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  5. CNR: Hi folks, I have held CNR in my TFSA for a few years - up 10%. [Canadian National Railway Company]
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Q: Hi folks,
I have held CNR in my TFSA for a few years - up 10%. I am thinking of replacing it with WCN for some more growth. Would it be better buying WCN on the NYSE or TSE? May I have your opinion?
Thanks
Asked by JOHN on March 17, 2025
5i Research Answer:

We could live with this switch but at the same time would not see it as fully necessary. CNR is much cheaper, has a higher yield, and still has growth potential (moreso if we do not see recession). WCN may be 'safer' in a downturn but is 35X earnings. It has outperformed of late. The exchange does not matter so much on inter-listed stocks. Arbitrage makes prices similar. WCN pays its small dividend in US$, so owning on the NYSE in a US dollar account will save f/x conversion fees on dividends received.