Most Anticipated Earnings: LMN-X, X-T and more Canadian Companies Reporting Earnings this Week (Oct 26-30)

Opinion about CLS-T: Large portion of an investor's portfolio. Take profits? Not trading cheap. A triple in the last year. He's a value investor. He can't explain or understand the multiple. It's for momentum-type traders. He wouldn't be involved here.

Opinion about CVO-T: Good job overall, well run. Exposed to some of the AI trends. Sizable competition for what they do. He's conservative on whether it can differentiate itself in the coming years. Must show it can get the big, multi-year contracts.

Opinion about LMN-X: Falls into the same software as CSU and TOI. Pendulum swings between hardware and software, and obviously right now it's over at hardware. Software will take a while to get back, and upcoming earnings from a couple of companies could lift all boats.

Opinion about PSK-T: Strong performer over past several years, so trades at fairly high multiple (for example, twice that of FRU earlier this year). Extraordinarily good exposure to the Clearwater, good job with its business model. He struggles with what a fair multiple is. About 10% upside from here, and that doesn't do it for…

Opinion about MRG.UN-T: Apartments on both sides of the border. Always trades at wide discount to NAV, a good starting point when you invest. Nice portfolio. Keep holding if you own, but better ideas out there. Nice distribution of 5.5%.

Opinion about PMZ.UN-T: His pick in the space. Challenging sector due to trade plus interest rates. Attractive valuation. Monetizing its real estate portfolio. Gets to put old Hudson's Bay square footage on the market.

Opinion about AP.UN-T: Investor paid $10, and while it may not get back to $30, it's surely worth more than $10? Challenging story, balance sheet pressure. Question is were moves taken enough to right the ship? Answer is out of management's hands. Needs to sell assets to get leverage back to manageable levels (and investment-grade…

Opinion about MRT.UN-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research. Trading at high discount to NAV. Significant cash retention compared to peers. Diversified cash flow streams. Bid competition to slow acquisition growth.

Opinion about LFE-T: This is a seasonal period when Lifecos in general tend to do well. This is a special vehicle where they buy a lifeco, split it up and give the capital appreciation to one half, and the dividend to the other half. Dividend yield of 19% is extremely high, and he is having…

Opinion about FFH-T: A more stable franchise than in the past. Well managed, business as usual. No reason to sell, but not the most obvious buying opportunity either. New $$ should go to blue chips sitting at bigger discounts today.

Opinion about X-T: It owns the Montreal exchange, other trading platforms and the software that supports them. It has a unique position in the financial industry. He considers it not a trading platform but a toll road. It made a recent acquisition of CBOE Canada and Australia. CBOE Canada is the only alternative trading platform…

Opinion about FIH.U-T: One of his highest-conviction investment ideas. Trades at a discount to NAV. A stock to buy for the next decade. India is the largest democracy on the planet, very young demographic, fast-growing economy. Lots of pro-growth and pro-business reforms happening. Portfolio of $3.5B worth of different investments, both public and private. Crown jewel…

Opinion about TSU-T: Specialty insurance, with a good presence in Canada (about 30% market share). Growing aggressively in US. He sees tremendous growth for surety and property insurance in the US. A high-ROE business. Growing its book value per share at a very high rate, and he expects this to continue. Sitting on a big cash…

Opinion about ACD-T: (A Top Pick July 26/13. Up 18.07%.) A niche lender to small businesses. Very, very well run. They raise their dividend almost every year. Insiders own piles of stock. Very conservative. They are finding new ways to grow the bottom line. Have lots of capital, which is all deployed. Expects earnings will…

Opinion about SII-T: (A Top Pick Jul 02/25, Up 117%) (Note the shortish timeframe.) AUM have increased to over $70B USD. Diversity plus a dividend. If bull market in precious metals and raw materials continues (as he believes), global financial super-markets will buy Sprott rather than building their own natural resource silos. Suspects that in…

Opinion about PD-T: Heck of a rally, perhaps based on sanctioning of LNG Canada for next year. Achieved debt target, so pivoting to 50% return of capital to shareholders. Trades at about 20% FCF yield next year, buying back 10% of stock -- pretty compelling.Services stocks actually do well when trading at very high multiples…

Opinion about TCW-T: It provides energy services in Alberta as well as some in the U.S. He doesn't own energy services or exploration companies. Sticks to pipelines.This type of company does well when the sector does well.

