Earnings
April 25, 2018 - RUS
New! Russel Metals Inc. Price Target Update .....
April 24, 2018 - OSB
New! Norbord Inc. - 2017 Earnings & 2018 Price Target Update .....
April 21, 2018 - BNS
Bank of Nova Scotia - Fiscal Q1-2018 Earnings Update .....
April 20, 2018 - CM
Canadian Imperial Bank of Commerce -Fiscal 2018 Earnings Update .....
April 19, 2018 - BMO
Bank of Montreal - Fiscal Q1-2018 Earnings Update .....
April 18, 2018 - TD
Toronto-Dominion Bank, Fiscal Q1-2018 Earnings Update .....
April 17, 2018 - RY
Royal Bank - Fiscal Q1-2018 Earnings Update .....
April 15, 2018 - PZA
Pizza Pizza Royalty Corp. 2017 Earnings & Price Target Update .....
Recommendation Changes
PZA, DRG.UN, MIC(US), VET, BRE, more...

Importance of Yield - Updates: DRG, NVU, CRR, RUF, MRT, Preferred Share

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The transition from nearly 45 years of steadily declining interest rates and an extended period of interest rates hanging around at close to all-time lows is the new normal. Having interest rates bounce along at the low end of the long term range could be the status quo for quite a while. The range bound trend for interest rates began in 2011 and is still present 7 years later in 2018. The tail wind provided from declining interest rates that has been adding extra oomph to valuations is waning, while demographic trends are creating the strongest demand for income ever. Evidence of the size of this change is apparent in the US political landscape, where the incumbent President is becoming almost desperately irrational trying to fight the economic forces that come along with this next phase for interest rates and demographics. Going forward, earning reliable yields will be at least as important as growth for valuations.

Comments this week include comparison of price changes for the three main categories of preferred shares, for the S&P/TSX Capped REIT Index and the Dow Jones and S&P TSX Composite Index. This is to highlight the relative performance for each and to reinforce the importance regular income has on share price stability.

Earnings updates focus on the REIT sector and include Dream Global REIT(DRG.UN), Northview Apartment REIT(NVU.UN), Crombie REIT(CRR.UN, CRR.DB.E), Pure Multi-Family REIT(RUF.U, RUF.UN, RUF.DB.U), and Morguard REIT(MRT, MRT.DB.B). Dream Global REIT was initially formed in 2011 to hold commercial real estate outside of Canada. Their initial single tenant portfolio established a presence primarily in the German real estate market. Over the past eight years the portfolio has grown, the initial single tenant portfolio now contributes just 10% of revenues. Acquisitions during 2017 were transformative, growing assets by more than 50% with the addition of commercial space in Holland that includes industrial properties. The upside in the deal was evident in both Q4 and 2017 results with more expected as they improve on the low property occupancy rates. It took six years for Dream Global to fully achieve the diversification goal set when they were initially formed. Their goal has not changed going forward, distributions presently returning 5.9% are due for an increase.

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New Issues & Acquisition
April 20, 2018
New! Coverage Universe - Weekly Price Changes Apr 13-20, 2018
April 13, 2018
Coverage Universe - Weekly Price Changes Apr 6 - Mar 13, 2018
April 6, 2018
Coverage Universe - Weekly Price Changes Mar 30-Apr 6, 2018
March 30, 2018
Coverage Universe - Weekly Price Changes Mar 23-30, 2018
March 26, 2018
Extendicare Inc. - New Convertible Debenture
March 23, 2018
Coverage Universe - Weekly Price Changes Mar 16-23, 2018
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Coverage Universe - Weekly Price Changes Mar 9-16, 2018
March 15, 2018
Premium Brands Holdings Corporation - New Convertible Debenture