Earnings
April 2, 2020 - QBR.B
New! Quebecor Inc. -2019 Earnings, Price Target Forecast .....
April 1, 2020 - CPX
New! Capital Power Corp - 2019 Earnings, Price Target Update .....
March 28, 2020 - RSI
Rogers Sugar Inc. Q1-2020 Earnings, Price Target Update .....
March 27, 2020 - SU
Suncor Energy Inc. 2019 Earnings. 2020 Price Target .....
March 25, 2020 - CNQ
Canadian Natural Resources Ltd 2019 Earnings, Price Target .....
March 25, 2020 - IMO
Imperial Oil Ltd, 2019 Earnings, 2020 Forecast .....
March 22, 2020 - NWC
North West Company - 2019 Earnings, Price Target Forecast .....
March 21, 2020 - NTR
Nutrien Inc - 2019 Earnings, Price Target Update .....
Recommendation Changes
QBR.B, AW.UN, CPX, SU, CNQ, 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
April 3, 2020
New! Coverage Universe - Weekly Price Change: Mar 27-APr 3, 2020
March 27, 2020
Coverage Universe - Weekly Price Change: Mar 20-27, 2020
March 20, 2020
Coverage Universe - Weekly Price Change: Mar 13-20, 2020
March 13, 2020
Coverage Universe - Weekly Price Change: Mar 6-13, 2020
March 6, 2020
Coverage Universe - Weekly Price Change: Feb 28-Mar 6+, 2020
February 29, 2020
Coverage Universe - Weekly Price Change: Feb 21-28, 2020
February 21, 2020
Coverage Universe - Weekly Price Change: Feb 14-21, 2020
February 14, 2020
Coverage Universe - Weekly Price Change: Feb 7-14, 2020