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CanadaPhil

CanadaPhil
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  • Does Goldcorp Measure Up To Its Peers? [View article]
    They've piled up on debt heavily, have had to make huge writedowns, and their flagship Pascua Lama has been a total disaster so far. All this hasn't really convinced me to invest with them. I believe Agnico-Eagle and Goldcorp are much better managed, in a similar category of large gold miners.
    Mar 13, 2015. 12:38 PM | Likes Like |Link to Comment
  • Does Goldcorp Measure Up To Its Peers? [View article]
    The management of Barrick has also been sub-par for quite some time. I was lucky enough to sell that at a minor loss and I have no intention to step back in Barrick, whereas Goldcorp is at least decently managed.
    Mar 13, 2015. 11:03 AM | 1 Like Like |Link to Comment
  • Trevali Mining: Prepared For The Zinc Bull [View article]
    Could you quickly point out what else could be a "must have" or perhaps a "should look at" if you're interested in Zinc? It'd be useful to compare Trevali to a few peers. I've been in since about 2013 and I like the company's prospects, however I may want to put my eggs in more than one basket when it comes to zinc.
    Mar 9, 2015. 01:04 PM | Likes Like |Link to Comment
  • Update: Largo Resources' Ramp-Up Is Going As Planned, But The Cash Situation Will Be Tight [View article]
    As far as updates are concerned, I think they do a pretty good job. They communicate a lot more than many of the other companies I own and from which I'd expect information. I wouldn't be in favour of even more frequent updates because I think that would dilute their message. The frequency of updates seems fine.
    Dec 7, 2014. 12:00 PM | Likes Like |Link to Comment
  • Cenovus Energy Can Be A Value Creator [View article]
    I have to disagree with this sort of conspiracy theory. A simpler explanation is that the Saudis are simply fighting for their market share. Putin has said that he is alright with the current price. Russia and Iran are collateral damage, the Saudis are targeting the US in that case.
    Nov 30, 2014. 06:12 PM | Likes Like |Link to Comment
  • Premarket Gainers / Losers as of 9:15 am [View news story]
    Commodities were sold massively. There have been significant losses in coal (well, not like that is new though...) but also in gold, silver, and copper companies. If anything I would have thought that some of the basic materials companies should be up because their own energy costs are going down, but I guess rationality doesn't really apply at the moment.
    Nov 28, 2014. 11:00 AM | 2 Likes Like |Link to Comment
  • Kinder Morgan begins test drilling on Burnaby Mountain [View news story]
    I'm overweight on both basic resources and energy, mostly through Canadian names. So I'm quite aware that Canada is a resource-driven economy. It does not mean that there are no standards whatsoever though, and having a pipeline go through a conservation area in an urban zone seems just plainly idiotic. The fact that it's worst elsewhere does not make it any more decent here -- that kind of comparison pushes standards lower.
    Nov 23, 2014. 03:56 AM | 4 Likes Like |Link to Comment
  • Kinder Morgan begins test drilling on Burnaby Mountain [View news story]
    Chopping down trees and drilling in a public park and conservation area next to Vancouver seems pretty ruthless to me. KM will probably get it done, but I'm not very pleased about that idea at all.
    Nov 22, 2014. 07:00 PM | 5 Likes Like |Link to Comment
  • Cequence Energy: Deeply Undervalued Gas Play With 88% Upside [View article]
    Just start type Pine in the search bar on top and you'll get it. The ticker is PIFYF but small-cap Canadian energy names should be bought on the Toronto Stock Exchange (TSX) where liquidity is much, much better. If you're starting in the game, you may want to look at the companies that have a good hedging for the coming year. These are companies that have been part of an indiscriminate selling but whose revenues actually may not go down that much. It's also up to you to decide whether you want gasy names like Pine Cliff, Cequence, Tourmaline or Peyto; heavy-oil names like Baytex; light-oil names, or a mix.
    Nov 22, 2014. 12:15 PM | 1 Like Like |Link to Comment
  • Cequence Energy: Deeply Undervalued Gas Play With 88% Upside [View article]
    This is a very thorough article on Cequence Energy, and I agree with the selection of peers that you have used for comparison. I bought shares in Cequence at the wrong time, and I have contemplated the thought of adding to my position this week. Monday could be a good day for that. By the way, I would be curious as to how you situate Cequence in terms of growth prospects in the coming year compared to its peers, and particularly pine cliff which is often depicted as a good growth play.
    Nov 21, 2014. 05:57 PM | 2 Likes Like |Link to Comment
  • Cenovus Energy Can Be A Value Creator [View article]
    1) On the dollar side, I'd like to emphasize that Cenovus is a Canadian company and the CAD has been dropping compared to the USD. Besides, there is often a price differential between what Canadian companies have been able to sell their oil at and what prices are on the American market; that differential may be narrowing, although I don't know how much it applies to Cenovus. The bottom line is: the price of oil has dropped, but it doesn't affect Canadian companies in the same way as it affect those focused in US oil.
    2) Despite 1), the cost of the oil sands project is huge. Cenovus needs high oil prices, and works with project having a 40-ish years life. I'd be mindful of that.
    3) A comparison with Canadian Natural Resources would be very interesting.

