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Investment Q&A

Not investment advice or solicitation to buy/sell securities. Do your own due diligence and/or consult an advisor.

Q: A couple of questions on the financials. Your Jan/14 report showed $360 million in cash. The most recent quarter you noted shows $1.3biln ($14 cash per share).That's quite a jump for a company with a market cap of $700mil I am wondering where all the cash comes from?
Your report also mentioned $8 of book value. Equity as of the most recent quarter is $1.1biln with pref stock of $206mil. Does that mean $12.50 of book value?
The current ratio is just over 1, is that normal for this kind of business?
Finally you mention principal trading as a risk.Is this represented in the $1biln of short term investments?
Thanks
Mike
Read Answer Asked by michael on January 05, 2015
Q: I have held Intact for some time and have a decent profit. Would you continue to hold or would you recommend a switch to another Insurer/financial?
Read Answer Asked by jim on January 05, 2015
Q: I see that there is still a bit of insider buying in Aston Hill with net buying overall. Do you have any insight regarding how AHF is progressing with restructuring their Assets Under Management ? Would you consider them a speculative buy here ?

Thank You
Clarence
Read Answer Asked by Clarence on January 04, 2015
Q: hello 5i:
I'm currently slightly underweight financials and would like to add to a small holding of FSZ. I've read your reply to a question in December (FSZ vs CF),and am slightly puzzled by the response. FSZ currently trades at a PE of 13.7 vs a normal PE of 21.5 and a cash flow of 15.4 vs a normal of 24.5. This appears, to me, to be much more upside than CF offers. Do I have my figures right? Do you consider FSZ a buy at the moment, or should I be looking to add to positions in BNS, or other areas of the financials that show more opportunity?
thanks
Paul L
Read Answer Asked by Paul on January 04, 2015
Q: Was wondering your thoughts on the greater potential growth TD or C, I know hey are different types of banks but was wondering your thoughts on growth thanks
Read Answer Asked by jason on January 03, 2015
Q: could you please recommend one or more etfs that would target US banks in Canadian fund. Do you think it is a good move having limited exposure to the above.
as always thanks
yossi
Read Answer Asked by JOSEPH on January 03, 2015
Q: What is your view of the news released after-hours on Dec 31? The payment of $4.9 M across 13.3 million shares is .37 per share. I can't find details of the US royalty stream and how it compares to the buy-out amount. Perhaps this is a "bird in the hand" scenario: better to have $4.9 million in cash now, to grow the Canadian business. I'm up 20% on a half position and considering adding. Does this news support that?
Read Answer Asked by David on January 02, 2015
Q: Can this stock maintain its payout going forward.
Read Answer Asked by Howard on December 31, 2014
Q: Good Morning 5i team

I have owned MFC for some time now and to be honest it has felt somewhat like dead money with my realizing a modest 8% return including dividends. Without the dividend return on equity is around 3% or approx 1/4% higher than my savings account.

I read your answer for George on Dec 13 and read your blog comparing Sunlife & MFC. Quite telling.

I am thinking about selling out of my MFC position and buying into Sunlife. It seems like an obvious move and am wondering if you would agree?

Thanks for all you do and Happy Holidays

Gord
Read Answer Asked by Gord on December 25, 2014
Q: May I please have your assessment of AmTrust for adding to my US finacial sector portfolio in a RRSP US$ account . I am looking for share price appreciation rather than income.
Thanks, Tim.
Read Answer Asked by tim on December 24, 2014
Q: Hi Team: growing a little frustrated with lack of growth. Considering switching to CF for higher appreciation potential as the CDN market recovers. Reasonable?
Read Answer Asked by Scott on December 24, 2014
Q: I guess I bought cf at the top. Down 45 per cent. It seems excessive since they just paid a special dividend on top of the regular dividend. I know it is partly due to oil and gas but would they not make a lot of money through mergers of oil companies next year?Hopefully I learnt my lesson ie I have way too much in oil and gas related companies as a percentage of my portfolio stuck now to wait for the next up cycle. Or maybe when my portfolio review comes up I will be advised to dump and start over lol.
Read Answer Asked by Helen on December 23, 2014
Q: Follow up on CXI. Your report on the firm is positive, but it is not in the model portfolio. Please explain how you decide what goes into the portfolio and when you make changes to the composition. Thanks.
Read Answer Asked by Noel on December 22, 2014
Q: Hi Peter and Team, would you be able to explain the five year low in share price of AHF? Is there something of real concern here? Are insiders or major share holders selling here? Thanks!

Thanks for all your help this past year.
Merry Christmas and All the Best in 2015 to All at 5i including Members!
Read Answer Asked by Hussein on December 21, 2014
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