The Weekly Brief (As of December 03)

• Barrick Mining (ABX) is considering a potential initial public offering (IPO) of a subsidiary that holds its North American gold assets.
• Goeasy (GSY) CEO Dan Rees announced to step down due to health issues at the end of December, while naming Patrick Ens as successor – who is currently the president of the easyfinancial brand.
• Laurentian Bank (LB) is being split up and sold, its commercial operations will be sold to Fairstone Bank of Canada in a $1.9 billion deal, while National Bank (NA) is buying its retail and small business segment for approximately book value.
• Scotiabank (BNS) reported a rise in profit with an EPS of $1.93, compared to consensus estimate of $1.84, while provision for credit losses amounted to $1.11 billion, up from $1.03 billion a year ago.
• Enbridge (ENB) raised quarterly dividends to 97 cents per share as the company expects another year of steady growth for 2026, with distributable cash flow per share between $5.70 and $6.10, driven by new projects entering service, as well as strong utilization of its existing assets.
• Telus (T) halts dividends increase, expects to generate around $2.15 billion in free cash flow in 2025, and forecasts a compounded annual growth rate of at least 10 percent from 2026 through 2028.

Flash Report Update

Amid the rapid decline in some of our favourite growth stocks - namely the CSU family and consumer lenders - we are releasing a ‘special’ flash report update on Constellation Software (CSU), Lumine Group (LMN), Topicus (TOI), goeasy (GSY), and Propel Holdings (PRL). These reports provide our insights into each company’s latest earnings results, valuation levels, and overall outlook.