    I'll disclose that I'm an investor of both Cenovus and Canadian Natural Resources at the moment. I've added to my position at the end of last week and I considering adding more incrementally.
    Oct 13, 2014. 08:06 AM | 5 Likes Like |Link to Comment
  • Prospect Capital: Good Times For Yield Hunters? [View article]
    I agree that the market is starting to present very interesting opportunities in BDCs. So given that quite a few are looking increasingly like bargains, it might be even more important to put PSEC in contrast. I have positions in PSEC, MCC and FDUS. I've been looking at TCPC too. Why would I put my cash to work in PSEC instead of these other ones?
    Oct 12, 2014. 07:32 AM | 3 Likes Like |Link to Comment
  • Tag Oil: Cheapest Valuations Since 2009 [View article]
    Over-promising and under-delivering. Management has lost credibility, and for a small company in that sector which is not really growing, that matters. I got out of it a few days ago after having hoped it'd go up a bit.
    Sep 22, 2014. 03:12 PM | Likes Like |Link to Comment
  • Tableau Software: Price Matters [View article]
    Having used a range of BI products, I really like the quality of Tableau's products. They have a good educational program so that recent graduates will then want to keep using their tools once in a company. After demonstrating the product, many of my colleagues really want to use it, and I've seen a nice increase around me over the last two years. Add to that a budget that's under control and you'll understand why I'm also a stakeholder!

    I would just say that the comparison with FireEye is a little weird. Tibco (spotfire), Datawatch and Qlik are better proxies.
    Sep 15, 2014. 05:37 PM | 1 Like Like |Link to Comment
  • Tag Oil: Cheapest Valuations Since 2009 [View article]
    I'm a stakeholder in TAG Oil, and it's the worst performing stock in my tax-free account. I don't like being underwater (who does?) so I'd love to see the stock going up, but nonetheless for an article I think you should explain what drove TAG to such low valuation in the first place. Calling it a buy to see it dip massively, and then calling it a "screaming buy" with no explanation of the loss in price does not seem sufficient.

    Essentially, management has over-promised and under-delivered. They told investors something like 5k bopd and we're barely at 2 at the moment. Even the target of 2000 bopd couldn't be met (by just a few dozen bopd this time) but still it illustrates their history of just not delivering. It's not entirely management's fault though, as they work in a very new environment and the learning curve hasn't been easy. In the end I like the absence of debt and the reserves, and maybe in a few years the company will be able to deliver, but right now I'm just really sick of how it undelivered.
    Sep 15, 2014. 12:00 PM | 3 Likes Like |Link to Comment
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