Exchange Income (EIF.TO)

Was owned in his firm's income growth fund; went up so much, it crossed the firm's rule of a minimum 3% yield. So it got sold. Well positioned as Canada's largest aviation provider into our North and other remote areas. Will benefit from increased defense and infrastructure spending. 

Increased dividend 18x over past 20 years. Strong revenue growth this year and next. Slows down through 2027-28, but could go higher as spending increases in the North and backlog increases again. Not cheap at 28x PE. He'd be more interested ~$100.

Continues to work, likes it longer term. His team is very bullish Canada -- we have all the resources, and if we can trade with the world we're in such an amazing spot.

Don't chase. Likely to be a correction around July/August, and you can add then.

He's looking at it. Did extremely well last year. Acquires small- to mid-size businesses in two streams:  1) transportation/aviation and 2) industrial/building products. Lots of $$ is going into the Canadian Arctic (segment #1). The Build Canada theme feeds right into segment #2.

Not a bad time to think about owning. Good dividend, increased periodically.

Business is doing really well. Backlog growing nicely. Fits in really well with nation-building and defense. Cat's out of the bag on this name. 

Can still make $$ if you have a longer view. He'd put capital to work today and hope for a pullback (not sure if you're going to get it).

Great compounder. Outstanding management job. Very strong earnings, yet stock's pulled back. Great execution probably baked into the stock price. Nice dividend, fantastic growth profile. One to pick away at and accumulate.

Really good pricing power in the Arctic. Industrial portfolio keeps powering on. M&A plus some organic growth. Trades at 15.5x PE for 2027, 19% growth. Benefiting from the "everything else catchup trade", and the move has been parabolic.

Small cap, kind of whippy. Good steady performer. Good long-term hold at a lower price.

Continues to work. In the sweet spot. The analyst covering it likes it, as does Javed. Technicals look good, though it's a bit extended. Does a lot of unique things, especially Arctic surveillance for Canada. More upside. Most compelling is that it's in the industrial wheelhouse, one of the leadership areas in this phase 2 of the business cycle.

EIF is showing solid momentum, up 15% YTD. Its last quarter was good and estimates have been ticking higher. The dividend continues to grow and the outlook is solid. It is on the expensive side of its historical valuation range, at 26X earnings. But, it has proven itself time and time again, and we think deserves some premium. We still like it. 
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Very safe to hold onto. Healthy dividend yield. Exposed to defense as well as Canada's North. Has other avenues to improve operating margins. Good company, business is growing quite nicely. Expects it to do a bit of M&A consolidation.

Everyone's looking to get exposure to defense, and this is absolutely one of the names that will benefit from capital flows.

One of the larger holdings in his income fund, with a 6% weight. Target price over $100, so he's not looking to get out. Firing on all cylinders. Great aviation assets in Northern Canada such as MedEvac. Can benefit from increased defence spending as Canada moves into the Arctic. Lots of levers to pull.

An acquirer in 2 verticals, aerospace and manufacturing. Aviation division up north is an essential service with great, contracted revenue for them. Surveillance segment operates globally. Recently got into matting for temporary roads to remote locations. The combination of businesses makes it more resilient when economic conditions change. 

After a dip, institutions are now warming up to the stock again. That's a big thing, as it drives demand. Amazing track record over 20 years of doing annual returns north of 20%, unbelievable and 3x that of the TSX. Loves management. Yield is 3.43%.

Passenger, cargo, and MedEvac air services. Intelligence and surveillance flights for Canada and other countries. Leasing and airline parts sales. Mainly in Canada's North, a play on growth there. Should benefit from increased defense spending. 

Traditionally a mishmash of businesses. Now coming together more cohesively. Attractive multiple of 7x EV:EBITDA. Yield is 3.41%.