| For
Comparison Only!
Expressed as % |
|
|
|
|
$
|
|
Risk
|
Est Cash Distributions
|
Estimated
Distributable |
Estimated Cash
Flow |
|
|
Estimated
Payout % |
Trust
Name
|
Symbol |
|
Units OS
|
Description
|
Date
|
Analyst
|
Target
|
|
|
2005
|
2006
|
2007 |
2008 |
2009 |
2010 |
2011 |
2007 |
2008 |
2009 |
2010 |
2011 |
2007 |
2008 |
2009 |
2010 |
2011 |
D/CF
|
Debt
|
2007 |
2008 |
2009 |
2010 |
2011 |
|
|
|
|
|
ATS
Andlauer - Buy 0ut by AMG
@ $10.75
|
|
|
|
|
|
ATS.un
|
|
|
|
|
|
|
|
Sold to Nautic Partners VI |
18.6 M
|
Canadian Cartage Diversified
|
|
|
|
|
|
|
Sold to Nautic Partners VI |
|
|
|
|
|
|
|
|
Canadian Helicopters |
|
|
|
|
|
CHL.un
|
|
Canadian Helicopters
|
|
|
|
SEDAR
Globe&
Mail
X-Dates
Insider
Trades
|
CHL.un
E-Mail
|
 |
13.1M
0 CDs
|
128 Onshore helicopters
operating from 42 bases.
Emergency medical, utilities, oil/gas, mining, forestry and
construction.
Q1 & Q4 are slow quarters
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
|
|
|
|
Oct 26/09
|
CIBC
|
$10.00
|
OP
|
X
|
$1.05
|
$1.05
|
$1.06
|
$1.10
|
$1.10
|
$1.10
|
|
|
|
|
|
|
$2.18
|
$1.80
|
$1.67
|
$1.63
|
|
-0.4x
|
$9.1
M
|
|
59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CargoJet Income |
|
|
|
|
|
CJT.un
|
|
CargoJet Income
|
|
|
|
SEDAR
Globe&
Mail
X-Dates
Insider
Trades
|
CJT.un
E-Mail
|
 |
8.8 M
|
Overnight time sensitive
air-cargo to
13 Canadian cities
A - AFFO
|
Sep 17/08
|
BMO
|
$ 5.50
|
|
|
$0.62
|
$1.11
|
$1.15
|
$0.98
|
$0.45
|
|
|
$1.61
|
$1.13
|
$0.96
|
$1.76
|
|
|
|
|
|
|
|
$120 M
|
72
|
|
|
|
|
|
Aug 17/09
|
Cormark
|
|
TP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aug 17/09
|
RBC
|
$ 9.50
|
OP
|
AA
|
$0.62
|
$1.11
|
$1.15
|
$0.98
|
$0.45
|
|
|
|
|
|
|
|
1.58A
|
1.53A
|
1.56A
|
1.64A
|
|
|
|
73
|
64
|
29
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
$0.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
Comparison Only!
