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Integrity Gaming Corp. V.IGAM

"Integrity Gaming Corp is a provider of gaming equipment and project financing to owners, operators, and managers of casinos and other regulated gaming venues. The company focuses on U.S tribal gaming markets where it leases and distributes slot machines, electronic table games, casino, and bingo equipments."


TSXV:IGAM - Post by User

Comment by KeithORichardson Mar 03, 2017 11:52am
921 Views
Post# 25927218

RE:RE:RE:RE:Guess who's back, back again

RE:RE:RE:RE:Guess who's back, back again
Teflon2Hype wrote:

I think that, every time you see the word EBITDA, you should substitute the word ‘bullshit’ earnings.

Charlie Munger


People who use EBITDA are either trying to con you or they’re conning themselves.

Warren Buffett



https://community.bus.emory.edu/club/GIM/Shared%20Documents/Putting%20EBITDA%20Into%20Perspective.pdf






Good quotes. I don't have the time nor the inclination to check every Berkshire Hathaway portfolio company to see if they use or have used EBITDA as a metric. I suspect at least one must, but if not, congratulations to Charlie and Warren for putting their money where their mouth is.

I also don't have the time or inclination to argue with Teflon2Hype - to keep it civil (as he does) I'll just say that it seems a futile endeavor. His mind is made up, and there's nothing wrong with having the courage of one's convictions.

I'll just say . . . it does appear that there are a lot . . . a lot . . . of companies that Buffet (and by extension, T2H, as he's making the same argument) would consider either to be con-men or conning themselves.

Quick search for Canadian listed companies with market caps over $500 million USD (because that's what the search engine I'm using (AlphaSense) returns as currency) that use EBITDA in a press release over the past 12 months follows. Best stay away from these companies folks. None of the banks are on here, of course, as AFAIK they _never_ use EBITDA as a measure. Not because they're the only honest ones in the game, mind you. It's the nature of their business.

Readers - if T2H shifts the goalposts, I won't be widening my search to include U.S. or international companies. You can take a look for yourselves.

Note - I work for Poydras in an investor relations capacity. My user name is my real name.

Ticker Summary (167)    
       
