TopPicks from Lorne Steinberg, president, Lorne Steinberg Wealth Management
Lorne Steinberg, president of Lorne Steinberg Wealth Management, discusses his top picks: Diageo, State Street, and Taiwan Semiconductor.Diageo is the world’s largest spirits producer with such leading brands as Smirnoff vodka, Johnnie Walker whiskey and Guinness. The company has unparalleled distribution and is focused on increasing its exposure to premium brands. Organic revenue should grow in the four to five per cent range, while margins should gradually increase.
The company has gained market share over the past many years and has generated consistent earnings and dividend growth while remaining conservatively capitalized. This is mainly a fee-based business model based on assets under administration, so revenues are somewhat sensitive to markets. The shares have declined this year, and investors have the opportunity to buy a market leader at a discounted price.
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