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Peter Angus

Peter Angus
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  • Tootsie Roll Earnings: Consumers Shy Away [View article]
    3% stock dividend in April each year, not 10%.

    This Company needs new management.
    Dec 11, 2014. 04:29 PM | Likes Like |Link to Comment
  • Revisit Bank Of Nova Scotia In 2015 [View article]
    From the Globe and Mail - 2/3rds of job cuts to be made in Canada:

    This Exactly one year after he took over, Brian Porter is shaking up Bank of Nova Scotia.
    Early Tuesday morning Scotiabank’s chief executive officer announced a litany of changes to its operations in Canada and abroad, including restructuring charges, layoffs and loan losses. The news comes during the first week of the lender’s new fiscal year, which started November 1.

    In total, the charges amount to $451-million before tax, or $351-million after tax. The job losses, to be felt everywhere from head office to the branches, are expected to total 1,500 positions, and two-thirds of the cuts will be made in Canada.

    Restructuring Scotiabank’s operations will cost $148-million, an expense that will be incurred when the lender reports fourth quarter earnings in December, and the changes will shrink the number of jobs in multiple divisions, ranging from wealth management to capital markets.
    Dec 9, 2014. 09:01 AM | Likes Like |Link to Comment
  • A Few Reasons To Be Cautious On ExxonMobil [View article]
    Thank you for your article. With all these major integrated oil companies facing declining oil reserves, does that in your opinion make the oil sand companies' stocks attractive (Canadian Natural Resources, Cenovus, Suncor)?
    Oct 26, 2014. 09:41 AM | 1 Like Like |Link to Comment
  • A Few Reasons Why Valspar's Strong Run Will Continue [View article]
    I hold Val shares. In their annual reports, and the above noted article "coil coatings" are referenced. What exactly are coil coatings? Thanks for your help.
    Oct 25, 2014. 04:53 PM | Likes Like |Link to Comment
  • Do The Short Sellers Of Deere Have It Right? [View article]
    Thank you for your reply. Interesting. I am long Deere and don't get "huffy" when someone writes a counter-argument to my thinking.

    I see farm income coming off record levels, crimping the sales of new farm machinery for a few years. I don't see farm income going over the cliff. Accordingly, I see Deere being priced cheaply on current income, knowing that it will struggle for a few years. In other words, a much shallower trough. That is our fundamental difference of opinion.

    If you are convinced that it's 1986 all over again and want to short something that has really escalated in recent years, and has good prospects priced in - how about the price of farm land? In Canada, the price of farm land has gone up 5 fold over the past 10 years. I am sure that the same situation is true south of the border.

    There is a publicly traded company that owns farm land (symbol - land on the nasdaq).

    Deere is much larger than its competitors, can spend more on R&D than its competitors, and accordingly has a comparative advantage. I think the price of farm land, and farm income would be more vulnerable to 1986 all over again. Peter
    Oct 23, 2014. 07:13 PM | Likes Like |Link to Comment
  • Do The Short Sellers Of Deere Have It Right? [View article]
    Why would you short a stock, where you have to pay the owner a dividend just under 3% and the stock trades at a sensible valuation based upon trailing earnings, book value and future earnings growth? Why not short a high flyer, with no dividend to pay, and sky high valuations?

    What is the best case scenario for a short seller? The stock goes down 15%, less the 3% dividend. Where is the compelling risk/reward ratio?
    Oct 23, 2014. 08:33 AM | Likes Like |Link to Comment
  • Dividend Aristocrats In Focus Part 15 Of 54: Franklin Resources Has 25% Upside [View article]
    Ben has often declared special dividends, payable in December which raises the yield to approximately 3% in the years of the special dividends. I have held shares of Ben in the past, not currently.
    Oct 13, 2014. 10:49 AM | Likes Like |Link to Comment
  • Dividend Aristocrats In Focus Part 2 Of 54: Sherwin-Williams [View article]
    And, September 18th, 2014 - Sherwin-Williams makes a new high. Great article but...picking a top is difficult.
    Sep 18, 2014. 03:29 PM | Likes Like |Link to Comment
  • Dividend Aristocrats In Focus Part 2 Of 54: Sherwin-Williams [View article]
    Thank you for the article. A few comments on the lead paint litigation could be added to the article. The litigation never seems to go away.

