1. The Agreement Cloud is an unqualified success

Earlier this year, we introduced DocuSign Agreement Cloud. It is the umbrella for our suite of more than a dozen products and over 350 pre-built integrations, all to help organizations connect and automate the entire agreement process from preparing, to signing, acting on, and managing their agreements.

— CEO Daniel Springer

Agreement Cloud represents DocuSign’s extension beyond its core e-signature product, and is geared toward helping organizations gain efficiency in what the company labels “systems of agreement.” DocuSign executives argue that enterprises of every size need a system to manage and automate both external and internal agreements. The company’s purchase of SpringCM in December 2018 has improved its capability to offer cloud-based contract life-cycle management.

Launched in the first quarter, the Agreement Cloud is helping to boost DocuSign’s revenue, which jumped 41% year over year in the second quarter. The platform has the potential to significantly increase annual contract value with larger customers. To illustrate, Springer cited the example of “one of the world’s largest energy companies,” which is using the platform to simplify its sales process.

According to Springer, the energy company is now able to complete sales agreements that formerly took days (or even weeks) to complete in a matter of minutes. The unnamed energy company is reportedly projected to save tens of millions of dollars annually by using DocuSign’s Agreement Cloud. While this is perhaps a cherry-picked example, it nonetheless provides investors with an idea of the platform’s utility to the multinational enterprises that can award long-term, recurring subscription contracts to the software-as-a-service (SaaS) innovator.

2. An illustrative, industry-specific solution

Most notably, this quarter we added DocuSign Rooms for Mortgage, a solution that helps mortgage lenders accelerate closing time and improve the borrower experience. It provides a secure digital workspace for everyone involved in the mortgage. It’s actually flexible enough to support traditional closings via pen and paper, as well as drive fully digital closings and hybrid closings as well.

— Springer

The CEO zeroed in on a time-intensive process — the handling of mortgage documentation from origination through closing — as an example of industry-specific products DocuSign can offer in order to swell its total addressable market (TAM).

Springer said that it costs thousands of dollars for a lender to process a mortgage, when factoring in required paperwork such as title documentation. DocuSign’s solution automates many of the steps in the mortgage lending process. While specialized digital “rooms” for conducting secure due diligence and transaction analysis have been common in commercial real estate dealmaking for several years, DocuSign’s product is aimed at the massive residential mortgage market, and represents a lucrative niche for the company. Again, a vertical industry product like Rooms for Mortgage illustrates DocuSign’s TAM, and provides some support for the company’s assertion that its TAM stands at well over $25 billion.

3. Look at billings on a rolling basis

I think you summarized it correctly, which is in any particular quarter you can have that particular statistic [billings] affected by timing and other things. And so, we do look at it on a rolling basis. And in quarters where it’s a bit lower, we don’t want that over-interpreted, [and] in a quarter like this, we don’t want the 47% over-interpreted, either. I think in fairness, looking at that blend which takes away some of the noise of intra-quarter movement of deals that closed in one week versus another … the rolling average [gives] you a better indication of where the core growth is going.

— CFO Mike Sheridan

Investing in technology-oriented equities can be a volatile business. As I hinted at the outset of this article, only last quarter, investors panned DocuSign stock after quarter-over-quarter growth in billings (i.e., revenue plus the change in deferred revenue) of 27% was deemed a bit anemic for a rapidly expanding software company.

This quarter, the company reported billings of $252 million, a 47% year-over-year increase. This reported surge was a primary factor behind a 36% leap in shares since the Sept. 5 earnings release.

In the excerpt above, in response to an analyst’s question, Sheridan essentially warns investors that timing differences make quarter-to-quarter comparisons of billings growth tricky. The flow of billings often depends on new product introductions, and sales cycles tied to product innovation can sometimes drag on longer than anticipated.

Of course, Sheridan isn’t trying to understate recent success — averaging the first two fiscal quarters reveals year-over-year billings growth of roughly 34%. But keeping a “rolling view” that averages several quarters at a time removes uncertainty around billings fluctuations. And for the long-term investor, this bird’s-eye view puts the seemingly quarterly whiplash around DocuSign’s results into perspective.

The post Perspectives From DocuSign’s Management appeared first on The Motley Fool Canada.

