Most Anticipated Earnings: NTR-T, ONEX-T and more Canadian Companies Reporting Earnings this Week (Feb 17-21)

Opinion about CJT-T: Air cargo. Solid management. 90% market share in Canada. Revenue has doubled over past 5 years. EBITDA has increased by ~$200M. Quality customers. 68 Canadian cities plus international charters. Volumes not as high as previously, but still making $$ and utilizing planes efficiently. When volumes pick up, won't need to spend capex…

Opinion about FAR-T: Mining services, and rapidly growing water treatment. Very well run, nice clean balance sheet. Missed a couple of quarters because junior miners reduced activity. Numbers looked flat or down. With tariff threat, he wanted his best ideas only and he sold.Now, mining activity is picking up. May have seen the trough on…

Opinion about CRP-T: (A Top Pick April 3/14. Down 12%.) A fully integrated agricultural company with a railroad to their elevators along with production of legumes and wheat. Thinks it should deliver quite nicely this summer because of what is going on in California. Feels drought is going to haunt us from a food inflation…

Opinion about SECU-X: They do physical and cybersecurity. A very small-cap, early-stage company. If they execute in the next 2-3 years, they will be great.

Opinion about BU-T: Extracts protein from vegetables like canola, peas, and soy. Has 285 patents. There is negligible revenue despite the company being around for more than 20 years. Difficult to apply fundamental analysis. Too speculative for him. Need to see revenue and profit.

Opinion about NTR-T: (A Top Pick Oct 09/24, Up 28%) He'd buy this one today. Agriculture is a long-term theme, and this is one of the best names out there. Will be more volatile than a name like WMT, so perhaps you only want a 3% position total. Buy 1% today, and look for a…

Opinion about TFII-T: Top managers. Are one of the best consolidators in an industry that has been in recession for 3 years (that will soon end). TFII boasts 10% free cash flow yield. Are buying back a lot of shares. Great time to accumulate. (Analysts’ price target is $150.76)

Opinion about CCL.B-T: (A Top Pick Jul 18/24, Up 13%) Owned it for a long time. They make labels for various sectors. They operate around the world. There's so much acquisition potential. Is showing good organic, topline growth. Is cyclical. The balance sheet has improved, buying back shares and raising the dividend. Is waiting for…

Opinion about CHR-T: Owns shares in company. Has done well the past year. Expecting further upside going forward. Dividend is expected sometime soon. Subcontracting business from Air Canada very good for reliable revenues. Price multiple not as high as it should be. 

Opinion about ECO-T: He is one of the largest shareholders in this. They now have 2 commercial mills up and running with their DuraBind products. They make the binding that goes into IKEA-like furniture. Not into IKEA yet, but there is a good chance they will be. IKEA has announced that they want all their…

Opinion about DRT-T: Customized, prefabricated environmental office interior solutions. High net cash position. Significant upside because of their flexible business model. Surge in office reconfiguration taking place across North America. Top management. No dividend. (Analysts’ price target is $3.46)

Opinion about CFP-T: Homebuilding stocks in the US have been going straight up, but Canadian forestry stocks have been going the other way. WFG has done the best in holding its share price.IFP and CFP have really started to bottom on the charts. He hasn't done enough digging to know who has a better earnings…

Opinion about SVI-T: Really hot area a couple of years ago. Not a ton of barriers to entry, so supply/demand can change rapidly. Not a lot of differentiation, because "a box is a box". Sector doesn't have strong enough defensive capabilities.

Opinion about CAS-T: Huge new facility is coming onstream, and fundamentals in containerboard are more solid than in the very competitive tissue market. Facility over budget, so will take a while to get a return. Focused on debt reduction.

