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    Christopher Thompson • CIBC

    Christopher Thompson is a Senior Equity Analyst at CIBC, specializing in covering companies across the general sector, with a focus on Canadian equities. He covers seven distinct stocks, including prominent firms such as Nevada Copper and enCore Energy, and has issued recommendations with an overall success rate of 44.44%, according to TipRanks. Thompson has earned a 2.57-star analyst rating, reflecting moderate performance consistency and an ability to generate targeted upside in specific recommendations. He holds an MBA and maintains active analyst credentials as tracked by market data platforms, regularly sharing actionable investment insights with institutional clients.

    Christopher Thompson's questions to North American Construction Group Ltd (NOA) leadership

    Christopher Thompson's questions to North American Construction Group Ltd (NOA) leadership • Q2 2025

    Question

    Christopher Thompson from CIBC sought to understand the driver for the lowered H2 Oil Sands margin guidance, the progress on a major contract won in late 2024, and long-term solutions for managing work volatility. He also asked for an explanation for the decline in Australian gross margins from the higher levels seen in 2023.

    Answer

    CEO Joe Lambert explained the H2 Oil Sands margin pressure is due to lower seasonal revenue and lingering component-related issues, which he expects to resolve by 2026. He noted about $150-200M of the committed spend on the major contract has been worked through and that managing volatility relies on client communication. Regarding Australia, he clarified that the margin change from 2023 is due to a different mix of work, with a higher proportion of lower-margin maintenance and labor services compared to higher-margin dry rentals.

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    Christopher Thompson's questions to North American Construction Group Ltd (NOA) leadership • Q1 2025

    Question

    Christopher Thompson of CIBC requested a reiteration of the quarterly EBITDA cadence, questioned the conservatism of the full-year guidance given Q1's weather impact, asked about potential margin headwinds in Q2 from continued rain in Australia, and inquired about the company's flexibility with its NCIB program.

    Answer

    Executive Jason Veenstra confirmed the EBITDA cadence is expected to be 45% in H1 and 55% in H2. Executive Joseph Lambert stated the guidance is based on average weather for the full year and he expects to deliver within the range. He noted that while April saw some rain in Australia, it should average out, and that the company has increased liquidity to be opportunistic with its NCIB, viewing its own shares as the best available investment.

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