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Submission: On February 23 via manual from CA — Scanned from CA
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* HOME * ABOUT * About Us * Our Approach * Our Team * Advisory Board * Giving Back * RESEARCH * Our Track Record * What's Trending * Sample Reports * TRAINING * EVENTS * 2023 Real Estate Conference * Fact-Finding Video Conference Series * Analyst Webinars * Events & Presentations * Events 2015-2019 * 2022 Real Estate Conference * 2021 Real Estate Conference * NEWS * News and Insights * Subscribe to News and Insights * Archives 2015-Current * Archives 2000-2014 * CAREERS * CONTACT * LOGIN EMPOWERING INVESTORS FOR OVER 20 YEARS VERITAS IS CANADA'S LEADING INDEPENDENT EQUITY RESEARCH FIRM -------------------------------------------------------------------------------- OUR MISSION IS TO SEEK THE TRUTH FROM THE FACTS -------------------------------------------------------------------------------- Darryl McCoubrey, Vice President and Head of Research, Partner, and Dimitry Khmelnitsky, Vice President, Partner, Head of Accounting & Special Situations -------------------------------------------------------------------------------- WE OUTPERFORM Our recommendations to Buy stocks have outperformed the S&P/TSX Composite by more than 300 basis points, while the Sells recommendations have underperformed by more than 400 basis points since March 1999. Find out more about our Track Record. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- WE ARE INDEPENDENT We provide investment research you can trust. We do not have investment banking or trading revenue or biases. That means we are only paid by the clients who read our research or receive our training. We call it the Veritas Way. Find out more about our Investment Approach. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- WE STAND UP FOR INVESTORS We are the voice of investors and study accounting like no other. We have served on national and international accounting standards and regulatory advisory boards, taught at business schools and regularly are cited by major media outlets. Find out more about Our Team. -------------------------------------------------------------------------------- WE HAVE MANY SUBSCRIPTION OPTIONS. CONTACT OUR SALES TEAM TO DISCUSS YOUR EQUITY RESEARCH NEEDS. CONTACT SALES -------------------------------------------------------------------------------- SPECIAL OFFER VERITAS REPORT ON DIVIDENDS FOR 2024: WORTH LOCKING IN YIELDS? INVESTORS HAVEN'T ENJOYED DIVIDEND YIELDS LIKE THIS FOR YEARS, BUT WHICH COMPANIES OFFER SUSTAINABLE DIVIDEND GROWTH THAT IS WORTH LOCKING IN FOR THE LONG TERM? COMPANIES USE ACCOUNTING TRICKS TO HIDE CASH FLOW DEFICIENCIES, WHICH CAN FOOL INVESTORS INTO THINKING DIVIDENDS ARE SUSTAINABLE OR WILL OFFER ONGOING DIVIDEND GROWTH IN THE FUTURE. OUR RESEARCH TEAM RECENTLY PUBLISHED OUR FIRST CROSS-SECTOR REPORT ON DIVIDENDS, HIGHLIGHTING COMPANIES BEST POSITIONED TO DELIVER ROBUST DIVIDEND GROWTH WITHIN EACH SECTOR ACROSS OUR ENTIRE COVERAGE, AS WELL AS COMPANIES WITH DIVIDENDS WE THINK INVESTORS SHOULD BE CAUTIOUS ABOUT GOING INTO FY24. OUR FORENSIC ACCOUNTING-BASED APPROACH CUTS