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Alex Rasmussen  

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  • Trinity Update: Crash Tests Pass, Acquisitions And Growth Prospects Ahead [View article]
    Bryan I'd also be interested in your opinion especially after today. Thanks!
    Apr 24, 2015. 11:57 AM | Likes Like |Link to Comment
  • MSC Industrial Suffering From Weakening Markets And Execution Issues [View article]
    Great overview, thanks. Waiting anxiously to see how FAST and GWW are battling in this market. Curious why your pick is MSM over the other two? Valuation or something about the business model/intangible?

    Thanks again, Alex
    Apr 10, 2015. 12:55 PM | Likes Like |Link to Comment
  • AutoZone: Our Favourite Large-Cap Stock [View article]
    Thanks for the great write up, agree with all of it.

    One thing I would mention is that ORLY is the best-in-class, ranks much higher on customer service, convenience and some price survey data pretty consistently. It shows in their comp sales and consequently their stock. As AZO grows into DIFM i'd expect them to eventually step on their toes, just a risk, but one not being batted around that much on the sell-side.

    Additionally as you noted, average vehicle age has been a straight line up for the past decade. Were this to reverse and we see a sustained high in new car sales as many are expecting, that will also be a headwind for AZO. This would need to be on the back of a much better economy, particularly for the middle class consumer, than we're currently seeing.

    Net-net those 2 risks are LT and speculative, I've been long the stock since 605 and don't plan on looking at it until $750.

    Thanks again, Alex
    Mar 13, 2015. 08:45 AM | Likes Like |Link to Comment
  • Fastenal: A Company With A Large Moat In A Fragmented Industry [View article]
    Bryan I want echo what Netwall said, this is a very well researched article and provides top notch, plain-spoken insights that are a rarity in most "professional" analyst research. Keep up the great work, Alex
    Mar 4, 2015. 04:02 PM | 1 Like Like |Link to Comment
  • Big Short II: Can Canada's Largest Banks Absorb Increasing Defaults From A Real Estate Crash? [View article]
    Thanks for the response Nigel and good luck with your trade.
    Feb 24, 2015. 12:08 PM | Likes Like |Link to Comment
  • Big Short II: Can Canada's Largest Banks Absorb Increasing Defaults From A Real Estate Crash? [View article]
    Thanks for the article, very well researched. Probably splitting hairs considering your overall view but if you were forced to be long and had to pick 1 or 2 which ones would they be? Would you have a rank 1-5 in mind?

    It seems based on your work that would be BMO at the top and CM at the bottom, correct?
    Feb 23, 2015. 04:16 PM | 2 Likes Like |Link to Comment
  • CarMax: 5 Reasons Why The Valuation Is Dangerously High [View article]
    This was fantastic research Jonathan thanks for sharing
    Feb 19, 2015. 08:17 PM | Likes Like |Link to Comment
  • Top 10 Stocks For 2015 [View article]
    Think this is one of the better lists I've seen! Thanks.
    Jan 14, 2015. 12:46 PM | Likes Like |Link to Comment
  • Canadian Oil Sands: Sorry, But We Told You To Stay Away [View article]
    Nice call,

    Be curious to know - if you had to pick a highest quality, lowest cost name in CDN space what would that be and where would you be stepping in to buy it?

    Thanks!
    Nov 28, 2014. 01:53 PM | Likes Like |Link to Comment
  • Wesco: Compounding Machine On Sale - 40-100% Upside [View article]
    Thanks for clearing up sales growth discrepancy. Still don't like the hurdle of that LT 13.5% on the bottomline (5yr estimate) - room for a lot of disappointment in that period makes valuation secondary imo.
    Nov 26, 2014. 11:56 AM | Likes Like |Link to Comment
  • Wesco: Compounding Machine On Sale - 40-100% Upside [View article]
    Interesting idea had me initially intrigued but end of the day I'm looking at analysts expecting 13.5% LT EPS growth for a company that on most conventional metrics (gross margin compression, FCF conversion) has deteriorating fundamentals (though the inventory turns improvement, as you've pointed out, is comforting) as well as that P/Owner's Earnings. Expected to hit around $1.65B of sales next yr (implying growth over 20%) is a big ask for a company in a bit of an uglier business, may turn out to be not as cheap as it appears but definitely appreciate the article it looks like a good one to watch.

    All that said looks like it's overextended on the downside and could work it's way up to to $16-$17 range based on it's historical comps relative valuation. That's also where JPM (the bear on this name) just lowered it's PT today ($16), so short-term looks like good money. Thanks,
    Nov 25, 2014. 11:32 AM | Likes Like |Link to Comment
  • Suncor Is A Buy, Especially With Energy East On The Horizon [View article]
    Good article George thanks for sharing. Be interested to know if you feel similarly about CNQ or VET?
    Nov 23, 2014. 06:46 PM | 1 Like Like |Link to Comment
  • Hershey: Outstanding Company, Rich Valuation [View article]
    Brian good article, wondering why you used cost of equity of 10%? Based on most regressions it's hard to get anything over 0.90 (most bberg adjusted looking like .65) which would imply a cost of equity middling around 6%...seems low but not fair to reward a stable brand name like HSY? Be interested to know what you would think of lowering the cost of equity down sub 7% ?
    Nov 12, 2014. 03:20 PM | Likes Like |Link to Comment
  • Clublink Enterprises: Apples To Oranges [View article]
    Excellent research David thanks for sharing. I modelled them in July/August last year and came up with very similar results. My only concern with your analysis would be the discount rate on Canadian operations. The beta reflects illiquidity rather than financial strength / underlying business. I would probably use a beta of 0.8 instead of 0.25 to give them some credit for recurring revenue and RTP segment.

    Great job and thanks again, Alex
    May 28, 2014. 01:23 PM | 2 Likes Like |Link to Comment
  • Wal-Mart (WMT): A Shifting Tide? [View instapost]
    Nice job Dylan.
    May 3, 2014. 01:30 PM | Likes Like |Link to Comment
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