Latest Expert Opinions

Signal
Opinion
Expert
BUY
BUY
April 11, 2019
He'd buy it now. A core holding. The 4% yield is safe and grows yearly like clockwork. It grows around 7% a year. Great governance. The fearful talk about loan losses is hogwash--ignore it.
Toronto Dominion(TD-T)
April 11, 2019
He'd buy it now. A core holding. The 4% yield is safe and grows yearly like clockwork. It grows around 7% a year. Great governance. The fearful talk about loan losses is hogwash--ignore it.
Brian Madden
Senior VP & Portfolio Manager, Goodreid Investment Council
Price
$73.800
Owned
Yes
COMMENT
COMMENT
April 11, 2019
He bought it last October and has been pleased with it. The competitive dividend grows 6% yearly. It's an extremely low-risk business because most of the revenue comes from regulated utility rates, thus protected from market ups and downs. They grow by acquisition and is now one of North America's largest utilities. He may sell (part of) it on valuation if the shares run by dramatically but unlikely with a utility.
Fortis Inc.(FTS-T)
April 11, 2019
He bought it last October and has been pleased with it. The competitive dividend grows 6% yearly. It's an extremely low-risk business because most of the revenue comes from regulated utility rates, thus protected from market ups and downs. They grow by acquisition and is now one of North America's largest utilities. He may sell (part of) it on valuation if the shares run by dramatically but unlikely with a utility.
Brian Madden
Senior VP & Portfolio Manager, Goodreid Investment Council
Price
$49.820
Owned
Yes
WAIT
WAIT
April 11, 2019
A mid-sized, growth oil producer. Last year, like so many, suffered from the WCS differential. But Alberta's oil production limits and increase in shipping by rail, WCP has benefitted. It's not cheap historically and a good operator. If you think he differentials will stay narrow, this is a quality way to play it. He doesn't think the differential will remain this narrow, though. So, he's waiting it to see more clarity in Canadian pipelines.
A mid-sized, growth oil producer. Last year, like so many, suffered from the WCS differential. But Alberta's oil production limits and increase in shipping by rail, WCP has benefitted. It's not cheap historically and a good operator. If you think he differentials will stay narrow, this is a quality way to play it. He doesn't think the differential will remain this narrow, though. So, he's waiting it to see more clarity in Canadian pipelines.
Brian Madden
Senior VP & Portfolio Manager, Goodreid Investment Council
Price
$5.640
Owned
No
COMMENT
COMMENT
April 11, 2019
It's come off a bit. Recently, they made an interesting acquisition of Gluskin-Sheff, a struggling high net-worth private investment management firm. There could be high revenue synergies rooted in loyal, long-term clients. He respects the team, but he prefers BAM in this space.
Onex Corp(ONEX-T)
April 11, 2019
It's come off a bit. Recently, they made an interesting acquisition of Gluskin-Sheff, a struggling high net-worth private investment management firm. There could be high revenue synergies rooted in loyal, long-term clients. He respects the team, but he prefers BAM in this space.
Brian Madden
Senior VP & Portfolio Manager, Goodreid Investment Council
Price
$77.140
Owned
No
BUY WEAKNESS
BUY WEAKNESS
April 11, 2019
Buy it on pullback and nearly bought it early last year. A good company. Their long-term chart reflects value creation based by earnings, cash flow and dividend growth. This is the best railway in North America. He likes and may buy at $5-10 lower.
Buy it on pullback and nearly bought it early last year. A good company. Their long-term chart reflects value creation based by earnings, cash flow and dividend growth. This is the best railway in North America. He likes and may buy at $5-10 lower.
Brian Madden
Senior VP & Portfolio Manager, Goodreid Investment Council
Price
$120.700
Owned
No
STRONG BUY
STRONG BUY
April 11, 2019
REITs investors love this, but Bay St. neglects it. He tips his hat to it, boasting a compound annual rate of return at 16.5% over 17 years. It's a fine business model, a royalty trust. A&W is the burger chain of 900 Canadian stores, and so A&W earns a 3% royalty from every dollar of sales from its franchisees, but they don't put up any capital to build those stores (the franchisee does). A&W is capital-lite and growth. The 4.5% dividend grows 5% annually with good free cash flow. Their same-store sales growth was 10% last year. He owns a peer. But this isn't liquid, not large. They're also selling fish and healthier alternative to burgers and become more sustainable.
REITs investors love this, but Bay St. neglects it. He tips his hat to it, boasting a compound annual rate of return at 16.5% over 17 years. It's a fine business model, a royalty trust. A&W is the burger chain of 900 Canadian stores, and so A&W earns a 3% royalty from every dollar of sales from its franchisees, but they don't put up any capital to build those stores (the franchisee does). A&W is capital-lite and growth. The 4.5% dividend grows 5% annually with good free cash flow. Their same-store sales growth was 10% last year. He owns a peer. But this isn't liquid, not large. They're also selling fish and healthier alternative to burgers and become more sustainable.
Brian Madden
Senior VP & Portfolio Manager, Goodreid Investment Council
Price
$39.000
Owned
No
BUY
BUY
April 11, 2019
Likes it, but admits it's had a wild ride in the past 12 months. It's a midcap growth company that growing earnings and cash flow, which has been elusive in Alberta. They actually operate in Colombia, producing 25% more oil in the past year. 2018's stock turbulence was due to a failed auction--didn't get any company bids they liked, so investors fled. It's now dramatically undervalued. Great growth to come. Colombia's political risk has waned. vs. CNQ, the comparison is unfair, because PXT is much smaller, but the point is access to markets to Colombia is key.
Likes it, but admits it's had a wild ride in the past 12 months. It's a midcap growth company that growing earnings and cash flow, which has been elusive in Alberta. They actually operate in Colombia, producing 25% more oil in the past year. 2018's stock turbulence was due to a failed auction--didn't get any company bids they liked, so investors fled. It's now dramatically undervalued. Great growth to come. Colombia's political risk has waned. vs. CNQ, the comparison is unfair, because PXT is much smaller, but the point is access to markets to Colombia is key.
Brian Madden
Senior VP & Portfolio Manager, Goodreid Investment Council
Price
$21.850
Owned
Yes