Since December 2018 (~ five years), WELL is actually up about 10-fold. But the company is different from then and certainly recent history has been less favourable. Small caps have been horrible for the past year, and on average are near historic lows. We think WELL is well-managed, and the valuation at 13X earnings quite attractive. It ran hard during the pandemic, as investors got over hyped on the digital transformation of the healthcare industry. But it is still a process that will be occurring over time. WELL has turned profitable, cash flow is growing nicely. Unfortunately, in the Canadian healthcare space, there are not a lot of quality companies. We think earnings growth (expected) and more acquisitions (hard to time these) are what's needed to drive the stock higher, plus an improved market environment, not one where investors hate everything because of rate/recession fears.
5i Research Answer: