Earnings
February 25, 2021 - GEI
New! Gibson Energy Inc. 2020 Earnings, Price Target Update .....
February 24, 2021 - REI.UN
RioCan REIT - 2020 Earnings, Price Target Update .....
February 21, 2021 - IPL
Inter Pipeline Ltd - 2020 Earnings - Takeover Update .....
February 19, 2021 - AI
Atrium Mortgage Investment Corp. 2020 Earnings, Price Target Update .....
February 17, 2021 - ARX
Arc Resources Ltd(Seven Generations Energy) - Price Target Forecast .....
February 16, 2021 - FTS
Fortis Inc. 2020 Earnings, Price Target Update .....
February 14, 2021 - SRU.UN
SmartCentres REIT - 2020 Earnings, 2021 Price Target .....
February 12, 2021 - MFC
Manulife Financial Corp. 2020 Earnings, Price Target Update .....
Recommendation Changes
ARX, MFC, KEY, PEY, IMO, more...
Valuation Criteria

1. The Basic Business of the Trust - Who Are They and What Do they Do?
Business - utility, pipeline, natural resource, real estate, business trust
Industry factors - depleting, non-depleting, seasonality factors, hedging management
Economic factors - sensitivity to interest rates, currencies, commodities
Business diversification - single sector vs multi-sector business

2. Trust Financial Data - The Fundamentals
Ratio Review - distribution ratios, debt to equity, market capitalization to book value
Assets - type and age of assets that are key to the trust, capital expenditure reserves
Liabilities - amount, terms, interest rates, maturity schedules
Revenues - growth from same store, organic & acquisitions
Profitability - profit margins, expense control
Comparability - to sector peers, previous reporting periods
Valuation ladder - liquidation - going concern - goodwill premiums
Income tax - tax -deferred vs current income

3. The Legal & Organization Structure - Rights and Powers
Capital structure - share classes, debt instruments,
Corporate structure - subsidiaries, affiliated/connected corporations and trusts
Legal obligations - customer contracts, management internalization, unit subordination terms, management agreements, prospectus review

4. Quality of Reporting & Filing - Playing by the Rules
Clarity and timeliness of company reports Observing the legal filing requirements Adherence to Generally Accepted Accounting Principles "GAAP"

5. Management, Governance, Unions - Integrity Questions
- review of the quality of mgt decisions
-observation of good corporate governance practices - ie no conflicts of interest
-unions - expiration of contracts, general relations

6. "Industry & Economic Issues" - The Bigger Picture
-competitors, product cycles, brand strengths, supply/demand for products
-broader economic factors - interest rates, economic indicators, global trends
-current taxation and regulatory trends and issues

7. Sources of Information
-websites for - "trust and related entities", SEDAR/Edgar, independent research sources,
brokerage firm research, webcasts, general news media, ratings services.

Produced by H.C. Levant, - Reproduction of this material in part or it's entirety is subject to copyright licensing agreements and is forbidden except only with the express written consent of the author.

New Issues & Acquisition
February 26, 2021
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