City of London staff are looking for public input to help form a new downtown plan
The city is forming a new plan for the downtown core and asking for input from residents and businesses. CTV's Gerry Dewan has the details.
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Globe and Mail
11 minutes ago
- Globe and Mail
Missed the Dollarama rally? It might not matter
Let's say that you missed out on buying shares in Dollarama Inc. DOL-T, only to watch the price rise 61 per cent over the past year, 320 per cent over the past five years and, oh dear, 660 per cent over the past 10 years. Forgiving yourself for missing out on this spectacular Canadian growth story is easy. What's far more difficult: Ignoring how high it's climbed and buying the stock today. That might sound crazy at first glance, especially if you have a bias – as I do – toward cheap, beaten-up stocks with compelling turnaround stories. Dollarama is anything but beaten-up, and this observation extends well beyond the share price. Its Canadian footprint has increased by 69 per cent over the past decade to 1,638 stores. It has successfully expanded its product mix to include items priced as high as $5, up from a high of $3. Over this 10-year period, quarterly sales – based on financial results released this week – have nearly tripled, to more than $1.5-billion. Net earnings have more than quadrupled. The share price has occasionally reflected some hesitation from investors because of competitive pressures, disappointing sales growth and market saturation. In one of the biggest recent swoons, the stock fell more than 40 per cent during a particularly bleak stretch in 2018. Today, though, there appears to be little weighing on the stock – including tariffs and economic clouds – given that it touched a record intraday high on Wednesday and trades at over 40 times estimated earnings. 'Valuation is at all-time highs, reflecting Dollarama's standing as a paragon of both quality and growth,' Mark Petrie, an analyst at CIBC Capital Markets, said in a note. Anyone hoping to score a quick gain on the stock from its current level would need the confidence of Ethan Hunt, the hero in the Mission: Impossible film series, to believe that there are still some factors that the market is ignoring or that the valuation deserves to be higher than Nvidia Corp., which is most definitely not a discount retailer. Others who have been sitting on the sidelines and may be filled with regret over Dollarama's stunning ascent – and can handle some bumps – might want to try on this argument: For a company that has shown no signs of exhaustion, perhaps it doesn't matter when you buy the stock. For one thing, profits are still rising at an impressive clip. Last year, earnings per share increased by 16.9 per cent, year-over-year. CIBC expects profits will rise 11.8 per cent this year and 11.4 per cent next year. But keep in mind that Dollarama executives have a habit of overdelivering. In its most recent quarter, the company reported a profit of 98 cents per share, beating analysts' expectations by a wide 14 cents, according to S&P Global Market Intelligence. What's more, Dollarama is continuing to generate strong sales growth as it finds steady opportunities for opening new locations in Canada, where consumers gravitate to its well-organized stores and consistent range of products. It opened 22 stores in the first quarter, with dozens more coming during the rest of the year, suggesting that market saturation on its home turf is still a ways off. Sales rose 8.2 per cent in the fiscal first quarter, also slightly higher than expectations. Why this money manager is buying Nestle, Dollarama and selling Couche-Tard International expansion adds a new opportunity for growth. Dollarama owns a 60.1-per-cent stake in Latin American discount retailer Dollarcity, with locations in Colombia, Guatemala, El Salvador, Peru and, starting next month, Mexico. Though the target back in 2019 was to have 600 Dollarcity stores within 10 years, the current store count already stands at 644. The new target: 1,050 stores by 2031, which doesn't include Mexico. Dollarama is also gearing up for an expansion into Australia with a deal to acquire The Reject Shop Ltd., which operates a network of more than 390 stores that can benefit from Dollarama's know-how. 'We question what catalyst will emerge to cause Dollarama to falter. The value proposition seems as healthy as ever, and we see risk of earnings misses as very low,' John Zamparo, an analyst at Bank of Nova Scotia, said in a note. Yeah, just about everyone agrees that the stock isn't cheap on a valuation basis. Its stellar gains are going to make some investors nervous about a rally that could fade the minute they join it. But Dollarama has cruised through economic downturns, soaring inflation and trade wars (so far), rewarding risk-takers who focused on the future rather than dwelling on the past they may have missed.