Opinion about SXP-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research EPS of 9c missed estimates of 17.5c; revenue of $72M missed estimates by 2%. EBITDA missed by 11%. SXP is down significantly over the last twelve months by ~42% and recent earnings pointed towards declining profits and revenues. Revenue fell $6M. Earnings…

Opinion about CFX-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research CFX has been on a steady downtrend. Revenue has been in decline over the last two years, free cash flow has gone negative and it has been operating at a net loss since 2019. Debt has been increasing as well and net…

Opinion about TBL-T: There were a couple of subtle things went on with the trust conversion which discouraged a lot of investors. An illiquid stock. Most of their exposure is in B.C. and Alberta where housing is still very strong. Thinks we're at the peak of a cycle so don't have it as a long…

Opinion about GCL-T: They own a series of food distribution businesses. It appears they are not making any money from them. It appears to be a scale problem.

Opinion about IAG-T: (A Top Pick Nov 13/20, Up 33%) Has started buying back shares and paying dividends. Financials should do well as the yield curve steepens. Valuation is not as compelling as before. Middle of the pack. Has moved to US banks and non-financial banks in Canada.

Opinion about REI.UN-T: Yield is 6%. Open air, grocery-centred. Very good centres and management. Some investments outside that core business in multi-family (where rental rates are contracting) and enclosed malls (HBC investment is an overhang). Still, distribution quite safe. Growth picture is quite bright, as they have levers to pull.

Opinion about DIR.UN-T: Recent action is pretty positive. Down YOY. Whole real estate market's been choppy, bifurcated. Once we get through any corrective phase, this name will probably be well bid. You could even buy today.

Opinion about MFC-T: Took profits not too long ago. Range-bound over last 12+ months. In the right spot, and aging demographics will help its asset management. Likes it longer term. Nice dividend yield of ~3.9%, expected to grow over time. He still owns SLF.

Opinion about CRR.UN-T: Owns mainly brands related to Empire, such as Safeway out West. Also in purpose-built rental, very successful. Loves grocery shopping centres because they provide great income today, but there's a higher and better use sometime (10, 15, 30 years) in future. Trades at wider discount to NAV than CHP.UN. Defensive, but management's had…

Opinion about DRR.UN-T: Focused on assets in US. Has never traded above its IPO price. Pursuing strategic alternatives; if you own it, see how those go.

Opinion about BEI.UN-T: Bought around $53. Lower-yielding stock by design, and he likes that as it gives them a lot of flexibility. Thinks very highly of management. 72% of net operating income comes from non-rent-controlled markets. Mostly in Alberta, which is affordable for people. Good level to buy today. Yield is 2.4%.

Opinion about AIF-T: Are now a pure-play tech company after selling non-tech businesses. With that cash, are buying back shares. They globally lead in software for data analytics valuing and monitoring commercial real estate assets (banks, insurance companies and property managers are clients). 75% of revenues are recurring and high margin. Trades at a huge…

Opinion about MRC-T: NAV materially higher than share price. Doesn't see catalysts for NAV increasing, so discount will continue. Asset base is mainly retail and office, sectors that are somewhat out of favour. Earnings potential not great. Higher than average cost of debt.

Opinion about LFE-T: This is a seasonal period when Lifecos in general tend to do well. This is a special vehicle where they buy a lifeco, split it up and give the capital appreciation to one half, and the dividend to the other half. Dividend yield of 19% is extremely high, and he is having…

Opinion about ONEX-T: Stock's gone nowhere for a fair bit of time. Latest move from 2023 is quite positive, and broke out above $100. With volatility in the markets, these guys pick up great assets and make something of them. Why not capitalize on their expertise? Global, gives you private equity exposure to companies you…

Opinion about CIX-T: (A Top Pick Sep 11/24, Up 86%) (Taken private 12 August 2025.)

Opinion about SII-T: To protect purchasing power? Yes, that's exactly the reason to own Sprott. It's a diversifier. Gold is a way as an investor to protect yourself from inflation and geopolitical concerns. This name brings leverage to gold because of assets they own and funds they manage. It also brings uranium. He sold some…

Opinion about MKP-T: Lending in real estate finance. Very interest-rate sensitive. If you think interest rates are going to rise, as in 2022, then it will underperform significantly. Will do better if rates fall. Thinks the BOC has a bit more to go on that, so there could be a bit more upside.But the stock's…

Opinion about GEI-T: A higher-quality player that you could put $$ into today. 

