Investment Q&A

Q: can I have your comments on pbh results.
Stan

Q: From some recent comments I suspect I have too high a percentage in oil and gas shares (15% directly in oil and gas companies and 8% in services, including pipelines, of which 5% is TransCanada (TRP)), I was contemplating making a shift to other sectors. I was thinking of purchasing some Enghouse (ESL) or CGI Group (GIB.A) for my TFSA account replacing some oil stock. I noticed that last summer you strongly preferred ESL over GIB.A due to better management and no debt despite some poorer metrics i.e. price to cash flow, PE ratio, etc. You have included this name in your model Balanced portfolio with an A- valuation thus is a very strong recommendation. Does your opinion still remain the same at present? Also, I have noted that recently there have been price reductions in some tech stocks, which you have partially explained by sector rotation. If this is an issue should I wait for drops to completely occur or purchase now. If now and your opinion is still very high on ESL, I will plan to purchase some Enghouse shares. CGI Group (GIB.A) shares constituting approximately 0.5% of my family’s stocks (9 different accounts) were purchased two years ago for my TFSA account. Would you also recommend selling my GIB.A and consolidating in ESL. Thank you very much.

Q: Hello Peter,

Can you comment on ESL year end release

Thanks
Kevin

Q: Could you comment on tricon's latest quarter. I have a half position (down 20%).Good time to add to get full position?

Q: Hello, I just read your updated report on NAL. What percentage of their revenue comes from the oil sector ? Considering they are reducing their workforce, would it be difficult for them to grow again when the market turns ? What oil price do they need to get their business going again (rough estimate if possible) ? thank you, just looking for general comments.

Q: Thanks for your updated report on WSP. It looks like they are doing a great job with their recent acquisition. I'm wondering what your team's thoughts are of STN vs. WSP. Is there one you would prefer for the long term?

Q: Hi 5i, there's been a close to 4% rise in today's share price. Any reasons for this bump up?

Q: How likely is it that Parkland will issue new stock to cover the costs associated with the acquisition of gas stations and "On The Run" convenience stores from Imperial Oil? Thanks!

Q: Hi, Can you please comment on ESL earnings release. Looks like Revenue, EPS were a bit shy of street estimates. is this mainly due to CIT related expenses? You had mentioned that CIT was the 2nd largest acquisition in company history ? How is it likely to contribute to future results ? Did FX play a role in current earnings? I just started a new position today @ $57.25. What are your thoughts on valuation and market perception of results ? Thanks

Q: Please comment on Enghouse latest quarter. Thanks!

Q: In addition to my previous question if this stock drops do you have a price that if Enghouse went below it would be a table pounding buy? Reading through some past reports the company consistently states that operating results fluctuate between quarters and I'm guessing this is one of those quarters where things fluctuated below expectations.

How much weight would one put into Sadler selling some shares in the 70s a few months back to foresee recent movements in Enghouse stock? Is the drop at the end of trading Wednesday March 9 suspicious and does the OSC monitor such activity?

Q: The company has released it's 4th quarter results and management seems to be confident they can afford the dividend although many of the financial metrics seem to have declined. I am wondering what your thoughts are? I couldn't see a cash flow in the release.
Many thanks.
Mike

Q: Further to my previous question in ENB dividends, they are paid in Canadian dollars and converted at the current exchange rate at the time they are paid?

Q: What are the chances of the Dutch Auction buyback announcement shaking off some of the short sellers?

Q: Could you please clarify the recent deal where Imperial Oil has sold its retail ESSO stations to various entitities, including PKI and ATD? In one news article, it seemed to suggest that PKI purchased all of the "On the Run" convenience stores and some of the gas stations. Howefer, in reply to a previous question, you stated that ATD had bought some of the gas stations but it would seem to me that they would want the convenience stores as well, so I am left wondering who purchased what.

Could also comment on how you see the acquistions affecting both ATB and PKI.

Thanks for the insight.

Paul F.

Q: How do the quarterly results look for CXI to you. Is this still a hold or time to add some. Thanks

Q: I haven't seen any questions about the Dutch Auction issuer bid. I am wondering what this is and what impact it has on the stock price. Why would management do this and does it have an impact on the short positions?
Many thanks
Mike

Q: I have both CGX and DIS in the consumer space, and although I have done well on both I am concerned these may be too reliant on the same movie-going public. My other consumer names are CTC.A and CCL.B. Do you agree I am too concentrated, would you recommend selling CGX and diversifying into a different part of the consumer space, and if so, what do you suggest?

Q: Further to the concrete rail ties comment, in my travels (North Shore, Georgian Bay) I've noticed when a wooden pole needs to be replaced, hydro technicians install a pole made from a resin-like material. These new poles come in stackable pieces that enable the height of the pole to be adjusted according to the terrain. On seeing these, my thoughts were no more hydro poles full of giant woodpecker holes and are these new poles a threat to Stella Jones?

Q: How would you view a switch from FSV or CIG to ECI? Both offer a lower yield but do they have better growth to make up for it? I have these companies before the split so there would be some capital gains tax. Should I switch out from one(which one) or both to ECI or you think it does not make much of a difference?
Regards