CTV News
17 minutes ago
- CTV News
Maine governor calls Trump tariffs ‘a big tax heist'
Maine Gov. Janet Trafton Mills speaks at the 2024 summer meeting of the National Governors Association, Thursday, July 11, 2024, in Salt Lake City. The current tariffs straining the long-standing trade relationship between Canada and the United States are nothing more than a 'tax on American people, according to the governor of Maine. 'The president is taking trillions of dollars in so-called tariffs that are really taxes importing into the putting into the federal budget,' Gov. Janet Mills told CTV News Atlantic's Todd Battis. 'People are waking up and understanding that this is a big tax heist, as the Wall Street Journal described it.' Mills says the tariffs are impacting Maine's 176 craft breweries, its forestry sector and the seafood industry. 'Putting tariffs on lobster and seafood when these lobsters don't know if they're a Maine lobster or Canadian lobster, they go back and forth to be processed,' Mills says. 'It's really unfair and irrational.' Next week Mills and other New England governors will meet in Boston to discuss trade and tariffs with six Canadian premiers. Massachusetts Gov. Maura Healy extended the invitation to the premiers last month. Mills plans to reinforce the longstanding relationship her state has with the various provinces and discuss creative ways the two sides can maintain economic stability amid the trade war. She will also tell Canadian leaders her intentions to continue pressuring congressional delegations in the northeastern United States to 'take back their power' and stop 'harming our deep seated relationship with Canada.' Speaking with reporters Thursday, New Brunswick Premier Susan Holt said she will be looking to encourage the New England governors to make it clear to the White House how tariffs are damaging both sides of the border. 'We can get those messages through to the people that we hope can influence the president,' says Holt. 'To move off of his 50 per cent tariff on aluminum and his tariff on autos, and land in a place where we have the kind of free and open trade that we've had before.' 'I've been talking with small businesses up and down the coast and interior Maine who've always had friends and family come from Canada to visit in the summer,' says Mills. 'Now they're canceling reservations, and I hate to see that happen.' The Maine government has been posting signs across Maine saying 'Welcome' or 'Bienvenue Canadiens!' It's a relationship that goes far beyond just business. 'Our families, cultures, cuisine, languages are all entwined,' Mills says, noting her family originally came from Pugwash, N.S. 'Especially in Maine with a 611-mile border between [us], New Brunswick, Quebec, and the Atlantic provinces.'
Globe and Mail
21 minutes ago
- Globe and Mail
3 Stocks to Watch From a Challenging Cable Television Industry
The Zacks Cable Television industry players are focusing on bundled offerings and on-demand programming to counter challenges from cord-cutting as consumers shift away from traditional pay-TV options, including cable TV and satellite TV, to over-the-top streaming services with innovative content. The industry is evolving by leveraging its broadband infrastructure to meet changing consumer preferences and balancing traditional cable services with new streaming options to maintain relevance in the rapidly changing media landscape. Cable companies are benefiting from consistent demand for high-speed broadband and WiFi devices, driven by hybrid work and learning environments. Increased media consumption has been a key catalyst for industry leaders like Comcast CMCSA, Charter Communications CHTR and Naspers NPSNY. Industry Description The Zacks Cable Television industry comprises companies offering integrated data, video and voice services, including pay-TV and Internet-based streaming content. These firms provide equipment like satellite dishes, digital set-top receivers and remote controls. Cable companies typically build or lease network backbones from telecom companies and purchase licenses to distribute programmers' content over these networks. They license content from programmers and sell advertising spots. The industry is capital-intensive, requiring significant investment in infrastructure, and is heavily regulated by the Federal Communications Commission. Industry players must balance the need for ongoing investment in technology and infrastructure with evolving consumer preferences and regulatory compliance to maintain competitiveness in the media landscape. 4 Trends Shaping the Future of the Cable Industry Skinny Bundles, Original Content Driving Growth: Cable television's ability to generate ad revenues outside traditional TV platforms, such as websites and any digitally-consumed platform, provides increased scope for target-based advertising. Nevertheless, consumers' unfavorable disposition, particularly toward advertising, has hit industry participants hard. Further, the growing consumer preference for digital and subscription services instead of linear pay-TV and rental or outright purchase has compelled industry players to alter their business models. Cable television companies are now offering a variety of alternative packages, including skinny bundles, which are delivered at lower costs than traditional offerings. These companies are also innovating in terms of original content to be competitive against streaming service providers. High-Speed Internet Demand Key Catalyst: The growing demand for high-speed Internet, including broadband, has aided cable television industry participants like Comcast and Charter. Improving Internet speed is fueling the demand for high-quality video and the trend of binge viewing. Further, a strengthening broadband ecosystem in international markets, along with the proliferation of smart TVs, is anticipated to drive growth. Also, the work-from-home trend and online learning have boosted Internet usage, thus supporting industry participants. Cord Cutting and Matured PayTV Industry Hurting Prospects: The cable television industry is witnessing the rapid evolution of distribution platforms as well as embracing new players and advanced technologies. Declining profits of residential video services due to rising programming costs and retransmission fees have made survival difficult for traditional companies. Additionally, the heightened need for on-demand content has led to the mushrooming of streaming service providers, making it particularly tricky for traditional cable television companies to maintain a viewer