InnVest REIT (TSX: INN-U; OTC: IVRVF) announced that all of its units were delisted on Aug. 18, 2016. The delisting occurred in connection with the completion of the takeover by Bluesky Hotels and Resorts Inc. for $7.25 in cash per unit. We sold the units from the Dividend Champions Portfolio after the deal was made public and realized a 48% gain since adding the units to the portfolio in August 2015.

CAE Inc. (TSX: CAE, NYSE: CAE) delivered excellent results for the first quarter of fiscal-year 2017, as earnings per share jumped 37% year over year. The dividend per share was increased by 7%.

Revenue climbed 17%, boosted by two acquisitions and favorable currency movements. Earnings before interest and tax (EBIT) in the Civil Aviation and Defense divisions increased by 12% and 17%, respectively, leading to a 25% higher EBIT profit for the overall business.

The outlook remains positive as the aviation industry continues to grow, leading to full order books for the company. For the fiscal year, earnings per share are expected to grow at a less exuberant pace, but still 15% ahead of last year.

The balance sheet remains sound, with a debt-to-capital ratio of 32%, while cash flow is adequate.  

Although the share price has advanced strongly since we first added the stock to the Dividend Champions Portfolio in July, CAE remains slightly undervalued compared to its peers. The stock yields 1.8%, and we estimate its fair value at C$17, or US$13.

The energy sector’s slowdown was once again evident in the latest results of pipe-coatings provider ShawCor Ltd. (TSX: SCL, OTC: SAWLF).

Despite management’s warning that 2016 would be a difficult year, it was tough to stomach a second-quarter loss of C$0.65 per share. However, ShawCor’s strong balance sheet and low payout ratio helped sustain the dividend.

On a more positive note, management said the company has firm outstanding bids of more than $1.5 billion, while backlog also increased during the quarter.

This year could well be the trough for the current business cycle, with the recent conditional award of the $350 million CFE Sur de Texas-Tuxpan pipeline as well as the considerable outstanding bid activity hopefully leading to higher profits in 2017.

The stock yields 1.9%, and we estimate its fair value at C$33, or US$26.

Earnings Checklist

The table below lists the date for each Dividend Champion’s earnings announcement. The companies highlighted in green have already reported results.