Exchange Income (EIF.TO)

They built a unique aerospace platform which almost dominates rural, northern Canadian aviation. They do air ambulances for provinces and regional airlines. The businesses aren't great on their own, but synergies are great. The PE has risen and the dividend fell too low for him.

Loves the name. All kinds of businesses and stock's doing great. The reason they didn't invest was because CEO is the founder, and they were worried about the continuity plan. Great company and management. She hopes to buy someday at a better valuation.

(Note the shortish timeframe.)  Business has been great. Overlooked by institutions (as institutions typically like to buy pure plays), but that's why he likes it.

Ranks second in his RSI Canadian stock universe. Doing really well. Another staircase pattern -- rally, consolidate, rally, etc. Its RSI is great.

Was owned in his firm's income growth fund; went up so much, it crossed the firm's rule of a minimum 3% yield. So it got sold. Well positioned as Canada's largest aviation provider into our North and other remote areas. Will benefit from increased defense and infrastructure spending. 

Increased dividend 18x over past 20 years. Strong revenue growth this year and next. Slows down through 2027-28, but could go higher as spending increases in the North and backlog increases again. Not cheap at 28x PE. He'd be more interested ~$100.

Continues to work, likes it longer term. His team is very bullish Canada -- we have all the resources, and if we can trade with the world we're in such an amazing spot.

Don't chase. Likely to be a correction around July/August, and you can add then.

He's looking at it. Did extremely well last year. Acquires small- to mid-size businesses in two streams:  1) transportation/aviation and 2) industrial/building products. Lots of $$ is going into the Canadian Arctic (segment #1). The Build Canada theme feeds right into segment #2.

Not a bad time to think about owning. Good dividend, increased periodically.

Business is doing really well. Backlog growing nicely. Fits in really well with nation-building and defense. Cat's out of the bag on this name. 

Can still make $$ if you have a longer view. He'd put capital to work today and hope for a pullback (not sure if you're going to get it).

Great compounder. Outstanding management job. Very strong earnings, yet stock's pulled back. Great execution probably baked into the stock price. Nice dividend, fantastic growth profile. One to pick away at and accumulate.

Really good pricing power in the Arctic. Industrial portfolio keeps powering on. M&A plus some organic growth. Trades at 15.5x PE for 2027, 19% growth. Benefiting from the "everything else catchup trade", and the move has been parabolic.

Small cap, kind of whippy. Good steady performer. Good long-term hold at a lower price.

Continues to work. In the sweet spot. The analyst covering it likes it, as does Javed. Technicals look good, though it's a bit extended. Does a lot of unique things, especially Arctic surveillance for Canada. More upside. Most compelling is that it's in the industrial wheelhouse, one of the leadership areas in this phase 2 of the business cycle.

EIF is showing solid momentum, up 15% YTD. Its last quarter was good and estimates have been ticking higher. The dividend continues to grow and the outlook is solid. It is on the expensive side of its historical valuation range, at 26X earnings. But, it has proven itself time and time again, and we think deserves some premium. We still like it. 
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