Latest Expert Opinions

Signal
Opinion
Expert
PAST TOP PICK
PAST TOP PICK
November 22, 2018
(A Top Pick Sep 13/17, Up 11%) 55% of their revenue is coming from the US. Has owned this since 2004 when started his firm. He would be surprised if they ever get out of TD. It is cheap-ish relatively to where it has historically been valued.
Toronto Dominion(TD-T)
November 22, 2018
(A Top Pick Sep 13/17, Up 11%) 55% of their revenue is coming from the US. Has owned this since 2004 when started his firm. He would be surprised if they ever get out of TD. It is cheap-ish relatively to where it has historically been valued.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$71.040
Owned
Yes
BUY
BUY
November 22, 2018
Great company. They own a lot of oil based on Brent as opposed to Canadian Discount. Their cash flow multiple is cheap. They are being thrown with the sector. Oil has sold off also. When it comes up, this stock will pop. The Federal Government is talking now with the Alberta Government to buy freight cars to move oil. This would be basically a quasi-pipeline. It will help on the differential on a shorter time period than when the pipelines are built, which is probably 2-3 years out.
Vermilion Energy Inc(VET-T)
November 22, 2018
Great company. They own a lot of oil based on Brent as opposed to Canadian Discount. Their cash flow multiple is cheap. They are being thrown with the sector. Oil has sold off also. When it comes up, this stock will pop. The Federal Government is talking now with the Alberta Government to buy freight cars to move oil. This would be basically a quasi-pipeline. It will help on the differential on a shorter time period than when the pipelines are built, which is probably 2-3 years out.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$34.170
Owned
Yes
BUY
BUY
November 22, 2018
They made two massive acquisitions in the US. Two earnings seasons ago they missed it and that affected the stock but that is over. He thinks it is a fantastic business. Great margins. Trading at 14 times next year earnings which is not expensive.
They made two massive acquisitions in the US. Two earnings seasons ago they missed it and that affected the stock but that is over. He thinks it is a fantastic business. Great margins. Trading at 14 times next year earnings which is not expensive.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$65.320
Owned
Yes
COMMENT
COMMENT
November 22, 2018
Canadian Banks have done incredible well. He has always been concerned with the Latin America as the area is not that stable as North America and this bank has exposure to that area. In late cycle usually this bank outperforms but it is not worth the risk in his opinion. It is rather cheap-ish here. but he probably will never own it.
Bank of Nova Scotia(BNS-T)
November 22, 2018
Canadian Banks have done incredible well. He has always been concerned with the Latin America as the area is not that stable as North America and this bank has exposure to that area. In late cycle usually this bank outperforms but it is not worth the risk in his opinion. It is rather cheap-ish here. but he probably will never own it.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$70.050
Owned
No
TOP PICK
TOP PICK
November 22, 2018
He really likes the industrial sector. All their properties are in the US and in secondary type of cities. most of their tenants are logistic firms. 99% occupancy. Well run company. P/FFO is 14x. Yield: 6.0% US exposure trading in the TSX. Cheap. (Analysts’ price target is $15.01)
WPT Industrial REIT(WIR.U-T)
November 22, 2018
He really likes the industrial sector. All their properties are in the US and in secondary type of cities. most of their tenants are logistic firms. 99% occupancy. Well run company. P/FFO is 14x. Yield: 6.0% US exposure trading in the TSX. Cheap. (Analysts’ price target is $15.01)
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$12.590
Owned
Yes
TOP PICK
TOP PICK
November 22, 2018
Convertible 8% 2022 Bonds - They always have owned the convertible not the equity. It is a restructuring story. They think it is better to be in the convertible because they have a good yield and it is ahead of the equity holder.
Yellow Pages Ltd (Y-T)
November 22, 2018
Convertible 8% 2022 Bonds - They always have owned the convertible not the equity. It is a restructuring story. They think it is better to be in the convertible because they have a good yield and it is ahead of the equity holder.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$6.380
Owned
Yes
TOP PICK
TOP PICK
November 22, 2018
Balance sheet is pristine. The payout is not extremely aggressive. He likes telcos over cable. Estimated P/E: 16x. Yield: 5.4% On a EBITDA trades at 7x which lower than the historical average. (Analysts’ price target is $58.56)
BCE Inc.(BCE-T)
November 22, 2018
Balance sheet is pristine. The payout is not extremely aggressive. He likes telcos over cable. Estimated P/E: 16x. Yield: 5.4% On a EBITDA trades at 7x which lower than the historical average. (Analysts’ price target is $58.56)
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$55.790
Owned
Yes