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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: Further to my earlier question about First National Financial (FN-T), I note that your previous analyses about FN said that the dividend payout ratio in the first quarter of 2013 was 132% up from 103% the previous year. The most recent RBC Capital Market foundation report on FN indicates that it was 68.6% in 2012 and estimates it to be 54.2% in 2013. Why such a discrepancy? As always, I look forward to your views.
Read Answer Asked by richard on August 06, 2013
Q: I would appreciate your assessment of the impact of the proposed restriction in mortgage guarantees from CMHC on First National Financial (FN-T). Thank you.
Read Answer Asked by richard on August 06, 2013
Q: Hi Peter,

What are your thoughts on the JP Morgan Tarp Warrants, JPM.WS currently at $17.43/share. The exercise price is $42 until October 2018. Currently JPM is at 56.00, say 57, therefore my break even is 17.43+42 = $59.43/share until October 2018. One could with some degree of confidence say that JPM should be higher than 60.00/share by October 2018 even assuming their current 6.00 EPS for the next 5 years.
Read Answer Asked by Graham on August 05, 2013
Q: bHi Peter and team

Could you comment on the the First National preferred share, FN.PR.A. At the current price of 16.00 it yields 7.27% which seems high. It is a rate reset and converts to Floating Rate at 207 bps over the GOC 5 year index in 2016. So it has some inflation protection. Is there a risk here that I don't see. Thanks

Ross
Read Answer Asked by Ross on August 05, 2013
Q: AI vs EQI...They are trading at roughly the same price...How would you compare their value?Do you know both management teams?
Read Answer Asked by Glen on August 04, 2013
Q: I'm looking at CXS and thinking about picking up a position. I understand its expensive, but growing quickly. What are relevant multiples for this industry (EV/EBITDA, P/E, etc.) and where is CXS currently trading? What kind of growth is expected in the balance of this year and in the following years. Thanks
Read Answer Asked by Rob on August 03, 2013
Q: Hi
Could you please give me your thoughts on Counsel Corp, CSX.TO
I am thinking of trimming my recent gains in Home Cap. to pick up this little beauty.
Thanks
Read Answer Asked by Greg on August 02, 2013
Q: Hi Peter and Team,

Quick thoughts on Everbank, EVER. Is it a good long term buy at current prices?
Read Answer Asked by Graham on July 29, 2013
Q: good day to all of you.
would appreciate your views on LYG,RBS and Barclays bank for the short and mid term cycle thanks in advance
Read Answer Asked by georges on July 29, 2013
Q: Peter, Is ZUB-T a good way for a Canadian to play the U.S. banks ? As always thank you for your expert advice.
Read Answer Asked by Norman on July 26, 2013
Q: Good morning; I would appreciate your view on AMTD, TD's US etrade business reading on the NYSE.

Many thanks,
Michael
Read Answer Asked by Michael on July 24, 2013
Q: HI, my question is about LIFE & BANC SPLIT CORP. (LBS). Monthly dividend .10 yield around 14% & valuation. Would you buy this stock? thanks.
Read Answer Asked by Dario on July 24, 2013
Q: Good Afternoon Peter and Team,
I just purchased a part position in Fiera Capital (FSZ- TSX). I noticed that both JC Clark and Goodman and Company own big stakes. More importantly 5i's B+ rating and National Bank's 35 % stake gives me great comfort. My question is- What would National Bank have to pay today in order to purchase the 65% of FSZ shares that it does not already own ??? Because Fiera is growing so quickly I find it difficult to value the company. (probably pretty easy for you) I just hate paying too much for a stock.
Thank you, DL
Read Answer Asked by Dennis on July 23, 2013
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