Latest Expert Opinions

Signal
Opinion
Expert
DON'T BUY
DON'T BUY
May 16, 2019
Rental properties in Ontario. One of the best performing REITs. He kicks himself for not owning it. What he got wrong is that Ontario Government went into rent control he didn't have to deal with that, but they didn't have any hiccup with that at all. They are very good at what they do. It is expensive now.
Rental properties in Ontario. One of the best performing REITs. He kicks himself for not owning it. What he got wrong is that Ontario Government went into rent control he didn't have to deal with that, but they didn't have any hiccup with that at all. They are very good at what they do. It is expensive now.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$13.910
Owned
No
BUY WEAKNESS
BUY WEAKNESS
May 16, 2019

He doesn't own it. He likes it. Saw it recently. BAM is the intellectual acquiror. The problem is the valuation. They trade at 24 times AFFO. Buy on a dip. He thinks that interest rates are going to stay flattish here.

He doesn't own it. He likes it. Saw it recently. BAM is the intellectual acquiror. The problem is the valuation. They trade at 24 times AFFO. Buy on a dip. He thinks that interest rates are going to stay flattish here.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$26.930
Owned
No
PAST TOP PICK
PAST TOP PICK
May 16, 2019
(A Top Pick May 29/18, Up 4%) He really likes it. The company internalizes Management. They have the CPP contributed in. They own industrial properties in the heartland of the US. Renters are distribution centers. Logistics is a good theme. 94% occupancy rate.
(A Top Pick May 29/18, Up 4%) He really likes it. The company internalizes Management. They have the CPP contributed in. They own industrial properties in the heartland of the US. Renters are distribution centers. Logistics is a good theme. 94% occupancy rate.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$13.600
Owned
Yes
PAST TOP PICK
PAST TOP PICK
May 16, 2019
(A Top Pick May 29/18, Up 13%)Yellow Pages Convertible 8% 2022 Bond - Play on deleveraging. Their free cash flow is exploding. They accelerated paying debt in the past quarter cutting costs.
(A Top Pick May 29/18, Up 13%)Yellow Pages Convertible 8% 2022 Bond - Play on deleveraging. Their free cash flow is exploding. They accelerated paying debt in the past quarter cutting costs.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$7.750
Owned
Yes
PAST TOP PICK
PAST TOP PICK
May 16, 2019

(A Top Pick May 29/18, Up 18%) You have to be in the telco space, not in the cable space. It is trading expensively. They have room to do more with the free cash flow they have and the 5G. Long-term hold.

BCE Inc. (BCE-T)
May 16, 2019

(A Top Pick May 29/18, Up 18%) You have to be in the telco space, not in the cable space. It is trading expensively. They have room to do more with the free cash flow they have and the 5G. Long-term hold.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$60.850
Owned
Yes
BUY
BUY
May 16, 2019

Canadian company with European assets. So doesn't get the discount. Gets Brent prices. 60% exposure there. They confirmed the dividend. Nothing transformational about the company.

Canadian company with European assets. So doesn't get the discount. Gets Brent prices. 60% exposure there. They confirmed the dividend. Nothing transformational about the company.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$31.570
Owned
Yes
HOLD
HOLD
May 16, 2019
He bailed. They made this transformational acquisition in Washington and they over levered themselves. They had to spin out Alberta Gas Canada. He still owns the bonds as they are deleveraging. He wouldn't go back even as it is safer now.
Altagas Ltd (ALA-T)
May 16, 2019
He bailed. They made this transformational acquisition in Washington and they over levered themselves. They had to spin out Alberta Gas Canada. He still owns the bonds as they are deleveraging. He wouldn't go back even as it is safer now.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$19.180
Owned
No