Corporate strategy, deals and management decisions across Canadian issuers.
goeasy's charge-offs and leverage improved sequentially in the second quarter. Originations fell 70% year over year and adjusted diluted EPS fell to $1.02 from $4.40. Repair is not reacceleration.
By Hannah Kuan4 min readGSY.TO
Canadian grocers earn thin margins on food and better margins on everything else in the store. The public debate conflates the two, and so do a lot of investors.
By Hannah Kuan3 min readLMRUEMP.A
Canada's mining disclosure standard is among the strictest in the world. It constrains the technical report — and press releases are where the pressure escapes.
By Daniel Okoye3 min read
Canadian bank quarters are won and lost on one line most retail investors skip: provisions for credit losses. Under IFRS 9 that line is a forward-looking model output, and knowing how it is built changes what a beat or a miss means.
A step-by-step guide to reading a Canadian quarterly earnings report without getting lost in accounting noise.
By Priya Sandhu2 min readSHOP.TOBAM.TOWCN.TO
A higher dividend yield can signal a bargain or a trap. Here is how to tell the difference using payout ratio, cash flow, and balance sheet clues.
A clear comparison of Royal Bank, TD, Scotiabank, BMO, CIBC and National Bank across the metrics that matter most to investors.
The retail business is mature. The financial services arm and loyalty data are where the differentiation sits.
By Hannah Kuan4 min readCTC.A
Stella-Jones sits at the intersection of grid hardening, rail capital cycles and housing activity, but its three segments respond to very different drivers. This piece breaks down why utility poles are the stable core, why railway ties add the cyclicality, and why the residential segment is the wildcard investors should watch separately.
By Hannah Kuan3 min readSJ
Insider buying and selling both happen for reasons unrelated to a view on the share price.
By Hannah Kuan4 min read
Methanex's earnings swing harder than most industrial companies because of high operating leverage and volatile natural gas feedstock costs. This piece explains the mechanics behind that cyclicality and why marine-fuel demand, while structural, is not yet large enough to smooth it out.
By Hannah Kuan3 min readMX
Discount retail benefits when household budgets tighten, which makes it an unusual defensive holding.
By Hannah Kuan3 min readDOL
Air Canada's margins hinge less on its own cost control than on whether the airline industry as a whole restrains seat growth relative to demand. Fuel hedging and debt reduction shape the near-term picture, but industry capacity discipline drives the cycle.
By Hannah Kuan4 min readAC
Couche-Tard's results blend a stable, predictable merchandise business with a volatile fuel-margin business tied to the commodity cycle. The company's real long-run growth engine is its record of acquiring and integrating retail networks.
By Hannah Kuan4 min readATD
Elevated dividend yields at Telus and BCE reflect a genuine question about payout sustainability, not just a value opportunity. This piece walks through free-cash-flow payout ratios, the capital-intensity cycle, and the competitive pressures that will determine whether the dividends are actually covered going forward.
By Hannah Kuan3 min readTBCE
Potash prices are set through negotiated annual contracts rather than a continuous market, which is why analysts disagree so sharply on where the price floor actually sits. This piece looks at Nutrien's low-cost and retail-diversified position within that unusually concentrated market structure.
By Daniel Okoye3 min readNTR
Brookfield's headline distributable earnings blend two very different income streams: recurring fee-related earnings and lumpy carried interest. This piece explains why separating them, and watching committed capital, is the better way to read the business.
By Hannah Kuan3 min readBN
Credit provisions rose from unusually low levels while net interest margin stayed wide, producing a quarter that was better than the headline suggested.
By Hannah Kuan4 min readRY