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If you were to ask management of Canadian discount retailer Dollarama (TSE: DOL) how the company has achieved annual sales of $1.9 billion and a market capitalization of $5.3 billion, they might well respond with a version of the following and a straight face: one dollar at a time.

Dollarama is having a stellar year: annual revenue increased in the low double digits from the prior year, quarterly net profit growth has clocked in at more than 10% for the last several quarters running, and the company’s stock has soared 26.2% so far this year. Much of this success can be traced to the company’s aggressive store opening schedule. In the trailing 12 months ended May 5th of this year, total store count grew more than 12%, from 721 stores to 806 locations. The following four factors should enable Dollarama to continue to expand at this pace for the foreseeable future.

Plenty of room to grow: just look at the U.S.

In Dollarama’s most recent annual report, management estimates that dollar store penetration per capita among the top five Canadian dollar stores is less than half that of the U.S. In the States, there’s a dollar store for every 14,000 people, while in Canada the ratio is one dollar store for every 29,000 people. Management believes there is room for both the industry and Dollarama to expand in Canada. This may be so for a very long time, as at least one U.S. retailer, Family Dollar, apparently believes that the dollar store landscape will absorb an even higher density: it’s going to triple its store count in the U.S., from 7,800 to over 23,000, in the coming years.

An impressively short payback period

Because Dollarama’s stores boast a relatively small average footprint of under 10,000 square feet, and require a modest capital investment of only $1.4 million, the payback period on a new store is approximately two years — a fairly quick return. Such a short payback period means that the company can continue to aggressively launch new locations, as it does not have to wait several years in each geographical region to see if its investments are panning out.

Relatively little debt on the books

One benefit of enjoying a quick payback period is the free cash flow generated by stores in a short period of time. This cash flow has enabled Dollarama to expand without over-leveraging its balance sheet. As of its last fiscal quarter, the company had only $264 million of long-term debt on its books, carrying a fairly lean debt-to-equity ratio of 27.2%. Being conservative with debt thus far will enable Dollarama to use a bit more leverage to increase the pace of store openings if it chooses in the upcoming fiscal years.

Multiple price points

In 2009, Dollarama extended past the literal “dollar” price per item, and last year, in July, the company introduced price points for various items up to $3.00. This flexibility of pricing increases the potential range of merchandise offered, and customers have responded positively. Items priced above $1 now make up more than 50% of company sales. “Higher ticket” items should positively impact gross margin as well going forward.

One risk to be aware of

Dollarama’s greatest risk in expansion might be the Canadian economy’s eventual return to growth. Once disposable income increases, will consumers still throng to the familiar green dollar symbol? As Wal-Mart redoubles its effort to attract Canadian consumers, and Shoppers Drug Mart (TSE: SC) boosts its shelf items due to its merger with Loblaw (TSE: L), and as newcomers such as Target fight for their share of the average Canadian’s wallet, consumers may decide to trade up to better known, branded products. It will be interesting to see what type of strategy Dollarama employs to keep its customers in a rising economy — after all, it can only discount its goods so much further.

Three U.S. stocks every Canadian should own

As we saw above, Dollarama has taken some business cues from American dollar stores. While Canada has its own share of great companies, it makes sense to diversify your portfolio, and our neighbors to the south offer some compelling opportunities. That’s why The Motley Fool has put together a Special FREE Report, “3 U.S. Stocks Every Canadian Should Own.” The funny thing is, these stocks might as well be Canadian … because you use them every day. Just click here to receive your copy at no charge!

The Motley Fool’s purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool Canada’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead.

Follow us on Twitter and Facebook for the latest in Foolish investing.

Fool contributor Asit Sharma doesn’t own shares of any companies mentioned.  The Motley Fool doesn’t own shares in any of the companies mentioned.     

The post 4 Reasons Why Dollarama Will Continue to Expand Rapidly appeared first on The Motley Fool Canada.

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Last week, we published an article discussing major short interest positions on the TSE. One of the companies mentioned, Bombardier (TSX: BBD.B) has consistently ranked in the top 10 in TSE short interest (by number of shares) for the last five years.

