Shopify Inc. (SHOP-T)

The stock has been volatile, as all growth stocks have been recently. We think merchant customers and the company can adapt well enough. However, the consumer spending impact of tariffs remains a variable. Consumer confidence has dropped, and if tariffs induce inflation then business may certainly be negatively impacted overall. Silver linings might be valuation (better of course with the decline) and sentiment (market sentiment is so bad currently any good news could amplify moves). It remains a high Beta stock. Down 11% YTD, it has actually held up better than many others.
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Down ~30% from recent highs, but still above 200-day MA, which is also moving higher. Technically, shares still look sound. Pricey at 61x forward PE for 20-25% earnings growth, a PEG ratio of 2.5x. He prefers US names for tech.

Doesn't think it will start a dividend. You actually don't want companies to pay dividends when there are still so many growth opportunities. Investor Day listed 5 areas ripe for growth, problem is market's already pricing this in. Trading ~100x PE, too expensive for him.

In his momentum mandate. Increasingly catering to large-enterprise customers, not just small and medium players. Lots of admiration for the business model.

Very volatile. Options are very expensive. Sell puts $165 April for around $5. 

Never owned it. After it went public, it was growing revenue at 80%, but was unprofitable. He can't value a company losing money. But SHOP Is shifting: revenue growth is falling as margins rise. It trades at 103X PE, which is not good considering their growth rate.

One of only Canadian holdings. Very strong eCommerce company. Founder led which is a great sign. Unsure on how A.I. will impact business. Will continue to own shares. 

In his momentum mandate. E-commerce turnkey solution for small- and medium-sized businesses. Biggest market share in e-commerce enablement. E-commerce will continue to take market share from bricks and mortar. As it expands capabilities, "take rate" will grow faster. Timely time to own.

Nothing has changed from our view.  As mentioned in a prior question, yesterdat nearly every growth stock got hit. Bond yields moved higher which put investors in a 'risk off' mood. We would still consider SHOP a premier CanadIan growth stock. 
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Wonderfully run, a Canadian success story, but its forward PE is too high (80x or 90x). SHOP can continue growing at a 20-30% clip and eventually earnings will catch up. But this doesn't provide enough of a margin of safety for a value investor like him.

It is a little expensive but profitability is coming up fast along with rising margins. It is now focusing on making money and has millions of customers on its platform. If you own it keep holding since the trend of the past 18 months should continue.

Does not own shares in business. Would prefer Amazon. Company does not have diversified earnings stream. Move into social media commerce will provide growth - but hard to determine outlook of this sales channel. Strong company, but not good enough to buy shares in.

He hasn't owned it in its recent journey. He has witnessed the burning of so many great Canadian tech companies and this has been an issue with him. He prefers U.S. counterparts in technology. SHOP could be the exception though. He likes the retail and online shopping space.

Q3 nice beat across the board. So many different ways to grow this company. So pricey. Need to use the chart to figure out when to buy. Dangerous to be out of it, but you don't want to buy close to its highs.

On down days, write puts to get it at a lower price. In the new year, you'll probably get a better chance to buy. At that time, money will probably flow from the high flyers into the more beaten-up names like the telcos, so the pricier names will come down a bit.

Became really focused on fundamentals. As a cashflow investor, that's what you like to see. Cashflows and margins have been improving. Valuation is the sticking point. Well run, but too rich for cashflows it's generating. He watches it and its free cashflow yield.