AlphaSense Ticker Company CIK ISIN
-- Boyd Group Income Fund   CA1029051069
-- Polycom Inc 0001010552 US73172K1043
-- Whistler Blackcomb Holdings Inc   CA96336D1042,US96336D2036
-- Amaya Gaming Group Inc.   US02314M1080
-- Canadian National Railway Company   US1363751025
-- Concordia Healthcare   US2065191007
-- Penn West Petroleum Ltd.   US7078871057
-- Restaurant Brands International Inc   US76131D1037
0001420783 Columbia Pipeline Partners LP 0001420783 US1982811077
ABX Barrick Gold Corporation 0000756894 ARDEUT112562,CA0679011084,US0679011082
AC.CA Air Canada 0001002819 CA0089117034,CA0089118024,CA0089118776
AFN.CA Ag Growth International Inc   CA0011811068
AGF.B.CA AGF Management Ltd 0001003518 CA0010921058
AGI Alamos Gold Inc 0001178819 CA0115321089,CA0115322079,CA0115323069,CA0115324059,CA0115325049,US0115321087
AGT.CA AGT Food and Ingredients Inc   CA0012641001,CA01859A1075
AGU Agrium Inc 0000943003 CA0089161081,US0089161089
AIF.CA Altus Group Ltd   CA02215R1073
AIM.CA Aimia Inc   CA00900Q1037,CA00900Q2027,CA00900Q3017,CA00900Q4007,CA00900Q5095,CA3994531091
ALA.CA AltaGas Ltd   CA0213611001,CA0213612090,CA0213613080,CA0213615069,CA0213616059,CA0213617040,CA0213618030,CA0213618378,CA0213618451,CA0213618527,CA0213618600,CA0213618782,CA0213618865,US0213614078
ALV.DE Allianz SE 0001127508 DE0008404005,DE000A0JBN07,DE000A14KSS9,DE000A1MMAX8,DE000A1R1EB2,DE000A1YC871,DE000A2AAB66,DE000A2DAM52,US0188051017
AP.UN.CA Allied Properties Real Estate Investment Trust   CA0194561027,US0194564094
AQN Algonquin Power & Utilities Corp 0001174169 CA0158571053,CA0158573034,CA0158574024,CA0158575013,CA0158576003
ARE.CA Aecon Group Inc   CA00762V1094
ATA.CA ATS Automation Tooling Systems Inc 0001394832 CA0019401052
ATD.A.CA Alimentation Couche-Tard Inc 0001081825,0001412531 CA01626P1062,CA01626P3043,CA01626P4033
AUY Yamana Gold Inc 0001264089 ARDEUT115375,CA98462Y1007,US98462Y1001,US98462Y2090
AX.UN.CA Artis Real Estate Investment Trust   CA04315L1058,CA04315L3039,CA04315L4029,CA04315L5018,CA04315L6008,CA04315L7097,CA04315L8087,CA04315L8731,CA04315L8814
AYA Amaya Inc 0001518211,0001635327 CA02314F1036,CA02314F6084,CA02314F7074,CA02314F8064,CA02314F8551,CA02314M1086,CA02314M6036,US02314M5040
BAD.CA Badger Daylighting Ltd   CA05651W2094
BAM Brookfield Asset Management Inc 0001001085 BE0004601424,CA1125851040,CA1125851206,CA1125851388,CA1125851461,CA1125852030,CA1125853020,CA1125854010,CA1125854432,CA1125854507,CA1125854689,CA1125854762,CA1125854846,CA1125854929,CA1125855009,CA1125855181,CA1125855264,CA1125855348,CA1125855421,CA1125855595,CA1125855678,CA1125855751,CA1125855918,CA1125856098,CA1125856171,CA1125856254,CA1125856338,CA1125856411,CA1125856585,CA1125856668,CA1125856825,CA1125856908,CA1125857161,CA1125857245,CA1125857328,CA1125857401,CA1125857658,CA1125857732,CA1125858235,CA1125858318,CA1125858649,CA1125858722,CA1125858805,CA11283W2031,CAC1445A1130,US1125851048
BBD.A.CA Bombardier Inc 0000878334 BE0004443785,CA0977511017,CA0977512007,CA0977515075,CA0977516065,CA0977517055
BCE BCE Inc 0000718940 CA05534B5889,CA05534B5962,CA05534B6127,CA05534B6200,CA05534B6382,CA05534B6465,CA05534B6531,CA05534B6614,CA05534B6796,CA05534B6879,CA05534B6952,CA05534B7034,CA05534B7117,CA05534B7299,CA05534B7372,CA05534B7455,CA05534B7521,CA05534B7604,CA05534B7869,CA05534B7943,CA05534B8107,CA05534B8289,CA05534B8511,CA05534B8693,CA05534B8776,US05534B7608