Long-term shareholders of Bombardier have patiently waited for the company to catch up with other global manufacturers in the post-recession years, as revenue, earnings, and the company’s stock price all declined, while peer corporations slowly climbed out of the morass of 2008:

BBD.B data by YCharts

The chart above provides as good an explanation as any for the company’s five-year stint atop the TSE’s short interest charts. If we narrow the time frame to more recent history, from the beginning of the last fiscal year forward, we see that fortunes may be brightening at the world’s only locomotive and aircraft company:

BBD.B data by YCharts

I picked this date with good reason: November 15th, 2012, marked the peak of short interest in Bombardier, at 68.6 million shares.  While short interest has approached this level on a few occasions since, it has declined to 39.8 million shares as of the latest reporting period.

From the preceding chart, you can see that there is a bit of “short squeeze” activity present over the last ten months, as some shorts have capitulated and bought back borrowed shares on the open market, contributing to Bombardier’s rise.

Yet other forces are also at work. Bombardier seems to be gaining much needed traction this year. Sales in the first half of the year exceeded the first six months of 2012 by more than 15%, and net income grew more than 8%.[AS3]  Investors may also sense that Bombardier is undervalued relative to its peer group. Of the major airplane manufacturers, and Siemens, which is one of the world’s leading train manufacturers, Bombardier has some space to rise when placed in context with its peers:

Source:  YCharts

Bombardier is also poised to increase revenues with its offering in the narrow-body jet segment currently dominated by Boeing’s 737 series, Airbus’ A320 series, and Embraer’s E-Jet family. The CSeries is Bombardier’s attempt to break into the lucrative 100-149 seat configuration. A prominent first model in this series, the CS300 has faced delays in its test flight, but is expected to fly in the next few weeks, with delivery of its first models occurring in 2014.

But the most salient reason to think twice before betting against Bombardier is the company’s ballooning backlog, which reached $65.5 billion backlog at June 30th, split quite evenly between aerospace at $33.4 billion, and transportation, at $32.1 billion. The CSeries is propelling the company’s aerospace backlog, while transportation is virtually unchanged from a year earlier.

Large backlogs help manufacturing companies smooth out the recognition of revenue, as a good portion of revenue is recognized as product is delivered. Thus, a weak quarter in new sales can be offset by a higher volume of plane and train delivery. This makes life difficult for shorts who may expect news events such as delays in Bombardier’s CSeries to adversely affect the stock price. With a record backlog, this is not necessarily the case.

Still itching to short Bombardier?

Aside from institutional investors who may use short positions in a company like Bombardier to hedge long bets on manufacturing growth, this security may be tricky to bet against over the next year. If you’re negative on Bombardier, you have some legitimate fuel for a short position, based on the last few years of underperformance. If you’re putting your money on the line, however, you might want to make sure you can carry the position for a while — in the near term, the path of least resistance for BBD.B may very well point up, not down.

3 US Stocks Every Canadian Should Own

Bombardier competitor Boeing has performed well in 2013, despite some well publicized troubles with its new Dreamliner aircraft. Are there other U.S. companies you should consider in order to diversify your portfolio? The Motley Fool has put together a Special FREE Report, “3 U.S. Stocks Every Canadian Should Own.” Just click here now to receive your copy at no charge!

The Motley Fool’s purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool Canada’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead.

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Fool contributor Asit Sharma does not own shares in any companies mentioned at this time.  The Motley Fool does not own shares of any company mentioned at this time. 

The post Bombardier is poised to rise: should short sellers exit this aircraft? appeared first on The Motley Fool Canada.

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In its earnings release last week, Premium Brands Holding Corporation (TSX: PBH) announced that it had raised its quarterly dividend by 6.3%, pushing the total annual yield on the dividend to 6.5%.  While Canadian investors are used to seeing lucrative dividend checks from the energy industry and the likes of Canadian Oil Sands (TSX: COS), which currently yields 6.8%, food industry corporations which offer robust dividends remain a rarity. Loblaws (TSX: L), for example, returns a very decent if representative 2% per year.

Premium Brands invests in manufacturers and distributors of specialty foods across a broad swath of Canada, and in Nevada and Washington State.  The company increased revenues by more than 22% in 2012, to $968 million, and has more than doubled revenues since 2009, with acquisitions playing a significant role in this growth. Yet the company has struggled to post appreciable profits: net income as a percent of sales has declined over the same period, from 4% in 2009 to 1.5% in 2012.

