Earnings
December 2, 2020 - BNS
New! Bank of Nova Scotia 2020 yr end Earnings & Price Target Update .....
November 29, 2020 - LIF
Labrador Iron Ore Royalty Corp. Q3-2020 Earnings, Price Target Update .....
November 27, 2020 - CPX
Capital Power Corp - Q3-2020 Earnings, Price Target Update .....
November 26, 2020 - INE
Innergex Renewable Energy Inc. Q3-2020 Earnings, Price Target Update .....
November 25, 2020 - AQN
Algonquin Power & Utilities Corp. Q3-2020 Earnings, Price Target Update .....
November 22, 2020 - TOU
Tourmaline Oil Corp. Q3-2020 Earnings, Price Target .....
November 22, 2020 - IMO
Imperial Oil Ltd, Q3-2020 Earnings, 2020 Forecast .....
November 22, 2020 - SU
Suncor Energy Inc. Q3-2020 Earnings, Price Target Update .....
Recommendation Changes
INE, IMO, CNQ, RPI.UN, EIF, 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
November 27, 2020
New! Coverage Universe - Weekly Price Change: Nov 20-27, 2020
November 25, 2020
Freehold Royalties Ltd - Subscription Receipts New Issue
November 21, 2020
Firm Capital Mortgage Investment Corp. Common Share New Issue
November 21, 2020
Premium Brands Holding Corp. Common Share New Issue
November 20, 2020
Coverage Universe - Weekly Price Change: Nov 13-20, 2020
November 13, 2020
Coverage Universe - Weekly Price Change: Nov 6-13, 2020
November 7, 2020
Coverage Universe - Weekly Price Change: Oct 30-Nov 6, 2020
October 30, 2020
Coverage Universe - Weekly Price Change: Oct 23-30, 2020