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    Benoit Poirier

    Managing Director and Senior Equity Research Analyst at Desjardins Capital Markets

    Benoit Poirier is a Managing Director and Senior Equity Research Analyst at Desjardins Capital Markets, specializing in the Industrials sector with a particular focus on companies such as Canadian Pacific Railway (CP), BRP Inc., and MDA Space. He has established a strong performance record, with TipRanks reporting a 66% profitability rate and an average return per transaction of 18.9%, while some ratings platforms have shown up to a 100% success rate on select recommendations and prominent returns from top calls. Benoit began his equity research career at Desjardins Securities and has held roles there for over a decade, developing significant expertise in Canadian industrials and transportation; he holds a degree from the University of Montréal. His professional credentials include relevant Canadian securities licenses, and he is recognized for raising price targets and generating actionable investment ideas that have received attention from major financial media outlets.

    Benoit Poirier's questions to BRP (DOOO) leadership

    Benoit Poirier's questions to BRP (DOOO) leadership • Q2 2026

    Question

    Benoit Poirier of Desjardins asked about the reasons for the retail sales discrepancy between Canada (up) and the U.S. (down). He also inquired about the early impact of recent pricing adjustments and sought thoughts on Yamaha's new fishing PWC.

    Answer

    CEO José Boisjoli attributed the U.S. softness to consumer uncertainty from tariffs and inflation, which particularly impacts lower-income buyers. He believes the Canadian market dynamic is different, with a loyal dealer base and better economy. While it's too early to measure the impact of price adjustments, he said the timing was perfect to regain competitiveness in key categories. Regarding Yamaha's new PWC, Boisjoli welcomed the competition, stating it could help grow the fishing segment for all players.

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    Benoit Poirier's questions to BRP (DOOO) leadership • Q1 2026

    Question

    Benoit Poirier asked about the implications of potential double-digit top-line growth in the second half on EBITDA margins, and also inquired about expectations for free cash flow and capital deployment priorities.

    Answer

    CFO Sebastien Martel expressed comfort with consensus expectations for H2, driven by new product launches and wholesale aligning with retail. He anticipates EBITDA margins will improve but remain below long-term targets due to asset underutilization and sales programs. For capital deployment, the near-term priority is organic growth and the dividend, with share buybacks paused until the economic outlook becomes clearer.

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    Benoit Poirier's questions to BRP (DOOO) leadership • Q2 2025

    Question

    Benoit Poirier asked for details on the current promotional environment, an early outlook for fiscal year 2026, and management's comfort level with leverage and the potential for future share buybacks.

    Answer

    CFO Sebastien Martel described the promotional environment as higher than pre-COVID levels and likely to persist into the first half of next year. He stated it is too early for an FY26 target but assumes current market softness will continue. Martel expressed high comfort with the balance sheet due to a covenant-light debt structure and said the board will be prudent regarding future buybacks.

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    Benoit Poirier's questions to BRP (DOOO) leadership • Q1 2025

    Question

    Benoit Poirier of Desjardins Capital Markets asked about the market acceptance of the new 'stealth technology' in the Marine segment and whether BRP's strategy for the segment has changed. He also questioned the reasons for the discrepancy in PWC retail performance between a strong Canada and a softer U.S.

    Answer

    CEO Jose Boisjoli reported that the MAX Deck platform, enabled by the Rotax stealth engine, has been well-received by consumers, though the timing of the launch was not ideal. He affirmed BRP's commitment to its long-term Marine strategy. Regarding PWC, he noted that Canada has always been a strong market where BRP has high market share, but cautioned it's too early in the season (May, June, July are key months) to draw firm conclusions about the U.S. market.

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    Benoit Poirier's questions to STANTEC (STN) leadership

    Benoit Poirier's questions to STANTEC (STN) leadership • Q2 2025

    Question

    Benoit Poirier asked about the potential free cash flow impact from the Section 174 tax change and requested an update on the employee count and progress at the Global Technology Center in Pune, India.

    Answer

    EVP and CFO Vito Culmone noted the tax change is a positive but said it was too early to quantify the cash flow impact. He also reported that the Pune delivery center now has approximately 1,400-1,500 employees and that the company continues to see significant opportunities for growth and operational support from the center.

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    Benoit Poirier's questions to STANTEC (STN) leadership • Q1 2025

    Question

    Benoit Poirier inquired about the U.S. organic growth rate, the decision to maintain 2025 guidance despite recent acquisitions, and the financial impact of stock-based compensation.

    Answer

    Executive Gordon Johnston explained that U.S. organic growth of 2.4% was compared against a tough 10% comp from a major project in the prior year, and he reiterated confidence in achieving mid- to high single-digit growth for the full year. Executive Vito Culmone added that guidance was maintained pending the closing of acquisitions, not due to a lack of confidence. Culmone also noted that stock-based compensation is now hedged, leading to less earnings volatility.

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    Benoit Poirier's questions to STANTEC (STN) leadership • Q4 2024

    Question

    Benoit Poirier of Desjardins inquired about incremental business from the California fires, the potential net positive impact from U.S. tariffs, and asked for details on the 2025 free cash flow outlook and Pune headcount.

