Canadian Value Stocks Poised for Recovery in the Coming Year
Canadian Value Stocks Poised for Recovery in the Coming Year
With the TSX Index up more than 55% so far this year, it might seem that there are no reasonably priced value stocks anymore. Yet, there's always a company or industry that's going through a hard time. If you dig deep enough, you can find these companies and snatch them up while they're trading at value stock valuations.
截至今年,目前TSX指數上漲超過55%,似乎沒有合理定價的價值股票了。然而,總有一家公司或行業正在經歷困難時期。如果你深入挖掘,便能發現這些公司,並在它們以價值股的估值交易時將其搶購。
Let's take a look at two such Canadian value stocks that I believe are setting up to be outperformers in the next year.
讓我們來看兩隻我認爲在明年有望超越的加拿大價值股票。
Cineplex
Cineplex
We all know Cineplex Inc. (TSX:CGX) as the dominant movie exhibition company in Canada. But what many of us don't know is that Cineplex is more than that. It's a diversified entertainment company whose movie exhibition segment currently accounts for 78% of total revenue. Other revenue sources include Cineplex's location-based entertainment segment, which hosts activities such as video gaming, bowling, and dining.
我們都知道Cineplex Inc.(TSX:CGX)是加拿大主要的電影放映公司。但很多人不知道的是,Cineplex不僅僅是這樣。它是一家多元化的娛樂公司,其電影放映部門目前佔總營業收入的78%。其他營業收入來源包括Cineplex的基於地點的娛樂部門,提供視頻遊戲、保齡球和餐飲等活動。
Today Cineplex is a Canadian value stock that emerged after some very difficult years. First, the pandemic threatened Cineplex's very survival, and then the writer's strike dried up movie content and kept the company in the red. As a result of all of this suffering, there is a silver lining, however. We now have the opportunity to buy Cineplex at historically cheap valuations. In fact, given Cineplex's cash flow generating capacity and relative stability, the stock is one of the best value stocks out there.
如今,Cineplex是一隻在經歷了一段非常艱難的歲月後崛起的加拿大價值股票。首先,疫情威脅到了Cineplex的生存,然後編劇罷工使電影內容匱乏,使公司運營處於虧損狀態。然而,所有這些苦難中都有一個積極的轉機。我們現在有機會以歷史上便宜的估值買入Cineplex。事實上,考慮到Cineplex的現金流生成能力和相對穩定性,這隻股票是目前最好的價值股票之一。
Trading at a mere 14 times next year's earnings, Cineplex stock is not reflecting the likely ramp up in earnings and cash flow in the next year. The company's recent box office results highlight the growing momentum and positive potential. In Cineplex's latest quarter, box office revenue came in at 98% of pre-pandemic levels. In November, it came in at 94% of pre-pandemic levels. So we can see that a full recovery to 2019 levels is in the cards. Yet, Cineplex stock trades at a fraction of what it traded at then – more than 60% lower. A true value stock.
Cineplex股票以明年收益的14倍交易,並未反映出明年收益和現金流可能的上升。該公司最近的票房業績突顯了不斷增長的勢頭和積極的潛力。在Cineplex最近一個季度,票房營業收入達到了疫情前水平的98%。在11月份,它達到了疫情前水平的94%。因此,我們可以看到完全恢復到2019年水平是有可能的。然而,Cineplex股票的交易價格卻只是當時價格的一小部分——低了超過60%。這是真正的價值股票。
Enbridge – the perpetual value stock
恩橋 – 永恒的價值股票
Enbridge Inc.(TSX:ENB) has been a value stock for a long as I can remember. There's something about the pipeline business that has turned investors off. Maybe it's the trouble that these companies had in the approval process of new pipelines. Or it's the high capital intensity of the business. It could also be the push for clean energy.
恩橋公司(TSX:ENB)作爲一隻價值股票存在了很長時間。管道業務有一些東西使投資者卻步。也許是這些公司在新管道的批准過程中遇到的麻煩,或者是這個行業的高資本密集度。也可能是對清潔能源的推動。
In reality, it's probably a bit of all these reasons. But whatever the reasons, the fact is the Enbridge stock remains a value stock. Trading at 19 times next year's expected earnings, this value stock has so much more potential than investors give it credit for.
實際上,這可能是所有這些原因的綜合。但無論原因是什麼,事實是恩橋的股票仍然是一隻價值股。以明年預期收益的19倍價格交易,這隻價值股的潛力遠超過投資者的預期。
Firstly, it is a defensive stock. In fact, its acquisition of three U.S. gas utilities from Dominion Energy add low-risk, regulated revenue streams to Enbridge. This adds greater stability to the company, further de-risking its growth outlook.
首先,它是一隻防禦性股票。事實上,它從Dominion Energy收購的三家美國天然氣公用事業公司爲恩橋增加了低風險的監管營業收入。這爲公司帶來了更大的穩定性,進一步降低了其增長前景的風險。
Secondly, Enbridge is benefitting from the growth in the natural gas business. Global demand for North American liquified natural gas (LNG) and new data centre demand will continue to fuel its pipeline business for years to come.
其次,恩橋正在受益於天然氣業務的增長。對北美液化天然氣(LNG)的全球需求和新的數據中心需求將繼續推動其管道業務的發展,持續數年。
Finally, Enbridge has a business model that churns out predictable, recurring cash flow, with plenty of growth to be had. Enbridge stock remains a Canadian value stock that does not seem to reflect these realities.
最後,恩橋的商業模式產生了可預測的、經常性的現金流,並且有很多增長潛力。恩橋股票仍然是一隻加拿大價值股,似乎並沒有反映這些現實。