Expressed as % |
|
|
|
|
$
|
|
Risk
|
Est Cash Distributions
|
Estimated
Distributable |
Estimated Cash
Flow |
|
|
Estimated
Payout % |
Trust
Name
|
Symbol |
|
Units OS
|
Description
|
Date
|
Analyst
|
Target
|
|
|
2005
|
2006
|
2007 |
2008 |
2009 |
2010 |
2011 |
2007 |
2008 |
2009 |
2010 |
2011 |
2007 |
2008 |
2009 |
2010 |
2011 |
D/CF
|
Debt
|
2007 |
2008 |
2009 |
2010 |
2011 |
|
|
|
Converting Dec 1/'09
|
|
Contrans
Income |
|
|
|
|
|
CSS.un
|
Converting Dec 1/'09
|
Contrans
Income
|
|
|
|
SEDAR
Globe&
Mail
X-Dates
Insider
Trades |
CSS.un
E-Mail
|
 |
29.9 M
0 CDs
|
1,500
tractors and 2,300 trailers
13% of revenue
collected in US $'s
Converting
Dec 1/'09
Quarterly
dividend
|
Nov 11/09
|
BMO
|
$ 7.00
|
|
|
|
$1.25
|
$1.25
|
$1.25
|
$0.51
|
$0.24
|
|
|
|
|
|
|
$1.70
|
$1.76
|
$0.82
|
$0.95
|
|
|
|
74
|
71
|
62
|
25
|
|
|
Oct 26/09
|
CIBC
|
$ 5.50
|
|
X
|
$1.48
|
$1.25
|
$1.25
|
$1.25
|
$0.31
|
$0.28
|
|
|
|
|
|
|
$1.69
|
$1.76
|
$1.10
|
$1.10
|
|
|
|
|
|
|
|
|
|
Nov 11/09
|
NA
|
$ 7.75
|
OP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30
|
|
|
Oct 06/09
|
RBC
|
$ 6.00
|
|
AA
|
$1.48
|
$1.25
|
$1.25
|
$1.25
|
$0.65
|
$0.30
|
|
|
|
|
|
|
1.57A
|
1.68A
|
0.71A
|
0.89A
|
|
|
|
80
|
74
|
92
|
34
|
|
|
Nov 11/09
|
TDW
|
$ 6.50
|
|
High
|
$1.48
|
$1.25
|
$1.25
|
$1.25
|
$0.65
|
0
|
|
$1.72
|
$1.63
|
$0.91
|
$1.05
|
|
|
|
|
|
|
1.2x
|
$54.3 M
|
72
|
77
|
71
|
0
|
|
|
|
|
EIG
Corp
|
|
Exchange
Industrial - Converting to Corp |
|
|
|
|
|
EIF.un
|
EIG Corp
|
Exchange
Industrial
|
|
|
|
|
|
|
8.1 M
|
Halterm Income |
|
|
|
|
|
|
|
|
|
|
|
| For
Comparison Only!
Expressed as % |
|
|
|
|
$ |
|
Risk
|
Est Cash Distributions
|
Estimated
Distributable |
Estimated Cash
Flow |
|
|
Estimated
Payout % |
Trust
Name
|
Symbol |
|
Units OS |
Description
|
Date
|
Analyst
|
Target
|
|
|
2005
|
2006
|
2007 |
2008 |
2009 |
2010 |
2011 |
2007 |
2008 |
2009 |
2010 |
2011 |
2007 |
2008 |
2009 |
2010 |
2011 |
D/CF
|
Debt
|
2007 |
2008 |
2009 |
2010 |
2011 |
|
|
|
|
|
IAT Air Cargo Merging with HREIT 2010
|
|
|
|
|
|
ACF.un
|
|
IAT Air Cargo
|
|
|
|
|
|
|
|
Jazz
Air |
|
|
|
|
|
JAZ.un
|
|
Jazz
Air |
|
|
|
SEDAR
Globe&
Mail
X-Dates
Insider
Trades
|
JAZ.un
E-Mail
|
 |
123 M
0 CDs
|
(ACE aviation)Air Canada
Spin Off
~688 daily departures to 56 cities in Canada and 17 in the U.S. with
120 aircraft
A - AFFO
|
Aug 07/09
|
BMO
|
$ 3.00
|
|
|
|
$0.80
|
$1.01
|
$1.01
|
$0.84
|
$0.60
|
|
$1.23
|
$1.18
|
$1.00
|
$0.85
|
|
|
|
|
|
|
|
$973 M
|
82
|
|
|
|
|
|
Aug
09/09
|
CIBC
|
$ 5.50
|
OP
|
|
|
$0.80
|
$1.01
|
$1.01
|
$0.87
|
$0.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81
|
|
Aug
06/09
|
RBC
|
$ 4.00
|
OP
|
AA
|
|
$0.88
|
$1.00
|
$1.00
|
$0.87
|
$0.60
|
|
$1.23
|
$1.18
|
$1.07
|
$0.88
|
|
1.23A
|
1.18A
|
1.07A
|
0.91A |
|
|
$ 1.1
B
|
81
|
85
|
81
|
68
|
|
|
Feb
12/09
|
Scotia
|
$
7.50
|
UP
|
X
|
|
$0.80
|
$1.01
|
$1.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aug
07/09 |
TDW
|
$ 4.50
|
BY
|
High
|
|
$0.80
|
$1.01
|
$1.01
|
$0.87
|
$0.60
|
|
$1.24
|
$1.19
|
$0.99
|
$0.96
|
|
|
|
|
|
|
|
|
81
|
78
|
82
|
|
|
|
|
|
|
|
Livingston
International buy out -
Mullen
|
|
|
|
|
|
LIV.un
|
|
Livingston
International
|
|
|
|
SEDAR
Globe&
Mail
X-Dates
Insider
Trades |
LIV.un
E-Mail
|
 |
34.1 M
0 CDs
|
Customs
brokerage, tax consulting, transportation and logistics. Vehicle
registrations
for transport Canada - cross border reg's.
