Review of TerraVest Industries Inc.
MAR 04, 2025 - TVK continues to be a great serial acquirer in the energy sector. TVK possessed a solid track record of value creation and best-inclass capital allocation. TVK has been one of the best-performing stocks in the Canadian market in the last 10 years. That being said, there have been changes in terms of capital allocation in recent years. The company recently issued shares and raised dividends meaningfully, which TVK has rarely done in the past. This could indicate that management believes TVK’s valuation is not as attractive as it used to be. Fundamentally, we believe TVK will do just fine. However, investors need to temper expectations as the share price performance over the next five years may not do as well as the last five years due to a higher starting valuation multiple. We think the story of TVK as a long-term compounder is still intact. We are maintaining our rating at “B+.”
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Canadian National Railway Company (CNR $141.82)
- $141.82 P/E (TTM): 19.0X Cap: $88.85B
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Suncor Energy Inc. (SU $84.14)
- $84.14 P/E (TTM): 16.84X Cap: $98.43B
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Enbridge Inc. (ENB $74.65)
- $74.65 P/E (TTM): 28.41X Cap: $162.88B
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Canadian Natural Resources Limited (CNQ $66.70)
- $66.70 P/E (TTM): 20.98X Cap: $139.21B
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Loblaw Companies Limited (L $64.55)
- $64.55 P/E (TTM): 12.08X Cap: $75.65B
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Dollarama Inc. (DOL $196.45)
- $196.45 P/E (TTM): 41.35X Cap: $54.30B
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Fortis Inc. (FTS $80.24)
- $80.24 P/E (TTM): 22.9X Cap: $40.64B
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Cameco Corporation (CCO $153.01)
- $153.01 P/E (TTM): 122.47X Cap: $65.71B
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Wheaton Precious Metals Corp. (WPM $192.54)
- $192.54 P/E (TTM): 63.91X Cap: $86.54B
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Tourmaline Oil Corp. (TOU $67.22)
- $67.22 P/E (TTM): 93.18X Cap: $25.79B
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Kelt Exploration Ltd. (KEL $9.29)
- $9.29 P/E (TTM): 33.39X Cap: $1.85B
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Agnico Eagle Mines Limited (AEM $289.23)
- $289.23 P/E (TTM): 23.62X Cap: $143.90B
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Alimentation Couche-Tard Inc. (ATD $84.26)
- $84.26 P/E (TTM): 22.09X Cap: $77.99B
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Capstone Copper Corp. (CS $11.15)
- $11.15 P/E (TTM): 19.89X Cap: $8.49B
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Tamarack Valley Energy Ltd. (TVE $11.00)
- $11.00 Cap: $5.14B
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Hydro One Limited (H $60.10)
- $60.10 P/E (TTM): 27.73X Cap: $36.08B
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TerraVest Industries Inc. (TVK $141.38)
- $141.38 Cap: $2.97B
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Nutrien Ltd. (NTR $108.76)
- $108.76 P/E (TTM): 38.37X Cap: $51.44B
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WSP Global Inc. (WSP $226.18)
- $226.18 P/E (TTM): 29.81X Cap: $30.38B
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goeasy Ltd. (GSY $34.64)
- $34.64 P/E (TTM): 2.6X Cap: $542M
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5N Plus Inc. (VNP $29.55)
- $29.55 P/E (TTM): 37.64X Cap: $2.68B
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TerraVest Industries Inc. (TVK $141.38)
- $141.38 Cap: $2.97B
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Teradyne Inc. (TER $295.16)
- $295.16 P/E (TTM): 82.54X Cap: $46.69B
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Monolithic Power Systems Inc. (MPWR $1,063.83)
- $1,063.83 P/E (TTM): 81.91X Cap: $52.91B
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HIVE Digital Technologies Ltd. (HIVE $3.05)
- $3.05 Cap: $752M
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Galaxy Digital Inc. Class A common stock (GLXY $31.69)
- $31.69 Cap: $12.35B
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Tantalus Systems Holding Inc. (GRID $4.48)
- $4.48 Cap: $216M
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Telesat Corporation Common and Variable Voting Shares (TSAT $56.75)
- $56.75 Cap: $1.75B
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Ouster Inc. (OUST $21.55)
- $21.55 Cap: $1.33B
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Firefly Aerospace Inc. (FLY $24.75)
- $24.75 Cap: $3.73B
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Constellation Software Inc. (CSU $2,574.41)
- $2,574.41 P/E (TTM): 76.65X Cap: $54.30B
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WSP Global Inc. (WSP $226.18)
- $226.18 P/E (TTM): 29.81X Cap: $30.38B
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Capital Power Corporation (CPX $63.44)
- $63.44 P/E (TTM): 78.16X Cap: $9.78B
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Celestica Inc. (CLS $384.98)
- $384.98 P/E (TTM): 37.14X Cap: $42.59B
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TMX Group Limited (X $49.61)
- $49.61 P/E (TTM): 32.94X Cap: $13.63B
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Badger Infrastructure Solutions Ltd. (BDGI $65.32)
- $65.32 P/E (TTM): 24.89X Cap: $2.17B
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Shopify Inc. Class A Subordinate Voting Shares (SHOP $177.00)
- $177.00 P/E (TTM): 133.46X Cap: $225.88B
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goeasy Ltd. (GSY $34.64)
- $34.64 P/E (TTM): 2.6X Cap: $542M
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TerraVest Industries Inc. (TVK $141.38)
- $141.38 Cap: $2.97B
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Aritzia Inc. Subordinate Voting Shares (ATZ $113.87)
- $113.87 Cap: $13.28B
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Kraken Robotics Inc. (PNG $9.72)
- $9.72 P/E (TTM): 158.0X Cap: $2.94B
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Tantalus Systems Holding Inc. (GRID $4.48)
- $4.48 Cap: $216M
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MDA Space Ltd. (MDA $44.01)
- $44.01 P/E (TTM): 49.18X Cap: $5.42B
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Brookfield Corporation Class A Limited Voting Shares (BN $54.37)
- $54.37 P/E (TTM): 77.5X Cap: $120.35B
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Lumine Group Inc. (LMN $24.31)
- $24.31 P/E (TTM): 97.04X Cap: $6.33B
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