Review of Pason Systems Inc.

NOV 26, 2024 - PSI continues to be an interesting opportunity for investors looking for exposure to energy equipment & service providers. The company continues to offer an attractive yield and has historically been effective in returning capital to shareholders. We are maintaining our rating at a B, but if the broader drilling conditions improve and the inclusion of IWS can be effective, there could be a capacity to upgrade PSI.

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Parex Resources Inc. (PXT $18.65)
- $18.65 P/E (TTM): 11.58X Cap: $1.78B
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Pason Systems Inc. (PSI $12.22)
- $12.22 P/E (TTM): 19.69X Cap: $952M
- View PSI Profile
- View Questions on PSI
- View Reports on PSI
ATS Corporation (ATS $35.58)
- $35.58 Cap: $3.52B
- View ATS Profile
- View Questions on ATS
- View Reports on ATS
Nutrien Ltd. (NTR $83.82)
- $83.82 P/E (TTM): 47.16X Cap: $39.29B
- View NTR Profile
- View Questions on NTR
kneat.com inc. (KSI $4.67)
- $4.67 Cap: $424M
- View KSI Profile
- View Questions on KSI
- View Reports on KSI
ADF Group Inc. Subordinate Voting Shares (DRX $7.63)
- $7.63 P/E (TTM): 6.42X Cap: $214M
- View DRX Profile
- View Questions on DRX
Luca Mining Corp. (LUCA $1.34)
- $1.34 Cap: $354M
- View LUCA Profile
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Q: In my TFSA the following companies are all in the red: ATS, DRX, KSI, LUCA, NTR, PSI, PXT. Can you suggest which ones are likely to recover in the next year or two, and which ones I could sell as laggards and reinvest the money in something "growtier". Thank you.

Read Answer Asked by Ivars on December 01, 2025

BCE Inc. (BCE $32.78)
- $32.78 P/E (TTM): 4.94X Cap: $30.69B
- View BCE Profile
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Pason Systems Inc. (PSI $12.22)
- $12.22 P/E (TTM): 19.69X Cap: $952M
- View PSI Profile
- View Questions on PSI
- View Reports on PSI
TMX Group Limited (X $51.03)
- $51.03 P/E (TTM): 31.09X Cap: $14.26B
- View X Profile
- View Questions on X
- View Reports on X
goeasy Ltd. (GSY $136.11)
- $136.11 P/E (TTM): 10.19X Cap: $2.24B
- View GSY Profile
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- View Reports on GSY
Trisura Group Ltd. (TSU $40.27)
- $40.27 P/E (TTM): 15.98X Cap: $1.93B
- View TSU Profile
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- View Reports on TSU

Q: Firstly, I very much appreciate your tax loss, selling list and the explanations that came with it.

I am down about 22% on both BCE and GSY. Would either or both be appropriate for a tax loss/re-buy strategy?

On PSI, X, and TSU I am down about 6 1/2%. Is it worth considering these for the same strategy, or am I just being silly?

Thank you very much for your help.

Gary

Read Answer Asked by GARY on November 21, 2025

Pason Systems Inc. (PSI $12.22)
- $12.22 P/E (TTM): 19.69X Cap: $952M
- View PSI Profile
- View Questions on PSI
- View Reports on PSI

Q: I bought a large amount of PSI because it’s listed in a 5i model. I don’t follow Canadian markets, so I buy 5i-recommended Canadian businesses without much checking. PSI shares have only sunk in value. Why is PSI in your model (other than for dividend) ? Is it worth holding ? Is it an attractive takeover target ?

My question (admittedly a leading question from one who is weary of these losses in tax-deferred accounts): is it not better to shoot this thing and be done with it? You are still holding PSI which makes me think I must be wrong. Am I ?

Is PSI's *business model* viable, really sustainable ?

Sometimes a business I hold does nothing for long periods and just sits idle, or still. Then, suddenly it jumps like a rabbit, and the share price jumps and away we go. A forced metaphor perhaps but intended to to illustrate the sell-indecision. BNS is an example of such ‘rabbit’ — but it’s only after years that I am finally now breaking even, showing a small loss. The long wait is often not worth the opportunity costs.
I am baffled why PSI is favored at 5i.
:ao:

Read Answer Asked by Adam on September 04, 2025