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    Frederic Bastien • Raymond James

    Frederic Bastien's questions to Brookfield Infrastructure Partners LP (BIP) leadership

    Frederic Bastien's questions to Brookfield Infrastructure Partners LP (BIP) leadership • Q2 2025

    Question

    Frederic Bastien from Raymond James questioned if the investment pipeline is as robust as the sales pipeline and sought clarification on the pro-forma liquidity position after accounting for recent deals.

    Answer

    CEO Sam Pollock acknowledged the investment pipeline is still full but perhaps not to the same degree as in previous quarters, though multiple deals are still being pursued. CFO David Krant clarified that the reported $5.7 billion in liquidity as of June 30 did not yet include the $1.3 billion in new investment commitments or the ~$1.1 billion in secured sale proceeds, resulting in a relatively similar pro-forma liquidity position.

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    Frederic Bastien's questions to Brookfield Infrastructure Partners LP (BIP) leadership • Q1 2025

    Question

    Frederic Bastien asked if Brookfield was opportunistically acquiring toehold positions in public stocks during recent market volatility and questioned the current composition of the M&A pipeline across different business segments.

    Answer

    CEO Sam Pollock declined to comment on specific market activities but noted no 'significant' investments have been made recently. He described the M&A pipeline as the strongest in years, with a high probability of success as competitors pause. The pipeline is deep, relatively balanced across sectors, and slightly skewed towards U.S. opportunities and the digitalization theme, but also includes transport and other large infrastructure assets.

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    Frederic Bastien's questions to Brookfield Infrastructure Partners LP (BIP) leadership • Q4 2024

    Question

    Frederic Bastien of Raymond James noted the absence of the Utilities platform from recent recycling efforts and asked whether the new U.S. administration is viewed as a positive for the business.

    Answer

    CEO Sam Pollock explained that the lack of utility sales is a matter of timing, as larger assets have significant growth ahead, but pointed to the recent sale of Los Ramones and a planned monetization in Brazil as examples of ongoing recycling. Regarding the U.S. administration, he stated that any reduction in regulatory burden that encourages growth is positive for an infrastructure owner, without taking a political stance.

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    Frederic Bastien's questions to Colliers International Group Inc (CIGI) leadership

    Frederic Bastien's questions to Colliers International Group Inc (CIGI) leadership • Q2 2025

    Question

    Frederic Bastien asked if global trade uncertainty had adversely impacted the engineering business and sought an explanation for the sequential decline in Investment Management EBITDA, noting it appears to be a seasonal trend.

    Answer

    CFO Christian Mayer confirmed there has been no significant impact on the engineering business or its backlog from tariffs or trade policy. He explained the Q2 sequential EBITDA decline in Investment Management was driven by higher co-investment income in Q1, the timing of certain expenses like investor conferences in Q2, and the presence of highly accretive catch-up fees in Q1 which did not recur in Q2.

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    Frederic Bastien's questions to Colliers International Group Inc (CIGI) leadership • Q1 2025

    Question

    Frederic Bastien asked for a breakdown of the key disciplines where the U.S. engineering business excels and inquired about its current scale and areas for regional growth through M&A or organic expansion.

    Answer

    CEO Jay Hennick noted the U.S. business is highly diversified. CFO Christian Mayer elaborated that core strengths include infrastructure and transportation, serving departments of transportation in several large states, as well as commercial and programmatic clients. He stated the U.S. engineering platform now has approximately $600 million in revenue and 2,500 employees.

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    Frederic Bastien's questions to Colliers International Group Inc (CIGI) leadership • Q4 2024

    Question

    Frederic Bastien asked about the cadence of the expected margin expansion in the Engineering business for 2025, questioning if it would be linear or back-end loaded. He also inquired about the organic growth expectations for the segment and how they compare to peers.

    Answer

    CFO Christian Mayer explained that there is seasonality in the Engineering business, with margin expansion effects becoming more apparent in the peak quarters of Q2 and Q3. He confirmed that Colliers is aiming for organic growth in the 5% to 8% range, similar to its peers, driven by long-term tailwinds in infrastructure spending across its key markets.

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    Frederic Bastien's questions to Colliers International Group Inc (CIGI) leadership • Q2 2024

    Question

    Frederic Bastien asked if Colliers is considering another corporate split to unlock value, similar to the 2015 FirstService spin-off, as its engineering and investment management businesses gain scale.

    Answer

    Chairman and CEO Jay Hennick acknowledged that the company considers all options to create shareholder value but stated there is no rush to pursue a split. He indicated that they would wait for the Investment Management business to build stronger momentum before seriously considering such a strategic move, while noting his belief that the company's stock is undervalued.

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    Frederic Bastien's questions to FirstService Corp (FSV) leadership

    Frederic Bastien's questions to FirstService Corp (FSV) leadership • Q1 2025

    Question

    Frederic Bastien inquired about the current state of labor availability and costs, and whether improvements in this area are helping to facilitate market share gains.

    Answer

    Executive D. Patterson described the labor environment as 'much better,' with employee turnover returning to pre-COVID levels and wage inflation stabilizing. He confirmed that this stability enhances the employee and customer experience, as tenured frontline staff help drive customer retention and referrals, which in turn contributes positively to winning market share.

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    Frederic Bastien's questions to Stantec Inc (STN) leadership

    Frederic Bastien's questions to Stantec Inc (STN) leadership • Q4 2024

    Question

    Frederic Bastien from Raymond James asked for more specifics on the drivers of the U.S. organic growth reacceleration, inquired about specific disciplines targeted for M&A, and questioned the reason for the lower guided tax rate.

    Answer

    Executives Gordon Johnston and Vito Culmone noted the U.S. growth was broad-based, with double-digit organic growth in Water, Buildings, E&R, and community development in Q4. On M&A, Johnston stated they are not looking to enter new business lines but see significant growth potential in their existing five units. Culmone clarified the guided tax rate of 22.5% is not a material change from prior periods.

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