BLX.CA Boralex Inc   CA09950M2013,CA09950M3003
BTE Baytex Energy Corp 0001279495 CA07317Q1054,US07317Q1058
BYD.UN.CA Boyd Group Income Fund   CA1033091002
CARA.CA Cara Operations Ltd   CA1407544099,CA1407545088
CAS.CA Cascades Inc 0001225525 CA1469001053
CCA.CA Cogeco Communications Inc   CA19238V1058,CA19239C1068,CA891190AA85
CEU.CA Canadian Energy Services & Technology Corp   CA13566W1086,US13566W2070
CGO.CA Cogeco Inc   CA19238T1003,CA19238T4072
CGX.CA Cineplex Inc   CA1724541000
CHE.UN.CA Chemtrade Logistics Income Fund   CA16387P1036,CA16387PAB90
CHR.CA Chorus Aviation Inc   CA17040T1021,CA17040T2011,CA17040T3001
CIX.CA CI Financial Corp   CA1254911003
CJR.B.CA Corus Entertainment Inc 0001100868 CA2208741017,CA2208742007,US2208744084
CLR.CA Clearwater Seafoods Inc   CA18538U1066
CMG.CA Computer Modelling Group Ltd   CA2052491057
CNE.CA Canacol Energy Ltd   CA1348082035
CNI Canadian National Railway Co 0000016868 CA1363751027
COT Cott Corp 0000884713 CA22163N1069,US22163N1063
CPX.CA Capital Power Corp   CA14042M1023,CA14042M3003,CA14042M4092,CA14042M5081,CA14042M6071,CA14042M7061,CA14042M8051,CA14042M8705,CA14042M8887
CRR.UN.CA Crombie Real Estate Investment Trust   CA2271071094,US2271073072
CSH.UN.CA Chartwell Retirement Residences   CA16140U1003,CA16140U4072,CA16141A1030,US16140U2096,US16141A2024
CSU.CA Constellation Software Inc 0001113678 CA21037X1006
CTC.CA Canadian Tire Corp Ltd   CA1366811034,CA1366812024
CVE Cenovus Energy Inc 0001475260 CA15135U1093,US15135U1097
CXRX Concordia International Corp 0001642271 CA2065191009,CA2065191264,CA20653P1027,CA5875711007,US20653P2011
DH.CA DH Corp   CA23290R1010,CA2390571024,CA2390571289
DOL.CA Dollarama Inc   CA25675T1075,US25675T2069
DOO.CA BRP Inc   CA05577W2004,US05577W3097
DSGX The Descartes Systems Group Inc 0001050140 CA2499061083,US2499061081
ECA EnCana Corp 0000927600,0001157806 CA2925051047,US0128738087,US2925051045,US292506AA00
ECI.CA EnerCare Inc   CA29269C2076
EFX.CA Enerflex Ltd   CA29269R1055
EIF.CA Exchange Income Corp   CA3012831077
EMP.A.CA Empire Co Ltd   CA2918433087,CA2918434077,CA2918435066,CA2918436056
ENGH.CA Enghouse Systems Ltd   CA2929491041
ESI.CA Ensign Energy Services Inc   CA2935701078
ETO.CA Entertainment One Ltd   CA29382B1022,CA29382B1287
EXE.CA Extendicare Inc 0001012881 CA30224T8639,CA3022511032
FM.CA First Quantum Minerals Ltd 0001026530,0001071265 CA3359341052,US3359342041,ZM0000000375
FN.CA First National Financial Corp   CA33564P1036,CA33564P2026,CA33564P3016
FNV Franco-Nevada Corp 0001456346 CA3518581051,US3518581059,US3518582040
FSM Fortuna Silver Mines Inc 0001341335 CA3499151080,US3499151088
FSZ.CA Fiera Capital Corp   CA31660A1030,CA31660A2020,CA31660A3010,CA31660A4000
FTT.CA Finning International Inc   CA3180714048
GC.CA Great Canadian Gaming Corp   CA3899141020
GEI.CA Gibson Energy Inc   CA3748252069,US3748251077
GG Goldcorp Inc 0000919239 ARDEUT115367,CA3809563008,CA3809564097,CA9629024097,US3809564095
GIL Gildan Activewear Inc 0001061894 CA3759161035,US3759161033
GNV.CA WSP Global Inc   CA37230Q2053,CA92938W1032,CA92938W2022,CA92938W3012,CA92938W4002
HBC.CA Hudson's Bay Company   CA4442181018
HLF.CA High Liner Foods Inc   CA4296951094,CA4296954064
