AtkinsRéalis Group Inc. (ATRL.TO)

Engineering consultants were hit by concerns on Middle East and on AI eating their lunch. Backlog down a bit last month. Quarter beat, full year guidance upheld. Way too cheap down here. Priced at 16x, growing 17%. Stick with it, and you shall be rewarded.

Fears of AI replacing people. It's more likely, though, that AI and people will work together. Owns this name because of nuclear exposure, which should provide a big business ramp for a while. Chart looks better than peers.

It's surprised him how badly they've both acted. Again, it seems the fear is that AI is somehow going to displace what they do -- that's not realistic when you look at their core businesses. He's been adding to both names recently.

He sold it after the chart broke support last month. He took losses.

Doesn't agree that AI is going to ruin construction businesses. The design portion of projects may be streamlined through AI, such as accelerating gathering data, but the fundamental narrative doesn't change. The Build Canada projects must be good for construction companies.

Not a sector he'd play, but it's OK at these levels.

Tremendous run, and now some engineering firms are under pressure. A laggard. You want to own things people really care about, and he's been very selective and carving out underperformers.

Midterm election years tend to have weakness in June, July, August. We'll see. Market breadth is not ideal right now. Look for better opportunities. 

All engineering firms are down over 20%. They are perceived to be pressured by AI taking over their business. ATRL has ouperforned the others, because they have nuclear exposure and growth.

Very strong portfolio of engineering and design and consulting. Plays into infrastructure, energy, and environment. Focus on nuclear will be important, with 15% of revenue coming from there. If Hwy 407 were sold at a good price, would be a catalyst to create value (but he wouldn't buy something just because there might be a deal down the road). Yield is 0.1%.

It is an uptrend but he recently sold two weeks ago because it was overbought and there may be a pullback. It is fine for the longer term investor.

They changed their name, improved productivity and cash flow. They trade at a discount to the group. They have a major nuclear plant projects and many engineering projects in China. People are considering nuclear positively again that will benefit ATRL.

Has sold shares. Didn't earn enough returns. Sold at $50. Chart not looking good. 

He bought it in the 20's. IT is still trading at a reasonable price/growth so it is a good opportunity to buy.