VIEWPOINT Weekly Rating Pages for Veritas Coverage Universe
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July 28, 2017 VIEWPOINT Weekly Rating Pages for Veritas Coverage Universe WEEK ENDING JULY 27, 2017 SUMMARY PAGES 3-11 V-LIST 12 WATCHLIST 13 RATING PAGES 14-105 Viewpoint July 28, 2017 C OMPANY R ATING P AGES Click on company name below for a link to the rating page Shading indicates an updated rating page Agnico-Eagle Mines Ltd. 14 CGI Group Inc. 45 Macy’s, Inc. 76 Aimia Inc. 15 Choice Properties REIT 46 Magna International Inc. 77 Allied Properties REIT 16 Cogeco Cable Inc. 47 Manulife Financial Corp. 78 Air Canada 17 Constellation Software Inc. 48 Maple Leaf Foods Inc. 79 Amaya Inc. 18 Crescent Point Energy Corp. 49 Martinrea International Inc. 80 ARC Resources Ltd. 19 Crombie REIT 50 Metro Inc. 81 Artis REIT 20 CT Real Estate Investment Trust 51 National Bank of Canada 82 ATCO Ltd. 21 Dollarama Inc. 52 Newmont Mining Corp. 83 Badger Daylighting Ltd. 22 ECN Capital Corp. 53 Northland Power Inc. 84 Bank of Montreal 23 Element Fleet Management 54 Peyto Exploration & Development Corp. 85 Bank of Nova Scotia 24 Eldorado Gold Corp. 55 PrairieSky Royalty Ltd. 86 Barrick Gold Corp. 25 Emera Inc. 56 Quebecor Inc. 87 Baytex Energy Corp. 26 Empire Company Ltd. 57 Restaurant Brands International 88 BCE Inc. 27 Rogers Communications Inc. 89 Enbridge Inc. 58 BlackBerry Ltd. 28 Royal Bank of Canada 90 Encana Corp. 59 Boardwalk REIT 29 Enerplus Corp. 60 Shaw Communications Inc. 91 Bombardier Inc. 30 Fortis Inc. 61 Sun Life Financial Inc. 92 Bonavista Energy Corp. 31 George Weston Ltd. 62 Suncor Energy Inc. 93 Brookfield Renewable Energy PTR, LP 32 Goldcorp Inc. 63 Telus Corp. 94 CAE Inc. 33 Granite REIT 64 The Jean Coutu Group Inc. 95 Callidus Capital Corp. 34 Toronto Dominion Bank 96 Home Capital Group Inc. 65 Cameco Corp. 35 Hudson’s Bay Company 66 TransAlta Corp. 97 Canada Goose Holdings Inc. 36 TransAlta Renewables Inc. 98 Husky Energy Inc. 67 Canadian Imperial Bank of Commerce 37 Hydro One Ltd. 68 TransCanada Corp. 99 Canadian Natural Resources Ltd. 38 IAMGOLD Corp. 69 Tricon Capital Group Inc. 100 Canadian REIT 39 Valeant Pharmaceuticals Intl. Inc. 101 IMAX Corp. 70 Canadian Tire Corp. 40 Imperial Oil Ltd. 71 Vermilion Energy Inc. 102 Canadian Utilities Ltd. 41 Kinross Gold Corp. 72 Waste Connections Inc. 103 Canadian Western Bank 42 Linamar Corp. 73 Wheaton Precious Metals 104 Capital Power Corp. 43 Loblaw Companies Ltd. 74 Yamana Gold Inc. 105 Cenovus Energy Inc. 44 MacDonald Dettwiler & Associates Ltd. 75 R ECENT P UBLICATIONS COMPANY TICKER RATING RATING CHANGE DATE FLASHES PUBLISHED Home Capital Group Inc. HCG SELL Jul.26.2017 NEED-TO-KNOWS PUBLISHED Encana Corp. ECA SELL Jul.25.2017 Husky Energy Inc. HSE BUY Jul.25.2017 IMAX Corp. IMAX SELL Jul.27.2017 Newmont Mining Corp. NEM BUY Jul.27.2017 PrairieSky Royalty Ltd. PSK SELL Jul.26.2017 Rogers Communications Inc. RCI.b BUY Jul.21.2017 Vermilion Energy Inc. VET BUY Jul.27.2017 Waste Connections Inc. WCN BUY Jul.27.2017 Telecommunications & Technology Desmond Lau [email protected] Recommen- Most Recent Closing Price Quality Balance Business Corporate Name Ticker Analyst Ranking Intrinsic Value Accounting Cash Flow Total dation Date Ratings Review (Jul 27/17) Rating Sheet Operations Governance BlackBerry Ltd. BBRY Lau Buy 4/3/2017 6/29/2017 USD 9.74 USD 11.50 Neutral 2.0 2.0 3.0 2.0 3.0 12.0 Cogeco Cable Inc. CCA Lau Buy 4/15/2016 7/17/2017 87.43 85.00 Better 4.0 4.0 3.0 3.0 2.0 16.0 CGI Group Inc. GIB.a Leung Buy 11/10/2016 5/4/2017 66.48 71.00 Better 3.0 4.0 4.0 5.0 3.0 19.0 Quebecor Inc. QBR.b Lau Buy 5/9/2014 5/18/2017 44.28 45.00 Better 3.0 4.0 2.5 4.0 3.0 16.5 Rogers Communications Inc. RCI.b Lau