HSE.CA Husky Energy Inc 0000049279 CA4480551031,CA4480552021,CA4480553011,CA4480554001,CA4480555099,CA4480556089,CA4480557079,CA4480558069,CA4480558895
IFC.CA Intact Financial Corp 0001385426 CA45823T1066,CA45823T3047,CA45823T4037,CA45823T5026,CA45823T6016,US45823T2050
IFP.CA Interfor Corp   CA45868C1095,CA45953E1016
IMAX Imax Corp 0000921582 CA45245E1097,US45245E1091
INE.CA Innergex Renewable Energy Inc   CA45790B1040,CA45790B4010,CA45790B5009,CA45790B7088
IOC Interoil Corp 0001221715 CA4609511064,US4609511062
IPL.CA Inter Pipeline Ltd   CA45833P1027,CA45833V1094
IT.CA The Intertain Group Ltd   CA05151R1064,CA46111Q1019,CA46111QAA90
ITP.CA Intertape Polymer Group Inc 0000880224 CA4609191032
KEY.CA Keyera Corp   CA4932711001,US4932712098
KGC Kinross Gold Corp 0000701818,0000722080 ARDEUT115391,CA2787511690,CA4969024047,US4969024045,US4969025034
KLDX Klondex Mines Ltd 0001311605 CA4986961031,CA4986968309,CA4986968630,CA4986968713,US4986965097
KXS.CA Kinaxis Inc   CA49448Q1090
L.CA Loblaw Companies Ltd 0001081862 CA5394811015,CA5394816063,CA5394817053
LAS.A.CA Lassonde Industries Inc 0001168059 CA5179071017
LGF-A Lions Gate Entertainment Corp 0000929351,0001049332,0001337587 CA5359192039,CA5359194019,CA5359195008,CAC5183U1083,US5359192037
LNF.CA Leon's Furniture Ltd   CA5266821092
LUC.CA Lucara Diamond Corp   CA54928Q1081
MAL.CA Magellan Aerospace Corp   CA5589122004
MBT.CA Manitoba Telecom Services Inc   CA5634861093
MDA.CA Macdonald Dettwiler and Associates Ltd   CA5542821031
MDCA MDC Partners Inc 0000876883 CA55267W4083,CA5526971042,CA5526973022,US5526971040
MEG.CA MEG Energy Corp   CA5527041084,US5527042072
MEOH Methanex Corp 0000886977 CA59151K1084,US59151K1088
MFC Manulife Financial Corp 0001086888 CA56501R1064,CA56501R3045,CA56501R4035,CA56501R5024,CA56501R6279,CA56501R6352,CA56501R6436,CA56501R6501,CA56501R6683,CA56501R6766,CA56501R6923,CA56501R7186,CA56501R7269,CA56501R7343,CA56501R7426,CA56501R7590,CA56501R7673,CA56501R7756,CA56501R7830,CA56501R7913,CA56501R8093,CA56501R8176,CA56501R8259,CA56501R8333,CA56501R8416,CA56501R8580,CA56501R8663,CA56501R8747,CA56501R8820,CA56502FAA99,US56501R1068
MFI.CA Maple Leaf Foods Inc   CA5649051078,US5649052066
MITL Mitel Networks Corp 0001170534 CA60671Q1046,US60671Q1040
MRC.CA Morguard Corp   CA6175771014
MRE.CA Martinrea International Inc   CA5734591046
MSI.CA Morneau Shepell Inc   CA61767W1041
MTY.CA MTY Food Group Inc   CA55378N1078
NFI.CA New Flyer Industries Inc   CA64438R8012,CA64438T4019,CA64438T7087
NOVT Novanta Inc 0001076930 CA36191C2058,CA67000B1040,US36191C2052
NPI.CA Northland Power Inc   CA6665111002,CA6665113081,CA6665115060,CA6665116050,CA6665117041,CA6665118031,CA6665118601
NWC.CA The North West Company Inc   CA6632781093
OGC.CA OceanaGold Corp 0001487326 AU000000OGC7,CA6752221037,US6752222025
PBA Pembina Pipeline Corp 0001546066 CA7063271034,CA7063271117,CA7063271299,CA7063272024,CA7063273014,CA7063274004,CA7063275092,CA7063276082,CA7063278062,CA7063278484,CA7063278559,CA7063278633,CA7063278716,CA7063278898,US7063271032
PBH.CA Premium Brands Holdings Corp   CA74061A1084
PDS Precision Drilling Corp 0001013605 CA74022D3085,US74022D3089
PEY.CA Peyto Exploration & Development Corp 0001280727 CA7170461064,US7170462052
PKI.CA Parkland Fuel Corp   CA70137T1057,CA70137T2048
PLI.CA Prometic Life Sciences Inc   CA74342Q1046
