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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks

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To: David Culver who wrote (486)	9/7/2000 2:22:47 AM
From: Gulo	Read Replies (1) of 11633

NCD.UN - talked to IR NAV now at $4.72, trading at $3.85. IR says that about 15% of units tendered were redeemed at NAV at the end of the last quarter. Even with a 10% holding company discount, NCD.UN should be at least $4.25. The fund holds units in AET.UN, CO.UN, PGF.UN, and some income trusts. With oil at $35/bbl, NAV will keep climbing. Dividends are not high, but reserve life for the oil-sands (AET.UN, CO.UN) is near infinite. AET.UN has a PE (that's right, PE, not P/CF) of 12, CO.UN has a PE < 10. The funds are withholding cash flow to pay for Syncrude's expansion. When it's finished, production will double and costs/bbl will drop. -g

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