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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: whats your overall thoughts on retail in Canada in general? all these retail names have expeirenced sizable pull backs, and are looking more attractive now. is the strength of the consumer that large of a threat?
Read Answer Asked by matthew on September 25, 2018
Q: Re my question on H-IR, the receipts are trading around $27 and H is trading around $19 - 20. If the deal goes through what do I get for one H-IR? The press release which I read, and which you quoted did not make this clear to me. I assume I would not be trading a $27 H-IR for a share of H worth $20. (or would I ?)
And, also, what specifically would I receive if the deal does not go through?
Thanks,
Read Answer Asked by Peter on September 25, 2018
Q: It is difficult to evaluate the cannabis industry at this early stage. I wonder if I can get your opinion on the Medical side of the industry. With a longer term outlook and possibly our Canadian companies supplying the world with high grade medical cannabis, can you talk a little about the Companies you like in order of perference?
Read Answer Asked by Randy on September 25, 2018
Q: COR, the US data center REIT, is down 7% in the first 2 hours today . There was one downgrade---just one analyst (Cowen). I have searched for other news and found none. I don't have the Cowen report; perhaps you have access? Other analysts have not reported anything negative. And neither is there any other news [ yet] that I could find to justify the suden report. Granted, based on just numbers alone COR did look overvalued, and Robos did conclude that as they are based on just robotic (automated) analytics. So, what has changed? It is tempting to buy COR.(the Ex-div is a couple of days yet holders are dumping). Clearly , the market knows something that has not yet been reported. What gives, do you know/can you tell? Does Cowen have THIS much impact? I doubt that, so there must be something else surely? What is your view on today’s price on this US REIT? You have favored COR.us in the recent past.
Read Answer Asked by Adam on September 25, 2018
Q: Regarding my earlier q on NRGY you mentioned that it was trading at a discount of around 3.5% and explained that there were some good reasons not to like the mutual fund that it would roll into.
But given that closed it closed at 5.52 and Ninepoint shows NAV as 6.03 it could - at that price - be purchased at a discount of about 8%, no? If that were the case, would it not have made sense - apart from the commodity risk - for a fund which will close in about 4 weeks and for which an investor would receive its NAV?
(I was really asking whether I was missing something in the conversion process from NRGY to NPP008)
Read Answer Asked by Peter on September 25, 2018
Q: hi Peter I am seeking medium growth over say a 3 to 5year time frame in your universe of favourite stocks do you have any companies that currently trade at a P/E ratio of 20x or less the 2019 earnings forecast? if so the names would be greatly appreciated thanks Richard
Read Answer Asked by richard on September 25, 2018
Q: Hi Team: The price collapse in TCW seems overdone considering the overall financial improvement in this company.What would be the book value of TCW and could it buy back more aggressively it's stock considering the compeling valuation? I am considering averaging down late into tax selling season and thinking two to three years hold.
Many thanks,
Jean
Read Answer Asked by Jean on September 25, 2018
Q: WRT your recent DHX report, I think it leaves out some significant assets: Cash, short term investments, and the Peanuts sale cash. Can you check these numbers:

1) Net debt = $760M - $246M Cash/short term investments - $237M Peanuts sale = $277M
2) I think Current median EV/sales multiples for the media content assets is around 1.8x (confirm?). I believe peanuts sold to Sony closer to 3x (confirm?). I'm not sure the exact net revenue Peanuts brings to DHX?
3) If we assume the 49% sold peanuts stake contributed ~$100M in revenue, the DHX projected revenue would drop to say around $350M. So we are looking at $350M x 1.8 = $630M of content assets.
4) Margin of safety: $630M = $277M net debt + Equity;
Equity = $353M, compared to under $200M current market cap.

This company is certainly a cigar butt, which I picked up close to $1. Seems to have a couple puffs left?
Read Answer Asked by Wayne on September 25, 2018
Q: In my cash account, I am down 22% on BABA, up 52% on ALGN and up 54% on TRHC . Would you claim a loss on BABA and buy either ALGN or TRHC? Sectors are not an issue. I do like BABA, but the war between Trump and China seems not to be resolved in the near future.
Read Answer Asked by Elaine or Gerry on September 25, 2018
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