RECENT REPORTS

The Loyalty Report August 2010 (TSX - AER)

"Keeping a Tab on Loyalty"

Groupe Aeroplan Inc. (‘Aeroplan’, ‘AER’ or the ‘Company’) operates a rather obscure business of selling ‘miles’ to accumulation partners. Once accumulated, miles can be tendered to Aeroplan by its members for desired rewards. Maintaining traction with its members lies at the heart of its success and is driven by...

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Accounting Alert - The Move to IFRS: Canadian Retailers

"Canadian Retailers"

Canadian retail companies (retailers) will adopt International Financial Reporting Standards (IFRS) for fiscal years beginning on or after January 1, 2011. We have reviewed a sample of nine companies to identify major differences between Canadian GAAP (C-GAAP) and IFRS that may impact retailers’ financial statements. Our findings reveal...

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PotashCorp (TSX/NYSE - POT)

"Fertilizer Whirlwinds"

BHP’s acquisition attempt potentially signals that building a new potash mine is more difficult than we initially assumed and has vindicated Bill Doyle’s argument that it was cheaper to...

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Accounting Alert - Home Capital Group (TSX - HCG)

"IFRS Jitters"

Despite generating impressive earnings and balance sheet growth, the stock of Home Capital (TSX: HCG), parent to Home Trust, is quoted at multiples of EPS and book value that are well below pre-crisis norms, resulting in a stock price...

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Open Text Corporation (TSX - OTC)

"Confessions of a Serial Acquirer"

It has become clear that growth-by-acquisition is a major strategic imperative for Open Text Corporation ("OTEX" or the "Company"). In fact, OTEX has acquired 10 businesses over the past four years. The Company’s...

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Enbridge Inc. (TSX/NYSE - ENB)

"The Times They Are A Changing"

We believe Enbridge will be challenged to meet the 10% EPS CAGR projected between F09 and F15 due to less fruitful pipeline investment opportunities relative to yesteryear.  As such, we do not...

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