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Investment Q&A

Not investment advice or solicitation to buy/sell securities. Do your own due diligence and/or consult an advisor.

Q: Hello 5i,
Just had a look at ATS balance sheet which your report on Sept 5th suggested had improved. Can you help me understand how the more than doubling of "goodwill and other intangibles" which in march of 2020 were $800+million, compared to march 2023 were $1.7 billion will impact the company going forward? How did "intangible" assets grow so much and does this typically inflate assets on the Balance Sheet? Total debt in that time frame has also doubled. With reporting due next week(?) is there anything else you can shed light on for we shareholders?
Does ATS usually meet or miss on numbers?
TIA,
Read Answer Asked by Kat on November 06, 2023
Q: Hi,

Total return, long term investor with a diversified portfolio. I have a tiny position in BAM that I either want to add to or sell. If I sell, I could put the proceeds into BN.

Does it make sense to consolidate into BN or to build a bigger position in BAM? Which is likely to have the best total return over the next few years?

Thank you, Michael
Read Answer Asked by Michael on November 06, 2023
Q: What would be your best contrarian pick today in both us and canadian markets
Read Answer Asked by Todd on November 03, 2023
Q: As a longterm underwater holder could you please evaluate the quarter. Is this enough positive momentum to begin to undo the mistakes of the past? Is this a positive enough quarter to suggest they are turning the corner due to recent structural changes involving the move to in-house payment processing? Does this give you new hope for the company going forward?
Read Answer Asked by Warren on November 03, 2023
Q: At what point do you get concerned about the debt on a company’s balance sheet. Are there any other ratios that you look at besides “Net Debt / EBITDA” and “Net Debt/FCF” to determine if a company’s balance sheet is stretched. What are your thresholds for these 2 ratios as well as any others that you look at?

On another related note, I don’t get why PBH has always been a favourite of yours. The last 12 months data shows net debt of $2.02B, EBITDA of $288M and FCF is $26.7M (ltm numbers) for ratios of 7.04x for net debt/ebitda and 75.7x debt/fcf. Please explain the disconnect as the numbers show the balance sheet extremely!! stretched.

Thanks
Read Answer Asked by Sandy on November 02, 2023
Q: Hi Team,
I've been watching Hammond since you put it the growth portfolio and to this point just watching has not been the right move. In a question prior to earnings you mentioned a price of $57 or ~$55 was a good entry point. Now at $74 it feels like I missed the boat on this one.
Should one enter now or wait? Do you think it will come back down? What would be a decent entry price today for a 3 year (minimum) hold ?
Thank you
Read Answer Asked by Marco on November 02, 2023
Q: Hello, Raymond James dropped the price target of ATS to $61 from $67 ( Still a BUY ), in a preview of the quarter, yesterday. Not sure if other analysts on the street will trim estimates/target, leading to Nov 8 release of results. Is this a hint of what could be in the store ? Stock has been weak over past several weeks, perhaps, in anticipation of a soft quarter. What's your take ? Thank You
Read Answer Asked by rajeev on November 02, 2023
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