Investment Q&A

Q: With the sudden share price drop of Progressive Waste Management (BIN), I am considering the purchase of more shares in the company which at current prices constitute approximately 1% of my family’s investments. A simplistic examination shows debt to be high, price to book in excess of 2 and my crude forward estimate of PE to be about 30 if current earnings continue for the next year. All of these are negative to a purchase; however, as you have alluded to in the past, it is a growing company so one cannot expect low PE’s (although currently they are showing negative growth and assets are reducing). To further investigate I listened to the company’s webcast of October 19 which strongly suggested the downfall was mainly due to mismanagement in the Western Region exacerbated by flooding in Texas earlier this year and FX issues. With the background of the CEO in finance, it is understandable that he would not be quickly attuned to operational and maintenance problems in this important geographical area of the company. The 5i thorough review of the company rated it as a “A-“; which was my original reason for purchasing shares earlier in the year, and the Webcast presentation provided support for my plan to purchase more shares at the current depressed prices. In further investigation, I noticed that CEO and CFO significantly reduced their holdings in late August and all officers essentially eliminated their holdings at the same time. The only purchases from insiders were by directors during September. This disposal of shares 1.5 months prior to disclosure to the public does not give me a good feeling. Am I totally misguided in regards to insider trading prior to disclosure being an important issue? If so I plan to purchase more shares for at least a 5 year time frame since before the management issue, you showed strong belief in the company as shown by placement in the Model portfolio and your “A-“rating. As always, I very much value your opinion in terms of share disposal by insiders, general current metrics of the company, possible re-rating of the company, and any other thoughts you may have.

Q: Do you think it is safe to buy CGX at these levels; it is just off its 52 week high. Do you think that Star Wars is already built into the price or can it go up from here. Thanks

Q: Insta-Teller's of major Canadian Banks such as CIBC are now promoting the withdrawal of US dollars from their machines. So a Canadian who needs US dollars can now go to their local bank branch, even after hours, and get US dollars from a machine. Super convenient way to get US dollars for any Canadian with a bank card. Will this eat into the business of CXI in a meaningful way? Or could this serve CXI if they get their licence and the Banks outsource the currency conversion work to CXI?

Q: Could you comment on recent acquistions ,debt level etc going forward ?

Q: how do earnings look?is this still a favorite of 5i or with the change in guidance make in another disaster like bdi hcg bad or acq. companies that change guidance to the down side really scare me in this market and bin has corrected 20% already.

Q: Any further insights on the quarter's results from the conference call?
Thanks, Tim

Q: Hi...I am over 50% down from original price of the purchase of ACQ. I have 450 shares. It is in a spousal RRSP. I have $6000.00 cash in this registered account. Would buy more shares to average down and wait for a rebound in price? How long before you would expect a rebound of price if you think this is a company to hold on to?

Thanks for your time...

Q: Hello 5i, Would you please comment on large miss and the markets reaction. It would seem management is 'between a rock and a hard place'. What should a 2% holder do as am -30%?

Q: Hello Team, I have bought a position for My TFSA, was wondering if you still like this venture stock as it has cooled off a bit the past few days? Thank you for your help, Herb

Q: on a valuation basis sj is a fair bit more expensive than fsv or cig.i have some money to invest.

Q: Further to my earlier question on Stantec's non-eligible dividend, the source is from the company's website: http://www.stantec.com/content/stantec/en/about-us/investors/investor-specificarticles/dividend.html

Thank-you.

Q: Andrew Mccreath calls this a cult stock extremely overvalued on BNN this am. Comments

Q: Dear Peter and Team:I'm thinking of taking a tax loss in Airboss of America and buying it back in 30 days. Have your thoughts about the company changed since you first recommend it? As always, thanks for the expert advice at such a reasonable price.

Q: Looking for your opinion on STN today as from earlier in the month. It has had a nice move. Do you for see a pull back.
Thanks,
Bob

Q: I think the numbers you are referencing for MDA may be incorrect. From what I can see, MDA made $1.50 per share for Q3, 2015. The $1.41 you are referencing was for Q3, 2014.

Q: Q3 report. Comment please.

Q: Q3 report. Comment please.

Q: Your comments please on earnings and guidance. Thanks. Chris

Q: Peter, Do you still see capital power as a good stable performer? It appears to me that with coal being phased out by governments, probably sooner than we might have thought, it does not bode well for this company as it has many coal fired plants. Have owned it for years and really has been a poor performer. Thanks for your answer, Ken

Q: Just curious as to why Stantec's March 31st, 2015 dividend is ineligible? Is it normal for companies to periodically make a dividend ineligible?