WSP Global Inc. (WSP.TO)

In line with what it has traded at over the last 5 years. Just made an acquisition so there is that risk in tucking it in. They have diversified away from Canada, which is a good thing. When global economies start to rebound it will do well. You may be paid 7.3% to wait.

This was a Québec-based company that grew through acquisition. Unlike many other companies, they don’t do construction, only engineering and mainly through oil sands, mining and consolidation. Going through a tough patch right now because of a big acquisition where they issued a lot of stock to finance it. Acquisition has a lot of exposure in Europe. Believes they bought it for strategic reasons and they’ll benefit when the upswing comes. Feels the dividend is sustainable.

Québec-based engineering/construction firm. Very well run company. Pays a very attractive dividend yield of about 7%. Feels the prospects for it are fine. There has been some concern in that sector that a lot of these companies have significant projects with governments, large oil/gas companies and if there is a slow down in the more cyclicals sectors in the economy, a company like this could face pricing pressure or lose contracts. One of the better run businesses in that space.

Margins are much better on engineering consulting than on construction. Owns this but probably won’t keep it. He would be a buyer below $20. 6.8% dividend yield.

Did a large UK acquisition. Margins are less than the North American business so the blended margins don’t look as good. He is not hung up on the margins. 6.9% yield.

Engineering/design firm. Stock is off significantly over the past few months due to an equity raise and their acquisition of WSP Group, a very large British engineering firm. Very well run company and dividend yield of 7.1% is very secure. Very strong visibility and an outlook for earnings growth as we get into 2013-2014.