Please explain the rationale for holding this stock long term.
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TCN pays a small yield of 2%, its margins have shown some cyclicality, but it is trading below book value and revenue growth has been tremendous. The company places emphasis on top-line growth as opposed to dividends, and it has a nice free cash flow yield of ~5%. We like TCN for its exposure to the US sunbelt and largely we feel that with an eventual resumption in growth in housing that it can see its margins and sales expand. We like TCN as it is a Canadian name focused on real estate that is not a REIT and uses its free cash flow to grow its top line.