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.
Continues to like it. Paying a premium, but for specific reasons. Trades at 31x forward PE for 15% earnings growth. Recent decline is a good chance to add. In Canada, demand is growing for value-priced essentials.