Premium Brand’s 2012 net income amounted to $15.2 million. During the year, the company paid out $24.0 million in dividends.  Issuing dividends in excess of earnings has been a trend at Premium Brands for several years.  This is possible because the company’s net income reflects significant portions of non-cash items. As an acquirer of businesses, it incurs amortization expense of goodwill booked to those acquisitions. Also, depreciation tends to be a significant non-cash expense as the company owns asset-heavy manufacturing and distribution operations. The company’s actual operating cash flow last year was $50.8 million.

Debt is an issue

If we could stop the story here, all would be well. But Premium Brands has used quite a bit of debt to help fund its numerous priorities in recent years. These priorities include business acquisitions, capital expenditures, and maintaining the attractive dividend. As of June 29th, 2013, the company had utilized $327.6 million of $379.5 million of various credit facilities available; that’s 86% of available credit utilized.

In addition, due to long-term and short-term debt incurred, and the lack of adequate balance sheet resources at hand, the company is a little too close for comfort on some of its debt covenants with its lenders. For example, the company is required by its lenders to maintain a current ratio (ratio of current assets to current liabilities) of 1.30.  Premium Brands just passes muster here, with a current ratio of 1.37 as of June 29th, 2013.

The company will likely focus on reducing its debt load in the next two years, as well as refinancing or otherwise extending some maturities of debt, including $108 million of scheduled principal repayments in 2014.  Managing the debt with available cash flow, as well as continuing to invest in property, plant, and equipment, clouds the dividend picture over the next two to three years. For example, while Premium Brands generated $50.8 million in operating cash flow last year as mentioned above, it used $32.0 million in investing activities, primarily in capital expenditures, and it used $19.6 million in financing activities, which included paying $24.1 million in dividends to shareholders (the end number is lower than the dividend due to a net issuance of new debt).  So the company essentially used all the operating cash it generated, plus another $800,000 during the year.

Proceeding with caution

To maintain its dividend going forward, Premium Brands must continue to increase revenues and earnings, and there’s little room for error. While the dividend certainly seems safe for this year, investors should carefully evaluate quarterly results into 2014. Any miss-steps in the form of lower earnings in the near future may result in Premium Brands having to shave off some of that enticing, premium dividend it supplies to its investors.

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The Motley Fool’s purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool Canada’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead.

Follow us on Twitter and Facebook for the latest in Foolish investing.

Fool contributor Asit Sharma does not own shares in any of the companies mentioned at this time.  The Motley Fool does not own shares in any of the companies mentioned at this time.

The post Can Premium Brands Sustain Its Premium Dividend? appeared first on The Motley Fool Canada.

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If you follow Saputo (TSX: SAP), Canada’s largest dairy company and one of the largest dairy processors in the world, you probably know that it has operations in an important South American market, Argentina. But Saputo’s most significant territory worldwide, one that it treats as an emerging market for all practical purposes, is actually the United States. Saputo invests in the States in the same manner that other companies plow resources into countries such as China and India.

Morningstar recap and the effect on earnings
On January 3, Saputo completed the acquisition of Morningstar Foods, a subsidiary of U.S. foods giant Dean Foods. In its last fiscal year before the acquisition (2012), Saputo booked $6.93 billion of revenue. With the acquisition, Saputo’s annual revenues are expected to increase to more than $8.6 billion. So far, folding in Morningstar has fueled impressive comparisons to the same quarter last year: revenue is up 28%, and net earnings have climbed more than 12%.

Proximity and sour cream
Before the Morningstar acquisition, Saputo already owned appreciable operations in the U.S., having bought a number of dairies and cheese companies over the past seven years, the most notable of which was the purchase of the cooperative Land O’ Lakes’ West Coast industrial cheese business in 2007. Saputo likes to acquire operations even closer to home. The relative proximity of major U.S. dairy states Wisconsin, Michigan, and Minnesota enables the company to exchange best practices with its acquired dairies, such as DCI Cheese and Alto Dairy, which are both located in Wisconsin.

The Morningstar deal opens up new avenues for revenue due to Morningstar’s expertise in “Extended Shelf Life,” or ELS products. These non-dairy items include ice-cream mixes, creamers, and half-and-half. The purchase also gives Saputo the all-natural, cultured products “Friendship” dairy, which is well known for its sour cream, and boasts the No. 1 cottage cheese brand in New York State. Saputo’s management undoubtedly liked this deal for the numerous ways it supplements its cheese business, a traditional strength of the company.

