Top picks from Brian Madden, chief investment officer, First Avenue Investment Counsel
Brian Madden, CIO at First Avenue Investment Counsel, discusses his top picks: BCE, Osisko Gold Royalties, and Las Vegas Sands.BNN Bloomberg is owned by Bell Media, which is a division of BCE.
BCE is the country’s largest telecommunications and media company with wireline and wireless businesses, conventional and specialty TV channels as well as various smaller lines of business. The company earns a robust 16 per cent return on its shareholder’s equity and has grown dividends at a five per cent compound rate over the past decade.
The existing portfolio can sustain a 10-12 per cent organic growth rate in gold equivalent ounces produced with little to no capital required. Accordingly, Osisko’s ample free cash flows in a rising gold price environment can flow entirely back to shareholders as dividends or share repurchases or fund growth in the royalty and streaming portfolios. Shares surged through an eight-year-long resistance level just under $19 one month ago.
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