Sample Reports
Below is a selection of sample reports to give investors a reference point for the type of research we provide on a monthly basis to our clientele. All companies actively covered are updated regularly with PDF or Flash Update reports and current BUY/SELL/HOLD ratings are posted in the “Active Portfolios” section of our website for paid clients. We do not provide a sample of our model portfolios as the portfolios and current ratings are for our paid customers only. Investors should not assume these sample reports include our most recent rating on the stock in question and should therefore not use these reports for investment purposes, only to familiarize themselves with KeyStone’s Research Services.
Initial Reports (BUY, SPEC BUY Ratings)
Dynacor Group Inc. (DNG:TSX)
Dynacor is an unknown gold miller initially recommended at $2.00 in July of 2017. The company has posted strong growth over that time, has a cash rich balance sheet and has grown its dividend significantly – now paying clients who bought the stock on our original recommendation an effective dividend yield of 7.0% (as of April 18, 2024). The shares have performed well over this period recently closing above $5.00 driven by its solid cash flow generation, with zero coverage from Bay Street over this time. This is the type of company we like to BUY and HOLD for 1-5 years. Become a client today and get these types of investments.
Photon Control Inc. (PHO:TSX)
A relatively recent micro-cap recommendation in December of 2014 at $0.46. The company has posted strong growth over that time and now boasts a balance sheet with over $0.27 per share in cash and zero debt. The shares have performed well over this period recently closing at the $1.65 level. It is a solid, cash flow generating business, with zero coverage from Bay Street. Frankly, with $30 million in internally generated cash – they do not need to raise any money which could dilute current shareholders. This is the type of company we like to BUY and HOLD for 1-5 years. Photon was acquired by MKS Instruments in 2021 at a price of $3.60 per share.
XPEL Inc. (XPEL:NASDAQ)
XPEL Inc. is a small-cap company that markets and sells automotive paint protection and window films that help prevent scratches, dings, and rock chips. KeyStone initially recommended XPEL in the Fall of 2017 when the stock traded at $1.42 on the TSX-Venture exchange under the symbol (DAP.U:TSX-V). At that time KeyStone was the only research firm covering the stock and today XPEL remains relatively uncovered by analysts. Since our initial recommendation the stock has graduated from the TSX-Venture exchange to the NASDAQ, has continued to post record earnings quarter after quarter and the share price has soared. Adding stocks like XPEL to your portfolio can make a real difference in your portfolio’s success over the long term.
Boyd Group Services Inc. (BYD: TSX)
The Boyd Group was recommended to KeyStone’s Premium Small-Cap Research clients in November of 2008 at $2.30. Since then, our clients have seen it shares rocket to recently close at CDN$274.00. Over that period the company has created such strong cash flow it has distributed over CDN$7.27 per share in distributions (dividends) to shareholders on top of the tremendous share price gains. Driving this growth has been a well laid out growth-by-acquisition plan which has seen the Boyd Group (BYD:TSX), one of the longest standing stocks on KeyStone’s Focus BUY List. When we recommended the stock in 2008 at $2.30, KeyStone was the only research firm covering the stock. Today, we remain one of only a couple with a BUY recommendation on the stock.
International Road Dynamics (IRD:TSX)
We uncovered Canadian Small-Cap, International Road Dynamics (IRD:TSX) at the start of 2017. Recommending it with a buy price of $2.36 in January 30, 2017. IRD was the type of cash producing, growing business that traded at only 12 times earnings. Just 2-months later, IRD received a takeover bid at $4.25. That produced an 80% return in just over 2-months. International Road Dynamics Inc. (IRD:TSX) is a highway traffic management technology company specializing in supplying products and systems to the global Intelligent Transportation Systems (ITS) industry. IRD is a North American company based in Saskatoon, Saskatchewan with offices throughout the United States and overseas. Private corporations, transportation agencies and highway authorities around the world use IRD’s products and advanced systems to manage and protect their highway infrastructures.
Company Updates (BUY, SELL, SELL-HALF, HOLD Ratings)
Dynacor Group Inc. (DNG:TSX)
Dynacor is an unknown gold miller initially recommended at $2.00 in July of 2017. The company has posted strong growth over that time, has a cash rich balance sheet and has grown its dividend significantly – now paying clients who bought the stock on our original recommendation an effective dividend yield of 7.0% (as of April 18, 2024). The shares have performed well over this period recently closing above $5.00 driven by its solid cash flow generation, with zero coverage from Bay Street over this time. This is the type of company we like to BUY and HOLD for 1-5 years. Become a client today and get these types of investments.
Photon Control Inc. (PHO:TSX)
A relatively recent micro-cap recommendation in December of 2014 at $0.46. The company has posted strong growth over that time and now boasts a balance sheet with over $0.27 per share in cash and zero debt. The shares have performed well over this period recently closing at the $1.65 level. It is a solid, cash flow generating business, with zero coverage from Bay Street. Frankly, with $30 million in internally generated cash – they do not need to raise any money which could dilute current shareholders. This is the type of company we like to BUY and HOLD for 1-5 years. Photon was acquired by MKS Instruments in 2021 at a price of $3.60 per share.
XPEL Inc. (XPEL:NASDAQ)
XPEL Inc. markets and sells automotive paint protection and window films that help prevent scratches, dings, and rock chips. KeyStone initially recommended XPEL in the Fall of 2017 when the stock traded at $1.42 on the TSX-Venture exchange under the symbol (DAP.U:TSX-V). At that time KeyStone was the only research firm covering the stock and today XPEL remains relatively uncovered by analysts. Since our recommendation the stock has graduated to the NASDAQ, has continued to post record earnings quarter after quarter and the share price has soared. Adding stocks like XPEL to your portfolio can make a real difference in your portfolio’s success over the long term.
XPEL Inc. (XPEL:NASDAQ)
XPEL Inc. is a small-cap company that markets and sells automotive paint protection and window films that help prevent scratches, dings, and rock chips. KeyStone initially recommended XPEL in the Fall of 2017 when the stock traded at $1.42 on the TSX-Venture exchange under the symbol (DAP.U:TSX-V). At that time KeyStone was the only research firm covering the stock and today XPEL remains relatively uncovered by analysts. Since our initial recommendation the stock has graduated from the TSX-Venture exchange to the NASDAQ, has continued to post record earnings quarter after quarter and the share price has soared. Adding stocks like XPEL to your portfolio can make a real difference in your portfolio’s success over the long term.
Boyd Group Services Inc. (BYD:TSX)
The Boyd Group was recommended to KeyStone’s Premium Small-Cap Research clients in November of 2008 at $2.30. Since then, our clients have seen it shares rocket to recently close at CDN$274.00. In fact, over that period the company has created such strong cash flow it has distributed over CDN$7.27 per share in distributions (dividends) to shareholders on top of the tremendous share price gains. Driving this growth has been a well laid out growth-by-acquisition plan which has seen the Boyd Group (BYD:TSX), one of the longest standing stocks on KeyStone’s Focus BUY List. When we recommended the stock in 2008 at $2.30, KeyStone was the only research firm covering the stock. Today, we remain one of only a couple with a BUY recommendation on the stock.
