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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Finning International Inc.    FTT   CA3180714048

FINNING INTERNATIONAL INC. (FTT)
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Mattress to motor coach stocks in favor as Canada investors steel for trade wars

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03/06/2018 | 05:47pm CEST

TORONTO (Reuters) - Canadian fund managers are crunching numbers to trade-proof their portfolios, as the threat of U.S. tariffs boosts the appeal of domestic-focused names and shares of companies that have production capacity in the United States.

The prospect of a trade war has rattled global financial markets, including the shares of Canada's many export-driven companies such as those in the auto-parts, railroad and resource industries.

Canada's benchmark share index <.GSPTSE> has dropped 4 percent this year, compared with a 0.5 percent gain for the MSCI World Index <.WORLD>.

"Whatever we own we try to make sure that they won't be too disrupted by trade," said Steve Belisle, senior portfolio manager at Manulife Asset Management. "In some cases because they have (production) capacity in the U.S."

Belisle name-checked transit bus and motor coach company New Flyer Industries Inc , which manufactures in the United States.

Rather than plunge into defensive sectors such as utilities and telecom, investors are sticking with companies that will benefit from global economic strength and looking for ETF-related arbitrage opportunities. They are weeding out stocks that could be hurt most if the outlook for free trade does worsen.

"We have been holding slightly elevated levels of cash, and have been deploying selectively on big down days in the past month," said Mike Archibald, associate portfolio manager at AGF Investments, adding that Canadian autos continue to represent a risky part of the market.

Stocks that Archibald has bought include mattress retailer Sleep Country Canada Holdings Inc, which targets the domestic market. Its shares jumped after reporting strong fourth-quarter results last week.

A number of countries, including Canada, have threatened to retaliate against planned U.S. import tariffs on steel and aluminum. Canada, the largest supplier of both metals to the United States, is also contending with the potential collapse of the North American Free Trade agreement.

At AIP Asset Management Inc, portfolio manager Jay Bala looks to take advantage of the potential different pricing of the same securities as investors rush to exit exchange traded funds, such as the iShares S&P/TSX 60 Index ETF, which hold some stocks that could be affected by tariffs.

"More aggressive investors could short the ETF and buy the stocks or sectors which have not been impacted," Bala said.

Investors are also assessing the potential for tariffs to boost inflation and push bond yields higher even if economic growth slows.

"You have to be careful where you want to hide because you don't want to be hiding in areas that are going to be hurt due to the higher rates," said Greg Taylor, portfolio manager at Redwood Asset Management.

He favors banks, such as Toronto-Dominion Bank and Royal Bank of Canada, that could benefit from a steeper yield curve and have U.S. operations.

"They are going to be more immunized from a trade war if they are already doing a lot of U.S. business directly with Americans," Taylor said.

(Reporting by Fergal Smith; Editing by Denny Thomas and David Gregorio)

By Fergal Smith

Stocks mentioned in the article
ChangeLast1st jan.
CGI 1.02% 85.81 Delayed Quote.24.36%
FINNING INTERNATIONAL INC. 1.88% 30.81 Delayed Quote.-6.49%
S&P/TSX COMPOSITE INDEX 0.71% 16196.04 Delayed Quote.-1.21%
SLEEP COUNTRY CANADA HOLDINGS INC 2.02% 30.8 Delayed Quote.-9.61%
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Financials (CAD)
Sales 2018 6 993 M
EBIT 2018 489 M
Net income 2018 307 M
Debt 2018 982 M
Yield 2018 2,63%
P/E ratio 2018 16,77
P/E ratio 2019 13,54
EV / Sales 2018 0,87x
EV / Sales 2019 0,81x
Capitalization 5 087 M
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Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 39,2  CAD
Spread / Average Target 30%
EPS Revisions
Managers
NameTitle
L. Scott Thomson President, CEO & Non-Independent Director
Douglas William Geoffrey Whitehead Chairman
Juan Carlos Villegas Chief Operating Officer
Steven M. Nielsen Chief Financial Officer & Executive Vice President
David W. Cummings Chief Information Officer & Executive VP
Sector and Competitors
1st jan.Capitalization (M$)
FINNING INTERNATIONAL INC.-6.49%3 898
WORLDPAY INC7.04%30 525
CINTAS CORPORATION36.35%22 581
UNITED RENTALS-4.05%13 649
BUREAU VERITAS-0.26%11 748
TELEPERFORMANCE41.31%11 404