I have an income trust currently in my portfolio that I could not find in your archives and was interested in your recommendations on it. It is: Colabor Group. Thanks.
Colabor Group, $11.55, symbol GCL on Toronto (Shares outstanding: 19.7 million; Market cap: $227.1 million), sells and distributes food and other products to customers in the retail and food-services businesses. Its clients are mainly grocery stores, convenience stores, cafeterias, restaurants and hotels. Colabor converted from an income trust to a conventional corporation last year.
The company continues to report rising revenue and cash flow. That cash flow appears to be enough to let Colabor continue paying its high dividend, which now yields 13.1%. The company’s long-term debt of $122.5 million is a manageable 53.9% of its market cap.
Colabor has grown quickly over the last few years, mainly by purchasing other related firms. As a result of its acquisitions, the company has goodwill and intangibles of $209.1 million, or a high 92.1% of its market cap. That raises the risk of a future writedown, but the company’s acquisitions are performing well so far.
Colabor Group is okay for aggressive investors…
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