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Investment Q&A

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Q: Your opinion please regarding portfolio construction. Better to add to an existing position in X.TO to bring it from 3% to 4%, or better to initiate a 1% position in H.TO? Separately, which of these two is trading at a better valuation relative to their historical average?

Thanks

Asked by Joel on May 13, 2024

5i Research Answer:

We like X, but we also like H, and we like diversification more than either alone. We would be comfortable adding H. At 20X earnings, H is on the high side of its average 16 to 22X. At 22X, X is more mid-point of its 16 to 27X average.

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