Buy 1/13/2015 7/24/2017 64.87 66.00 Better 3.0 3.0 4.0 3.0 4.0 17.0 Shaw Communications Inc. SJR.b Lau Buy 8/23/2016 6/29/2017 27.75 31.50 Better 3.0 3.0 4.0 4.0 3.0 17.0 Telus Corp. T Lau Buy 5/18/2017 5/18/2017 45.47 50.00 Better 4.0 3.0 4.0 3.0 4.0 18.0 BCE Inc. BCE Lau Sell 5/18/2017 5/18/2017 59.13 60.00 Better 3.5 4.0 4.0 3.0 4.0 18.5 Constellation Software Inc. CSU Leung Sell 1/22/2016 5/18/2017 672.00 520.00 Better 1.0 4.5 4.0 2.0 3.5 15.0 Buy: Security has upside potential, with minimal downside. Sell: Security is expected to decline in value under certain scenarios believed to be likely. Intrinsic Value: The underlying long-term value of the enterprise using a discounted cash flow or equivalent model. July 28, 2017 Financial Services Nigel D'Souza [email protected] Recommend Most Recent Closing Price Quality Balance Business Corporate Name Ticker Analyst Ranking Intrinsic Value Accounting Cash Flow Total ation Date Ratings Review (Jul 27/17) Rating Sheet Operations Governance Canadian Imperial Bank of Commerce CM D'Souza Buy 8/28/2015 6/22/2017 107.24 121.00 Best 4.0 4.0 4.0 4.0 4.0 20.0 Manulife Financial Corp. MFC D'Souza Buy 8/10/2012 5/12/2017 25.53 27.00 Better 3.5 4.0 4.0 3.5 4.0 19.0 Royal Bank of Canada RY D'Souza Buy 5/26/2017 6/23/2017 93.22 96.00 Best 4.5 4.0 4.0 4.0 4.5 21.0 Sun Life Financial Inc. SLF D'Souza Buy 2/16/2016 5/12/2017 47.70 50.00 Better 3.5 4.0 4.0 3.5 4.0 19.0 Toronto Dominion Bank TD D'Souza Buy 4/18/2012 6/23/2017 64.23 71.00 Best 4.0 4.0 4.0 4.0 4.0 20.0 Bank of Montreal BMO D'Souza Sell 12/6/2013 6/22/2017 95.72 90.00 Best 4.0 4.0 4.0 4.0 4.0 20.0 Bank of Nova Scotia BNS D'Souza Sell 7/30/2015 6/22/2017 77.63 73.00 Better 3.5 4.0 4.0 4.0 4.0 19.5 Canadian Western Bank CWB D'Souza Sell 3/7/2013 6/23/2017 27.80 25.00 Better 4.0 4.0 3.0 3.0 4.0 18.0 ECN Capital Corp. ECN D'Souza Sell 5/17/2017 6/14/2017 4.03 3.70 Neutral 3.0 2.0 3.5 2.5 1.5 12.5 Element Fleet Management EFN D'Souza Sell 6/16/2016 6/6/2017 9.64 Under Review Risky 1.0 2.0 3.0 2.0 1.0 9.0 Home Capital Group Inc. HCG Levenstadt Sell 2/1/2017 7/27/2017 56.09 12.50 Neutral 2.0 3.5 4.0 2.0 2.0 13.5 National Bank of Canada NA D'Souza Sell 4/18/2012 6/23/2017 56.09 53.00 Better 4.0 3.5 4.0 4.0 4.0 19.5 Veritas Sector Rankings Buy: Security has upside potential, with minimal downside. Sell: Security is expected to decline in value under certain scenarios believed to be likely. Intrinsic Value: The underlying long-term value of the enterprise using a discounted cash flow or equivalent model. July 28, 2017 Consumer Staples & Consumer Discretionary Kathleen Wong [email protected] Recommend Most Recent Closing Price Quality Balance Business Corporate Name Ticker Analyst Ranking ation Intrinsic Value Accounting Cash Flow Total Ratings Review (Jul 27/17) Rating Sheet Operations Governance Date Canadian Tire Corp. CTC.a Wong Buy 9/21/2011 5/15/2017 142.35 170.00 Neutral 3.0 3.0 3.0 3.0 2.0 14.0 Choice Properties REIT CHP.un Wong Buy 8/29/2013 7/28/2016 13.39 14.70 Better 3.0 3.0 3.0 3.0 3.0 15.0 CT Real Estate Investment Trust CRT.un Wong Buy 10/29/2013 8/5/2016 14.54 15.80 Better 3.0 3.0 3.0 4.0 3.0 16.0 Dollarama Inc. DOL Wong Buy 5/3/2017 6/8/2017 124.49 131.60 Better 3.0 4.0 4.0 3.0 3.0 17.0 Empire Company Ltd. EMP.a Wong Buy 6/20/2013 5/7/2017 20.26 23.50 Neutral 3.0 3.0 2.0 3.0 3.0 14.0 George Weston Ltd. WN Wong Buy 3/8/2011 5/11/2017 112.89 135.00 Better 2.0 3.0 5.0 3.0 3.0 16.0 Loblaw Companies Ltd. L Wong Buy 9/30/2009 5/5/2017 68.75 85.00 Better 4.0 3.0 3.0 3.0 3.0 16.0 Macy's, Inc. M Wong Buy 2/28/2017 5/23/2017 24.20 USD 29.00 Better 3.0 3.0 2.0 3.0 5.0 16.0 Maple Leaf Foods Inc. MFI Yu Buy 3/18/2005 5/4/2017 34.14 35.50 Better 3.0 3.5 5.0 3.5 3.5 18.5 Metro Inc.