    Answer

    Executive Gordon Johnston confirmed they expect an uptick in work from the California fires, leveraging existing master service agreements for a quick response. On tariffs, he noted they are seeing some client inbounds about relocating manufacturing to the U.S. Executive Vito Culmone stated the Pune headcount is around 1,200-1,300 and expects 2025 free cash flow to be strong, targeting greater than 1x net income, with a continued focus on DSO management.

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    Benoit Poirier's questions to STANTEC (STN) leadership • Q2 2024

    Question

    Benoit Poirier of Desjardins requested more details on the project ramp-up delays in the Energy & Resources segment, the cause of lower gross margin in Canada, and which global regions might be lagging in performance.

    Answer

    CFO Theresa B. Jang explained the E&R retraction is due to a persistent delay in the ramp-up of new projects combined with the wind-down of large projects from last year. She noted Canada's lower margin was due to tough comparisons against prior-year high-margin projects, not E&R weakness. CEO Gordon Johnston identified transportation in Australia and community development in the U.K. as the primary areas being monitored for slower activity.

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    Benoit Poirier's questions to CAE (CAE) leadership

    Benoit Poirier's questions to CAE (CAE) leadership • Q1 2026

    Question

    Benoit Poirier from Desjardins Securities asked incoming CEO Matt Bromberg for his initial assessment of CAE's positioning in the U.S. defense market and also inquired about CAE's biggest opportunities in Canada beyond existing major programs.

    Answer

    CEO Matthew Bromberg stated that CAE is well-positioned to capitalize on a generational growth cycle in defense, leverage its technology across its commercial business, and create scalable solutions. Chairman Calin Rovinescu added that increased Canadian defense spending presents an 'exponential' long-term opportunity for CAE in areas like new platform training and international programs.

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    Benoit Poirier's questions to CAE (CAE) leadership • Q3 2025

    Question

    Benoit Poirier of Desjardins Capital Markets asked about CAE's longer-term leverage target and future capital deployment strategy. He also sought directional guidance on Defense margins for fiscal 2026, considering the runoff of legacy contracts and the ramp-up of new, higher-margin business.

    Answer

    Interim CFO Constantino Malatesta stated that CAE is targeting a net debt-to-adjusted EBITDA ratio below 2.5x in the next fiscal year, with a continued disciplined approach to capital deployment. CEO Marc Parent indicated that fiscal 2026 Defense margins should be 'a little bit higher' as accretive new backlog replaces legacy contracts, describing the 10% margin level as a 'waypoint, not a destination,' but deferred a formal outlook to the next quarter.

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    Benoit Poirier's questions to CAE (CAE) leadership • Q1 2025

    Question

    Benoit Poirier of Desjardins asked about the software business, including the status of the SaaS conversion and expected growth. He also inquired about potential impacts from Canadian defense budget cuts and the ramp-up of major defense contracts like FAcT.

    Answer

    CEO Marc Parent and COO Nick Leontidis noted the SaaS conversion involves 'heavy lifting' over an 18-24 month timeline but pointed to a growing pipeline with ~$700M in orders as a positive indicator. Parent sees acceleration, not delays, in Canadian defense programs. CFO Sonya Branco added that the FAcT contract is capital-light, with contributions expected to ramp up in the second half of the year.

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    Benoit Poirier's questions to TFI International (TFII) leadership

    Benoit Poirier's questions to TFI International (TFII) leadership • Q2 2025

    Question

    Benoit Poirier of Desjardins Capital Markets inquired about the company's target financial leverage by year-end and the level it would be comfortable with before pursuing a transformative acquisition. He also asked about normalized earnings potential for 2026.

    Answer

    Alain Bedard, President, CEO & Chairman, stated the plan is to end 2025 with a leverage ratio of around 2.1x. For a large deal, he said the company could go up to 3.0x leverage before quickly deleveraging. He noted it was too early to give 2026 guidance but mentioned that the Logistics segment's operating income could be $200-$220 million in a normal environment, versus a likely $160 million this year.

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    Benoit Poirier's questions to TFI International (TFII) leadership • Q1 2025

    Question

    Benoit Poirier asked about the performance of the Daseke business, questioning if its high operating ratio was due to economic weakness or internal issues, and inquired about the potential impact of reduced imports from China.

    Answer

    Executive Alain Bedard clarified Daseke's Q1 OR was closer to 96%, not 99%, attributing the weakness to a 15% drop in miles and excess assets, not cultural issues. He stated the goal is to improve profitability by reducing assets and instilling a stronger business focus. Regarding imports, he explained that TFI's specialty truckload business is more exposed to U.S. industrial activity, which is affected by tariff uncertainty and interest rates, rather than retail goods from Asia.

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    Benoit Poirier's questions to TFI International (TFII) leadership • Q4 2024

    Question

    Benoit Poirier asked about the outlook for free cash flow and CapEx in 2025. He also inquired about the M&A timeline and whether further integration of TForce Freight is needed before a large deal, and if asset monetization was possible.

