Empowering Investors for over 20 years

Veritas is Canada's Leading
Independent Equity Research Firm

 


Our Mission is to Seek the Truth from the Facts


 

Darryl McCoubrey, Vice President and Head of Research, Partner, and Dimitry Khmelnitsky, Vice President, Partner, Head of Accounting & Special Situations


We Outperform

Our recommendations to Buy stocks have outperformed the S&P/TSX Composite by more than 300 basis points, while the Sell recommendations have underperformed by more than 400 basis points since March 1999.

Find out more about our Track Record.



We Are Independent 

We provide investment research you can trust. We do not have investment banking or trading revenue or biases. That means we are only paid by the clients who read our research or receive our training. We call it the Veritas Way.

Find out more about our Investment Approach.



We Stand Up For Investors

We are the voice of investors and study accounting like no other. We have served on national and international accounting standards and regulatory advisory boards, taught at business schools and regularly are cited by major media outlets.

Find out more about Our Team.


  We have many subscription options.

   Contact our Sales Team to discuss your equity research needs.     Contact Sales


Analyst Presentation

Constellation Software & Lumine:

Who Is Your Daddy and What Does He Do?

Constellation Software Inc. (TSX: CSU) is one of the more interesting companies we follow, given its unique management style, serial acquisition strategy and ~1,300% return over the past decade.

Our Senior Analyst Desmond Lau's research found that Lumine Group Inc. (TSX: LMN.v), a spin-off of Constellation, shares much of its parent's DNA. 

We are offering two presentations by Desmond on Lumine and Constellation on April 3 and 4.

 

Find Out More

 

 

The title of the webinar is inspired by the classic comedy Kindergarten Cop with  Arnold Schwarzenegger, in which he plays a game with his class called Who is Your Daddy and What Does He Do? (clip ).


Special Offer

Veritas Report on Dividends for 2024: 
Worth Locking in Yields?

Investors haven't enjoyed dividend yields like this for years, but which companies offer sustainable dividend growth that is worth locking in for the long term? Companies use accounting tricks to hide cash flow deficiencies, which can fool investors into thinking dividends are sustainable or will offer ongoing dividend growth in the future.

Our research team recently published our first cross-sector report on dividends, highlighting companies best positioned to deliver robust dividend growth within each sector across our entire coverage, as well as companies with dividends we think investors should be cautious about going into FY24. Our forensic accounting-based approach cuts through the accounting tricks to identify companies with the highest sustainable free cash flow that will support dividend growth versus sector peers. 

 

 

We are offering this report as part of an annual subscription for our Veritas Quality Ratings at 50% off for the first year.

Contact sales for more details and pricing.

Contact Sales


Our Track Record

What is the V-List?

Veritas' track record is measured through our V-List, a model portfolio that has outperformed the S&P/TSX Composite Index by 332 basis points (as of December 31, 2023, from inception on October 31, 2004).

The V-List is a concentrated portfolio of 12 to 25 companies recommended by Veritas Investment Research as the best investment opportunities drawn from our firm’s research.  

Stocks are selected based on their liquidity, lower volatility and potential for long-term capital appreciation, using bottom-up fundamental analysis and a strict review of accounting and disclosure practices to identify companies with defensible competitive advantages and the ability to generate meaningful cash flow.

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V-List Model Portfolio vs S&P/TSX Index Since 2004 Inception

 

V-List Review

Head of Research, Darryl McCoubrey, and Senior Financial Services Analyst, Nigel D'Souza, both members of our V-List Committee, discuss the performance of the V-List in 2023 and its positioning for 2024.

They discuss performance, sector allocations and why we're underweight banks but overweight the utilities & infrastructure sector. 

 

 


 

Podcast

January 31, 2024
The Untold Truth Behind Growth Stocks (Wealth Builder 5) - Anthony Scilipoti

Our President and CEO, Anthony Scilipoti, had the opportunity to talk about the world of investing on a podcast with Breakthrough Academy, a service that works with contractors to help them navigate the challenges of growing their businesses and personal wealth. He talked about the five main areas of fundamental research that we dig into at Veritas Investment Research, how accounting is more subjective than most people realize, the difference between investing and speculating and how to evaluate a financial advisor. In one segment, he talked about why it is important for investors to dig beyond the headlines and charts of the day, especially today, as the market is starting to look frothy.

News and Insights

February 29, 2024 
A stable and growing dividend at BCE? A cut would be a better idea

Our Senior Analyst Desmond Lau was quoted in a Globe & Mail column by David Milstead about BCE Inc.'s high dividend payout ratio. By its own calculations, BCE's dividend payout ratio exceeds 100%. However, as the article explains, BCE management's calculation of free cash flow (FCF) excludes capital lease payments for essential equipment such as satellites and cell towers. The payout ratio is even higher once capital leases are included back in. Desmond calculates a payout ratio of between 161% and 183% for 2024. All told, 2024 will be the fifth year BCE's FCF does not cover its dividend. Desmond does not expect 2025 to be any different, even as the company plans to wind up its massive fibre capital expenditures program.

 

Recent Reports

 



Our Affiliated Companies

The Veritas Group of Companies

Veritas Investment Research Corp., Veritas Asset Management Inc. and The Veritas Foundation
are owned by the Veritas Group of Companies, which is 100% employee-owned.


Veritas Asset Management Inc.

Veritas Asset Management was founded on the belief that superior research leads to better investment decisions. Our funds capitalize on the successful research of our affiliate Veritas Investment Research Corp.


Sam LaBell, Veritas Asset Management Advising Representative, Director

Our portfolios offer concentrated, high-conviction positions in companies identified through our research and due diligence work, applying a disciplined and systematic selection process. 

Through our research, we identify opportunities to profit from mispriced securities, either by buying top-quality companies for long-term capital appreciation or through long-short hedging strategies.  While our portfolios are primarily focused on Canadian equities, our portfolio managers also consider opportunities beyond Canada.

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Veritas Foundation

The Veritas Foundation aims to be Canada's authoritative source for participating in the country's charitable sector and evaluating its effectiveness and impact. Our vision is to foster a thriving Canadian charitable sector.


Mark S. Bonham, Veritas Foundation Executive Director

The Veritas Foundation is committed to making sustainable improvements to the Charitable sector through its innovative research, management and granting programs. 

In addition to offering the Veritas Foundation Giving Fund, a Donor Advised Fund, the foundation offers grants and awards linked to independent advice, information, thought leadership, and comprehensive reviews of Canadian registered charities, all within a unique VScore program framework.

Learn More