Earnings
February 16, 2019 - TRP
New! TransCanada Corp. 2018 Year End Earnings & Price Target Update .....
February 13, 2019 - AW.UN
A&W Revenue Royalties Income Fund - 2018 Results & Dividend Inrease .....
February 13, 2019 - CRT.UN
CT Real Estate Investment Trust - 2018 Earnings & Price Target Forecast .....
February 10, 2019 - NTR
Nutrien Inc. 2018 Earnings & Price Target Update .....
February 8, 2019 - BCE
BCE Inc.-2018 Earnings & Price Target Update .....
February 7, 2019 - BPF.UN
Boston Pizza Royalties Income Fund - Q3-2018 Earnings & Price Target Update .....
February 6, 2019 - KEG.UN
The Keg Royalties Income Fund - Q3-2018 Earnings & Price Target Update .....
February 3, 2019 - CRR.UN
Crombie REIT - Q3-2018 Earnings & Price Target Forecast .....
Recommendation Changes
TRP, AW.UN, NTR, MKP, AI, 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 15, 2019
New! Coverage Universe - Weekly Price Changes - Feb 8-15, 2019
February 8, 2019
Coverage Universe - Weekly Price Changes - Feb 1-8, 2019
February 1, 2019
Coverage Universe - Weekly Price Changes - Jan 25-Feb 1, 2019
January 29, 2019
BIP Investment Corp. Minimum 5.85% Cumulative Rate Reset Preferred Share New Issue
January 25, 2019
Coverage Universe - Weekly Price Changes - Jan 18-25, 2019
January 21, 2019
Canadian Western Bank 6% Rate Reset Preferred Share New Issue
January 18, 2019
Coverage Universe - Weekly Price Changes - Jan 11-18, 2019
January 17, 2019
TD Bank Preferred Share 5.2% Rate Reset New Issue