Opinion about TCW-T: Record high today. Only Canadian, pure-play, frack services provider. Leans toward the gas side. Leveraged to increases in Canadian drilling, which drives margins. Next-generation, low-emission fleets attracts a certain type of (large) customer. Key beneficiary of LNG Canada ramping up.Nice, disciplined approach. Lower capex needs. Very strong FCF. Trading below historic norm.…

Opinion about GXE-T: Company share price is reflective of lack in interest in small energy names (market cap too small). Company needs to sell itself in order to generate value. Better options for investors out there. 

Opinion about OBE-T: Not a good investment with current management team. Other energy companies available with better opportunities.

Opinion about NXE-T: He liked uranium in April, but now it's richly priced. However, he doesn't know the specific problems about NXE. He's been trimming uranium into strength.

Opinion about AAV-T: For something with higher torque to natural gas prices.

Opinion about SSL-T: Mistakes in capital deployment were made about 3 years ago. Believes Turkiye mine will go into production, and cashflow will really change this company. Now using FCF to pay down debt rapidly. Either share price goes up, or company is taken over.

Opinion about SSRM-T: One of the most senior producers of silver. Silver is better than gold, as the bulk of silver production comes from copper mines. Silver just crossed $24, and there's lots of upside. SSRM has a $28 price target. He wants something that will benefit once inflation is realized.

Opinion about ORV-T: He owns it around these levels. They have mines in Bolivia and Spain and looking to acquire in Argentina. The property they just bought has costs of $500-$650 per ounce of gold. He is concerned about the revolving door on management. He does not know where gold prices are going to go.…

Opinion about IVN-T: Unfortunate flooding and suspension of one of its premier mines in DRC. Still trying to assess infrastructure damage. Guesses it won't be back until late 2026. Inflection in FCF could be pushed beyond then. Investment and vote of confidence from Qatar Investment Authority. In limbo. Highlights scarcity of world-class mines, seeing M&A, could…

Opinion about AGI-T: It might have more upside in the short term. Is bullish gold, though the gold stocks have moved up a lot lately.

Opinion about PAAS-T: Is bullish metals. Is one of the largest silver producers, based around the world, with strong production. Is increasing output in Latin America. A little sensitive to commodity price swings. 

Opinion about CS-T: Copper is one of the reasons he thinks we're starting a new cycle. Both silver and copper have broken out to new highs; both have industrial uses and should benefit from a strengthening economy. If cyclical commodities are breaking out to new highs, then copper should continue to work into 2027. His firm's…

Opinion about OR-T: (A Top Pick Mar 11/24, Up 67%) Everybody loves gold now. Still only trades at 1.1x NAV. Cheaper on valuation than AEM, and still growing. Gossip that one of its downed mines might come back, so that's a catalyst. He'll always have an allocation to gold. See his Top Picks.

Opinion about HBM-T: Materials are currently being revalued. Commodity prices improving. The multiple investors are prepared to pay is expanding. The value of what's in the ground is expanding. We know there's demand for power everywhere in the world. There are only so many copper-producing assets, with very few new ones coming on. This name…

Opinion about BTO-T: New mine took longer and cost more, so it's underperformed the group (trading ~20-30% discount, and should re-rate). It'll be quite an important project once it gets up to full steam in 2027. Adds nice geographical diversification. Significant FCF should result. Yield is just over 1.5%.On his radar. Will probably add once…

Opinion about PRU-T: It is low grade and they have had issues getting it to make money. It probably won’t make a lot of money ever unless the price of gold goes up.

Opinion about NGD-T: Collection of Tier 2 assets. Never been fond of Ontario assets. He likes higher quality. Could do very well with a rising price for gold, which tends to favour the marginal over the lower-cost producer.

