Investing

Investing Idea - Dividend Growth

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  • Nov 19th, 2017 11:46 pm
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Nov 9, 2013
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jerryhung wrote:
Oct 26th, 2017 10:45 am
ENF continued lower
52w low $29.1 broke today after last Friday's mad drop off already
so $32 -> $29 in a week
Perhaps I'm one of the few welcoming the dip - I'm at risk of losing my DRIP if shares go above $33. Unfortunately this month's share DRIP was at ~ 32.xx rather than 29.xx Face With Tears Of Joy
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Apr 12, 2012
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jerryhung wrote:
Oct 27th, 2017 12:17 pm
CJR.B -2% :(

yep, while TSX is finally near 52w high
Doesn't make any sense why it is being shorted so hard. Their results were not that bad
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Sep 19, 2004
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zobi123 wrote:
Oct 27th, 2017 5:59 pm
Doesn't make any sense why it is being shorted so hard. Their results were not that bad
It ended -5%, $11.5x, 2017 low
Yep, no logic besides end of month today
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Jan 19, 2005
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jerryhung wrote:
Oct 27th, 2017 7:35 pm
It ended -5%, $11.5x, 2017 low
Yep, no logic besides end of month today
Huh, isn't the end of the month Oct. 31st?
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recordman wrote:
Oct 27th, 2017 8:34 pm
Huh, isn't the end of the month Oct. 31st?
T+2 settlement...maybe some funds want certain names off their portfolio for year-end?
:idea: :) :lol: :razz: :D
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Feb 4, 2015
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Canada, Eh!!
^^^ But this is Oct... not end of quarter or year end.

Trying to decide on CJR.B... had bought few years and ended selling at about same price but did get dividends!!
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Aug 17, 2008
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georvu wrote:
Oct 28th, 2017 11:07 am
^^^ But this is Oct... not end of quarter or year end.
Fiscal year end for Canadian banks and subs is October 31st. Consequently quarter ends are Jan 31, Apr 30 and Jul 31. Quarter ends and year ends are merely a snapshot of a point in time, but that's what is printed on the Financials and disseminated to investors. So what one does and does not hold on their books at that point in time maybe be very salient to management and investors for the purposes of calculating capital ratios, window dressing etc. Consequently, you may see lots of activity leading up to these periods. Don't always assume a flurry of activity is related to this though. The last 2 weeks leading up to quarter and year ends, the "dealer" side of the banks prefer to keep their activity low. No one gets rewarded for being a hero in October, but you can certainly blow up and have it come back at you.

Int'l banks will have fiscal year ends that correspond to the Gregorian calendar in Dec (i.e. DB) while others in March (i.e. HSBC).
[OP]
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Dec 14, 2010
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I couldn't find anything specific to Corus. Below is the latest free cash flow graph - nothing changed since they last reported a few weeks ago. There are obviously concerns with the reported lower revenue, but their focus now is reducing debt and maintaining dividends. I think this is a reasonable buy opportunity, and I'll add more if it drops below my average price.

Image


Rod
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Chance7652 wrote:
Oct 25th, 2017 10:59 pm
Hi Rod,

What do you think of SRU.UN and HR.UN?
HR.UN is in my consideration list, as I'm considering a replacement for BEI.UN, which has fundamentals too weak for me.

H&R REIT owns interests in 530 properties including office, industrial, retail and residential properties, including many trophy properties, aggregating ~46.6 MM sq.ft. in Canada and the United States. In addition, H&R has a one-third interest in ECHO Realty LP, which owns 223 properties totaling ~3.1 MM sq.ft. in the United States. They seem to be well managed with a good execution tracking record and their strategy is to produce stable, consistent and growing cash flow by targeting high-quality, often single-tenant properties and matching long-term leases to high-quality tenants with long-term financing, in a diversified portfolio, by both property type and location. You can see their list of tenants on their latest Investors Presentation from a few weeks ago.

Adjusted Funds From Operations have been decent and shows fair valuation:

Image


There is a decent market consensus given the number of institutional investors covering this business, which enhances confidence regarding expectation on returns:

Image


I also like how analysts have a good understanding of this business, being aligned with the estimates and results:

Image


At a glance this seems to be a decent quality business trading at a fair valuation. It pays a decent dividend, with a reasonable yearly growth and sustainable cash flow that indicates that this will continue. It's certainly worth to investigate further details to reaffirm the position that this is a good business to partner for the long term, and I'll probably be partnering with them soon.


I'm not familiar with SRU.UN, and that never made my list of potential candidates because I don't have 10 years of data for them. But a quick research shows that SmartREIT (which just got renamed recently to SmartCenters) invests in unenclosed retail centres across Canada, mainly anchored by Wal-Mart. The REIT owns 152 properties with 32 MM sq.ft. of GLA, as well as SmartCentres, Canada's largest retail developer. Calloway Properties Inc. was incorporated in December 1996, and was restructured into a REIT in February 2002.

Although estimates are a bit lower than HR.UN, they seem to be well managed as well, with some good metrics at a glance, including fair valuation and a lower debt to market when compared to HR.UN:

Image

There is also a reasonable number of firms covering this REIT, which helps from a market consensus perspective:

Image

Analysts seem to have a good understanding of this company as well, being well aligned between estimates and results:

Image


At a glance this seems to be another reasonable REIT, which is presently fairly valued, so I'll do further due-diligence as it would be a nice addition to the small list that I currently have. HR.UN earnings call are on November 14 and SRU.UN will report on November 8.


Rod
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Mar 14, 2009
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Woodbridge
Rod, how does the increasing struggle of the brick and mortar retailers factor into your analysis of the REITs?

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