MEILLEURES SUGGESTIONS DE LA SEMAINE

YANNICK PRINCE BIDOUNGA, PRESIDENT & CHIEF INVESTMENT OFFICER

ONEX (OCX.TO) by Jennifer Radman, Vice
President & Senior Portfolio Manager, Caldwell
Investment Management
www.onex.com/
Onex is a private equity firm. Strong markets have
enabled the company to collect performance fees as
it sells investments it made in the past. While this is
good, the stock has sold off on concerns over how
the company will spend the money it has raised, as
50% of its balance sheet will be in cash. We see this
as a buying opportunity as their history of making
very good investments suggests they will be able to
meet their goal of growing Net Asset Value (NAV)
by 15 percent per year over year.





GuestLogix (GXI.TO) by Bruce Campbell,
President & Portfolio Manager, StoneCastle
Investment Management
http://www.guestlogix.com/
GuestLogix is the leading global provider of onboard
payment solutions for airlines, railways and travel
operators. They service 90 percent of North
American airline passengers and 40 percent of global
airline passenger traffic. GuestLogix just announced
record Q2 2014 revenue. This is the sixth
consecutive quarter of record revenue. In Q3 and
Q4 they will have more of their airline deployments
go live strengthening their EBITDA margins. The
street has started to grow impatient just as
GuestLogix is about to produce the breakout quarter
in EBITDA and EPS. They could earn $0.11 per
share in 2015 growing at 35 percent annually. Last
purchase made by Campbell was at $1.20




.




ONEX CORPORATION IS A PRIVATE EQUITY
FIRM SPECIALIZING IN ACQUISITIONS AND
PLATFORM ACQUISITIONS. THE FIRM
MAKES INVESTMENTS IN BUYOUTS, LARGE-
MIDDLE MARKET, LARGE-CAP, MID-CAP,
AND SMALL-CAP MARKET AND DISTRESSED
COMPANIES. IT TENDS TO SELL COMPANIES
THEY HAVE MANAGED TO SUCCESSFULLY
TURNED AROUND.
Club dinvestissement responsable du
Qubec
05/09/2014 dition 1, volume 7

RECOMMANDATIONS DE LA SEMAINE




Walgreen (WAG.N) by Don Lato, President, Padlock Investment Management
www.walgreens.com/
Walgreen sold off dramatically following the news that it would not use a tax inversion for its purchase of Boots
Alliance. Although guidance was lowered, the stock price decline allows for an attractive entry point for this global
pharmacy giant. Currently priced at 16.5 times August 2015 earnings which is less than the market multiple with
superior growth prospects. Latest purchase in early August at $60.20.

Tesla (TSLA.N) by James Albertine, Car Industry Analyst, Stifel Nicolaus
www.teslamotors.com
Stifel Nicolaus put a new BUY rating on the stock (from a the previous HOLD rating.), with a $400 price target.
That is nearly 50% higher than its pre-Labor day weekend price of $269.70.
If you accept the company as a "slightly bigger than niche" global luxury auto manufacturer, you realize it has
practically no rivals when it comes to electric vehicles.
It appears TSLA's primary competition remains reluctant to fully dedicate the resources necessary for developing a
suitable Model S/X competitor with 200-300 miles of EV range (Electric Vehicle Range = How far you go with a
full battery)
There are about 14 million high-net-worth individuals around the world with $1 million or more of investable
wealth. If any of them are in the market and want to invest in electric vehicle, Tesla is likely to be the first
company they turn to, thanks to what is a clear brand message, differentiated curb appeal, and overseas growth
rate.
As it seems even the luxury competitors struggle to compete on a pure-EV basis with TSLA, it seems conceivable
TSLA can continue to ramp production/deliveries globally at well north of a 100k units per year rate, excluding
Gigafactory (Tesla's new battery factory) output and Model III introduction.
I recently visited the Tesla Fremont Factory. The rate of change vs. our last tour (May 2013) was staggering.
I am impressed with the amount of insourcing Tesla has achieved. There are now 120 robots putting together
Model S vehicles on a repurposed ground conveyor system from a Toyota Tacoma production line. In-house
production helps improve the yield and quality of the factory's output. I now predict the company can achieve a
1,000 units-per-week production rate by the end of the year, and remains on track to achieving its 2,000 units-per-
week target by 2015. They're currently at about 800 units a week, he says. Tesla plans to add a second body
assembly line in Spring 2015 to help pump out Model X SUVs and the firm has promised the same kind of vertical
integration for its lithium ion battery "Gigafactory."
The ultimate driver of share price at this point is momentum. Tesla sentiment is like a freight train, in our view,
benefiting from a well-manicured growth story that has caught the eye of a much broader investor base relative to
most auto stocks.




Disclosures: This newsletter is for information purposes only and is not tailored to
the needs of any particular individual or company, is not an endorsement,
recommendation, or sponsorship of any entity or security, and does not contain
investment advice.
The responsible investment club of Quebec strongly recommends that you seek
advice from a qualified investment advisor before making any investment decision.
One or more affiliates or member of the responsible investment club of Quebec
may invest or otherwise hold interests in entities which may be referenced in this
newsletter. This newsletter is not intended to describe securities bought, sold, or
held on behalf of any affiliate of responsible investment club of Quebec , and is not
an indication of any intention to buy, sell, or hold any security.
Sources for this letter include; Business insider and BNN's Market Call Top Picks
segment.