Onex Is One Investment Not to Be Passed Up - RBC

| About: Onex Corporation (ONEXF)

Onex Corp. (OTCPK:ONEXF) is one investment not to be passed up, says RBC Capital Markets analyst Nick Morton.

"Onex appears inexpensive and we like what we see," said Nick Morton in a note to clients.

At a time where few have equity and virtually none have credit, Onex is well positioned with approximately C$700-million in cash and $3.6-billion of available third-party capital.

Trading at roughly C$19, the analyst said investors are getting C$6 of public companies at current market quotes, C$7 of cash and equivalents and paying just C$6 for C$15 worth of private companies and Onex's growing third party money management business.

He maintained his "outperform" rating and estimates Onex's current net asset value at C$29. Given its history of trading in direct relation to its "hard' asset value, Mr. Morton has a price target on the stock of C$29, down from C$30 previously.