Opinion about WRG-T: The company is very cheap in terms of price to book. Their book value was $4 at the end of June. However, they have a debt problem: $211 million of debt compared to an equity value of $369 million. He sees this as a takeover candidate especially now because he is seeing…

Opinion about TMG-X: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research TMG is a small-cap name that develops pollution control products and heat recovery systems. TMG’s revenue growth was solid over the last two years, above 20% on average two years in a row. As a result, TMG just became profitable due to…

Opinion about GFL-T: It picks up garbage, municipal and business. Has a good long term business model with good cash flow. Its core business is doing well and it recently bought Secure which fits well, is accretive, and generates lots of cash. They own 70% of the market and have great management. There is lots…

Opinion about WFG-T: This one plays again into the market-cycle model. The 10-year chart is helpful -- we're in the "boring middle" of the market-cycle model. That's actually where the economy starts to strengthen. He believes rates will essentially be sideways, which should remove a headwind for homebuilders. Should make it more likely that we…

Opinion about MX-T: Doing very well, for instance, in RSI. Fertilizers and chemicals are rallying during the US-Iran war and will continue to do so, even if the Strait of Hormuz suddenly opens. (Analysts’ price target is $89.31)

Opinion about ADN-T: Unique company in Canada that gives investors a way to own an uncorrelated infrastructure-type asset. No sawmills, just a pure play on timber land. Many institutions and pension funds would have a small part of their portfolio in it. Pays a dividend.

Opinion about FAR-T: The drillers haven't participated as much during this mining boom. FAR is diversifying out of high-risk areas and junior miners. Shares have been cheap a long time. Is a take-out candidate. 

Opinion about TFII-T: (A Top Pick Sep 16/25, Up 42%) (Note the short timeframe.)  Organic improvements plus coming out of freight recession. He just sold his position to deploy proceeds elsewhere. (Industry's still improving, so perhaps he sold too early.)

Opinion about AC-T: Doesn't like airline stocks because of very high costs and unpredictable competition. No economic moat. Airlines are a lottery.

Opinion about PBH-T: Trying to fill its excess capacity after years of investing in the US. Seems to stumble over and over in filling capacity. A bit exposed to economic cycle. Need to see better execution.Accounting practices are a bit aggressive, he's not a fan.

Opinion about ARE-T: Reported last night, fantastic numbers. Doubled backlog to over $10B. Successfully brought down number of riskier fixed-price contracts. Variable-price contracts has led to more sustainable cashflow, earnings, and revenue. Multiple's really come up, but its predictable cashflow warrants it. He's adding. Yield is 1.61%. (Analysts’ price target is $47.68)

Opinion about HPS.A-T: Chart looks excellent, momentum is up and to the right. New highs today. Lots of volatility, especially around quarterly earnings. Recent earnings beat on EPS and revenue. Backlog grew 122% YOY.

Opinion about CNR-T: CNR vs. CP He'd put $$ in CP for now. Generally, they move in the same direction. CP is more in the driver's seat now, realizing synergies from the KSU acquisition. CNR isn't catalyst-rich for an investment thesis at this point.Prefers UNP.

Opinion about MG-T: In 2021, they invested heavily in EV, but the demand didn't materialize. Since then, they've suffered that overhang, plus the impact of tariffs. But they fixed these problems with Chinese OEMs and have gained market share in smart door handles and driverless systems. Are gaining market share. Doing a great job.

Opinion about WTE-T: Lots of uncertainty in the space with proposed rail merger in US. May be hurt if volumes start to be diverted to other ports. Guesses it will probably be fine, but wait and see. Stock's been bouncing in a range. Decent dividend.

