BUY

Current share price is a good place to buy.
Very well run company with excellent capital allocation skills.
No price target - but $80 range would be safe.
Strong business for the long term investor. 
Provides international exposure through asset base. 

HOLD

Small player within sector.
Have successfully operated with M&A strategy.
Be aware of the risk involved with a smaller name in banking sector.

BUY ON WEAKNESS

Not best financial institution in Canada.
Worst performer amongst top 5 Canadian banks the past 5 years.
$67 share price, a good buying opportunity.
$80 share price would be target for the long term.

HOLD

Excellent company within tech sector.
High demand for chips with A.I. revolution.
Lagging performance good for buyers on weakness.

BUY ON WEAKNESS

Major share price fall after Covid-19 is presenting a good time to invest now.
If rate hikes stop, will opportunity for growth/tech stocks.
Volatile business, but sees opportunity.

BUY

Fundamentals strong on business despite weak share price.
Good time to invest given low price.
Would be a buy and hold type of investment.
Expecting share price increases going forward.
$100-$110 price target. 

BUY

Strong dividend yield that is very safe.
Legacy assets that are valuable.
Not much growth (no more pipeline construction).
Good for income oriented investors.
Well run company.

BUY ON WEAKNESS
Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research

CTAS operates as a corporate uniform service provider, and is now trading at 35x times' Forward P/E. In the last five years, sales grew around 6% on average. The balance sheet is strong, with net debt of $2.5B. Net debt/EBITDA is currently at 1.1x. Based on consensus estimates, sales are expected to grow by 6%-8% on average over the next few years. The company has been consistently raising dividends and repurchasing shares over the last few years, which we like. Overall, a solid company with the recurring business model and shareholder-friendly policies, however, trading at 35x Forward P/E while growth is only around 7% does not seem to us as a screaming buy, but we would be comfortable averaging into the position over time, being more aggressive if valuation dips.
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BUY
Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research

We continue to like PLC for its growth potential and it could accelerate its growth via more acquisitions. Analysts expect marginal sales and earnings growth for this year, but higher growth in future years. Its valuation has come down to reasonable levels, at a 15.9X forward earnings multiple. It generates positive free cash flows, issues a yield, and has recently been repurchasing shares. Its balance sheet has been growing over the years, its valuation is the cheapest it has been in over a decade, and we feel that these low price levels will not last forever. We continue to like the name at these prices. 
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BUY
Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research

With the US banking sector 'settling' down, ZWK does look a bit better. It is up 8.6% in the past month as the crisis subsides. We still have recession and rate risks, but with no new bank failures in a while and confidence returning, we would be more comfortable with ZWK today. 
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COMMENT
Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research

Investing Trends: The future of retail.

If retail wants to compete with the online landscape they need to do one of three things from our perspective:

  1. Be lower cost (hard to beat online for this)
  2. Be more convenient
  3. Offer some sort of experience

Online wins on cost & convenience, so customers need an experience of some kind. Give people a reason to go to the store, to interact with others who have similar interests, share ideas and educate your customers or just plainly make a destination that is fun to be in and interact with. Apple get this and I think Indigo is starting to catch on as well.

Much ink has been spilled over the death of retail and a lot of stats show this to be coming true. The reality is that retail will always have a place in society, it will probably just need to look a lot different than it does today. The companies that can execute on this early or companies that can help make the physical shopping experience more personal and tailored whether it is through digital aids or not, will have a certain type of first mover advantage and will be the ones to watch.
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