
TSE:WSP
WSP Global is pretty much the gold standard. They are pretty much 100% consulting, whereas STN-T and SNC-T are not. He has shied away from the whole sector. The problem is the engineering and construction business, which he has never liked. Margins are razor thin. STN-T wants to get away from E&C. He would buy WSP-T on a correction. STN-T might be a buy at some other point. SNC-T he stays way from and has done so for many years.
This offers industrial exposure to international infrastructure. Rather than owning the asset (as Brookfield does), WSP builds it. She prefers WSP to SNC-Lavalin because its income is services related and it doesn’t have the cost-overrun risk that SNC has because of its fixed price bids. She would not buy WSP at this level because it has had a good run and is fully valued.