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Today, Paul Gardner, CFA commented about whether BTB.UN-T, BTE-T, IPL-T, BPY.UN-T, WMT-N, NFI-T, REI.UN-T, NWH.UN-T, BCE-T, Y-T, WIR.UN-T, CTC.A-T, BCE-T, RCI.B-T, MFC-T, SRT.UN-T, CPX-T are stocks to buy or sell.
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He doesn't follow the telcos daily, but he prefers telcos over cable companies. Telus and BCE have nearly completed their 5G install, though Rogers is converting too. BCE is better than Rogers, which blew its budget on the NHL broadcast licenses; Canadian teams haven't gone deep into the playoffs which has limited Rogers' revenue. In fact, there's more growth in soccer and other non-hockey sports, so that's a tailwind for BCE's broadcasting arm. All telcos will be impacted by the unlimited data plans now on the market. BCE has great assets and a lower payout ratio than Rogers.
Rogers? He doesn't follow the telcos daily, but he prefers telcos over cable companies. Telus and BCE have nearly completed their 5G install, though Rogers is converting too. BCE is better than Rogers, which blew its budget on the NHL broadcast licenses; Canadian teams haven't gone deep into the playoffs which has limited Rogers' revenue. In fact, there's more growth in soccer and other non-hockey sports, so that's a tailwind for BCE's broadcasting arm. All telcos will be impacted by the unlimited data plans now on the market. BCE has great assets and a lower payout ratio than Rogers.
After 30 years in the business he notices that CTC has been the most consistently retailer--but too expensive. He's a value player. CTC has survived the Amazon onslaught, but it has slumped this past year given the Amazon effect. CTC has a great balance sheet and fine inventory control. They have the heart of Canadians. They will continue to do well, but the retail sector is tough now.
(A Top Pick Nov 22/18, Up 12%)Convertible 8% 2022 bonds He owned the Yellow senior bonds, but then moved into these convertibles. Most of their revenues are in digital, but that has struggled. New management has cut costs a lot until free cash flow now stands around $100 million this year. Their EBITDA margins are now 40% which nobody expected. With that cash, they are paying down a lot of debt.
