Latest Expert Opinions

Signal
Opinion
Expert
DON'T BUY
DON'T BUY
September 13, 2018

Announced a spin-off yesterday. He used to own it before they bought WGL. ALA is selling the family jewels to afford it. (He sold to get more pro-cyclical exposure.) He dodged a bullet. This is a debacle of corporate governance. The WGL deal took too long to close, expensive, levered up their balance sheet and got put on credit watch. Now, they're selling non-core assets. He has no confidence in the management and doesn't know if the dividend is safe.

Altagas Ltd (ALA-T)
September 13, 2018

Announced a spin-off yesterday. He used to own it before they bought WGL. ALA is selling the family jewels to afford it. (He sold to get more pro-cyclical exposure.) He dodged a bullet. This is a debacle of corporate governance. The WGL deal took too long to close, expensive, levered up their balance sheet and got put on credit watch. Now, they're selling non-core assets. He has no confidence in the management and doesn't know if the dividend is safe.

Brian Madden
Senior VP & Portfolio Manager, Goodreid Investment Council
Price
$23.480
Owned
No
STRONG BUY
STRONG BUY
September 13, 2018

14x earnings and has historically grown earnings at 12% compounded over the last decade. The market is hardening with price increases to feed margins. They recently acquired an American specialty operation that will be synergistic and will lead to more M&A in the U.S. Also, they outearn their peers wqith 12-14% ROE. They are serial acquirers and will continue this. Have 17% market share. Interest rates will be a further boost. Lots of runway ahead. Lots of good things happening here.

Intact Financial (IFC-T)
September 13, 2018

14x earnings and has historically grown earnings at 12% compounded over the last decade. The market is hardening with price increases to feed margins. They recently acquired an American specialty operation that will be synergistic and will lead to more M&A in the U.S. Also, they outearn their peers wqith 12-14% ROE. They are serial acquirers and will continue this. Have 17% market share. Interest rates will be a further boost. Lots of runway ahead. Lots of good things happening here.

Brian Madden
Senior VP & Portfolio Manager, Goodreid Investment Council
Price
$105.550
Owned
Yes
TOP PICK
TOP PICK
September 13, 2018

A great operator. The ducks are lined up for sustained gains. It's the largest conveneince store operator in North America. Earns 20% ROE and growing earnings at 22% compounded over the last decade. Fine stores where the merchandise margins are 3-5 times higher than on fuel. A great acquirer and synergistics. A great grower. (0.6% dividend, Analysts' price target: $77.00)

A great operator. The ducks are lined up for sustained gains. It's the largest conveneince store operator in North America. Earns 20% ROE and growing earnings at 22% compounded over the last decade. Fine stores where the merchandise margins are 3-5 times higher than on fuel. A great acquirer and synergistics. A great grower. (0.6% dividend, Analysts' price target: $77.00)

Brian Madden
Senior VP & Portfolio Manager, Goodreid Investment Council
Price
$65.820
Owned
Yes
TOP PICK
TOP PICK
September 13, 2018

Footprint across Mexico and Latin America. 14% ROE and grows earnings 7% a year. Dividend grower, too. They have excess capital and have closed five purchases in the past year including a Chilean one. 7% earnings growth which the dividends leads towards double-digit returns. It will continue to outperform the TSX. (4.5% dividend, Analysts' price target: $85.46)

Bank of Nova Scotia (BNS-T)
September 13, 2018

Footprint across Mexico and Latin America. 14% ROE and grows earnings 7% a year. Dividend grower, too. They have excess capital and have closed five purchases in the past year including a Chilean one. 7% earnings growth which the dividends leads towards double-digit returns. It will continue to outperform the TSX. (4.5% dividend, Analysts' price target: $85.46)

Brian Madden
Senior VP & Portfolio Manager, Goodreid Investment Council
Price
$75.120
Owned
Yes
TOP PICK
TOP PICK
September 13, 2018

It's how he plays the gold space. A gold royalty company across 77 assets. This has outperformed the gold index in 8 of the last 10 years. This insulates the investors from the operating costs of overruns that are endemic in this industry
(1.5% dividend, Analysts' price target: $110.65)

Franco-Nevada Corp. (FNV-T)
September 13, 2018

It's how he plays the gold space. A gold royalty company across 77 assets. This has outperformed the gold index in 8 of the last 10 years. This insulates the investors from the operating costs of overruns that are endemic in this industry
(1.5% dividend, Analysts' price target: $110.65)

Brian Madden
Senior VP & Portfolio Manager, Goodreid Investment Council
Price
$81.370
Owned
Yes