{"id":38497,"date":"2017-07-28T14:40:00","date_gmt":"2017-07-28T14:40:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2017\/07\/canadian-portfolio-transactions-july-2017\/"},"modified":"2022-07-06T21:18:42","modified_gmt":"2022-07-06T21:18:42","slug":"canadian-portfolio-transactions-july-2017","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/en-ca\/2017\/07\/canadian-portfolio-transactions-july-2017\/","title":{"rendered":"Canadian Portfolio Transactions &#8211; July 2017"},"content":{"rendered":"<p><span style=\"text-decoration: underline;\"><strong>Sales :\u00a0<\/strong><\/span><\/p>\n<p><strong>&#8211; North West Company (NWC) \u2013 Market Trend.<\/strong> Decrease of our number of positions (-1) in the Consumer Staples sector. We decided to keep Metro Inc (MRU) because of its higher SPscore, more attractive multiples (P\/IV, FGV) and higher free cash flows. NWC\u2019s intrinsic value has been slowly decreasing over the past 2 quarters and now sits below the stock price.<\/p>\n<p><strong>&#8211; Winpak (WPK) \u2013 SPscore.<\/strong> Winpak got replaced by CCL Industries (CCL.B). With WPK\u2019s quick price increase over the past months, the stock is now overvalued by one of the largest margins observed in the past 5 years. Its EVA is stagnant since 5 quarters, which tells us the economic performance has stopped improving even though it is still good.<\/p>\n<p><span style=\"text-decoration: underline;\"><strong>Buys :\u00a0<\/strong><\/span><\/p>\n<p><strong>&#8211; Constellation Software (CSU) \u2013 Market Trend.<\/strong> Increase of our number of positions (+1) in the Technology sector. CSU ranks #2 among Canadian Large Cap Technology stocks. The company generates the highest EPI (4.0) of the group and its free cash flows are constantly increasing. The stock trades below its intrinsic value and the premium of 22% reflected by the Future Growth Value (FGV) is reasonable considering the high growth profile of the company.<\/p>\n<p><strong>&#8211; CCL Industries (CCL.B) \u2013 SPscore.<\/strong> CCL now represents a better opportunity than WPK, which it replaced in the model. CCL\u2019s stock trades below its intrinsic value and is also discounted when looking at the negative future growth value. The amount of EVA it generates is still increasing, just like the free cash flows. The WPK \u2013 CCL.B replacement allowed us to improve the portfolio quality : we sold a stock with a 61% SPscore for another one at 75% in the same sector and a very similar profile.<\/p>\n<p>The two new positions entered the model portfolio with a weight of approximately 5.7%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sales :\u00a0 &#8211; North West Company (NWC) \u2013 Market Trend. Decrease of our number of positions (-1) in the Consumer Staples sector. We decided to keep Metro Inc (MRU) because of its higher SPscore, more attractive multiples (P\/IV, FGV) and higher free cash flows. NWC\u2019s intrinsic value has been slowly decreasing over the past 2 [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[55],"tags":[163,161,162],"class_list":["post-38497","post","type-post","status-publish","format-standard","hentry","category-modelportfolio","tag-canada","tag-model-portfolio","tag-nqicat"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Canadian Portfolio Transactions - July 2017 - Inovestor<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.inovestor.com\/en-ca\/2017\/07\/canadian-portfolio-transactions-july-2017\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canadian Portfolio Transactions - July 2017\" \/>\n<meta property=\"og:description\" content=\"Sales :\u00a0 &#8211; North West Company (NWC) \u2013 Market Trend. Decrease of our number of positions (-1) in the Consumer Staples sector. We decided to keep Metro Inc (MRU) because of its higher SPscore, more attractive multiples (P\/IV, FGV) and higher free cash flows. 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