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ZCL Q3 2018 Results Review and Takeaways for Investors

Splish! Splash! – ZCL’s new CEO takes a bath! This video discusses Q3 results, as well as announcement of a profit improvement plan, 2019 as a transition year to bring margins back to historical levels, and key takeaways for investors including sustainability of the dividend. […]

Quick Take – Why Enbridge Stopped the DRIP!

As part of Q3 earnings, Enbridge ($ENB) announced suspension of their dividend reinvestment plan.  My take on management’s rationale for the decision and implications for shareholders. Key discussion points: Growth capital funding requirements Leverage Historical and project dilution Valuation

Quick Take – Update on Facebook Earnings ($FB)

Facebook reported Q3 2018 earnings.  We look through the conference call transcript and quarterly investor presentation for updates on revenue and expense growth.  We also walk through the key drivers of revenue growth and revisit our #bull #base #bear case scenarios.

Investment Analysis of Facebook ($FB)

Facebook makes money (a lot of money…$40B of revenue in 2017) by selling ads on its two key platforms – Facebook and Instagram.  Revenue growth has averaged ~50% per year over the last 5 years. On their most recent Q2 conference call, the CFO guided […]

Investment Analysis of High Liner Foods ($HLF)

High Liner Foods is a branded seafood products business based in Nova Scotia, Canada.  It has both retail and foodservice brands and products are diversified across 30 different species (60% of sales from Cod, Shrimp and Salmon). 2017 was a challenging year with both a […]

Investment Analysis of Macquarie Infrastructure (MIC)

I read a recent article that put forward a long thesis for Macquarie Infrastructure (MIC).  MIC cut their dividend in February of 2018 and the stock plummeted ~40%. Since then, management / insiders have been buying shares and despite the dividend reduction, the current yield […]

Investment Analysis of ZCL Composites (ZCL)

Boasting a current dividend yield of ~7% with no debt (a rare combination), and with the stock down over 50% from 2017 highs, I thought this would be an interesting stock to research from a value perspective. ZCL is North America’s largest manufacturer of fibreglass […]