base. Furthermore, the traditional pay-TV industry is maturing with widespread consolidation. Moreover, residential voice service revenues are declining due to the rising shift to wireless voice services. Softness in Advertising Demand Impeding Business Growth: Persistent inflation and higher interest rates are having a detrimental effect on ad spending. Besides, the challenge with TV ads is that marketers have difficulty getting actionable metrics and insights such as attribution data. At this time, marketers must look for outside-the-box solutions to extract conversion data from offline media. TV has taken a secondary role in most marketing strategies due to the growing influence of digital marketing. Many marketers are increasing ad spending on digital mediums due to their unmatched ability to deliver personalized messages that are easy to measure. Cable TV players are set to face competition for ad dollars from streaming service providers like Netflix and Disney, which are raising prices and introducing cheaper ad-supported packages now that their subscriber growth has slowed. Zacks Industry Rank Indicates Dull Prospects The Zacks Cable Television industry is housed within the broader Zacks Consumer Discretionary sector. It carries a Zacks Industry Rank #199, which places it in the bottom 19% of more than 250 Zacks industries. The group's Zacks Industry Rank, which is basically the average of the Zacks Rank of all member stocks, indicates encouraging near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. The industry's position in the bottom 50% of the Zacks-ranked industries is a result of a negative earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are pessimistic about this group's earnings growth potential. Since June 30, 2024, the industry's earnings estimate for 2025 has moved south by 4%. Before we present a few stocks that you may want to consider for your portfolio, let's take a look at the industry's recent stock-market performance and valuation picture. Industry Lags Sector, S&P 500 The Zacks Cable Television industry has underperformed the broader Zacks Consumer Discretionary sector and the S&P 500 composite over the past year. The industry has returned 8.9% over this period compared with the broader sector's growth of 19.8%. The S&P 500 has risen 11.2% in the said time frame. One-Year Price Performance Industry's Current Valuation On the basis of the trailing 12-month EV/EBITDA, a commonly used multiple for valuing cable companies, we see that the industry is currently trading at 6.76X compared with the S&P 500's 17.07X and the sector's 10.84X. Over the past five years, the industry has traded as high as 16.19X, as low as 6.26X and at the median of 8X, as the chart below shows. EV/EBITDA Ratio (TTM) 3 Cable Stocks to Watch Comcast: The company demonstrates financial resilience with 2% EBITDA growth and robust $5.4 billion free cash flow generation, while wireless momentum accelerated to the strongest quarter in two years. However, broadband operations face headwinds with 199,000 customer losses amid intensifying competition from fiber and fixed wireless providers. Management acknowledges execution challenges in their core connectivity business but has initiated strategic responses, including simplified pricing structures, five-year price guarantees, and aggressive wireless expansion targeting their substantial 87% untapped broadband customer base. The upcoming Epic Universe theme park opening and improving Peacock economics provide growth catalysts, though near-term EBITDA pressure is expected from necessary investments. Comcast's diversified portfolio and strong balance sheet offer defensive qualities while management works to regain competitive momentum in its largest business segment. Shares of this Zacks Rank #3 (Hold) company have lost 6% year to date. The Zacks Consensus Estimate for Comcast's 2025 earnings has moved north by 1.2% to $4.35 per share in 60 days. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Price and Consensus: CMCSA Charter Communications: This Zacks Rank #3 company presents a compelling watch story for 2025 following its transformative $34.5 billion acquisition of Cox Communications announced in May. The merger will create an enhanced industry leader serving more than 69 million passings while generating anticipated annual cost synergies of $500 million within three years. Charter Communications' Q1 2025 results demonstrate operational resilience with 4.8% adjusted EBITDA growth and robust free cash flow expansion to $1.6 billion, despite modest Internet customer declines offset by strong mobile line additions. The company's ongoing network evolution initiatives and rural expansion efforts position it strategically for long-term growth. However, investors should monitor integration execution risks, regulatory approval processes, and intensifying competition in broadband that could impact customer acquisition and pricing power throughout the combination period. Charter's shares have gained 15.8% year to date. The consensus mark for 2025 earnings has moved north by 5% in the past 60 days to $39.54 per share. Price and Consensus: CHTR Naspers: This Zacks Rank #3 company is worth a watch for 2025 following a significant operational transformation and delivering impressive results with ecommerce revenue growing 24% to $3.3 billion and adjusted EBIT increasing fivefold to $169 million in the first half. The company's AI-first strategy is showing tangible benefits, including 20% improvements in customer acquisition costs and enhanced fraud detection across its ecosystem. With $10 billion available for disciplined investment and strong free cash flow generation of $911 million, Naspers is well-positioned for strategic opportunities. The focus on value crystallization through Indian IPOs, following Swiggy's successful $11.3 billion listing, offers potential near-term catalysts. However, investors should monitor the execution of the $6.2 billion revenue and $400 million profitability guidance amid evolving market conditions. Shares of the company have surged 40.3% year to date. The consensus mark for fiscal 2025 earnings has remained steady at $4.88 per share in the past 30 days. Price and Consensus: NPSNY 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.5% per year. So be sure to give these hand picked 7 your immediate attention. See them now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Comcast Corporation (CMCSA): Free Stock Analysis Report Charter Communications, Inc. (CHTR): Free Stock Analysis Report Naspers Ltd. (NPSNY): Free Stock Analysis Report
