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Cross-Market Commentary: Canadian Commodity Companies Were Not The Only Cash Kings In 2010 May 11
Standard & Poors, May 2011
Abstract
The recent gains in companies' cash and short-term investments have not been restricted to U.S. firms. Canadian companies, for example, have seen a similar increase in cash holdings. Unsurprisingly, miners and energy firms are Canada's cash kings, given the surge in commodity prices. However, firms with the largest cash positions are in some surprising sectors. The Valuation and Risk Strategies research team analyzed the nonfinancial companies in the S&P/TSX Composite Index, a barometer of the stock prices of the largest companies on the Toronto Stock Exchange by market capitalization. Companies in the index, including financials, comprise about 70% of market capitalization for all Canada-based companies listed on the Toronto Stock Exchange. Capital IQ data shows that nonfinancial companies in the...
Companies mentioned in this report are: Air Canada,Bombardier Inc.,Encana Corp.,Barrick Gold Corp.,Talisman Energy Inc.,Magna International Inc.,Suncor Energy Inc.,Kinross Gold Corp.,George Weston Ltd.,Loblaw Companies Ltd.,Quadra FNX Mining Ltd.,TransCanada Corp.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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