TopPicks from Chris Blumas, portfolio manager, Raymond James Investment Counsel
Chris Blumas, portfolio manager at Raymond James Investment Counsel Ltd., discusses his top picks: Algonquin Power, Walt Disney, and CVS Health.Algonquin is a diversified utility with a mix of generation, transmission and distribution assets. The company generates the majority of its revenue in the United States and the majority of its profits from its regulated utility business. The last six months have been rough for Algonquin and its share price is down by more than 45 per cent.
Earlier this year, Algonquin provided a business update and announced plans to reduce capex spending, increase asset sales and reduce its dividend by 40 per cent. These actions are intended to improve the company’s liquidity profile and protect its credit rating as it tries to complete the acquisition of Kentucky Power.
During its most recent quarterly update, newly returned Chief Executive Officer Bob Iger unveiled a transformation plan to reshape the company and improve profitability. The plan included new segment structures, the empowerment of content leaders and a $5.5 billion cost-savings plan. Disney+ subscribers remained relatively flat quarter-over-quarter at around 160 million.
Going forward, while it’s going to take Disney+ another year to become profitable, the company’s unique assets and digital capabilities strengthen its competitive position and create a platform that should help to drive future EPS growth. The shares are currently trading around 20x forward earnings for 2024 and a near 30 per cent discount to a conservative sum-of-the-parts valuation. Disney does not currently pay a dividend to shareholders but plans to reinstate one by the end of the year.
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