Latest Expert Opinions

Signal
Opinion
Expert
DON'T BUY
DON'T BUY
March 20, 2019
This sector is almost as bad as airplanes, because there are government regulations and labour issues (minimum wage) and it's labour-intensive. Also. EXE missed their numbers and hasn't done much in two years. They blew their brains out in the U.S. where they got it. Also--his theory--technological advances and government incentives encourage seniors to stay in home and not enter nursing homes. The whole sector falls shorts.
Extendicare Inc (EXE-T)
March 20, 2019
This sector is almost as bad as airplanes, because there are government regulations and labour issues (minimum wage) and it's labour-intensive. Also. EXE missed their numbers and hasn't done much in two years. They blew their brains out in the U.S. where they got it. Also--his theory--technological advances and government incentives encourage seniors to stay in home and not enter nursing homes. The whole sector falls shorts.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$7.480
Owned
No
HOLD
HOLD
March 20, 2019
He really likes it and its management who run 25% of the company. Problem is, they are recovering in Alberta, and so now BEI.UN IS shifting to Ontario, namely the GTA. Rents are rising except in Alberta (stable, not rising). He hopes this turns around.
He really likes it and its management who run 25% of the company. Problem is, they are recovering in Alberta, and so now BEI.UN IS shifting to Ontario, namely the GTA. Rents are rising except in Alberta (stable, not rising). He hopes this turns around.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$40.710
Owned
Unknown
BUY
BUY
March 20, 2019
Best in class in oil. Downstream protects them when oil prices are down, and midstream offsets volatility. Great balance sheet and management. The whole sector has turned into manufacturingfrom growth, because they aren't exploring (because of lack of pipelines), but rather are reducing costs to C$25/barrel. With the WCS differential, the companies fetch C$50. Good profit. SU is well-positioned and well-capitalized to survive.
Best in class in oil. Downstream protects them when oil prices are down, and midstream offsets volatility. Great balance sheet and management. The whole sector has turned into manufacturingfrom growth, because they aren't exploring (because of lack of pipelines), but rather are reducing costs to C$25/barrel. With the WCS differential, the companies fetch C$50. Good profit. SU is well-positioned and well-capitalized to survive.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$46.090
Owned
Unknown
DON'T BUY
DON'T BUY
March 20, 2019
Considering the Boeing 737 crash. They came out with good numbers and guidance in the last quarter after a few bad quarters. Their suspension of the 737s is not a huge thing, but rather a nuance. He doesn't like airline stocks and prefers Air Canada that he just sold. This is not a bad entry point. Be careful: have a buy and sell price.
Considering the Boeing 737 crash. They came out with good numbers and guidance in the last quarter after a few bad quarters. Their suspension of the 737s is not a huge thing, but rather a nuance. He doesn't like airline stocks and prefers Air Canada that he just sold. This is not a bad entry point. Be careful: have a buy and sell price.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$18.960
Owned
No
TOP PICK
TOP PICK
March 20, 2019
Trades in USD and about US industrials, an excellent space which is reasonable in America (though pricey in Canada). Strong assets there (and in Canada). (Analysts’ price target is $13.81)
Trades in USD and about US industrials, an excellent space which is reasonable in America (though pricey in Canada). Strong assets there (and in Canada). (Analysts’ price target is $13.81)
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$13.810
Owned
Yes
TOP PICK
TOP PICK
March 20, 2019
Incredibly cheap because there is a cash drag with 25% in cash waiting to deploy. They own Celestica and Jack's Family Restaurant. They take tired assets and reposition them over 3-5 years, then sell it back out. They're good at this. Cheap at a 10% discount now. (Analysts’ price target is $95.91)
Onex Corp (ONEX-T)
March 20, 2019
Incredibly cheap because there is a cash drag with 25% in cash waiting to deploy. They own Celestica and Jack's Family Restaurant. They take tired assets and reposition them over 3-5 years, then sell it back out. They're good at this. Cheap at a 10% discount now. (Analysts’ price target is $95.91)
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$73.500
Owned
Yes
BUY
BUY
March 20, 2019

REI.UN vs. SRT.UN Never owned REI.UN, not because he dislikes it, but they're so large, it's hard to change what they own. For example, they bought then sold the U.S, and now they're buying Canada. He prefers SRU.U-T in the same space, but Walmart anchors them. In contrast, RioCan had to deal with the Sears and Target closings. SRT has rallied for the past few months, despite the Amazon effect, but still has room to grow. Nothing wrong with REI.UN, but he prefers SRT.UN. Managment are also large shareholders. SRT.UN-T focuses on grocers in mid-market US towns. They have reduced their leverage. He likes SRT's American operations and its defensiveness. The only negative is an external managed contract that seems to be going on forever.

REI.UN vs. SRT.UN Never owned REI.UN, not because he dislikes it, but they're so large, it's hard to change what they own. For example, they bought then sold the U.S, and now they're buying Canada. He prefers SRU.U-T in the same space, but Walmart anchors them. In contrast, RioCan had to deal with the Sears and Target closings. SRT has rallied for the past few months, despite the Amazon effect, but still has room to grow. Nothing wrong with REI.UN, but he prefers SRT.UN. Managment are also large shareholders. SRT.UN-T focuses on grocers in mid-market US towns. They have reduced their leverage. He likes SRT's American operations and its defensiveness. The only negative is an external managed contract that seems to be going on forever.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$12.790
Owned
Unknown