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Today, Brian Madden commented about whether SU-T, TFII-T, RY-T, SHOP-T, MX-T, TOU-T, LB-T, BYD-T, ENB-T, HBM-T, RY-T, CTC-T, ATRL-T, QSR-T, NPI-T, AQN-T, ITP-T, DOL-T, NTR-T are stocks to buy or sell.

N/A

Market. (A Commentary)

03/02/2020
A Comment -- General Comments From an Expert
Market. These things like the corona virus tend to blow over quite quickly. He does not mean to down play the human cost. Conditions are still in place for a pretty decent year in the stock market. As January goes, so goes the rest of the year often and January posted gains. The data is still supportive of an economical cycle continuing. 85% of the US economy has been in an expansion all along. He is expecting a good year for stocks.
Unknown
Brian Madden
N/A
Unknown
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BUY

Nutrien Ltd.(NTR-T)

03/02/2020
Nutrien Ltd.
He likes it and the entry point is well timed. Last year was a difficult year for them due to early frost and Nitrogen demand was weak. Longer term we are looking at an active consolidator. They have a long reserve life. They are not quite a price setter but they have good market share and can take supply up or down, depending on price of commodity. They buy back a lot of shares each year. He sees a resumption of growth this year.
agriculture
Brian Madden
$56.490
Owned
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BUY

Dollarama Inc.(DOL-T)

03/02/2020
Dollarama Inc.
It looks attractive at current prices. It is a growth stock and a leader in the dollar store space. Same store sales growth is showing a re-acceleration back up to 5%. Gross margins were hit by the cost of opening another logistics center in Montreal.
Consumer Products
Brian Madden
$45.090
Owned
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DON'T BUY

Intertape Polymer Group(ITP-T)

03/02/2020
Intertape Polymer Group

They have a big presence in the US (80% of sales.) It is a pretty competitive space and he does not like it. He was exposed with another player (CCL). He moved on in the fourth quarter because their growth had stalled. It is stuck and range bound and unless earnings grow there is little reason to think share price will.

packaging / containers
Brian Madden
$16.180
Unknown
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BUY

Algonquin Power & Utilities Corp(AQN-T)

03/02/2020
Algonquin Power & Utilities Corp

AQN-T vs. NPI-T. He prefers NPI-T. These are both good exposure to renewable utilities. NPI has a longer tenure of growth and getting projects sanctioned. It is the premium play in the renewable sector.

electrical utilities
Brian Madden
$20.260
No
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BUY

Northland Power Inc(NPI-T)

03/02/2020
Northland Power Inc

AQN-T vs. NPI-T. He prefers NPI-T. These are both good exposure to renewable utilities. NPI has a longer tenure of growth and getting projects sanctioned. It is the premium play in the renewable sector.

Utilities
Brian Madden
$29.790
No
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STRONG BUY

Restaurant Brands International(QSR-T)

03/02/2020
Restaurant Brands International
He is buying hand over fist at this price and in front of the earnings release. Tims is most struggling as they simplify the items on their menu. Berger King is going like gang busters. Poppy's is crushing it with their reviews on social media.
food services
Brian Madden
$80.740
Owned
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DON'T BUY

SNC-Lavalin Group Inc.(ATRL-T)

03/02/2020
SNC-Lavalin Group Inc.
It has turned the corner or bounced to some extent. There is still some cleaning up to do. He would wait for a couple of good quarters.
contractors
Brian Madden
$30.440
Unknown
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DON'T BUY

Canadian Tire Corporation Ltd(CTC-T)

03/02/2020
Canadian Tire Corporation Ltd

Iconic Canadian brand but operating in a very competitive space. Most products are AMZN-Q'able. They have the credit card business which brings in 25% of their earnings but it is essentially sub-prime lending. Loan losses are skyrocketing at a time when bankrupsies are skyrocketing. It is not timely from this perspective. They have been buying back stock but he thinks the runway for that is getting pretty short.

specialty stores
Brian Madden
$195.020
Unknown
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PAST TOP PICK

Royal Bank(RY-T)

03/02/2020
Royal Bank
(A Top Pick Feb 26/19, Up 6%) He is happy with it. It is a core part of this Canadian portfolio. Most of the return was dividend. RY-T has outperformed the TSX for 19 of the last 25 years. These are good odds.
banks
Brian Madden
$104.580
Owned
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PAST TOP PICK

Hudbay Minerals(HBM-T)

03/02/2020
Hudbay Minerals
(A Top Pick Feb 26/19, Down 55%) This is nothing but ugly and didn't work out. Sometimes things change that you didn't anticipate. He sold last July. Sometimes your first loss is your best loss. It continued to go down.
precious metals
Brian Madden
$4.060
No
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PAST TOP PICK

Enbridge(ENB-T)

03/02/2020
Enbridge
(A Top Pick Feb 26/19, Up 16%) They are moving painfully slowly but doing so nonetheless. They deleveraged and sold some core assets. They are spending in the renewable energy sector. He likes it here.
oil / gas pipelines
Brian Madden
$53.810
Owned
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BUY

Boyd Group Services Inc.(BYD-T)

03/02/2020
Boyd Group Services Inc.
It has been a sensational growth story over the last 10 years. It is a consolidator of auto body shops in the US. The longer term trend is up but scale is becoming increasingly important and BYD-T are getting that. They are attracting a broader range of investors. They are making all the right moves. The growth will continue here. It has been expensive for years and years so don’t let it bother you.
other services
Brian Madden
N/A
No
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DON'T BUY

Laurentian Bank(LB-T)

03/02/2020
Laurentian Bank
He has three of the larger Canadian banks. They have been a perennial laggard in terms of return on equity. The dividend grows more slowly than other banks and so the illusion of higher yield is tantalizing. He thinks you can do better elsewhere in the financial sector.
banks
Brian Madden
$42.950
No
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SELL

Tourmaline Oil Corp(TOU-T)

03/02/2020
Tourmaline Oil Corp
Canada is awash in Natural Gas. There is not enough pipeline capacity to get it to market. These companies are neglected by investors.
oil / gas
Brian Madden
$13.350
Unknown
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