GEORGE WESTON LTD. $109.43 (Toronto symbol WN; Shares outstanding: 128.0 million; Market cap: $14.0 billion; TSINetwork Rating: Above Average; Dividend yield: 1.6%) makes a number of products through Weston Foods. Its businesses include fresh and frozen bakery and cookie operations in Canada and plants that make frozen bakery items, biscuits, cookies, cones and wafers in the U.S.
Weston also owns 46% of Loblaw (see above) and 5.5% of Choice Properties REIT (Toronto symbol CHP.UN). Choice owns 519 properties, mainly supermarket- and drugstore-anchored shopping malls and stand-alone supermarkets and pharmacies. Loblaw holds 83.0% of Choice and accounts for 91.0% of the REIT’s earnings.
In the three months ended October 10, 2015, Weston’s revenue rose 2.9%, to $14.4 billion from $14.0 billion a year earlier.
Without one-time items, earnings per share gained 4.4%, to $1.66 from $1.59. A bigger contribution from Loblaw offset higher ingredient prices and plant start-up costs at Weston Foods.
Weston holds cash of $2.7 billion, which it could use to increase its Loblaw stake or make other investments to boost its growth. The stock trades at 16.4 times the company’s forecast 2016 earnings of $6.68 a share. It yields 1.6%.
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