PAST TOP PICK
(A Top Pick Jan 25/18, Down 15%) Their construction made them miss their earnings by 12%. They are exiting that business. Core consulting is increasing. Trading at 14 times. Very cheap.
PAST TOP PICK
(A Top Pick Jan 26/18, Up 13%) They executed very well. Q3 was a beat. He is modeling 230% EPS growth. Great name, It trades at a very high multiple. Trading at 133 2020 earnings. he still think it will go higher. Not for the faint of heart.
COMMENT
Good yield. 65% and declining payout ratio. Balance sheet is improving. Modeling growth of 3.5%. In a normal market, this is not a bad risk/reward place to get some distribution.
HOLD
Their payout ratio is fine. Going into 2020 if keeps rising it will reach 80%. Reasonable balance sheet. He doesn't model any growth.
BUY
He likes their strategy. They have just bought shopping malls in the States. They missed in Q3 and interest rates are to blame. Operationally very sound. If the US economy continues, which is the base case, US office should improve, occupancy should improve. Trading at exceptionally good valuation.
BUY
2018 earnings were up by 14%. ROE is at 18%. Premium customer base in Canada. Trading at a premium to the group. The credit cycle is aging. He models growth at 5.5% combined with a nice dividend. At some point investors are going to decide they want to buy.
BUY

He see it growing at 12%. 87% and declining payout ratio. High quality asset base. Accretive acquisition upside. It has come down quite a bit.

RISKY
Tough place. Balance sheet keep improving but the yardstick keeps moving. Exceptionally cheap. Not the highest quality name in the space. But it is way oversold.
BUY

The fact that the Fed insreased rates today should increase banks´ margins. The banks are exceptionally cheap with still very good growth rates. With a longer term view this is a cheap position.

BUY
63% and declining payout ratio. Distribution is safe. Q3 was decent. Rising occupancy. They see NOI of $3 which translates into an AFFO growth of 7%. Quality name. Fine to own. Good to add when the waterfall stops. Other things are less expensive.
COMMENT
They missed on Q3. Trading at an attractive valuation. They are modeling a 11% growth. Good dividend and pretty safe. He likes it here but other names are more attractive at this time. They are doing a good job at adding revenue streams.
BUY
It is a risky name. They have dramatically improved their balance sheet. An asymmetric bet in terms that a lot of potential upside if there is no recession and they execute and not much downside if there is a recession.
TOP PICK
Good place to seek shelter from the storm. All in he is modeling 19% AFFO growth. 90% of their debts are fixed. Nice distribution with a safe payout ratio. Visible AFFO growth. (Analysts’ price target is $59.01)
TOP PICK

Quality name that has gone on sale. Q3 was very strong with improvising efficiencies. They are doing a buy back. Modeling 16% growth with a name trading at 14 times 2019 earnings. If the economy is fine, which it is their base case, this is a name you want to be buying now. (Analysts’ price target is $312.47)

TOP PICK

They had a negative Q3 on their Pargazi contribution but their main business like Great-West Life and Investors Group were very solid. Very defensive name . Pays a very generous 6.7% dividend trading at 7 1/2 times earnings. Safe dividend and growth of 6%. If the market goes against you, something not to worry about. (Analysts’ price target is $33.29)