Nutrien is going to the next level – our top pick for ’18

Canadian and U.S. morning comments

November 14, 2017

Chuck Magro must be sleeping well at night. His $30B+ mega-merger will close imminently, nitrogen is set to exit cycle lows over the next 12 to 18 months, recent demand strength means potash may not be as doomed as first thought, and Chuck has numerous levers available to unlock shareholder value.

We see Nutrien eventually hitting the low US$60s, implying a 30% total return from today’s US$48 price. Nutrien offers something compelling for all investors: a good yield at 3.3% with dividend growth, a share buyback story – likely to unfold over the next year, strong leverage to the start of the next nitrogen cycle, a balance sheet de- risking story, growth of its stable cash flow generating business, and most importantly, value. We have raised our targets on AGU/POT to US$130/US$23, derived from a US$58 Nutrien price. You need to own this name.

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Devour! The Food Film Fest

The Ritcey Report

November 9, 2017

Although the 2017 edition of Devour! The Food Film Fest wrapped up on October 29, it’s continued and ever-expanding success is well worth celebrating, if only in anticipation of next year. Did you know that Devour! is now the largest food and film festival in the world? What growth!

Founded in 2009 by Slow Food Nova Scotia, the first festival was launched at the Al Whittle Theatre in Wolfville and screened just 11 retrospective films with tickets sales of approximately 1,000. Fast-forward to 2011, and 30 new films from around the world were screened, with ticket sales of about 2,000. And now, in 2017?

Screenings, workshops, tasting tours

68 screenings. 17 culinary, film and photography workshops. Five local tasting tours. Three celebrity chef dinners. A street food party and what organizers call a chowder smackdown. Plus an apple pie-baking contest called Why Your Pie? Wow!

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