Industrials
Industrials like railways and infrastructure operators tend to have wide moats, real pricing power and cyclical, economy-linked volumes. We look at free-cash-flow generation, operating efficiency (for railways, the operating ratio) and how growth is funded.
Reports in Industrials
Canadian National Railway
A wide-moat railway spanning three coasts — the classic 'toll booth' on the Canadian and North American economy.
MDA Space
A Canadian space-technology leader in robotics, satellite systems and geo-intelligence, riding the commercial space and satellite-constellation boom.
Linamar
A diversified Canadian manufacturer straddling auto-parts precision machining and industrial equipment (agriculture and access), trading at a strikingly low multiple.
Martinrea International
A tier-one automotive-parts supplier specializing in lightweight metal structures and fluid systems, trading at a rock-bottom multiple typical of the sector.
Bombardier
A Montreal-based manufacturer of business jets, now a focused pure-play in the high-margin private-aviation market.
ATS Corporation
A Cambridge, Ontario-based builder of custom factory-automation systems for regulated, high-value industries.
Aecon Group
One of Canada's largest construction and infrastructure builders, active in civil, utilities, nuclear and public-private concessions.
Bird Construction
A national Canadian general contractor spanning industrial, commercial and infrastructure construction with a record backlog.
Badger Infrastructure Solutions
North America's largest provider of non-destructive hydrovac excavation, digging safely around buried infrastructure.
NFI Group
A leading North American bus and motor-coach manufacturer riding a record backlog and the shift to zero-emission transit.
Exchange Income
A dividend-focused acquirer of aviation and manufacturing businesses serving essential, often remote-market needs.
Cargojet
Canada's dominant overnight air-cargo carrier, operating the domestic time-sensitive freight network.
Mullen Group
One of Canada's largest logistics and trucking companies, plus a specialized oilfield-services arm.
RB Global
The world's largest marketplace for commercial assets and vehicles, combining Ritchie Bros. auctions with IAA salvage.
Wajax
A Canadian distributor of heavy industrial equipment, power systems, and parts-and-service across mining, construction, and energy.
Richelieu Hardware
A specialty distributor of decorative and functional hardware to kitchen, cabinet, furniture, and renovation manufacturers across North America.
Hammond Power Solutions
A North American manufacturer of dry-type transformers and power-quality products riding surging data-center and electrification demand.
Ag Growth International
A global maker of grain handling, storage, and conditioning equipment for farms and commercial agricultural infrastructure.
Andlauer Healthcare Group
A specialized healthcare supply-chain and logistics provider handling temperature-sensitive pharmaceuticals and medical products.
SECURE Waste Infrastructure
A Canadian environmental and waste-infrastructure operator that collects, processes, recycles and disposes of by-products generated by the energy industry.
Canadian Pacific Kansas City
The only single-line railroad connecting Canada, the US and Mexico, still converting merger synergies into volume and pricing.
Waste Connections
A disciplined, secondary-market-focused solid-waste consolidator that compounds through steady price-led growth and tuck-in acquisitions.
GFL Environmental
Canada's largest homegrown waste company, now a leaner pure-play solid-waste consolidator after divesting its environmental-services arm — but conventional free cash flow is still negative.
WSP Global
One of the world's largest professional-services engineering firms, compounding through acquisitions and a high-margin, asset-light advisory model.
Stantec
A global engineering and design consultancy compounding steadily on infrastructure, water and environmental megatrends with an asset-light, high-return model.
Finning International
The world's largest Caterpillar dealer, monetizing mining, construction and power demand across Western Canada, South America and the UK/Ireland through equipment sales and a sticky product-support annuity.
Toromont Industries
A disciplined Eastern-Canada Caterpillar dealer and refrigeration specialist prized for consistent execution, strong returns on capital and a fortress balance sheet.
TFI International
A serial-acquirer trucking and logistics operator (LTL, truckload, parcel and logistics) run with an owner-operator's obsession over operating ratio and free cash flow — now working through a freight-recession trough.
CAE Inc.
The global leader in flight simulation and aviation training, with a large civil training network and a recovering defense franchise underpinned by a multi-billion-dollar backlog.