Opinion about AEM-T: Doesn't like miners as an investment -- not a good enough business that delivers high enough ROIC. ABX and AEM are the top 2 gold companies in Canada. He'd lean more toward AEM.Only reason to buy is if you have a firm belief that gold prices are going a lot higher, but…

Opinion about K-T: A name he likes. Cautiously optimistic that current political environment is better for developing the resource industry. With pressure on currencies, sees pricing for all commodities in USD continue fairly strong.

Opinion about AGI-T: Good play. Reasonable at 15x PE for 2026. Exploration results really good. Lots of irons in the fire. Seeing resource and reserve growth.

Opinion about ELD-T: (A Top Pick Dec 13/22, Up 19.2%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with ELD has triggered its stop at $13.50.  To remain disciplined, we recommend covering the position at this time.  This will result in a net investment gain of 19%, when combined with our previous recommendations.  

Opinion about ARG-T: Has spiked, more room to go. Very large copper resources, with access to the tailings of one of the great copper mines in the world. They'll be able to produce at current levels for decades, and they really don't have to explore. Its tailings processing capabilities are very highly regarded. Believes it's in…

Opinion about ASTL-T: (A Top Pick Feb 09/23, Up 12.5%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with ASTL is progressing well.  We recommend trailing up the stop at this time to $9.50.

Opinion about NOA-T: Stockchase Research Editor: Michael O'Reilly We again reiterate NOA as a TOP PICK.  Management reports the company is experiencing "less skilled trade vacancies and improved equipment utilization" as it emerges from the effects of the pandemic.  It trades under 2x book value and supports a 20% ROE.  The dividend is backed by…

Opinion about TECK.B-T: Execution risk on this one keeps her watching rather than owning. Analyst price target is near $90. Upside, but you need to believe in the merger and the mine ramp up; a show-me story. Last quarter saw a strong earnings beat, copper production up 10%.

Opinion about CS-T: Billy Kawasaki’s Insights - Billy's most-liked answers from 5i Research. The production guidance was disappointing, but they're comfortable waiting for the complete financials on March 2nd. EPS is still projected to more than double this year, which along with sector dynamics maintains their interest. Given the uncertainty, they would shift the rating…

Opinion about CG-T: Interesting projects -- one in Canada, and one in Turkiye. Ranks fairly well in his process. The challenge is that there are so many gold companies right now that rank really well, many of them rank just a bit higher than this name.Looks as though the move in gold can continue. That…

Opinion about CIA-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research EPS came in at $0.24 beating estimates of $0.20. Revenue came in at $506.89M beating forecasts of $486.08M and displayed growth of 31% year-over-year. Profit more than doubled on a year-over-year basis coming in at $126.46M. The board approved the company's $470.7-million…

Opinion about WRN-T: It has a great management team and the Yukon is a friendly place to develop. Infrastructure is the issue. Smaller mining operations can deal with this, but lack of power and transportation are challenging. Where copper prices are, this is still too levered -- you need copper prices to go higher.

Opinion about LI-X: The company and lithium has got over hyped. The world is awash with lithium. We are short of processing capabilities. This is not the best capital allocator either.

Opinion about KG-X: He is using as a proxy for sole risk exploration. Run by good people. He is not really a believer in sole risk exploration as the odds are really stacked against you.

Opinion about CCO-T: He owns some bonds, but hasn't pulled the trigger on the equity. Disconnect between a 10-year horizon for contracts and the current spot price for uranium. Spot price won't be showing up in the profitability.If you've made money, well done. Remember that commodities tend to overshoot in either direction. Don't add at…

Opinion about EFR-T: Was stuck in a range until breaking out in 2025. Since then, is seeing marginally higher highs. It's now consolidating. If you own, hold on. If it breaks out, buy, but this could remain in consolidation for a while.

Opinion about WCP-T: Hitting new highs. Great dividend. Very focused on returning capital to shareholders via dividends and share buybacks. Very strong cashflows. Higher energy prices go straight to the bottom line, so next few quarters should be even stronger.Ranks highly in his rankings.

Opinion about TVE-T: Doing extremely well, a great chart, benefiting from the oil price rally.

