RE:Q2No idea, but all we have to do to keep the stock price grinding higher is to not screw up. Stantec has an Enterprise Value of ~$11.6 bln with 2024 consensus EBITDA of $873 mln. (13.3x EV/EBITDA). Backing out 407 and other concessions, our engineering business has an Enterprise Value just over $6 bln and will likely produce EBITDA of just under $700 mln (8.8x). WSP is around 12.6x. All we have to do is come close to expectations and the ~30% valuation discount will take care of the rest. Yes, the margins are not exactly comparable, but that does not justify the discount. I'm not in this because I think they are the best Canadian engineering firm. I'm here as a value investor because I have a large margin for error built in.
LSTK recoveries, which I'm sure will occur (magnitude I have no idea) is just icing on the cake. Those could come at anytime. I also love the future of the nuclear business. I have trimmed around $38 to maintain a reasonable position size but this is a sound investment.