WPK is a leading provider of packaging materials and machines. The company’s growth strategy focusses on investing internally to fuel organic growth as well as through acquisitions. In recent years, acquisitions have been less of a factor, with the last one completed in 2019. WPK has maintained a very strong balance sheet with essentially no debt and funds capital expenditures through internally generated cash flows. We think WPK is a good stable company which has a decently attractive valuation, but its growth story will not be overly exciting. We are maintaining our rating of a ‘B.’

ATZ’s share price has recovered meaningfully in recent quarters as the company demonstrates great execution by resuming sales growth, and store expansion but also managing inventory in a more efficient manner. Investors now expect the worst is now behind the company, ATZ is trading at a fair multiple, and we think the company could potentially see a re-rating by the market if ATZ could demonstrate solid execution and resume its previous growth trajectory of double-digits. ATZ is also disciplined in capital allocation which balances a strong balance sheet, store expansion and share repurchases. We would maintain our rating at “A-”.

Shopify (SHOP) is a leading global commerce company that provides essential internet infrastructure for commerce, offering tools to start, scale, market, and run a business. SHOP’s business model embodies scalability and alignment with customers (merchants). The business has continually added to its solution offering and now essentially offers a solution for every business – no matter the size. SHOP continues to be one of our favourite growth names and we are maintaining our rating of an A-.