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StorageVault Canada Inc. (SVI $5.16)
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FirstService Corporation (FSV $216.62)
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Altus Group Limited (AIF $55.75)
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CBRE Group Inc Class A (CBRE $165.96)
AIF authorized a share buyback plan of up to $350M and a value creation plan aiming to refocus its portfolio, strengthen core analytics assets, and improve growth and margins out to 2027. Shares have been flat over the past five years, it pays a yield of 1.1%, and cash flow is decent, but we are less sure about the sector (real estate, consulting) outlook. The plan seems interesting, but the price reaction has been fairly muted, and we feel it is a 'show-me' story for now. We think it can be held, but we would give other names like FSV, SVI, or CBRE the edge today.