A shot in the arm at just the right time
Just how important has the U.S. market become to Saputo? In the current fiscal 2014 fiscal year, it will most likely overtake Canada in providing more than 50% of company revenues. The growing contribution of U.S. revenues can be seen in the following chart.

Over the last five business quarters, the “U.S.A. Sector” has grown from $581.5 million in Q1 2013, to $1.05 billion in Q1 2013, an increase of more than 81%. The same is true of earnings before taxes, depreciation, and amortization, or EBITDA, which has grown from $70.8 million to $112.6 million over the same period (an increase of 59%):

One observation can be drawn from both charts: without U.S. revenues and the aggressive development of business via acquisition, results would surely have disappointed, as the Canada and International sectors basically exhibited flat revenue and earnings over these five quarters.

Looking ahead
In its earnings release earlier this week, Saputo expressed some caution about earnings for the rest of the fiscal year. Analysts did not like this uncertainty, and had even higher expectations for earnings post-merger, thus, the stock sold off a bit. Foolish investors may want to take a step back and take into account the fact that Saputo has been able to grow its top and bottom lines despite a difficult domestic market. The long-term outlook is still quite positive.

Next stop: Latin America?
Numerous opportunities for expansion exist in the U.S. In its 2013 annual report, the company stated that it still has an “appetite for growth” through more acquisitions. In addition, during Saputo’s earnings conference call earlier this week, CEO Lino Saputo stated that U.S. dairy and cheese concerns in the pattern of Morningstar still make sense. That’s not to say the company won’t consider purchases within the more traditional definition of emerging markets. When pressed by an analyst, Saputo cited Brazil as an example of a country that holds promise for future mergers.

Looking for more stock ideas?
Does Saputo’s success snapping up companies south of us have you wondering about U.S. stocks? The S&P 500 index has returned 18.5% year to date, versus flat performance of the TSX Composite Index. For guidance on diversifying into some of the best stocks our neighbor has to offer, check out this free report by clicking here!

Asit Sharma does not own shares of any companies mentioned.

The post Saputo’s Emerging Market Play appeared first on The Motley Fool Canada.

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Canadian Tire Corporation (TSX: CTC) is one of the more diversified consumer cyclical stocks on the Toronto Stock Exchange. Like other consumer conglomerates, it’s not likely to grow at a blistering pace any time in the near future. However, since the mid-2011 acquisition of the Forzani Group, owner of popular sports chain Sport Chek, the company has exhibited a faster growth rate than previous years, increasing revenues by 12.7% and 10.0% in 2011 and 2012, respectively. In addition to this momentum, Canadian Tire has employed its resources in a constructive strategy that should benefit shareholder returns for years to come.

Begin with the balance sheet
One of the virtues of having predictable margins and cash flow is that over the years, Canadian Tire has built up a very attractive balance sheet. Current assets outpace current liabilities by a ratio of 1.75 to 1.0. Overall, the company’s assets outnumber its liabilities by $4.8 billion.

Since Canadian Tire is consistently profitable, it can keep methodically adding to its balance sheet surplus year after year. The company distributes its returns to shareholders sparingly. The current dividend yield is 1.47%, and the company’s plan to repurchase $100 million of shares over the next year won’t dent its bank account — last year, Canadian Tire generated $743 million in operating cash flow. So if Canadian Tire has been adding to its resources for some time, just how are these assets being employed?

How to reap substantial, recurring profits
For 20% of the people reading this article, the answer to the question is likely in your wallet. Canadian Tire’s Financial Services segment processes consumer loans, and the segment is a powerful lever that enhances the organization’s earnings and cash flow.

The company’s best-known consumer loan product is the Canadian Tire Options Mastercard, which it claims is held by one out of five Canadians. At the end of its last fiscal year, Canadian Tire had $4.2 billion of loan receivables on its books. This amount, lent out to consumers, is the balance sheet asset that drives a good portion of Canadian Tire’s profits. In the last few years, the company has also added some long-term debt in order to grow the receivables portfolio. The attention to this revenue stream has paid off handsomely: the company derived $981.9 million of revenue from the Financial Services segment last year, and generated $276.9 million in profits from this revenue.

