Founded in 1929, American States Water (AWR) is a regional regulated water and electrical utility serving 75 communities in Northern, Coastal, and Southern California. It also serves 24,000 electrical customers in San Bernardino county. Source: AWR Investor Presentation The company has two major segments. The Golden State Water Company owns the firm's regulated water and [...]
Founded in 1896, Tootsie Roll (TR) is the maker of famous candy brands such as: Tootsie Roll, Tootsie Pops, Child’s Play, Caramel Apple Pops, Charms, Blow-Pop, Junior Mints, Charleston Chew, Sugar Daddy, Sugar Babies, Andes, Razzles, and Dubble Bubble. The company sells its products primarily through 30 candy and grocery brokers to over 4,000 supermarkets, [...]
Spectra's sponsor, Enbridge (ENB), announced a roll-up proposal in May 2018 to acquire the remaining interest in Spectra that it doesn't currently own. If accepted, SEP unitholders will receive 1.0123 common shares of Enbridge per SEP unit, representing a value of about $32 per unit today. As Enbridge laid out (see quote below), the [...]
Bell Canada Enterprises was founded in 1880 and changed its name to BCE (BCE) in 1983. The firm is one of Canada's big three telecom companies (the largest by customer base) and provides wireless, wireline, internet, and television services to residential, business, and wholesale customers in Canada. BCE has a total of 19.1 million customers [...]
Founded in 1992, LTC Properties (LTC) is an internally managed real estate investment trust. The firm primarily invests in senior housing and skilled nursing facilities primarily through sale-leaseback (triple net lease) transactions, mortgage financing, and structured finance solutions including mezzanine (convertible debt) lending. The REIT's portfolio includes approximately 200 properties leased to 29 operators [...]
Tracing its roots back to 1886, Diageo (DEO) is the largest producer of spirits in the world and was formed in 1997 after the merger of Guinness and Grand Metropolitan. Diageo is a British company, but the UK does not impose any foreign dividend tax withholdings on investors. Some of the firm's 200 leading [...]
Founded in 1883, Leggett & Platt (LEG) patented the first steel coil bedspring. Over the past 135 years, the company has become a diversified manufacturer that conceives, designs, and produces a wide range of engineered components (innersprings, recliner mechanisms, adjustable beds, steel wire, seat frames, carpet cushion, armrests, etc.) used in bedding, furniture, carpet, automobiles, [...]
Campbell Soup reported disappointing earnings on May 18, 2018. The stock tumbled 12% on the day and has lost approximately 30% over the past year. The company has struggled to adapt its portfolio to changing consumer tastes that prefer fresher, healthier offerings. Campbell Soup's CEO is stepping down, and the firm is undergoing a [...]
Founded in 1999, Brookfield Renewable Partners (BEP) is a renewable energy-focused limited partnership, or YieldCo, that's run by Brookfield Asset Management (BAM). The company is one of the world’s largest publicly-traded renewable power platforms with a portfolio consisting of over 16,300 megawatts of capacity and 843 generating facilities in North America, South America, Europe, and [...]
Ares Capital Corporation (ARCC) is an externally managed business development company, or BDC. The company is a subsidiary of Ares Management LP (ARES), which provides the firm's management team. Ares Management has over 1,000 employees working around the world and manages over $100 billion in assets. Ares Capital specializes in acquisitions, recapitalizations, mezzanine debt, [...]
EPR Properties (EPR) is an internally managed REIT that was formed in 1997 and specializes in entertainment and experiential commercial real estate properties. EPR Properties own about $6.2 billion in assets spread across four business segments: Entertainment (60% of rent revenue): includes investments in 147 megaplex theatre properties, seven entertainment retail centers (which include seven [...]
Founded in 1869, Royal Bank of Canada (RY) is Canada's largest bank by assets (about $1 trillion) and one of the 15 largest global banks by market cap. The firm is well-diversified across businesses, geographies and client segments, serving 16 million customers worldwide in Canada, the U.S., and 35 other countries. Royal Bank of Canada [...]
Founded by Larry Ellison in 1977, Oracle (ORCL) is one of the world's leading IT software companies. The business serves the needs of over 400,000 companies companies, both large and small, in about 175 countries around the globe. Historically, Oracle has dominated enterprise level database software with about 40% market share. In this business, [...]
Founded in 1912, Illinois Tool Works (ITW) is one of the world’s largest industrial component manufacturers, operating over 500 facilities around the globe (roughly half of sales are in North America). The company has grown into an extremely diversified manufacturer of specialized industrial and consumer equipment and consumables with a presence in many different [...]
Starwood Property Trust (STWD) was founded in 2009 and is America's largest commercial mortgage REIT. The firm invests across the real estate capital structure and focuses primarily on originating, acquiring, financing, and managing commercial mortgage loans and other commercial real estate debt investments in both the U.S. and Europe. Starwood Property Trust is externally [...]