Desjardins DTM Deja Vu

It was an irresistable mouthful, “Desjardins DTM Deja Vu”.

I was out of town today visiting one of our pension fund limited partners. Annual review time, and they are in both Wellington Financial Funds II and III, so the meeting was as key as you get in our business. Fortunately, things never grind to a halt at our shop, and we were able to close two deals in 24 hours. One for BTI Systems, of Ottawa. And a second for Healthscreen (MDU:TSXV) of Toronto. Our Fund III portfolio now well exceeds $100 million; 22 transctions in 20 months.

What credit crunch?

With all of the LP and Portfolio Co. activity, there was little time to notice that Desjardins issued a research report yesterday whereby their Equity Research group picked up on the theme of our Tuesday BCE Part 35 blog post. Desjardins wisely determined that there could be an impact from the repricing of Clear Channel’s (CCU:NYSE) LBO on BCE’s (BCE:TSX, NYSE) proposed $42.75 going-private price (see prior post “Clear Channel settlement does not mean pollyanna at BCE” May 13-08).

Desjardins’ new BCE LBO price if you follow the CCU discount? $39.25. I guessed $38.50. No doubt Desjardins is closer to the right figure.

Institutional money managers are paying for equity research with their block trading dollars, and getting the juice a day late. And the DTM treats it as though the story is new! Shame, Mr. Speaker.

People! It’s easier than it looks. You just have get up earlier in the morning and get these reports out while they still have a shelf life.

The 24 hour newscycle hasn’t just hit the print media. It has also found its way into the historically introspective brokerage research universe.

MRM
(disclosure – I own BCE; retained my RRSP position)