DUNDEEWEALTH INC. $12.63 (Toronto symbol DW; SI Rating: Speculative) (1-800-301-6745; www.dundeewealth.com; Shares outstanding: 144.3 million; Market cap: $1.8 billion) has terminated the special committee set up late last year to study expressions of interest from companies interested in making takeover offers. Dundee Corp. will not sell its interest in DundeeWealth at this time. Dundee Corp. controls 60.8% of DundeeWealth.
The Bank of Nova Scotia, Power Financial, Manulife Financial and CI Financial Income Fund were all reportedly considering bids. In September, 2007, Scotiabank purchased an 18% interest in DundeeWealth for $348 million. Scotiabank also has a right of first refusal on any sale of the controlling interest in DundeeWealth.
DundeeWealth is still a hold.
SUNOPTA INC. $6.39 (Toronto symbol SOY; SI Rating: Speculative) (905-455-2528; www.sunopta.com; Shares outstanding: 63.9 million; Market cap: $408.3 million) now expects to report earnings of $0.12 to $0.14 a share in 2007. That’s down from previous estimates of $0.35 to $0.40 a share. (All figures except share price in U.S. dollars.) While 2007 revenues will meet expectations, problems in the SunOpta Fruit and the SunOpta BioProcess groups will hurt earnings.
The company will take a $9 million to $11 million write-down on inventories in its SunOpta Fruit berry operations. It is also taking a $3 million pre-tax provision due to possible difficulties in collecting on an existing equipment supply contract in the SunOpta BioProcess Group.
To put those charges into perspective, SunOpta earned $5.1 million or $0.08 a share in the three months ended September 30, 2007.
SunOpta gets the bulk of its revenues from its Foods division, which specializes in the sourcing, processing and distribution of organic, kosher and specialty food products. With the exception of its berry operations, the Foods division expects to post strong 2007 results. Its BioProcess operations are still in their early stages, but they provide a future growth area for the company.
SunOpta is still a hold.
TIM HORTONS $35.62 (Toronto symbol THI; SI Rating: Average) (905-845-6511; www.timshortons.com; Shares outstanding: 186.8 million; Market cap: $6.7 billion) plans to continue its U.S. expansion in existing markets and in adjacent regions. It aims to increase its U.S. restaurants to 500 from 352 by the end of 2008.
In Canada, Tim Hortons will focus its 2008 expansion on western Canada and Quebec. It also plans further urban expansion in Toronto, Montreal and Vancouver. Longer term, it plans to add 1,000 to 1,500 units to its total of 2,758 restaurants in Canada, which still account for more than 90% of its revenues.
Tim Hortons is a buy.
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