TopPicks from Michael Sprung, president, Sprung Investment Management
Michael Sprung, president at Sprung Investment Management, discusses his top picks: Bank of Nova Scotia, Telus, and CAE Inc.The Bank of Nova Scotia is the fourth largest bank in Canada by market capitalization. Recent turmoil in the financial world has put pressure on bank valuations as a result of higher interest rates and the recent failures of three banks in the United States and Credit Suisse which at one time was a major bank in a global context.
In addition to telecommunications, the company has established a strong foothold in healthcare IT, as well as offerings in Telus Health, Telus International and Telus Agriculture and Consumer Goods. After several years of heavy investment, Telus will begin to reap the benefits as FTTH and the 5G networks near completion. As free cash flow increases, dividends should also increase in the five to 10 per cent range over the next few years. At current levels, the stock yields an attractive 5.
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