Opinion about TXG-T: Has traded at a big discount to the group for a long time, then made a big move the past year. One Mexican mine is shutting down naturally, but will be replaced by another mine, so they aren't losing production levels. Have extended reserves overall to maintain production mid-2030s. Are generating free…

Opinion about TKO-T: Does not own shares. Prefers companies companies with lower costs and higher return on capital. 

Opinion about NGT-T: Rocking and rolling with all of the other gold stocks. One of the only gold stocks listed in the US, so it's a go-to for Americans once they decide to invest in the sector. He's keeping an eye. You may want to implement a trailing stop.

Opinion about TECK.B-T: (A Top Pick Oct 02/24, Down 12%)December 9 is voting day for the merger. Long-term outlook for TECK.B on its own is very strong. If merger gets done, it'll probably become a very important copper name for institutional investors around the world. Disappointment in QB2 mine over the last year, and that's…

Opinion about CCO-T: Uranium pricing is moving higher. Great acquisition on nuclear from Westinghouse. First of the uranium companies to break out to new highs a couple of years ago. Giant structural base. Pricing power and volume growth. Core in his portfolio, not speculative. Will benefit over next few years from the environment we're in.…

Opinion about LUG-T: Highly ranked stock acting extremely well. RSI doing well. Stock's currently in an uptrend, and gold is trending upward. Gold is consolidating around $3000. 

Opinion about IMG-T: (A Top Pick Jun 04/25, Up 80%) (Note the short timeframe.) Inflection point in 2026, where FCF will be a wall of cash. Will be one of the top 5 mines in Canada once it hits full operation. Still a takeover candidate.

Opinion about ELD-T: (A Top Pick Dec 13/22, Up 19.2%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with ELD has triggered its stop at $13.50.  To remain disciplined, we recommend covering the position at this time.  This will result in a net investment gain of 19%, when combined with our previous recommendations.  

Opinion about CXB-X: Does not own shares, but could be a good option for short term traders. Unsure on direction of company. 

Opinion about AG-N: More potential upside to get to old highs of ~$23-25. It could get there before it sees any real trouble. If it's 10% in  your portfolio, he'd trim big-time. So it's more of a judgement call than a technical one at this point.

Opinion about CG-T: It's good to be in gold now, and CG is one of the cheapest gold stocks. They've diversified their portfolio geographically, which is good, but this stock always bounces around.

Opinion about MND-T: They had three working mines, now two. When you have a major catastrophe in a mine, people often jump out. This company has been around for years and years. That shows a certain staying power. He likes to invest in companies that have been around for at least 10 years. He doesn’t…

Opinion about ODV-X: It's time will likely come, but he has a hard time understanding the geology of the project. He doesn't own stocks where he doesn't understand the geology. He holds OR instead. 

Opinion about FPC-X: A project that is effectively right underneath the Horne Mine Complex in Québec. Originally it was very low grade gold and copper, so in order for this to be economic, they have to be able to mine it using bulk mining methods, and keep the costs as low as possible. That would…

Opinion about LUC-T: The company has suspended its dividend. They operate diamond mines in South Africa. They are looking into underground, from open pit. The cost is more expensive than thought. The price of diamonds has been reduced, though retail prices won’t change.

Opinion about GIL-T: A cheap, vertically integrated supply chain gives them an edge and moat. They grow by simplifying their products, optimizing factories and keeping prices sharp. This has expanded margins as peers struggle. Are a defensive play. Sees 16% upside. (Analysts’ price target is $92.10)

Opinion about TBRD-X: He knows it very well, back to when they were private. They continue to build out. If they can allocate capital well, resulting in animated programs that are well-syndicated, then they should do well. If not, then this will be a lumpy stock. He needs to research them more.

