Latest Expert Opinions

Signal
Opinion
Expert
DON'T BUY
DON'T BUY
July 31, 2018

Demographically, it’s a theme, but you have to ignore this. Had stayed away because of litigation in the US. Missed earnings. Difficult business because of labour costs, regulations. Other investments make sense and aren’t as complicated. Analysts have downgraded. Trades at an 18x multiple. If you’re going to buy, have to buy it washed out. (Analysts’ price target is $16.65.) 

Demographically, it’s a theme, but you have to ignore this. Had stayed away because of litigation in the US. Missed earnings. Difficult business because of labour costs, regulations. Other investments make sense and aren’t as complicated. Analysts have downgraded. Trades at an 18x multiple. If you’re going to buy, have to buy it washed out. (Analysts’ price target is $16.65.) 

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$15.320
Owned
No
DON'T BUY
DON'T BUY
July 31, 2018

Got hurt. Margin compression. In US, it matters what can you get paid from Medicare. Missed numbers last 2 quarters, got clocked, now trying to get back onside. A “show me” stock. Stay away for at least another 6-12 months.

Got hurt. Margin compression. In US, it matters what can you get paid from Medicare. Missed numbers last 2 quarters, got clocked, now trying to get back onside. A “show me” stock. Stay away for at least another 6-12 months.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$14.600
Owned
Unknown
COMMENT
COMMENT
July 31, 2018

Chart hasn’t moved. Stock is mistreated because not institutionally owned. Management is good, and are upgrading their portfolio. Debt’s in a good position. He doesn’t expect anything more than the yield. Consistent business. Retail/office in Quebec and Ontario, but he can look through this because it’s so cheap.

Chart hasn’t moved. Stock is mistreated because not institutionally owned. Management is good, and are upgrading their portfolio. Debt’s in a good position. He doesn’t expect anything more than the yield. Consistent business. Retail/office in Quebec and Ontario, but he can look through this because it’s so cheap.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$4.800
Owned
Yes
DON'T BUY
DON'T BUY
July 31, 2018

Good for a long term hold? Dividend safe? Yield around 6%. Has always stayed away because lots of moving parts. Just wants them to do something he can understand. Nothing tells him he needs to own it.

Good for a long term hold? Dividend safe? Yield around 6%. Has always stayed away because lots of moving parts. Just wants them to do something he can understand. Nothing tells him he needs to own it.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$20.180
Owned
No
TOP PICK
TOP PICK
July 31, 2018

Yes, it’s retail, but best in class. Trades at 15x earnings, which is cheap. Spectacular management. Anchors for Walmart, which is doing well against Amazons of the world. Aggressive development in Toronto. Best tenants and assets. Diversifying and creating more margin. Yield is 5.8%. (Analysts’ price target is $32.61.)

Smart REIT(SRU.UN-T)
July 31, 2018

Yes, it’s retail, but best in class. Trades at 15x earnings, which is cheap. Spectacular management. Anchors for Walmart, which is doing well against Amazons of the world. Aggressive development in Toronto. Best tenants and assets. Diversifying and creating more margin. Yield is 5.8%. (Analysts’ price target is $32.61.)

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$30.340
Owned
Yes
TOP PICK
TOP PICK
July 31, 2018

A restructuring story. Retiring debt so quickly, in 2 years, only the convertibles will be left. Getting a high yield in a less risky way. Doesn’t want to own the stock, just own the debt. Yield is 8%.

A restructuring story. Retiring debt so quickly, in 2 years, only the convertibles will be left. Getting a high yield in a less risky way. Doesn’t want to own the stock, just own the debt. Yield is 8%.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$98.750
Owned
Yes
TOP PICK
TOP PICK
July 31, 2018

Really great numbers last quarter. Convenience stores are projected to grow 4-5% this year. Good acquirers. Merging with Holiday brand. Margins starting to creep up. Not cheap, but you can run with it for a long time because it’s defensive, and Amazon can’t sell you a chocolate bar with your gas. Yield is 0.7%. (Analysts’ price target is $74.69.)

Really great numbers last quarter. Convenience stores are projected to grow 4-5% this year. Good acquirers. Merging with Holiday brand. Margins starting to creep up. Not cheap, but you can run with it for a long time because it’s defensive, and Amazon can’t sell you a chocolate bar with your gas. Yield is 0.7%. (Analysts’ price target is $74.69.)

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$59.750
Owned
Yes