THROUGH THE ACCOUNTING TRICKS TO IDENTIFY COMPANIES WITH THE HIGHEST SUSTAINABLE FREE CASH FLOW THAT WILL SUPPORT DIVIDEND GROWTH VERSUS SECTOR PEERS. WE ARE OFFERING THIS REPORT AS PART OF AN ANNUAL SUBSCRIPTION FOR OUR VERITAS QUALITY RATINGS AT 50% OFF FOR THE FIRST YEAR. CONTACT SALES FOR MORE DETAILS AND PRICING. Contact Sales -------------------------------------------------------------------------------- OUR TRACK RECORD WHAT IS THE V-LIST? VERITAS' TRACK RECORD IS MEASURED THROUGH OUR V-LIST, A MODEL PORTFOLIO THAT HAS OUTPERFORMED THE S&P/TSX COMPOSITE INDEX BY 332 BASIS POINTS (AS OF DECEMBER 31, 2023, FROM INCEPTION ON OCTOBER 31, 2004). THE V-LIST IS A CONCENTRATED PORTFOLIO OF 12 TO 25 COMPANIES RECOMMENDED BY VERITAS INVESTMENT RESEARCH AS THE BEST INVESTMENT OPPORTUNITIES DRAWN FROM OUR FIRM’S RESEARCH. STOCKS ARE SELECTED BASED ON THEIR LIQUIDITY, LOWER VOLATILITY AND POTENTIAL FOR LONG-TERM CAPITAL APPRECIATION, USING BOTTOM-UP FUNDAMENTAL ANALYSIS AND A STRICT REVIEW OF ACCOUNTING AND DISCLOSURE PRACTICES TO IDENTIFY COMPANIES WITH DEFENSIBLE COMPETITIVE ADVANTAGES AND THE ABILITY TO GENERATE MEANINGFUL CASH FLOW. Find Out More V-LIST MODEL PORTFOLIO VS S&P/TSX INDEX SINCE 2004 INCEPTION V-LIST REVIEW HEAD OF RESEARCH, DARRYL MCCOUBREY, AND SENIOR FINANCIAL SERVICES ANALYST, NIGEL D'SOUZA, BOTH MEMBERS OF OUR V-LIST COMMITTEE, DISCUSS THE PERFORMANCE OF THE V-LIST IN 2023 AND ITS POSITIONING FOR 2024. THEY DISCUSS PERFORMANCE, SECTOR ALLOCATIONS AND WHY WE'RE UNDERWEIGHT BANKS BUT OVERWEIGHT THE UTILITIES & INFRASTRUCTURE SECTOR. -------------------------------------------------------------------------------- Celebration OCTOBER, 2023 VERITAS 23RD ANNIVERSARY We want to take the time to thank all of our clients and supporters as we are celebrating our 23rd anniversary this month at Veritas Investment Research. The team at Veritas Investment Research is incredibly proud to have advised thousands of individual institutional investors, financial advisors, regulators, academics and private investors over the years. We have pushed companies to change their accounting and disclosures because of our findings; published over 10,000 reports, videos and newsletters; testified many times in court and for regulators; trained thousands of individuals on accounting complexities; certified numerous CPAs and CFAs; and all along, stayed independent and employee-owned. Thank you! News and Insights January 24, 2024 CN Railway’s stock price is baking in an overly-aggressive growth rate: Veritas Investment Research Dan Fong, our Senior Investment Analyst for Diversified Industrials & Energy, was a guest on BNN Bloomberg to explain why he downgraded Canadian National Railway Co. to REDUCE from BUY after the company reported Q4-F23 earnings. The stock has had a strong run since the fall, but Dan calculates it is discounting a three-year earnings per share annual compound growth rate of 18%, while its average three-year growth rate over the last two decades is 13% (while taking out lows such as the pandemic and Great Financial Crisis). He thinks that the 18% growth rate is a tall order and notes that the stock price is reflecting a soft landing