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+’.

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Intuitive Surgical Inc. (ISRG $442.75)
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Canadian National Railway Company (CNR $134.75)
- $134.75 P/E (TTM): 18.79X Cap: $83.01B
- View CNR Profile
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TFI International Inc. (TFII $132.60)
- $132.60 P/E (TTM): 20.63X Cap: $11.12B
- View TFII Profile
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The Trade Desk Inc. (TTD $49.95)
- $49.95 P/E (TTM): 61.57X Cap: $24.39B
- View TTD Profile
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Crocs Inc. (CROX $83.17)
- $83.17 P/E (TTM): 22.21X Cap: $4.54B
- View CROX Profile
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Q: As we enter "tax loss selling" season, any sectors or specific companies that you would consider, both Canadian and US ?

Read Answer Asked by Mike on October 15, 2025

Eli Lilly and Company (LLY $794.51)
- $794.51 P/E (TTM): 54.02X Cap: $775.50B
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Constellation Software Inc. (CSU $3,842.72)
- $3,842.72 P/E (TTM): 96.79X Cap: $81.70B
- View CSU Profile
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- View Reports on CSU
TFI International Inc. (TFII $132.60)
- $132.60 P/E (TTM): 20.63X Cap: $11.12B
- View TFII Profile
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- View Reports on TFII
Thomson Reuters Corporation (TRI $221.48)
- $221.48 P/E (TTM): 44.23X Cap: $99.03B
- View TRI Profile
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goeasy Ltd. (GSY $159.89)
- $159.89 P/E (TTM): 9.59X Cap: $2.62B
- View GSY Profile
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Hammond Power Solutions Inc. Class A Subordinate Voting Shares (HPS.A $136.47)
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Texas Pacific Land Corporation (TPL $935.81)
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Murphy USA Inc. (MUSA $387.41)
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- View MUSA Profile
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Deckers Outdoor Corporation (DECK $99.63)
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- View DECK Profile
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Propel Holdings Inc. (PRL $24.98)
- $24.98 P/E (TTM): 12.37X Cap: $1.01B
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- View Reports on PRL

Q: Good Day,

With the end of the year approaching and the US poking the tarriff bear again (pun... intended?), do you see more selling/profit taking coming in the end of the year?

It seems many names have either been hit by these latest developments, have unsubstantiated short report attacks, or have no news declines. What are some of your favourite names right now that have solid outlooks/execution and some real potential for strong recovery? Say 10 names, mix of Canada and US with attractive entry prices?

Secondly, what would be your main buy targets likely to see tax loss selling? What would be an attractive entry price for them?

No need for megacap names, I'm well represented there.

Thanks!

James

Read Answer Asked by James on October 16, 2025

Constellation Software Inc. (CSU $3,842.72)
- $3,842.72 P/E (TTM): 96.79X Cap: $81.70B
- View CSU Profile
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- View Reports on CSU
TFI International Inc. (TFII $132.60)
- $132.60 P/E (TTM): 20.63X Cap: $11.12B
- View TFII Profile
- View Questions on TFII
- View Reports on TFII
Thomson Reuters Corporation (TRI $221.48)
- $221.48 P/E (TTM): 44.23X Cap: $99.03B
- View TRI Profile
- View Questions on TRI
Shopify Inc. Class A Subordinate Voting Shares (SHOP $220.41)
- $220.41 P/E (TTM): 87.96X Cap: $285.99B
- View SHOP Profile
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- View Reports on SHOP
Brookfield Corporation Class A Limited Voting Shares (BN $61.95)
- $61.95 P/E (TTM): 105.65X Cap: $138.78B
- View BN Profile
- View Questions on BN

Q: Is recent question I asked was only partially answered. The question was asked by Tim on Oct 8. Here is your response:
Our top five for a growth investor with a long-term timeframe would be: SHOP ($220 if possible), BN ($91-$93), TRI ($190 to $200), CSU ($3800), TD ($105 to $110) /BNS ($85).

The part of the question not answered was whether these large cap stocks would be suitable for a tfsa. I have been using small caps mostly, but now am wanting to get more conservative. Thanks very much

Read Answer Asked by joseph on October 10, 2025