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TSE:STN
Good operator. Serial acquirer, and he's not averse to this. Went sideways for a while. Last 8-9 quarters, meaningfully beating estimates. Now back in gear. This space is advantaged by big US infrastructure spending. A bit of ahead of itself. ROE is about 13%. You could buy on a meaningful pullback. Not his favourite horse in the sector, which is SNC.
WSP Global is pretty much the gold standard. They are pretty much 100% consulting, whereas STN-T and SNC-T are not. He has shied away from the whole sector. The problem is the engineering and construction business, which he has never liked. Margins are razor thin. STN-T wants to get away from E&C. He would buy WSP-T on a correction. STN-T might be a buy at some other point. SNC-T he stays way from and has done so for many years.