u/Lettura_

BioSyent (TSXV: RX). Specialty pharma distributor. Profitable since 2009. Growing dividend raised every year since 2022.

On March 1, they acquired Oral Science, a profitable dental hygiene distributor, at 6.33x EBITDA. Q1 results include one month only. Pro-forma the combined entity: C$70M+ revenue, C$15.75M+ EBITDA, ~10x EV/EBITDA, net cash, zero long-term debt by Q3.

The day before I published this Health Canada approved Thyconvi, the first and only liquid levothyroxine in Canada. One of the most prescribed drug categories in the country. Every existing formulation is a tablet.

Check out more here

Not investment advice.

Canada just committed to doubling its electricity grid, endorsed natural gas as strategic, and signed a West Coast pipeline deal. Everyone's talking about Enbridge and TC Energy.

I looked at four different names.

The most interesting one is AtkinsRéalis, formerly SNC-Lavalin. It's a Nuclear business growing 37% organically. Permitting reform creating immediate consulting revenue before a single shovel moves. Trading at a 29-38% discount to analyst consensus because the market is still pricing it like SNC-Lavalin. The business genuinely changed. But due to their past reputation they're still at a discount/

Also covered WSP Global, South Bow, and Enbridge — including why I said hold on ENB while everyone else is saying buy.

Check out everything here

Not investment advice.

Everyone's calling this a clean energy story when it's not.

Natural gas just became strategically endorsed by the federal government. The legislation that killed Canadian infrastructure projects for a decade got replaced with concurrent one-year approvals. A dedicated bitumen pipeline to tidewater, one million barrels a day, has a signed deal and a September 2027 construction start.

The part I haven't seen anyone write about yet: the companies that benefit first aren't the pipeline builders. They're the regulatory consultants who get paid on every project before construction is even decided. WSP Global is sitting 43% below analyst consensus. Stantec is 30% below. Both get paid at every stage of the new concurrent review process before anyone else moves.

I also quantified what the WCS discount narrowing means per producer with no new wells, no new capex, pure price improvement. The math on CNQ alone is significant.

Check it out here

Not investment advice.

Quick update for anyone following.

I initiated coverage on Propel Holdings on April 28 at $20.40. The Stock hit $24.74 on May 5 after a record quarter, with revenue up 20%, originations up 30%, new customer growth up nearly 40% year over year, this is the 11th consecutive dividend raise. It has pulled back slightly since, which is normal after a 12% single-day move.

The thesis remains unchanged. Management guided ~50% bottom-line growth for 2026. Roughly 7-8x forward earnings for a company growing 50%. PEG ratio of 0.15. Eight analysts covering, all Strong Buy, consensus target C$30.19.

Full earnings analysis here

Not investment advice.

Not my usual small cap territory but these three caught my attention.

Thomson Reuters is down 55% from its high on AI fear. 40% EBITDA margin. The AI isn't replacing their product; it's being built into it. The market got this completely wrong.

Toromont Industries, which is a Caterpillar equipment dealer that just reported a 484% revenue jump in one segment. Nobody's talking about it. The data centre angle is real, and it's not priced in.

Canadian Utilities has had 54 consecutive years of dividend increases. Longest streak in Canada. Trades cheaper than Fortis on every single metric. Higher yield, faster rate base growth, longer dividend streak. The discount makes no sense.

Full DCF models on all three. Specific entry prices for each. Exact exit criteria. Not just, here's a good company, actual numbers and actual decisions.

Check it out here

Not investment advice.

Not my usual small cap territory but these three caught my attention.

Thomson Reuters is down 55% from its high on AI fear. 40% EBITDA margin. The AI isn't replacing their product; it's being built into it. The market got this completely wrong.

Toromont Industries, which is a Caterpillar equipment dealer that just reported a 484% revenue jump in one segment. Nobody's talking about it. The data centre angle is real, and it's not priced in.

Canadian Utilities has had 54 consecutive years of dividend increases. Longest streak in Canada. Trades cheaper than Fortis on every single metric. Higher yield, faster rate base growth, longer dividend streak. The discount makes no sense.

Full DCF models on all three. Specific entry prices for each. Exact exit criteria. Not just, here's a good company, actual numbers and actual decisions.

Check it out here

Not investment advice.

HPS hit +23% in four days of initiation. Stack is up 50%+ from January. Zedcor Q4 just confirmed everything I wrote in February. BQE Water results drop Wednesday and I'm on the investor Q&A call with management directly.

Three more names I think are being completely ignored right now:

Revival Gold (RVG) — their own PEA was written at $2,175 gold. Spot is $3,200. The after-tax NPV at $3,000 gold is $752M USD. Market cap is $218M CAD. They just drilled 2.8 g/t over 74 metres this week and nobody's talking about it.

TerraVest (TVK) — printed a 167% earnings beat in February. Stock dropped 9% because revenue missed by 7%. Market ignored the beat entirely. Five analysts, all Buy, consensus $182 vs current $126.

Badger (BDGI) — largest hydrovac fleet in North America, record revenue last quarter, stock down on a mix issue not a structural problem. Q1 results April 30th. Canada just committed $180B in infrastructure spending.

Full breakdown with price targets and what I'm specifically watching on each is here

Not investment advice.