POT Potash Corporation of Saskatchewan Inc 0000855931 CA73755L1076,US73755L1070
PSI.CA Pason Systems Inc   CA7029251088
PWE Penn West Petroleum Ltd 0001334388 CA7078871059
QSR Restaurant Brands International Inc 0001618756 CA76131D1033
RBA Ritchie Brothers Auctioneers Inc 0001046102 CA7677441056,US7677441054
RCH.CA Richelieu Hardware Ltd   CA76329W1032
REI.UN.CA Riocan Real Estate Investment Trust 0001341621 CA7669101031,CA7669101114,CA7669101296,CA7669101379,CA7669103011,US7669102029
RNW.CA TransAlta Renewables Inc   CA8934631091,US8934632089,US8934633079
SAND Sandstorm Gold Ltd 0001434614 CA80013R2063,CA80013R6023,CA80013R7013,CA80013R8003,US80013R4048
SAP.CA Saputo Inc 0001177650 CA8029121057
SCL.CA Shawcor Ltd   CA8204391079,CA8209042099,CA8209043089
SES.CA Secure Energy Services Inc   CA81373C1023
SJR Shaw Communications Inc 0000932872 CA82028K1012,CA82028K2002,CA82028K5070,CA82028K8793,CA82028K8876,US82028K2006
SNC.CA SNC-Lavalin Group Inc   CA78460T1057
SPB.CA Superior Plus Corp 0001308850 CA86828P1036
STB Student Transportation Inc 0001419465 CA86388A1084,US86388A1088
STKL SunOpta Inc 0000351834 CA8676EP1086,US8676EP1084
STN Stantec Inc 0001131383 CA85472N1096,US85472N1090
TAC TransAlta Corp 0001144800 CA89346D1078,CA89346D6770,CA89346D6853,CA89346D7190,CA89346D7273,CA89346D7356,CA89346D7430,CA89346D7505,CA89346D7687,US89346D1072
TCL.A.CA Transcontinental Inc   CA8935781044,CA8935782034,CA8935783024,CA8935784014
TCN.CA Tricon Capital Group Inc   CA89612W1023
TCW.CA Trican Well Service Ltd 0001395857 CA8959451037
TDG.CA Trinidad Drilling Ltd 0001321841 CA8963561029
TECK Teck Resources Ltd 0000886986 CA8787422044,CA8787423034,US8787422042
TET.CA Trilogy Energy Corp 0001327975 CA89620H1055,US89620H3030
TFII.CA TFI International Inc 0001076530 CA87241L1094,CA89366H1038,US89366H2022
TOU.CA Tourmaline Oil Corp   CA3036231023,CA89156V1067,CA89156V4038,CA89156V5027,CA89156V6017,CA89156V7007,CA89156V8096,CA89156V8252,CA89156V8419,CA89156V8583,CA89156V8666,CA89156V8823,US89156V8330
TOY.CA Spin Master Corp   CA8485101031
TRI Thomson Reuters Corp 0001075124 CA8849031056,CA8849033037,US8849031054,US8851411012
TRP TransCanada Corp 0001232384 CA89353D1078,CA89353D3058,CA89353D4049,CA89353D5038,CA89353D6028,CA89353D7018,CA89353D7844,CA89353D7927,CA89353D8008,CA89353D8180,CA89353D8263,CA89353D8347,CA89353D8420,CA89353D8594,CA89353D8677,CA89353D8750,CA89353D8834,US89353D1072
TU Telus Corp 0000868675 CA87971M1032,CA87971M2022,CA87971M9969,US87971M1036
UNS.CA Uni-Select Inc   CA90457D1006
UPM.CA Ultra Petroleum Corp 0001022646 CA9039141093,US9039141091
VET Vermilion Energy Inc 0001293135 CA9237251058,US9237251056
VRX Valeant Pharmaceuticals International Inc 0000885590,0000930184,0001485505,0001485507 CA91911K1021,US91911K1025
VSN.CA Veresen Inc   CA92340R1064,CA92340R3045,CA92340R4035,CA92340R5024,CA92340R6014,CA92340R7004,CA92340R8093
WEF.CA Western Forest Products Inc 0001299951 CA9582111048,CA9582112038
WFT.CA West Fraser Timber Co.Ltd 0001402388 CA9528451052,US9528452041
WN.CA George Weston Ltd   CA9611485090,CA9611488482,CA9611488557,CA9611488631,CA9611488896
WPK.CA Winpak Ltd   CA97535P1045
X.CA TMX Group Ltd 0001420588 CA87261X1087,CA87262K1057
ZZZ Sleep Country Canada Holdings Inc   CA83125J1049

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