Stock price when the opinion was issued
Still adding for new clients. Key has been that it has very little competition, unlike US counterparts. You pay up for that position, at 35x forward PE, but you get 15% earnings growth going forward.
Beneficiary of cumulative effects of inflation and uncertainty in Canadian economy. Recession-resilient business model. Outpaced the TSX since its IPO in 2009.
Wouldn't buy now. Has benefited from the economic uncertainty, and so valuation has come up dramatically. North of 35x PE, so risk that could contract over the long term. Wonderful business, well positioned with price points to capture a larger portion of wallets in tough times.
Last conference call referenced a small impact from sourcing from China, with the hit to margins yet to be seen.
It has recently come off with plans to expand in Calgary so there are cost headwinds to 2027. Valuation is quite high. It is expanding in other countries, eg. Latin America, so there is good growth ahead.
The question also included his cash position. They are fully invested but will probably take some profits in January.