Opinion about ATH-T: The high is around $8. It just broke above recent highs in the consolidation zone. Pretty important technical resistance is around $7. Likes it here, and doesn't mind buying at these levels. Positive, long-term trend on the 5-year chart. Awesome chart, especially given how choppy crude's been. Crude picking up would be an…

Opinion about POU-T: Intermediate gas producer. Recently sold assets to raise $$ to deploy into operations. Good operational momentum, high impact assets. Very strong financial liquidity. High growth. Canadian gas prices have been weak, expected to improve in winter as LNG Canada comes on.

Opinion about IMO-T: The question was where to put one-third of the proceeds in this stock. Imperial Oil hasn't moved as fast as others in the sector. It is a high quality company but you could take 25 to 50 % in profits if overweight and move to materials or US financials. Buy them on…

Opinion about ESI-T: It is undervalued and has under-performed where it should be. Although it has rallied 30% BMO sees better opportunities in the oil services business. The next quarter is about paying down the rest of the $600 million debt. If all the debt is paid off then it needs to re-instate the dividend.…

Opinion about BHC-T: Kudos to the new executive at delevering and cleaning things up. Inexpensive valuation. Still a lot of debt. A turnaround story. 3% of your portfolio is a bit heavy. Add some diversity. Had a great move. Be cautious.

Opinion about JWEL-T: To "pump up" portfolios across Canada. Founded in Windsor ON. Bought a California company a few years ago, so little to no impact from tariffs. Growing in China, where company's attention to quality makes it stand apart. Seeing takeouts of private vitamin/mineral companies at much higher valuations. Has grown dividend over last…

Opinion about CCA-T: Likes the chart here. The sector is underperforming. This and Quebecor are small caps compared to peers, which is tough for institutional investors to buy them. But the RSI shows momentum. He sees good upside. A leader in this space.

Opinion about CGO-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research In Q4-2025, CGO’s revenue declined by 5.0% in constant currency, primarily due to lower revenue per customer in the Canadian market and a loss in its subscriber base in the U.S. market. The company reported an adjusted EPS of $2.12, down from…

Opinion about CPKR.TO: Spinout from Maple Leaf. When investors get these stubby little positions, they often just sell to avoid the hassle of…

Opinion about QSR-T: CEO turned around Domino's Pizza, and that's why he owns the stock. Nothing to fix at Tim's, still working on Burger King. Tim's is undervalued. Headwinds:  beef prices are higher, food prices have gone up, delivery costs have increased. Multiple's not high, very well run. Royalty business, all free cashflow. Spending to spruce…

Opinion about TOY-T: A definite series of lower highs and lower lows. Continues to languish, downtrend remains in place. Value trap. Unless something changes, just avoid. So many other good places to put your $$ to work.

Opinion about BDI-T: Big fleet of mobile units. Doesn't require incremental capital. Benefits from nation-building projects will be highly profitable. Expects whole industry to tighten with all the Canada Build projects coming up, which will lead to much better pricing. Already generates lots of FCF. Top-notch management. High insider ownership. Still trying to get exposure to…

Opinion about TVA.B-T: Probably the cheapest broadcaster in North America. Controlled indirectly by Quebecor (QBR.A-T). Largest broadcaster with the largest market share in Québec. Very neglected stock. Doesn’t pay a dividend. Trading at under 5X EBITDA versus the group trading at 9-10 times. Conventional TV assets are in slight decline as are most conventional TV…

Opinion about DII.A-T: They had huge writeoffs in 2018 and more could be coming. They got hit by the 25% tariffs. They have diversified into car seats, bicycles and furniture. The dividend has been eliminated. He is watching it, but too early to buy.

Opinion about DII.B-T: It's never done anything and has disappointed shareholders. He owned shares 10 years and sold it because he got fed up with its lack of progress.

Opinion about ALA-T: Perfect HALO stock. Wonderful US East Coast assets, wonderful Canadian West Coast assets. Strong midstream operations in the middle feed both. Gas is the backup data source for data centres if electricity goes out. Yield is 2.71%. (Analysts’ price target is $49.91)