FORDING CANADIAN COAL TRUST $29 (Toronto symbol FDG.UN; Aggressive Growth Portfolio, Resources sector; Units outstanding: 147.5 million; Market cap: $4.3 billion; SI Rating: Average) has agreed to sell its wollastonite operations for $40 million. Manufacturers use wollastonite as a substitute for asbestos.
To put that in context, Fording earned $0.53 a unit (total $77.7 million) from continuing operations in the first quarter of 2007, down 60.5% from $1.34 a unit ($196.5 million) a year earlier. Revenue fell 25.9%, to $350.5 million from $473.3 million, mainly due to a 19% drop in average coal prices. Harsh winter weather at Fording’s Elk Valley coal mine in B.C. also hurt deliveries.
The lower coal prices forced Fording to cut its quarterly distribution, from $0.95 a unit to $0.65. The current implied annual rate of $2.60 yields 9.0%. Distributions should remain stable for the rest of 2007.
Fording is a buy.
FINNING INTERNATIONAL INC. $60 (Toronto symbol FTT; Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 89.6 million; Market cap: $5.4 billion; SI Rating: Above average) has won a contract worth $100 million to supply 19 large Caterpillar trucks to a company involved in two oil sands projects.
Although the contact is small next to Finning’s annual revenues of $5.0 billion, deals like this enhance Finning’s reputation. Each new customer also gives it an opportunity to market other equipment and maintenance services.
Finning is a buy.
IGM FINANCIAL INC. $55 (Toronto symbol IGM; Conservative Growth Portfolio, Finance sector; Shares outstanding: 264.4 million; Market cap: $14.5 billion; SI Rating: Above average) continues to benefit from the recent strength in global equity markets. Thanks to rising mutual fund sales, IGM’s assets under administration grew to $124.4 billion in April 2007, up 16.2% from a year earlier. That’s good news, since IGM bases its fees on the value of assets it manages.
IGM Financial is a buy.
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Privacy Policy and Terms of Use
The Successful Investor Inc. and its affiliate Successful Investor Wealth Management (referred to hereafter as TSI Network) know that you care how information about you is used and shared, and we appreciate your trust that we will do so carefully and sensibly. This notice describes our privacy policy. By visiting websites owned by or associated with TSI Network, you are accepting the practices described in this Privacy Policy.
This privacy policy is applicable to all TSI Network Visitors, Clients, Employees, Suppliers, Web sites, Management, and all other interested parties. Any links to or from our site are not covered by this policy. We encourage you to read the privacy policies of every site that you visit.
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We do not collect or disclose personal information, except when it is provided to us voluntarily by the site/store visitor with their consent.
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What personal information do we collect?
The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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Does TSI Network Use the Information It Receives?
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Changes to this Policy
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