Review of TFI International Inc.
JUN 26, 2025 - We think the industry is closer to the bottom than the top, and a recovery may take longer to happen. This is a time where investors need patience, conviction and trust in the management team given their track record. TFII’s capital allocation strategy remains largely unchanged over the years, and the company continues to balance the growth of the business and capital returns. Organic investment and especially acquisitions continue to be the number one priority, while TFII maintains an opportunistic approach towards share buyback. This is an industry-wide cycle, given that the company has been through multiple cycles before. We think the company can eventually come out the other side to grow again. That being said, we are open to changing our minds if the situation worsens. For now, we are maintaining our rating at ‘B+’.
Download Report-
CGI Inc. Class A Subordinate Voting Shares (GIB.A)
-
Dollarama Inc. (DOL)
-
WSP Global Inc. (WSP)
-
Descartes Systems Group Inc. (The) (DSG)
-
FirstService Corporation (FSV)
-
TFI International Inc. (TFII)
-
Hammond Power Solutions Inc. Class A Subordinate Voting Shares (HPS.A)
-
Brookfield Corporation Class A Limited Voting Shares (BN)
Thank you for the service!
Thank you,
Frank
-
TFI International Inc. (TFII)
-
Premium Brands Holdings Corporation (PBH)
-
Savaria Corporation (SIS)
-
Hammond Power Solutions Inc. Class A Subordinate Voting Shares (HPS.A)
-
CCL Industries Inc (CCLA)
-
Boyd Group Services Inc. (BYD)