    I have been long shw about 15 years. I sold the bulk of it below current prices (with regret) as I was concerned that the valuation was being stretched, as aptly pointed out in your article.

    The one thing I would add is the tremendous reduction in outstanding shares over the years that I have held the stock. Many companies buy back stock with great fanfare, the sole purpose being to then hand out stock options to management. shw has made a meaningful reduction in diluted shares outstanding.
    Sep 16, 2014. 09:21 PM | 1 Like Like |Link to Comment
  • Can Target Succeed In Canada? [View article]
    I am Canadian.

    This issue has happened often, usually the other way around; successful Canadian companies taking their business model south of the border and having mediocre results (i.e. - Retailer Canadian Tire's disastrous purchase of White Stores, RBC's purchase of Centura Bank of North Carolina, Tim Horton's mediocre US results, etc. We will see how TD Bank fares with TD Bank North. Bank of Nova Scotia has purposely avoided US expansion).

    So, now the reverse is true. Canada is very different than the US as the author has correctly pointed out. Target's blunders are not surprising. Now, let's see whether they can find a remedy.
    Aug 25, 2014. 03:05 PM | 2 Likes Like |Link to Comment
  • Deere & Co.: Plowing Its Way To Lower Prices [View article]
    I am long DE. I enjoyed reading your article and am not offended when someone else expresses a different point of view from my own. Thank you for the article. My comments:

    Farm incomes will be down, but down from very high, historical levels.

    I think that the mathematical models are important to construct as a guide post. I do the same exercise but recognize their frailty. Their utility is limited because no one really knows how deep the sales/earnings trough will be, or its duration.

    I agree with the person who questioned DE as a short. Surely, there are some high flyers out there that would make better short candidates. Why not short a stock where the outstanding shares are increasing vs. declining?
    Aug 19, 2014. 12:03 PM | 2 Likes Like |Link to Comment
  • The Characteristics Of The Lowest-Yielding Dividend Champions [View article]
    I used to hold Ben, and did quite well with the stock.

    Your article does not mention the year-end special dividends that Ben has paid frequently. It does not pay one every year, but often the regular yield + the year-end special dividend will take the yield up to the 3% level for the year.
    Aug 15, 2014. 11:02 PM | 2 Likes Like |Link to Comment
  • Deere & Co: Plowing Along [View article]
    Thank you for your article. I enjoyed reading it along with the posted comments.

    I am long De.

    It is a company that will ebb and flow with the cycles. I don't think a refinement of the mathematical beyond what you have done is merited. The length and depth of the cycles are impossible to predict and override concerns re: "the correct discount rate".

    Aug 15, 2014. 11:46 AM | Likes Like |Link to Comment
  • The 3% Yield Club: 25 Non-REIT, Non-MLP Dividend Stocks Yielding Over 3% (Part 3) [View article]
    I am a Canadian. I have held TD shares for 25 years. They have never cut the dividend in Cdn$ terms. Simply go to TD Investor Relations website and check their dividend history.

    Any reduction is due to fluctuations in US/Cdn$ exchange rates.
    Jul 21, 2014. 12:19 PM | 1 Like Like |Link to Comment
  • The 3% Yield Club: 25 Non-REIT, Non-MLP Dividend Stocks Yielding Over 3% (Part 3) [View article]
    You are wrong. Your TD dividend may have been reduced due to US$/Cdn$ exchange rates. In constant Canadian dollars, TD's dividend was not reduced as you have suggested. Here is a link to TD's investor's website.
    Jul 20, 2014. 10:17 PM | 1 Like Like |Link to Comment