The continued sharp decline in oil prices over the last couple of years has had a detrimental effect on the Alberta economy, resulting in several high-value provisions and writeoffs in our commercial portfolio, predominantly within the energy...
READ MORE >We recently conducted a survey of approximately 230 real estate agents in Canada. The attached presentation summarizes our key findings from the survey.
READ MORE >“EBITDA isn’t a controlled substance or a law enforcement agency. It’s the standard abbreviation for the financial-analysis term “Earnings Before Interest, Taxes, Depreciation and...
READ MORE >In the strongest housing market in the history of Ontario while taking provisions for credit losses as close to zero as possible, HCG still missed consensus 1Q16 earnings expectations....
READ MORE >The structural flaws with Zillow’s operating model are all hiding in plain sight. It’s May 2016, nearly 5-years after Zillow went public and the company is no closer to achieving its theoretical adjusted EBITDA margin...
READ MORE >As a firm, we pride ourselves on the rigors of our idea generation process. Rigorous fundamental analysis, in-depth primary research, accounting scrutiny etc. are all hallmarks of our investment process. However, despite the intensity of our work on any...
READ MORE >ESI shares traded higher after hours based on the company's long awaited 4Q15 operating results. It appears some investors are emboldened by the earnings upside in 4Q15 despite continued weakness in student...
READ MORE >On some level you have to simply admire the recklessness of HCG’s management team. After all, over the past three months, the company: 1) reported earnings that fell well short of...
READ MORE >In the 45-50 minutes of prepared remarks from CSGP’s management on the company’s 4Q15 earnings conference call, it was quite clear Andy Florance and co. were hoping to accomplish the...
READ MORE >"So let's talk about oil and gas. So, earlier Marianne mentioned our intention to increase our reserves for 2016 to reflect current market fundamentals. So, at the end of 2015 for the Commercial Bank, we held a 6% allowance as part of that effort we are going to – we...
READ MORE >Things have been quite different in Internet TAM-land for the past 3-6 months. Seemingly overnight investors have held companies in the space to a higher standard of operating metrics, profitability and cash flow (do not confuse the relative “higher” with the absolute “high”). In a shock...
READ MORE >In case you were wondering what business looks like on the ground, or in this particular case the “air” in Alberta, here’s an important comment from the CEO of Westjet (Canada’s second...
READ MORE >It’s one of the more laborious, mind-numbing, and tedious exercises we have conducted on any investment idea, but it has proven to be the most revealing. Of course, we’re talking about the task...
READ MORE >This isn’t the first time, nor will it be the last (unfortunately) that the stock of a company that we have recommended going short has been acquired. It happened with OPEN, MCRS, and now RON. ...
READ MORE >For once, it appears that DV management might has gotten something right in their “fearless” forecasting – the FTC investigation from our perspective has come to its “logical close”. We...
READ MORE >Well, now we know why Martin Reid abruptly changed HCG’s outlook for loan originations in 4Q15. As a reminder, just five weeks after HCG’s CEO insinuated that the company could generate origination...
READ MORE >Do you remember the late 1980’s and early 1990’s in Canada? It was a dark period in the country’s economic history as a combination of a collapse in crude oil prices in the mid-1980’s,...
READ MORE >First and foremost we wanted to wish everyone a happy, healthy, and prosperous new year and thank you for your continued interest in our research. 2015 will certainly not be remembered as an...
READ MORE >At DeVry Brasil, executing our game plan continues to be about adding valued acquisitions, launching new programs, marketing effectiveness and achieving operating leverage. By the way, we expect FX to moderate over the planning...
READ MORE >We spent much of last week reading, listening, and analyzing the slew of earnings releases, financial supplements, and conference calls from the largest banks across Canada. Had we known the results and...
READ MORE >Over the past few weeks, we conducted a survey of more than 50 rental property managers across the country. Overall the feedback from our survey suggests that CSGP management's assertions about the company's...
READ MORE >A company has finally surpassed the Maple Leafs as the worst run organization in Toronto… The latest development in the mortgage origination fraud scandal at HCG is both remarkable and...
READ MORE >Where were you on that fateful day, July 28, 2014 when Zillow announced its intention to acquire Trulia in a purchase that was valued at $3.5B at that time? It was a brutal time for short sellers as...
READ MORE >It truly is remarkable. Quarter after quarter, CSGP management talks about phenomenal traffic gains for its flagship properties and explosive growth in bookings. Yet, when the rhetoric melts away and questions are asking about organic or “core” revenue growth the answers are considerably...
READ MORE >A few things have become clear about HCG over the past several months: Management refuses to “clear the air” surrounding the extent of the company’s involvement in and potential exposure to mortgages...
READ MORE >In a letter released today, the Department of Education informed ESI that the company will be placed on a form of delayed disbursement of Title IV funds and become subject to even more stringent reporting requirements...
READ MORE >“By the minute I was getting paid like a hot line, Servin' rollin' fiends was calling, we was dot com, Well connected, well respected and well protected.”- Meek Mill/Wale....
READ MORE >On the surface everything in the Canadian housing market seems fine: home price appreciation nationally continues its unprecedented and meteoric run, housing starts remain a source of economic growth, and non-farm payrolls continue...
READ MORE >Let’s play a little game called “guess the country with a pending demographic crisis”. Here are some hints to start out with, for this country: 1) the median age has increased from 32.9 in 1990 to 40.5 in 2015, 2) the percentage of population...
READ MORE >After the close, National Bank of Canada announced that it plans to raise $300MM through a common equity offering of 7.2MM shares at a price of $41.90. The deal is “bought” and is expected to close on 10/9/15. Considering that much...
READ MORE >SELL
$50
LONG
$110
SELL/SHORT
$230
SELL/SHORT
$55
LONG
$70
SELL/SHORT
$4
SELL/SHORT
$45
SHORT
$18
SELL/SHORT
$5
SELL/SHORT
$42
LONG
$75
SELL/SHORT
$50
SELL/SHORT
$50
LONG
$5.50
SHORT
$50
SHORT
$28
LONG
$65
LONG
$37
PAIR TRADE
$10
PAIR TRADE
$30
LONG
$35
SHORT
$35
SELL/SHORT
$10
SHORT
$101
SHORT
$15
SHORT
$0
SHORT
$9
SHORT
$0
PAIR - LONG BGG/SHORT TTC
25%
SHORT
$14.00
SHORT
$22
SHORT
$15
SHORT
$20
SHORT
$31
SHORT
$35
SHORT
$30
PAIR - LONG KNL/SHORT MLHR
25%
SHORT
$100
LONG
$8
LONG
$20
SHORT
$22
PAIR - LONG CSGP/SHORT LOOP
40%
LONG
$35
SHORT
$275
SHORT
$0