BUY

1-2 year performance has been very good. Specialized insurance can be very profitable. Capital appreciation very good - not paying dividends. However, volatility can be hard for some investors. Would recommend for long term investors (can be volatile). 

BUY

Excellent proxy on the state of economy. Company will benefit from strength in North America. Very good assets with legacy attributes. Hard to replicate as not possible to build new railroads. Would recommend holding for the long term. Current share price is reasonable - good for long term investors. 

WATCH

Recent spinoff of South Bow interesting to watch. Uncertain on whether dividend will be sustainable without South bow assets. Would wait to watch. Nov 7th earnings will be indicative of future dividends (only so much cash flow to go around). 

BUY

Owns shares in the business. Very strong franchise in Canada. Recent 52 week high of share price indicative of business success. Very strong assets with reliable dividend. Would suggest a good long term investment. 

HOLD

Good for 3-5 investment horizon. Earnings have been downgraded a bit, but overall the business is high quality. Very large asset base with good management team. Better than other options in the mining industry. 

BUY

Performance of stock has been excellent. Strong assets - very happy with price appreciation. God asset base with reliable management. Owns shares and will continue to hold.  

BUY ON WEAKNESS

Despite recent lawsuits, could be a good time to buy. Strong assets with good bran in Canada. Weakness in share price could be a good time to buy. Would watch closely and/or buy now. Good for long term investors. New management team will also be good for the business. 

BUY

Core holding in portfolio. Bullish on energy for the long term. Excellent company that is very well run. Steady dividend that is reliable. New projects are underway and being developed withing budget. Would recommend holding for the long term. Believes natural gas prices will increase over time, and is a clean burning fuel. 

BUY

Primary holding within energy. One of best managed companies in Canada. Excellent capital allocation skills with strong assets. Chairman has lots of skin in the game. Very strong cash flow that is being returned to shareholders. 

BUY

Telco sector not popular lately - but owns shares. Believes is a good dividend - reliable for the long term. Extremely well run company over the long run. Would recommend holding for the long term. Demand for services will only rise with increasing population. 

BUY ON WEAKNESS

Strong company that has admired from afar for a long time. Expensive valuation, but continues to grow. If buying now, would expect to hold for the long term. 

DON'T BUY

Owns shares, and has suffered share price depreciation. Europe pricing very hard on business. Company is going to have to re-evaluate Europe assets. Better options in the energy sector for investors. 

BUY ON WEAKNESS

Recent M&A with 7-Eleven hard to predict. Very good capital allocation skills throughout the years. Would recommend buying with current share price weakness. Very strong business. Excellent management team. 

WATCH

Share price valuation is reasonable. Cash flow multiples are reasonable, but there are better names in energy. Would look elsewhere. 

HOLD
Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research

The company still is in a net cash position. We do not think a dividend cut is imminent, but we are sure management is discussing the possibility, unless they feel operational setbacks are just temporary. We would still be comfortable holding it at current levels due to its very cheap valuation and balance sheet. 
Unlock Premium - Try 5i Free