    Answer

    Executive Alain Bedard stated that 2025 CapEx will be $50-$100 million lower than in 2024, and that free cash flow should be sufficient to cover dividends, $400-$500 million in debt repayment, and $200 million in M&A. He clarified that TForce Freight's ongoing issues would not stop a strategic M&A transaction, as a deal could be part of the solution. He added that no major asset monetization is planned, aside from potentially some real estate.

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    Benoit Poirier's questions to TFI International (TFII) leadership • Q3 2024

    Question

    Benoit Poirier asked about the primary indicators for a recovery in the freight environment and sought more details on a potential large M&A deal, including target segments and leverage comfort levels.

    Answer

    CEO Alain Bedard identified a recovery in consumer spending, spurred by lower interest rates and inflation, as the key driver for a freight market rebound. For a large M&A deal, he named U.S. LTL and high-margin Logistics as preferred segments, with a particular interest in an asset-light LTL model. He expressed comfort with leverage going up to 3.0x for the right deal, citing TFI's proven ability to deleverage quickly.

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    Benoit Poirier's questions to CANADIAN NATIONAL RAILWAY (CNI) leadership

    Benoit Poirier's questions to CANADIAN NATIONAL RAILWAY (CNI) leadership • Q1 2025

    Question

    Benoit Poirier asked about CN's contingency plans if the intermodal "air pocket" lasts longer than expected, questioning how quickly the cost structure could be adjusted and what key metrics are monitored.

    Answer

    Executives detailed a nimble and data-driven approach. Derek Taylor, Chief Field Operations Officer, noted furloughs can be implemented within a week. Patrick Whitehead, Chief Network Operations Officer, explained they closely monitor network health metrics (train speed, dwell, velocity) and resource productivity metrics (GTMs per horsepower, GTMs per employee) to make quick decisions on idling assets and adjusting staffing.

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    Benoit Poirier's questions to CANADIAN NATIONAL RAILWAY (CNI) leadership • Q4 2024

    Question

    Benoit Poirier asked about the impact of foreign exchange rates on debt leverage and whether the weaker Canadian dollar is attracting more traffic from international shipping lines.

    Answer

    CFO Ghislain Houle explained that while FX affects U.S. dollar-denominated debt, the sensitivity to the overall leverage ratio is very small and managed within their 2.5x target. CCO Remi Lalonde noted that inbound traffic is driven more by service reliability and shifting ocean carrier alliances than by currency fluctuations.

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    Benoit Poirier's questions to CANADIAN NATIONAL RAILWAY (CNI) leadership • Q3 2024

    Question

    Benoit Poirier from Desjardins asked for an update on the Mexico-linked Falcon Premium service and the performance of its trucking operations (TransX, H&R) amid challenging market fundamentals.

    Answer

    Chief Field Operations Officer Derek Taylor described the Falcon service as 'solid' and a 'long game' to build customer trust. Chief Commercial Officer Remi Lalonde noted that the domestic intermodal and trucking business faces challenges from an oversupply of truck capacity but is expected to improve sequentially from Q3.

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    Benoit Poirier's questions to CANADIAN PACIFIC KANSAS CITY LTD/CN (CP) leadership

    Benoit Poirier's questions to CANADIAN PACIFIC KANSAS CITY LTD/CN (CP) leadership • Q1 2025

    Question

    Benoit Poirier of Desjardins Securities asked about customer reactions to potential China vessel surcharges, momentum at the Port of Saint John, and any increased dialogue to ramp up Eastern port operations.

    Answer

    EVP & CMO John Brooks noted minimal reaction to the surcharges so far, believing steamship lines will adjust. He confirmed strong momentum at Saint John, driven by the Gemini ramp-up and new export opportunities for products traditionally shipped from the U.S. He expressed ongoing positivity about the growth prospects at the port.

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    Benoit Poirier's questions to CANADIAN PACIFIC KANSAS CITY LTD/CN (CP) leadership • Q3 2024

    Question

    Benoit Poirier asked if there was any pull-forward in demand in Mexico related to the U.S. election and inquired about the opportunity to recover the 3% of RTMs lost during the Q3 labor strike.

    Answer

    EVP and CMO John Brooks stated that while there was some pull-forward ahead of the company's own labor stoppage, he believes the situation has since normalized. Regarding the 3% RTM impact from the strike, he explained that the bulk of that business (coal, grain, potash) was not lost but simply deferred. This deferral is a key reason for the record demand being seen in Q4 for those commodities, ensuring the volume will be recovered.

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    Benoit Poirier's questions to LEV leadership

    Benoit Poirier's questions to LEV leadership • Q1 2024

    Question

    The analyst asked about the status and future milestones for Canada's delayed ZETF program, the strength of the bidding pipeline for upcoming EPA funding, and the potential impact of the U.S. election on customer demand and funding.

    Answer

    The company sees positive momentum in the ZETF program, highlighted by a recent 200-bus approval. The EPA bidding pipeline is described as 'very healthy' as the program shifts to larger-scale deployments. Regarding the U.S. election, the company believes the $5 billion EPA program is secure and that school bus electrification has broad societal support, supplemented by strong state-level funding and regulations.

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