Retail
Retail is competitive and consumer-cyclical, with thin moats and sensitivity to the health of the Canadian consumer. We weigh the balance sheet (net cash versus debt), free cash flow and the credibility of any turnaround plan.
Reports in Retail
Reitmans (Canada) Limited
A debt-free apparel retailer that survived restructuring — a small-cap, cash-backed turnaround still hunting for growth.
Aritzia
A design-led Canadian apparel retailer whose U.S. expansion has reignited torrid revenue and earnings growth.
Gildan Activewear
A vertically integrated, low-cost manufacturer of basic apparel — blank T-shirts, fleece, socks and underwear — that competes on scale and cost.
Canada Goose
A luxury outerwear brand working to prove it is more than a one-season parka story by expanding categories and its direct-to-consumer footprint.
BRP
The maker of Ski-Doo, Sea-Doo and Can-Am powersports vehicles — a design-led leader in recreational products navigating a cyclical demand reset.
Spin Master
A Canadian children's entertainment company spanning toys, digital games and preschool media (best known for Paw Patrol).
Pet Valu Holdings
Canada's largest specialty retailer of pet food and supplies, operating a largely franchised store network.
Dollarama Inc.
Canada's dominant dollar-store chain compounding double-digit sales growth and ~C$1.5B of free cash flow, now expanding into Latin America (Dollarcity) and Australia (The Reject Shop).
Canadian Tire Corporation
Iconic Canadian multi-banner retailer (Canadian Tire, SportChek, Mark's, Party City) with a loyalty and financial-services flywheel, trading at ~16x earnings and a ~6.7% free-cash-flow yield.
Magna International
One of the world's largest and most diversified auto-parts suppliers — ~US$42B in sales — cheap on cash flow but squeezed by a flat global vehicle market and tariff uncertainty.