5N Plus (VNP.TO)

Owns some in his TFSA. A recent holding. At $30, the EBITDA is 17-18x. Governments realize the value of outer space, an important frontier. They're sold out of solar panels through 2029. They supply one of the larger US companies solar panels. They just bought a space business in 2021 which was a home run.

It is a very interesting company involving rare and critical minerals from other parts of the world. It provides some components for satellites and solar panels so there is good growth in the end markets. It has a big contract with one of the big US solar companies. Not a lot of competition globally.

Big customer is FSLR in the US. Revival in solar products, becoming more attractive as prices have come down. Numbers continue to ramp up. Still room to expand on revenue and earnings. It is a very niche product.

Based in Montreal. Supply specialty semiconductors and performance materials. Customers such as a manufacturer of solar panels. FSLR in the US, one of VNP's biggest customer, guided down. Stock dipped. Need to get a handle on tariff impact. Not growthy enough for him.

5.75% June 30/19. Rare earths and metals. Short term (5 years). A little over 6% yield now.

(A Top Short Jan 27/12. Up 55.89%.) Supply materials and components into the solar sector. Solar sector relies on subsidies and is not economic without it. He is pretty much out of this one now.

(Top Pick Aug 26/11, Down 79.18%) Did a massive acquisition that didn’t work out. Should be good opportunities for lead free paint in Europe next year. It will still be tough sledding for the company, which is why he sold it 8 months ago for a 28% loss.