24% of revenues in US $'s
Q1 - Slow period
A - AFFO
|
Nov 09/09
|
BMO
|
$ 9.00
|
|
|
$1.46
|
$1.70
|
$1.70
|
$1.70
|
$0.21
|
0
|
|
$1.86
|
$1.89
|
$0.78
|
$1.02
|
|
|
|
|
|
|
|
$109 M
|
92
|
91
|
24
|
0
|
|
|
| May 14/09
|
CIBC
|
$
3.00
|
X
|
|
$1.45
|
$1.68
|
$1.70
|
$1.70
|
$0.21
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sep
16/09
|
RBC
|
$ 6.50
|
OP |
AA
|
$1.46
|
$1.70
|
$1.70
|
$1.70
|
$0.21
|
$0.50
|
|
|
|
|
|
|
1.62A
|
1.80A
|
0.68A
|
1.00A
|
|
|
$ 83 M
|
105
|
94
|
31
|
50
|
|
|
Jan 15/09
|
Scotia
|
$
6.50
|
X
|
High
|
$1.46
|
$1.69
|
$1.70
|
$1.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oct 09/09
|
TDW
|
$ 8.00
|
|
Med
|
$1.46
|
$1.70
|
$1.70
|
$1.70
|
$0.21
|
0
|
|
$1.85
|
$1.89
|
$0.80
|
$1.05
|
|
|
|
|
|
|
1.5x
|
$78 M
|
92
|
90
|
22
|
0
|
|
|
| For
Comparison Only!
Expressed as % |
|
|
|
|
$ |
|
Risk
|
Est Cash Distributions
|
Estimated
Distributable |
Estimated Cash
Flow |
|
|
Estimated
Payout % |
Trust
Name
|
Symbol |
|
Units OS |
Description
|
Date
|
Analyst
|
Target
|
|
|
2005
|
2006
|
2007 |
2008 |
2009 |
2010 |
2011 |
2007 |
2008 |
2009 |
2010 |
2011 |
2007 |
2008 |
2009 |
2010 |
2011 |
D/CF
|
Debt
|
2007 |
2008 |
2009 |
2010 |
2011 |
|
|
|
|
|
|
Mullen Group
- See Livingston above
|
|
|
|
|
|
MTL
|
|
Mullen Group
|
|
|
|
SEDAR
Globe&
Mail
X-Dates
Insider
Trades |
MTL
E-Mail
|
 |
88.4 M
CDs
|
Trucking
and Oil
field
services
weakness in commodity prices; unseasonable weather; foreign country
risk; difficulty in
finding, training and retaining qualified staff; and availability of
equipment and parts (TDW)
Scotia - 2 year target
|
Nov
06/09
|
BMO
|
$15.00
|
|
|
$0.81
|
$1.80
|
|
$1.80
|
$0.48
|
$0.50
|
|
$1.89
|
$2.43
|
$1.49
|
$1.53
|
|
$2.37
|
$3.06
|
|
|
|
|
|
95
|
74
|
28
|
29
|
|
|
| Oct
30/09 |
CIBC
|
$18.00
|
|
|
|
$1.80
|
|
$1.80
|
|
|
|
$1.97
|
$2.54
|
$0.98
|
$1.68
|
|
|
|
|
|
|
2.2x
|
|
91
|
71
|
49
|
30
|
|
|
| Jan 15/09
|
RBC
|
$12.00
|
|
AA
|
$0.81
|
$1.80
|
$1.80
|
$1.80
|
$0.48
|
$0.50
|
|
$1.95
|
$2.54
|
$1.96
|
|
|
$2.37
|
$3.01
|
$2.36
|
$2.29
|
|
|
|
93
|
71
|
|
|
|
|
Oct
29/09
|
R.James
|
$18.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Feb 27/09
|
Scotia
|
$10.50
|
|
High
|
|
$1.80
|
|
|
$0.48
|
$0.50
|
|
|
|
|
|
|
$2.37
|
$3.06
|
$2.39
|
$2.30
|
|
|
|
90
|
72
|
|
|
|
|
|
Oct 30/09
|
TDW
|
$19.00
|
BY
|
High
|
|
$1.80
|
|
$1.80
|
$0.48
|
$0.50
|
|
|
|
|
|
|
$2.36
|
$3.06
|
$1.49
|
$2.29
|
$2.31
|
|
$342 M
|
|
|
|
|
|
|
|
|
|
|
|
Oceanex Income - South
Coast Partners - Sale |
|
|
|
|
|
|
|
|
|
|
|
| For
Comparison Only!
