Brian MaddenStantec IncSTN.TOHOLDAug 29, 2016

It is winning across the board in infrastructure spending. Engineering in general is the place to be.

He's always cautious. Tremendous number of acquisitions, which they've done well. Window's been open for capital in the space. Sometimes the market will love it and leave it if they make a mistake. 

If you already own it you probably own enough, as it's done so well it has to be a bigger weight in your portfolio. Wait to buy more, don't double down at these prices.

Valuations are roughly comparable, and rich. WSP is bigger and more global. If you own WSP, don't sell, let it keep working. Access to capital for WSP is favourable. 

Return on STN has been better this year, but that's because it was undervalued coming in. A switch wouldn't be that helpful.

Sharpened its focus and expanded exposure to environmental and water. He's been adding, if needed, to rebalance portfolios. Add a half position now, add more on weakness.

Has done well. Likes the sector. She owns WSP instead, but STN is a reasonable investment.

On the service side, so it's more in the early stages of a construction project. Business flexibility, contracts can reprice quickly. Valuation has come up significantly, wait for a pullback.

Really nice run. Hold on. World leader. Will continue to grow organically or by acquisition for years. Not cheap, but good businesses. Massive infrastructure spend globally. He owns WSP instead.

Recent performance very strong.
Good time to trim some of winnings the past 5 years.
Very strong company growing rapidly.
Owns shares in company.

They've refocused a bit since Covid and shares have climbed. They bought a water consulting company which means they're thinking of services the wider population needs (water scarcity). He's long owned this. 

We see no specific news here other than the items mentioned in the question. We can't comment on personal weightings but it is about a 2% position in our model growth portfolio. We still like it, but would like it more at $78/9.
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Good investment in the sector. WSP management track record was better, so she chose it and doesn't need two names. Both are well-positioned in the right verticals.

A lot of the construction/engineering names look really strong. Beautiful chart. Making new highs, so we're not in a bear market. Continues to like this name.

Great company in strong sector.
Shares have performed well the past few years.
Goo long term investment. 
Would wait to buy after seasonality (purchase in September).

Stantec Inc (STN) stock was up 12.11% in the period; 23.03% YTD and 28.54% for one year. 
On February 22, 2023, strong results for the year ended December 31, 2022, were announced: net revenue at $4.46 billion was up 22.6% over the prior year; Net income at $247 million ($2.22 per diluted share) was up 23% and adjusted EBITDA at $723.9 million was up 26%. Management remains very optimistic that a strong multi-year cycle is ahead. 
In the US, significant federal funding is starting to be dispersed from a variety of Federal Acts such as the Infrastructure Investment and Jobs Act (IIJA).
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Great things for many years. Look for some of the cheaper names. For fresh capital right now, he'd look more to beleaguered SNC for more opportunity. If you hold, don't sell, but wait for weakness to add.