Thanks
WED is a Canadian investment company, specializing in providing long-term capital to businesses operating primarily within the global financial services industry. WED has performed strongly this year, up 44.87% year-to-date and 50.6% over 52-weeks. Q3 results were solid with net profit at $23M, growing from a net loss in the year prior at ($16.7M). EPS beat analysts’ expectations of $0.14, coming in at $1.05. Earnings growth was driven by gains on its investment in Skyward Specialty. Revenue also beat forecasts of $21.17M, coming in at $24.8M. WED has been actively buying back shares, and so far, has acquired approximately 2.85M in common shares at a cost of $7.6M. AUM was $3.3B, slipping from $3.5B in the same period of the prior year. WED put together a solid Q3, showing resilience to economic and size risks. It is a small cap, and there is no dividend, but it is cheap and we would be OK buying it for more aggressive small cap accounts.