Investment Q&A

Q: Hello,

TD believes the following on BN

After subtracting the market value of BN's stakes in BAM/BEP/BIP, the stock is ascribing negative value to the stake in BBU (~$1.75/share), real-estate (~$20.00/share), insurance (~$2.50/share), and carried interest (~$3.60/share). BN's ~$4bln of annual FCF provides considerable firepower to address the discount, although share buybacks must be weighed against the prospect of growing the franchise. We believe that BN's conviction in the intrinsic value of its stock price is evidenced by ~$750mm of TTM share repurchases and ~ $100mm of share purchases in the open market by the senior executive team.

Couple questions
1. This is the first time I have seen the value of BN being just reflected as just BIP,BEP, and BAM. Would you agree with this.

2. If you agree, isn’t it extremely compelling to get BBU, Reinsurance, oaktree, and property for free?

3. Would you agree with the $61 USD target or 90% upside?

Thank you!

Q: Hey guys!
Do think this is a good time to over weight the Banking Sector with the pull back or is it a time for caution? I find myself with lots of bank stocks! Like the dividends…
Thanks
Peter

Q: US stock market almost recovered after a stunning run lately. The Canadian market is apparently still recovering. Do you think there is a rotation that will be going on, e.g. Canadian stock market, or non-AI stocks? I am wondering whether there are some Canadian stocks that may be benefit from the rotations that we can invest now?

Q: Hello Peter & Team: I am trying to trim down my financial holdings as I am spreading too thin, I'm currently retired and would like income with growth potential with 3 -5 years holdings time frame . Which of the above is most prefer to least prefer, and why.
Thank you for your great service , as always.

Q: Hello,

TD believes that BN is only pricing in BIP, BEP and BAM and ascribing no value to BBU, oaktree, insurance and the real estate.

Do you agree? If so, this must be a deal of a century?

TD- After subtracting the market value of BN's stakes in BAM/BEP/BIP, the stock is ascribing negative value to the stake in BBU (~$1.75/share), real-estate (~$20.00/share), insurance (~$2.50/share), and carried interest (~$3.60/share). BN's ~$4bln of annual FCF provides considerable firepower to address the discount, although share buybacks must be weighed against the prospect of growing the franchise. We believe that BN's conviction in the intrinsic value of its stock price is evidenced by ~$750mm of TTM share repurchases and ~ $100mm of share purchases in the open market by the senior executive team.

Q: I,ve held this stock for some time now. Does'nt seem to be going anywhere . What do you think of it ? Hold or sell ? Thanks.

Q: Thinking of adding one of these to my TFSA. Which offers more growth and what would be a fair entry price?
Thank you for your steady support through these trying times.
Donna

Q: Is the complexity of the Brookfield group of companies (if you see their organizational chart from and SEC prospectus) troublesome? or is this typical for companies nowadays. My concern is I remember the complexity and inter-twining of the previous Hees-Edper companies which spawned Brookfield. Are there any red flags?

Q: Hi,

CIX has managed to get to $15-ish. My breakeven is $20. I feel that getting to $15 was a miracle and that $20 won't happen.

From a trader's perspective, should one take the loss and rebuild ?

From your broad perspective, should keep the faith and hang in there? You know...generally speaking for this stock? I noticed that 5i dropped Fiera. Maybe CIX is in the same situation?

Q: Good Afternoon
Recently I noted insider sales by both the CFO and CEO.
Can you please comment whether this is significant.
Thanks

Q: Do you think Mastercard has the potential to outperform the market over the next three to five years? The company has had to cut the fee it charges retailers in various countries, it is facing lawsuits regarding its high fees, and it has more competition now. Do you think the cash-to-card runway opportunity outweighs the risk of a drop in revenue due to lower fees? Also, in the US, where merchants may be allowed to choose another payment network even if the customer pays via a Mastercard, do you think Mastercard has an advantage with its value-added services?

Q: Which Brookfield company should I add for dividend with some growth.
Thanks
John

Q: Did not have an opportunity to hear what ECN had to say about their earnings and possible sale of the company. Was there any indication of what direction the strategic review might take and possible timing of any announcement.. Secondly if a takeout does not occur is there anything in terms of future guidance that would provide support for the shares around current levels? Current results appear rather tepid and my concern is that shares could tank without positive news from the strategic review. What is your sense as to what direction the strategic review might take?

Q: At $125, do you think Royal will do a stock split?
Thank you

Q: I have a question about 1123

Q: Looking mainly for income and some growth in my retirement portfolio. Already have a full position of SLF.
I love the dividend that MFC provides but have little confidence in their growth. Do you feel that GWO:CA looks more promising?

Thanks as always.

GM

Q: Do you expect better growth from TSU or ATD?

Q: Which US bank is the better bet: US Bancorp or JP Morgan or do you have another preferred pick?

Q: What is your view on NDAQ's acquisition of Adenza? Do you think the market reaction was overdone?

Q: Down for a long time.

Keep or sell and replace with most promising
Canadian growth company