Latest Expert Opinions

Signal
Opinion
Expert
BUY WEAKNESS
BUY WEAKNESS
July 12, 2019

He owns this and CSX, because he wants U.S. exposure (and doesn't own CP, because it's more east-west Canadian). The rails offer good exposure to the general economy. Given the lack of pipelines in Canada, shipping oil by rail adds 3-4% to earnings in the next few years. Around $130 is his target. Buy at $120.

He owns this and CSX, because he wants U.S. exposure (and doesn't own CP, because it's more east-west Canadian). The rails offer good exposure to the general economy. Given the lack of pipelines in Canada, shipping oil by rail adds 3-4% to earnings in the next few years. Around $130 is his target. Buy at $120.

Bruce Campbell (1)
President, Campbell and Lee InvMngmnt
Price
$122.130
Owned
Yes
BUY WEAKNESS
BUY WEAKNESS
July 12, 2019
He looked very hard at it when Shaw sold the block at $6.80. He expected a clean-up trade with Shaw at $6.25, but he still passed. Under $6 has a lot of value. Their radio business was declining and now very small. So, you're buying a TV business with some growth at 5.5x EV to EBITDA vs. comparables at 7-8x. This is at least a trade to the $6.80 level. TV growth is positive but only 3-4%.
He looked very hard at it when Shaw sold the block at $6.80. He expected a clean-up trade with Shaw at $6.25, but he still passed. Under $6 has a lot of value. Their radio business was declining and now very small. So, you're buying a TV business with some growth at 5.5x EV to EBITDA vs. comparables at 7-8x. This is at least a trade to the $6.80 level. TV growth is positive but only 3-4%.
Bruce Campbell (1)
President, Campbell and Lee InvMngmnt
Price
$5.790
Owned
No
WEAK BUY
WEAK BUY
July 12, 2019
The Canadian telcos offer 1-3% growth + 5% dividend yield. The sector has done okay this year as people seek safety and yield. You can hold this for the dividend.
Telus Corp (T-T)
July 12, 2019
The Canadian telcos offer 1-3% growth + 5% dividend yield. The sector has done okay this year as people seek safety and yield. You can hold this for the dividend.
Bruce Campbell (1)
President, Campbell and Lee InvMngmnt
Price
$48.800
Owned
Unknown
DON'T BUY
DON'T BUY
July 12, 2019

Among Canadian car-parts-makers, they have the most exposure to Daimler, which just issued a weak earnings report. This sector appear to have bottomed, so maybe consider it now. He prefers Linamar, which is cheaper (offers a lower valuation) and it is not purely into cars, but also some industrial production.

Among Canadian car-parts-makers, they have the most exposure to Daimler, which just issued a weak earnings report. This sector appear to have bottomed, so maybe consider it now. He prefers Linamar, which is cheaper (offers a lower valuation) and it is not purely into cars, but also some industrial production.

Bruce Campbell (1)
President, Campbell and Lee InvMngmnt
Price
$62.170
Owned
Unknown
BUY WEAKNESS
BUY WEAKNESS
July 12, 2019
It's gone up so much that it's natural to have a pullback now, down $10 today. He can't see a specific reason, likely profit-taking. It is expensive. He wouldn't buy it now. SHOP needs to pullback to $350 before he steps in.
Shopify Inc. (SHOP-T)
July 12, 2019
It's gone up so much that it's natural to have a pullback now, down $10 today. He can't see a specific reason, likely profit-taking. It is expensive. He wouldn't buy it now. SHOP needs to pullback to $350 before he steps in.
Bruce Campbell (1)
President, Campbell and Lee InvMngmnt
Price
$404.060
Owned
No
BUY
BUY
July 12, 2019
If China doesn't buy Canadian fertilizer He likes it, but will have a poor quarter due to a lot of rain in the midwest, delaying planting, not due to China. This may fall a further dollar. The stock is now cheap and he would buy it.
Nutrien Ltd. (NTR-T)
July 12, 2019
If China doesn't buy Canadian fertilizer He likes it, but will have a poor quarter due to a lot of rain in the midwest, delaying planting, not due to China. This may fall a further dollar. The stock is now cheap and he would buy it.
Bruce Campbell (1)
President, Campbell and Lee InvMngmnt
Price
$65.060
Owned
Yes
COMMENT
COMMENT
July 12, 2019
The share price keeps falling. Why? The biggest thing recently is in Cuba where they have assets and deal with the government to repatriate cash flow, not related to that quarter's cash flow. A quarter ago, Cuba didn't pay. Two weeks ago, they announced a solution, a deal with the Cuban government which is cash-strapped, especially as it deals with the costs of hurricanes that have hit Cuba. Cuba has to pay or else it will scare off other Western companies.
The share price keeps falling. Why? The biggest thing recently is in Cuba where they have assets and deal with the government to repatriate cash flow, not related to that quarter's cash flow. A quarter ago, Cuba didn't pay. Two weeks ago, they announced a solution, a deal with the Cuban government which is cash-strapped, especially as it deals with the costs of hurricanes that have hit Cuba. Cuba has to pay or else it will scare off other Western companies.
Bruce Campbell (1)
President, Campbell and Lee InvMngmnt
Price
$0.220
Owned
Unknown