Expressed as % |
|
|
|
|
$ |
|
Risk
|
Est Cash Distributions
|
Estimated
Distributable |
Estimated Cash
Flow |
|
|
Estimated
Payout % |
Trust
Name
|
Symbol |
|
Units OS |
Description
|
Date
|
Analyst
|
Target
|
|
|
2005
|
2006
|
2007 |
2008 |
2009 |
2010 |
2011 |
2007 |
2008 |
2009 |
2010 |
2011 |
2007 |
2008 |
2009 |
2010 |
2011 |
D/CF
|
Debt
|
2007 |
2008 |
2009 |
2010 |
2011 |
|
(Peace
Bridge Brokers)
|
PBB.un |
|
9.8
M
|
Merged with LIV.un
above
|
|
|
|
|
|
|
|
|
|
|
|
|
IPS |
|
|
Student
Transportation of America
|
|
|
STB
|
|
|
|
STB
|
Student
Transport of America |
|
|
|
SEDAR
Globe&
Mail
X-Dates
Insider
Trades
|
STB
E-Mail |
 |
55.2M
0 CDs
|
home-to-school
busing, special needs transportation and extracurricular and charter
trips for schools and other groups in 11 States
Waterloo, ON STB.un /
STB
Convert STB.un into STB and Debenture - Aug
|
Aug 28/09
|
BMO
|
$
4.25
|
|
|
$1.07
|
$1.08
|
$1.09
|
$1.09
|
$1.09
|
|
|
$0.63
|
$0.75
|
$0.82
|
$0.79
|
|
|
|
|
|
|
|
$133 M
|
88
|
81
|
85
|
|
|
|
Sep 30/09
|
CIBC
|
$ 5.00
|
|
.un
|
=
|
$1.08
|
$1.10
|
$1.10
|
$1.10
|
|
|
|
|
|
|
|
|
$0.71
|
$0.76
|
$0.73
|
|
4.4x
|
$130 M
|
|
84
|
|
|
|
|
|
|
|
|
STB
|
=
|
|
|
$0.56
|
$0.56
|
$0.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transforce Inc
|
|
|
|
|
|
TFI
|
|
Transforce
Inc |
|
|
|
SEDAR
Globe&
Mail
X-Dates
Insider
Trades
|
TFI
E-Mail
INDEX
|
 |
95.2 M
0 CDs
|
Less Than
Truckload and Parcel Delivery, Truckload,
logistics and fleet management, customs brokerage and bonded warehousing
Entered the Waste Management business
* - EPS
|
Aug 28/09
|
BMO
|
$ 8.00
|
|
|
|
|
|
$0.80
|
$0.40
|
|
|
|
|
|
|
|
$2.40
|
$2.69
|
$2.01
|
$2.13
|
|
|
$760 M
|
|
34
|
16
|
|
|
|
Jul 21/09
|
NA
|
$ 6.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sep 10/09
|
RBC
|
$ 9.00
|
OP
|
AA
|
$1.94
|
$1.72
|
$1.58
|
$0.85
|
$0.40
|
|
|
|
|
|
|
|
*1.11
|
*1.11
|
*0.56
|
*0.70
|
|
|
|
82
|
67
|
|
|
|
|
| Oct 31/08
|
Scotia
|
$
7.00
|
|
X
|
|
|
$1.58
|
$0.85
|
$0.40
|
$0.40
|
|
|
|
|
|
|
$2.30
|
$2.62
|
|
|
|
3.1x
|
|
|
|
|
|
|
|
Oct 26/09
|
TDW
|
$ 8.00
|
|
High
|
$1.94
|
$1.72
|
$1.59
|
$0.84
|
$0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
3.0x
|
$748 M
|
|
|
|
|
|
|
| For
Comparison Only!