Financial Service’s profit accounted for almost 41% of the overall organization’s pre-tax net income. Just to demonstrate how efficient this segment is for Canadian Tire, it took the company $10.4 billion of retail sales — more than ten times the amount of Financial Services revenue — to generate the other 59% of system-wide profits.

Insulation from competition
While Canadian Tire is working on retail strategies to deal with the coming onslaught of American competition from the likes of Target (NYSE: TGT), consider this — American encroachment on the Canadian retail frontier actually benefits Canadian Tire indirectly. After all, the Financial Services segment carries a net profit margin of a whopping 28%. Target and Wal-Mart (NYSE: WMT) may be opening up a slew of shopping options, but there are 4 million Canadians walking around with Canadian Tire-branded Mastercards. Canadian Tire is willing to cede a small portion of retail sales to the competition — as long as consumers continue to swipe its credit cards at the American checkout registers.

Three U.S. stocks to consider …
Speaking of Target and Wal-Mart, while Canada has yielded its fair share of great companies, unsuspecting Canadian investors could get ambushed by a glaring weakness in their portfolios. One basic investing principle holds the key to a rock-solid portfolio … and it starts with our neighbors to the south, America.

The Motley Fool has put together a Special FREE Report, “3 U.S. Stocks Every Canadian Should Own.” The funny thing is, these stocks might as well be Canadian … because you use them every day. Just click here to receive a copy at no charge!

Asit Sharma does not own shares of any companies mentioned.

The post Peering Into Canadian Tire’s Balance Sheet Prowess appeared first on The Motley Fool Canada.

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Interest income is up

Over the last four quarters, the Big Five have seen a steady uptick in net interest income — the difference between what banks earn on the money in depositors’ accounts and the interest paid to those depositors. This is also known as net interest margin[AS1] . With the Bank of Canada sticking to a low-interest-rate, stimulus-based policy[AS2] , banks aren’t growing their profits through huge interest rates spreads. Rather, they are adding to their deposit base as the economy improves, and making higher net interest income through an increase in volume.

Below is a table that shows how net interest income has improved during the past four business quarters[AS3] :

As businesses gear up and personal finances see a little sunlight, deposits are growing, and banks’ interest revenue is increasing modestly.

Credit quality is on the mend

Earnings are particularly vulnerable to the quality of the loans the banks dole out. When banks report their earnings each quarter, we can get a global sense of the credit quality of their loans by monitoring the “Loan Loss Provision” on their income statements. A loan loss provision is an expense a bank takes when it is writing off current bad loans or preparing to take hits on its loan portfolio in the future. The line item appears as a negative in the income statement, reducing net interest income. The smaller the number, the better the relative recent credit quality of a bank’s portfolio. As you can see, loan loss provisions have mostly decreased over the last four quarters on the Big Five’s profit and loss statements:

This trend also opens up some insight into the economy: businesses and consumers are stabilizing their financial position, and defaulting at a lower rate on loans, resulting in less bad debt in the banking system. This is a net positive for Canadian business and the economy in general, as stronger credit quality is indicative of greater economic productivity.

Now let’s combine the two tables above, to view an extremely important number to banks: Net Interest Income after Loan Loss Provisions:

Higher net interest income and diminished loan write-offs are combining to add spark to banks’ earnings. They also give us some reassurance outside the daily news cycle that the Canadian economy is indeed laying a fledgling foundation for growth. The recovery so far feels tenuous; Canadian GDP is growing at less than 2% per year. But on the flip side of the coin, bank earnings indicate that given a solid catalyst, say an uptick in exports to our neighbors to the south (where economic activity is starting to gel), the Canadian economy might just start to pick up some steam in the next twelve to eighteen months.

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Assembling an air-tight portfolio can be a tall order. But every seasoned investor knows this little secret: You can build your portfolio and protect it with high-yielding dividend stocks! Now, which dividend plays are the best, you ask? We found 13 of them …

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The Motley Fool’s purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool Canada’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead.

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Fool contributor Asit Sharma doesn’t own shares in any company mentioned at this time.  The Motley Fool doesn’t own shares in any of the companies mentioned.

The post What Bank Earnings Reveal About the Canadian Economy appeared first on The Motley Fool Canada.

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