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It is a Toronto based insurance company. It merged with a private equity manager in the U.S. He has an issue with the cap table - cap size for a U.S. and Canadian business. He doesn't see value or upside.

He has lots of respect for management and has made money in their prior ventures. It is a proven and ambitious team. It is interesting because it is growing revenue and production by 200% as well as cash flow. Has under two terms of debt. He likes their longer term development plan. They have an interesting and smart view of infrastructure. They are not paying out cash flow in dividends but are using it for developing per share growth. Ultimately they don't need capital markets.
If you are looking for exposure to LNG, Tourmaline would be good.

It is well capitalized and has an almost 6% yield. He is looking for double digit returns and for a stock price of $50. Collects royalties and has 1000 franchises in Canada. Only 2 analysts follow it.

It sold off unfairly because Pfizer left. It is the fourth largest professional services consulting company in Japan. It is founder led and growing revenue at 20+ per year with operating margins at 25+ per year.

Based in Norway it is involved in construction software across Northern Europe. It is like a Constellation Software and has been thoughtfully assembled with very high margins. It is one of his largest holdings.

It went international, at least partially, but there is lots of opportunity in Canada. Also international valuations are lower. Return on Capital is lower than what he looks at. He would consider Logan instead.

It has done well creating long term value for shareholders. It is good at acquiring and integrating assets. Doesn't own but likes it.

It is focused on sustainable yield but has had reasonable growth as well. He isn't buying because he is interested more on the growth side. Another like this is Prairie Sky which has a very talented team.

It has a collection of assets in the real estate sector which could be interesting. The CEO owns a lot. Watch governance in this space. He looks at it every couple of years.

The caller asked about his opinion on both of these companies. Open Text is much larger and is very leveraged, Open Text did a large deal which is not at their comfort level. He has never owned it. Enghouse has no debt along with lots of cash. The CEO of Enghouse is on the board of Open Text. He owned Enghouse but sold last year. It is cheap so it's time to move on. It is a much much smaller version of CSU

The caller asked about his opinion on both of these companies. Open Text is much larger and is very leveraged, Open Text did a large deal which is not at their comfort level. He has never owned it. Enghouse has no debt along with lots of cash. The CEO of Enghouse is on the board of Open Text. He owned Enghouse but sold last year. It is cheap so it's time to move on. It is a much much smaller version of CSU

He bought this last year and feels it is fundamentally undervalued. There are challenges in the real estate space. It has a very good cash return and charges clients every two weeks , instead of bi-monthly. This gives it an extra payment. It focuses on value creation and optimizing operations. A comment was made that people often keep a locker longer than they first thought.

He likes the sector but it is not really a small cap now so he doesn't own it. It created a lot of value with their strategies and carved out out some very unique assets. He feels the value is a bit stretched. He owns Euronet which trades in France

He owns a small position. Leverage is the biggest concern but the valuation of its assets is good. It needs to monetize their financial services base. There has been a situation with the CEO.

It is based in Germany. Its acquisitions are doing well and the company is growing. It is incubating organic growth. Two to three years ago the new CEO decided to concentrate on permanent capital and got rid of under-performing businesses. Its valuation is good so there is lots of upside.
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