Yes
TOP PICK
TOP PICK
May 29, 2018

They offer fibre to the home and are mostly through it. This is transformational. This is the best Canadian telco. They have massive free cash flow to bump up dividends. They will take market share. (Analysts price target $59.50)

BCE Inc. (BCE-T)
May 29, 2018

They offer fibre to the home and are mostly through it. This is transformational. This is the best Canadian telco. They have massive free cash flow to bump up dividends. They will take market share. (Analysts price target $59.50)

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$54.320
Owned
Yes
PAST TOP PICK
PAST TOP PICK
May 29, 2018

(A Top Pick June 1/17, Up 7%) BAYTEX BOND 6.625% A bond that offers a return like a stock. In 2014, Baytext stock got hammered and the bonds got hurt too when oil plunged. That was an opportunity and he's done well by this. Compared to the Baytex stock which is tied to oil's ups and downs, the bond is a quiet ride that enjoys an 8% return.

(A Top Pick June 1/17, Up 7%) BAYTEX BOND 6.625% A bond that offers a return like a stock. In 2014, Baytext stock got hammered and the bonds got hurt too when oil plunged. That was an opportunity and he's done well by this. Compared to the Baytex stock which is tied to oil's ups and downs, the bond is a quiet ride that enjoys an 8% return.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$5.400
Owned
Unknown