Review of TerraVest Industries Inc.
MAR 26, 2026 - TVK is no longer a small-cap under-the-radar company like it was a few years ago, therefore, future deals need to be large enough to move the needle, and integration complexity could be meaningfully higher. In addition, valuation is also not as cheap as it used to, but it is still fair for a high-quality compounder, we think the market currently put a premium valuation on the company’s ability to grow through acquisitions. Though tariffs risk is there, it is manageable given the company’s diverse footprint and operating businesses. Overall, TVK continues to be a great serial acquirer in the energy sector, and we think the story of TVK as a long-term compounder is still intact, and given the consistent, opportunistic execution, we are upgrading our rating to “A-.”
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Savaria Corporation (SIS $26.88)
- $26.88 P/E (TTM): 28.01X Cap: $6.13B
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5N Plus Inc. (VNP $31.77)
- $31.77 P/E (TTM): 42.52X Cap: $2.82B
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TerraVest Industries Inc. (TVK $130.16)
- $130.16 Cap: $2.82B
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Hammond Power Solutions Inc. Class A Subordinate Voting Shares (HPS.A $182.43)
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Kraken Robotics Inc. (PNG $8.37)
- $8.37 P/E (TTM): 138.17X Cap: $2.56B
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Zedcor Inc. (ZDC $4.91)
- $4.91 P/E (TTM): 343.57X Cap: $518M
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Tantalus Systems Holding Inc. (GRID $4.50)
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MDA Space Ltd. (MDA $37.85)
- $37.85 P/E (TTM): 42.87X Cap: $4.79B
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Electrovaya Inc. (ELVA $11.26)
- $11.26 P/E (TTM): 82.78X Cap: $540M
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Constellation Software Inc. (CSU $2,441.27)
- $2,441.27 P/E (TTM): 74.13X Cap: $51.73B
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Celestica Inc. (CLS $410.21)
- $410.21 P/E (TTM): 41.04X Cap: $47.16B
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Shopify Inc. Class A Subordinate Voting Shares (SHOP $164.58)
- $164.58 P/E (TTM): 130.2X Cap: $214.63B
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Firan Technology Group Corporation (FTG $20.80)
- $20.80 P/E (TTM): 44.38X Cap: $523M
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TerraVest Industries Inc. (TVK $130.16)
- $130.16 Cap: $2.82B
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Kraken Robotics Inc. (PNG $8.37)
- $8.37 P/E (TTM): 138.17X Cap: $2.56B
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Kratos Defense & Security Solutions Inc. (KTOS $67.31)
- $67.31 P/E (TTM): 517.77X Cap: $12.60B
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Strategy Inc (MSTR $119.83)
- $119.83 Cap: $41.41B
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BWX Technologies Inc. (BWXT $214.98)
- $214.98 P/E (TTM): 60.22X Cap: $19.69B
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Palantir Technologies Inc. (PLTR $148.46)
- $148.46 P/E (TTM): 232.52X Cap: $354.91B
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Robinhood Markets Inc. (HOOD $68.90)
- $68.90 P/E (TTM): 34.37X Cap: $62.03B
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Rocket Lab Corporation (RKLB $67.73)
- $67.73 Cap: $38.77B
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Red Cat Holdings Inc. (RCAT $12.94)
- $12.94 Cap: $1.47B
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Galaxy Digital Inc. (GLXY $17.64)
- $17.64 Cap: $6.89B
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On Dec. 9, 2025 in a reply to Clayton, you listed stocks which could be multi baggers in the next 10-20 years.
Which stocks, in order, would be in your list of multi baggers now ?
Would you consider to update that list every 3 months ?
Gratefully,
Jacques IDS
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Canadian National Railway Company (CNR $144.93)
- $144.93 P/E (TTM): 18.92X Cap: $88.52B
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Suncor Energy Inc. (SU $91.72)
- $91.72 P/E (TTM): 18.58X Cap: $108.86B
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Enbridge Inc. (ENB $75.40)
- $75.40 P/E (TTM): 22.73X Cap: $164.54B
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Canadian Natural Resources Limited (CNQ $66.15)
- $66.15 P/E (TTM): 12.5X Cap: $137.98B
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Loblaw Companies Limited (L $64.59)
- $64.59 P/E (TTM): 12.22X Cap: $75.90B
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Dollarama Inc. (DOL $172.59)
- $172.59 P/E (TTM): 36.14X Cap: $47.10B
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Fortis Inc. (FTS $79.02)
- $79.02 P/E (TTM): 22.4X Cap: $40.09B
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Cameco Corporation (CCO $156.50)
- $156.50 P/E (TTM): 171.58X Cap: $68.16B
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Wheaton Precious Metals Corp. (WPM $188.85)
- $188.85 P/E (TTM): 43.14X Cap: $85.74B
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Tourmaline Oil Corp. (TOU $64.32)
- $64.32 P/E (TTM): 89.33X Cap: $24.90B
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Kelt Exploration Ltd. (KEL $8.85)
- $8.85 P/E (TTM): 28.73X Cap: $1.77B
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Agnico Eagle Mines Limited (AEM $290.14)
- $290.14 P/E (TTM): 24.2X Cap: $145.35B
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Alimentation Couche-Tard Inc. (ATD $78.30)
- $78.30 P/E (TTM): 21.02X Cap: $71.92B
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Capstone Copper Corp. (CS $10.99)
- $10.99 P/E (TTM): 20.3X Cap: $8.39B
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Tamarack Valley Energy Ltd. (TVE $11.19)
- $11.19 Cap: $5.41B
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Hydro One Limited (H $58.25)
- $58.25 P/E (TTM): 26.09X Cap: $34.93B
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TerraVest Industries Inc. (TVK $130.16)
- $130.16 Cap: $2.82B
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Nutrien Ltd. (NTR $105.12)
- $105.12 P/E (TTM): 34.94X Cap: $50.80B
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