Expressed as % |
|
|
|
|
$ |
|
Risk
|
Est Cash Distributions
|
Estimated
Distributable |
Estimated Cash
Flow |
|
|
Estimated
Payout % |
Trust
Name
|
Symbol |
|
Units OS |
Description
|
Date
|
Analyst
|
Target
|
|
|
2005
|
2006
|
2007 |
2008 |
2009 |
2010 |
2011 |
2007 |
2008 |
2009 |
2010 |
2011 |
2007 |
2008 |
2009 |
2010 |
2011 |
D/CF
|
Debt
|
2007 |
2008 |
2009 |
2010 |
2011 |
|
|
|
|
|
Trimac Inc |
|
|
|
|
|
TMA.un
|
|
Trimac Inc
|
|
|
|
SEDAR
Globe&
Mail
X-Dates
Insider
Trades
|
TMA.un
E-Mail
|
 |
25.5 M
0 CDs
|
Canada’s largest
bulk trucking services
provider with operations from coast to coast
|
Aug 14/09
|
BMO
|
$ 4.00
|
|
|
$0.74
|
$0.92
|
$0.93
|
$0.93
|
$0.48
|
$0.48
|
|
$1.10
|
$1.09
|
$0.73
|
$0.61
|
|
|
|
|
|
|
|
$62
M
|
84
|
85
|
65
|
78
|
|
|
Aug 14/09
|
NA
|
$ 4.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aug 13/09
|
RBC
|
$ 4.00
|
OP
|
AA
|
$0.88
|
$0.92
|
$0.93
|
$0.91
|
$0.48
|
$0.48
|
|
|
|
|
|
|
1.06A
|
1.06A
|
0.74A
|
0.72A
|
|
|
$62 M
|
88
|
86
|
65
|
67
|
|
|
| Aug 14/09
|
TDW
|
$ 3.50
|
|
High
|
$0.88
|
$0.92
|
$0.93
|
$0.93
|
$0.48
|
$0.48
|
|
$1.10
|
$1.07
|
$0.65
|
$0.69
|
|
|
|
|
|
|
1.9x
|
$62 M
|
84
|
90
|
75
|
70
|
|
|
|
|
|
Sold to Eimskip (Iceland)
|
|
VersaCold Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WestShore
Terminals |
|
|
|
|
|
WTE.un
|
|
WestShore
Terminals |
|
|
|
|
|
WTE.un
No Mail
INDEX
|
 |
74.3 M
0 CDs
|
Operates a
coal storage and
loading
terminal
at Roberts Bank, BC
35% of cash flow can be exposed to US $
A - AFFO
NAV: (CIBC Nov 09'09) $ 5.20
|
|
BMO
|
|
|
|
$1.16
|
$1.20
|
$1.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100
|
|
|
|
|
|
| Nov 09/09
|
CIBC
|
$13.50
|
|
|
$1.17
|
$1.21
|
$1.16
|
$1.80
|
$0.96
|
$1.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jun 24/09
|
NA
|
$12.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oct 05/09
|
RBC
|
$15.00
|
|
AA
|
$1.17
|
$1.20
|
$1.16
|
$1.80
|
$1.14
|
$1.14
|
|
|
|
|
|
|
1.17A
|
2.12A
|
1.44A
|
1.16A
|
|
|
($80
M)
|
99
|
85
|
79
|
98
|
|
|
Nov 09/09
|
Salman
|
$13.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nov
09/09 |
TDW
|
$12.50
|
|
High
|
$1.17
|
$1.21
|
$1.16
|
$1.80
|
$1.16
|
$1.43
|
|
$1.17
|
$2.13
|
$1.49
|
$1.48
|
|
|
|
|
|
|
|
|
99
|
85
|
78
|
97
|
|
|