
TSE:WSP
Likes its positioning. Very nice acquisitions. Transportation infrastructure has good growth potential, especially yin US. Moving into environmental space, which should grow. Wide geographical presence, with Canada only 18% of revenue. Relatively strong balance sheet. Organic growth still attractive. Didn't raise guidance, but management feels backlog can support growth targets.
Still likes it. Not in the construction side, but infrastructure. Very global with under 20% revenues in Canada. They grow organically + M&A. They've increased their presence in environmental and infrastructure which boast good growth ahead. Customers are half private, half public. The latter pledge infra spending. Are disciplined buyers, willing to walk away from a weak deal.
STN is a good investment in the sector. WSP management track record was better, so she chose it and doesn't need two names. Both are well-positioned in the right verticals.