for the economy, which is still an open question. More News and Insights Recent Reports * SUNCOR ENERGY INC. - ENERGY Q4-F23: Even Brighter Days Ahead 2024-02-23 * QUEBECOR INC. - COMMUNICATION SERVICES Q4-F23: Not QBR's Final Form 2024-02-23 * NUTRIEN LTD. - MINING & PRECIOUS METALS Q4-F23: Bad Quarter but Outlook is Constructive 2024-02-23 * LOBLAW COMPANIES LIMITED - CONSUMER STAPLES Q4-F23: Well-Positioned in an Economic Downturn 2024-02-23 Clients-only Dashboard -------------------------------------------------------------------------------- FREE — SIGN UP FOR THE VERITAS INVESTMENT RESEARCH'S NEWS AND INSIGHTS NEWSLETTER -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- OUR AFFILIATED COMPANIES THE VERITAS GROUP OF COMPANIES VERITAS INVESTMENT RESEARCH CORP., VERITAS ASSET MANAGEMENT INC. AND THE VERITAS FOUNDATION ARE OWNED BY THE VERITAS GROUP OF COMPANIES, WHICH IS 100% EMPLOYEE-OWNED. -------------------------------------------------------------------------------- VERITAS ASSET MANAGEMENT INC. VERITAS ASSET MANAGEMENT WAS FOUNDED ON THE BELIEF THAT SUPERIOR RESEARCH LEADS TO BETTER INVESTMENT DECISIONS. OUR FUNDS CAPITALIZE ON THE SUCCESSFUL RESEARCH OF OUR AFFILIATE VERITAS INVESTMENT RESEARCH CORP. Sam LaBell, Veritas Asset Management Advising Representative, Director OUR PORTFOLIOS OFFER CONCENTRATED, HIGH-CONVICTION POSITIONS IN COMPANIES IDENTIFIED THROUGH OUR RESEARCH AND DUE DILIGENCE WORK, APPLYING A DISCIPLINED AND SYSTEMATIC SELECTION PROCESS. THROUGH OUR RESEARCH, WE IDENTIFY OPPORTUNITIES TO PROFIT FROM MISPRICED SECURITIES, EITHER BY BUYING TOP-QUALITY COMPANIES FOR LONG-TERM CAPITAL APPRECIATION OR THROUGH LONG-SHORT HEDGING STRATEGIES. WHILE OUR PORTFOLIOS ARE PRIMARILY FOCUSED ON CANADIAN EQUITIES, OUR PORTFOLIO MANAGERS ALSO CONSIDER OPPORTUNITIES BEYOND CANADA. Find Out More -------------------------------------------------------------------------------- VERITAS FOUNDATION THE VERITAS FOUNDATION AIMS TO BE CANADA'S AUTHORITATIVE SOURCE FOR PARTICIPATING IN THE COUNTRY'S CHARITABLE SECTOR AND EVALUATING ITS EFFECTIVENESS AND IMPACT. OUR VISION IS TO FOSTER A THRIVING CANADIAN CHARITABLE SECTOR. Mark S. Bonham, Veritas Foundation Executive Director THE VERITAS FOUNDATION IS COMMITTED TO MAKING SUSTAINABLE IMPROVEMENTS TO THE CHARITABLE SECTOR THROUGH ITS INNOVATIVE RESEARCH, MANAGEMENT AND GRANTING PROGRAMS. IN ADDITION TO OFFERING THE VERITAS FOUNDATION GIVING FUND, A DONOR ADVISED FUND, THE FOUNDATION OFFERS GRANTS AND AWARDS LINKED TO INDEPENDENT ADVICE, INFORMATION, THOUGHT LEADERSHIP, AND COMPREHENSIVE REVIEWS OF CANADIAN REGISTERED CHARITIES, ALL WITHIN A UNIQUE VSCORE PROGRAM FRAMEWORK. Learn More * HOME| * ABOUT| * RESEARCH| * EVENTS| * NEWS| * CAREERS| * CONTACT| * LOGIN| Veritas Investment Research Corporation 100 Wellington Street West TD West Tower, Suite 3110, PO Box 80 Toronto, Ontario M5K 1E7 Phone: (416) 866-8783 Fax: (416) 866-4146 Toll Free: (866) 640-8783 General Inquiry: info@veritascorp.com Sales Inquiry: sales@veritascorp.com Career Inquiry: veritas@veritascorp.com Privacy of Policy Terms of Use © VERITAS INVESTMENT RESEARCH 2024. All rights reserved. Created by Zenergy Communications