reports
Investment Update | Review + Outlook
​We maintain our rating on Wheaton Precious Metals, given its portfolio of diversified, high-quality, low-cost and long-life assets, exploration potential and production upside. In our view, the company remains well positioned to execute more streaming deals. However, the ongoing CRA dispute remains a source of uncertainty for the company.
Investment Update | Review + Outlook
​We maintain our rating on Magna based on expectations for impressive sales and solid margin improvements through 2018. The company should post sales growth at twice the industry average over the next 2-3 years due to its leverage in several key areas including electrification/hybridization, driving autonomy, and safety.
Investment Update | Review + Outlook
​We maintain our rating on WSP based on expectations for increased infrastructure spending, double-digit EPS growth, solid operating leverage on international expansion via M&A activity, a well-diversified business portfolio, and an attractive EV/EBITDA valuation.
Investment Update | Review + Outlook
​We maintain our rating on Quebecor. The investment story for QBR lies in its wireless growth business and its attractive valuation. While the wireless business only represents ~18% of the company’s telecom revenue, the business is still in its early growth phase.
Investment Update | Review + Outlook
​We reiterate our rating on Enercare based on its stable, recurring cash flow model, coupled with attractive growth opportunities in the rental segment, particularly HVAC units, its expected growth in the submetering segment, and improved scale from the Service Experts acquisition.
Investment Update | Review + Outlook
We maintain our rating on Fortis as the company has added substantial value through both organic growth and acquisitions. Looking forward, a strong growth profile is backed by an aggressive 5-year, $13 billion capital program, which in turn should drive continued solid earnings growth and further dividend increases.
Investment Update | Review + Outlook
​We are maintaining our rating on Starbucks based on expectations for strong retail SSSG, solid operating leverage, international expansion especially in Asia, accelerating Channel Development revenues, continued product innovations and expansions, mobile order and pay, and continued operational improvements.
Investment Update | Review + Outlook
​Although steelmaking coal prices have retreated from recent highs, the latest spikes in coal prices have significantly improved the company’s cash flows. As a result, Teck has continued to strengthen its balance sheet by retiring US$1 billion of debt last quarter, bringing the company much closer to its goal of lowering total debt to $5 billion.
Investment Update | Review + Outlook
​We maintain our rating on CP based on its valuation relative to peers and our more modest volume growth outlook for CP in 2017 versus competitors. We remain optimistic on additional productivity improvements over the next two years as CP improves on train length and weight while reducing train starts.
Investment Update | Review + Outlook
We maintain our rating on CN Rail based on valuation. While the company deserves a premium relative to peers, we believe the current level is fair given various industry headwinds and lower than reported cost efficiencies once operating income is adjusted for accounting issues.
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