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Powerful competitor to INTC, but has struggled against NVDA because of their clunky software. Results yesterday disappointed. Well positioned, valuation not as stratospheric as NVDA's. Semis are under pressure, and a lot of people want part of the AI pie.

DON'T BUY

Best software company in Canada. Growth by acquisition makes him pause, as things go well until that final acquisition hurts. Great job buying and integrating businesses. Growth being priced at an excessive premium. Solid growth but high, 40x multiple. 

BUY
For dividends in an RRSP.

A lifeco, but also offers investment products. Solid, dependable. Never very exciting growth, well capitalized, prudent capital allocator. Dividend well covered and should grow. Asian angle gives it a bit of growth. Yield is ~4%.

He also owns MFC, and you can give that one a look. Similar business to SLF.

BUY
For dividends in an RRSP.

A lifeco, but also offers investment products. Solid, dependable. 

BUY

Gold is almost like an insurance policy. Good diversifier. Should be a good, long-term hedge. Deposits have become harder to find. 

He prefers the business model of the royalty companies like FNV or WPM. As well, they operate counter-cyclically -- give money when gold prices are low and harvest when prices are high. Always looks expensive, but it's expensive for a reason.

BUY

Gold is almost like an insurance policy. Good diversifier. Should be a good, long-term hedge. Deposits have become harder to find. 

He prefers the business model of the royalty companies like FNV or WPM. As well, they operate counter-cyclically -- give money when gold prices are low and harvest when prices are high. Always looks expensive, but it's expensive for a reason.

BUY ON WEAKNESS

Nuclear energy is coming back and it has to. For clean energy, there's nothing better. Demand is there and will continue to grow. Likes this name, but you have to be mindful of the supply response when uranium prices are high. Likes it long term, but there will be ups and downs in the cycle.

TOP PICK
Earnings after the bell on Thursday.

Completely unloved today. #1 in Canada, #2 in UK and Australia, #3 in USA. Pre-pandemic, very stable. Food services division hasn't really recovered, especially in the US. Exposed to commodity prices, industry capacity needs to be taken out, cost-cutting needs to continue.

Not as high quality a business as he first thought, but excessive negativity baked into the share price. Yield is 3.2%.

(Analysts’ price target is $31.23)
TOP PICK

Demand continues to grow quite nicely. Competes with SYK (a slightly better business, though at 29x PE), and grows at similar rates. Trades at 13x PE for 10% EPS growth. Likes the risk/reward. Yield is 2.2%.

(Analysts’ price target is $29.21)
TOP PICK

Likes the portfolio, though a bit weak in mobile. Discretionary spend on some titles has been a bit lower. Over the long term, can grow 5-6%. 30% free cashflow margins, enough to buy back 5-6% of shares every year. In-game transactions are 99% gross margins. Yield is 0.6%.

(Analysts’ price target is $146.38)
BUY
Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research

Revenue was $67.6M slightly better than estimates.  Rental revenue rose 16%. Cash flow per share rose 19% to $2.47, and ahead of estimates of $2.39. Net operating income rose 11%. We would consider it a solid quarter. Commentary was good, with the company talking about 'major opportunities' in the coming year. The dividend was raised last month. We would be comfortable at $200. 
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BUY ON WEAKNESS
Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research

The stock is up 27% in the past year though down a bit since the US election. It reports earnings Feb 26, before the next tariff 'deadline'. So earnings may be the more important factor if buying in the next month. We think $26 would be attractive, barring any other news.
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RISKY
Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research

The company still has a business, and as essentially the last film producer it does pretty much own that market now. It has some interesting battery technology as well and printing software. For many year prior to 2023, cash flow was negative and it was losing money. With the pension issue largely resolved, and cash received, it remains to be seen what the company does. We doubt there is a further pension 'spike' and we would consider the stock too small and risky for serious consideration now. 
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COMMENT
Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research

Where can investors hide from tariffs:

Not all companies would be affected by tariffs, and there are some niches in the market that are not affected that much because of this political noise. Those players are companies that focus on the domestic market and have less exposure to the U.S. as their key operating segment or suppliers; those companies could still do just fine in this environment including:

Financial names: X, IFC, BN, FFH

Gold exposure: FMV, WPM

Utilities: CPX, FTS, H

Technology: CSU, VHI
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BUY ON WEAKNESS

They reported a terrific quarter: theme parks much better than expected, movies fantastic, TV and sports positive. But there was one line in the report that said that when they raised prices they lost 1% of subscribers in Q4. So, shares fell 2.44% today. He expects people will forget why they sold Disney and its shares will be higher.