Opinion about L-T: Don't fixate too much on bread-fixing issue. Sticky inflation has helped margins. One to hold as a core defensive name in your portfolio. Not particularly overvalued, given all the franchises it encompasses.For exposure in the space, he's pivoted to a name like ATD. Over the next 12 months he'd bet that ATD,…

Opinion about QBR.A-T: It's cheap, and surprised shares haven't moved higher. They will buy wireless assets from Shaw to become the #4 player in Canadian telcos. Valuation is lower than its peers.

Opinion about QBR.B-T: (A Top Pick Jan 23/24, Up 3%) Benefiting from the Freedom Mobile purchase. Able to expand in Ontario and Western Canada without deploying too much capex. Very high ROE and free cashflow, allowing them to lower debt and obtain investment-grade rating on bonds. Aggressively buying back shares. Best-performing telecom stock this year.

Opinion about TGO-T: (A Top Pick Mar 26/18, Up 97%) They smartly bought some spectrum rights a few years ago, and now they're on the fringe of the 5G spectrum. So the value of their spectrum rights will be realized later this year. He took profits, and would be lightening up on this now as…

Opinion about ENW-X: He owned the stock years ago. They dry things like food. They are now getting into the marijuana space. It has done very well lately but if they are going to get meaningful contracts, they are going to do well.

Opinion about BHC-T: Kudos to the new executive at delevering and cleaning things up. Inexpensive valuation. Still a lot of debt. A turnaround story. 3% of your portfolio is a bit heavy. Add some diversity. Had a great move. Be cautious.

Opinion about SIA-T: Aging demographics continue to be a tailwind, but prefers Chartwell. Scores 7 for value and 5 for fundamentals. The 5% dividend could be stable. They operate across Canada in many markets and constantly add new properties.

Opinion about PHA-X: They are like an Uber for healthcare staff: allows hospitals to quickly hiring nurses for hospitals, and PHA transports patients and staff. Not well known. The problem, is that haven't been able to expand outside Quebec--and he's looking for this. That said, you can own this now.

Opinion about JWEL-T: To "pump up" portfolios across Canada. Founded in Windsor ON. Bought a California company a few years ago, so little to no impact from tariffs. Growing in China, where company's attention to quality makes it stand apart. Seeing takeouts of private vitamin/mineral companies at much higher valuations. Has grown dividend over last…

Opinion about INE-T: This is how he'd play the renewable energy trade. Thinks rates will go higher next year, which makes him cautious. If that's the case for rates, a lot of the bond proxies like utilities and REITs are going to come under pressure. A bit more upside potential, but for a trade.

Opinion about H-T: Likes the regulated utilities. 

Opinion about TA-T: Power generation, which explains the couple of rips this year on enthusiasm of Alberta data centres. The power demand is real, even if he can't predict which AI companies will be the winners. Alberta has surplus energy and lower regulatory hurdles.He's not in the binary game of will it happen or won't…

Opinion about PIF-T: (A Top Pick Aug 31/23, Down 6%) Company very cheap at current share price. Small company that institutions wont look at. Reliable revenues that translate into cash flow. Will continue to hold. Dividend very safe and reliable. New project pipeline very strong. 

Opinion about EMA-T: Likes it. Up 21% YTD. They do what they say they're going to do. Nova Scotia now coming out of its rate freeze, should see earnings increase in 2026. Asset sales mean that debt level is OK. Dividend can still be increased, though at lower levels than historically. Has trouble trimming a…

Opinion about KSI-X: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research We like KSI, and we even covered the name in one of our latest podcast episodes (link to our discussion on KSI can be found here). KSI is a $630M healthcare SaaS company that provides solutions for data and document management. Good sales…

Opinion about NPT-CN: Has pretty well fallen off the radar screen of most analysts. Sales are down 12%. Ranks in the bottom 20% of their database.

Opinion about OEE-X: He hasn't heard any recent news on the company. The stock has moved up a lot lately, but is still well below past highs. Demand for company products remains huge. The CEO promises good news in the next earnings report.