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    Gavin Fairweather

    Research Analyst at BMO Capital Markets

    Gavin Fairweather is Managing Director and Co-Head of Institutional Equity Research at Cormark Securities, focusing on the real estate sector and covering a range of Canadian-listed REITs and real estate operating companies. Previously, he was an Equity Research Associate at BMO Capital Markets starting in 2017, where he covered public real estate companies and built a strong track record in sector research, though specific rankings or returns are not publicly disclosed. Earlier in his career, Fairweather held roles at TD Asset Management and ADS Canadian Bank before joining Cormark Securities in January 2024; he holds the Chartered Financial Analyst (CFA) designation and an undergraduate degree from Dalhousie University. His expertise in institutional research and depth of sector knowledge have established him as a key analyst within Canadian equity markets.

    Gavin Fairweather's questions to Docebo (DCBO) leadership

    Gavin Fairweather's questions to Docebo (DCBO) leadership • Q2 2025

    Question

    Gavin Fairweather of Cormark Securities inquired about the company's visibility into the federal sector, asking about expected RFP levels for 2026 and feedback from partners on upcoming activity.

    Answer

    CFO Brandon Farber responded that Docebo is proactively building its federal pipeline through direct outreach, not just relying on RFPs. He noted that because the government's fiscal year-end rush is in Q3, it is too tight to expect major revenue this year. Therefore, management remains measured, guiding for more meaningful revenue from the federal sector in 2026, though one or two deals could potentially land this year.

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    Gavin Fairweather's questions to Docebo (DCBO) leadership • Q1 2025

    Question

    Gavin Fairweather asked about the government business, inquiring if the pace of sales was accelerating after achieving ATO status and about expectations for RFP flow. He also asked how CAC payback periods are trending and what the company's target CAC is for a normal environment.

    Answer

    CFO Brandon Farber reported a surprising increase in the government pipeline since receiving ATO status ahead of schedule, bolstered by a White House directive favoring SaaS solutions. Regarding customer acquisition cost (CAC), Farber acknowledged it is not at desired levels. He stated the target is a middle ground between current levels and the hyper-efficient COVID era, with improvements expected from investments in the enterprise and gov teams and a focus on pipeline conversion.

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    Gavin Fairweather's questions to Sangoma Technologies (SANG) leadership

    Gavin Fairweather's questions to Sangoma Technologies (SANG) leadership • Q3 2025

    Question

    Gavin Fairweather of Canaccord Genuity inquired about the outcomes of Project Diamond, asking if Sangoma has reached its full potential in sales momentum, the progress of its redesigned partner program, and the scale of the on-premise business opportunity following recent competitor disruptions.

    Answer

    CEO Charles Salameh explained that the company is just beginning to accelerate its momentum post-transformation, likening it to the third lap of a race. He noted the addition of 56 new, specialized partners since January, focusing on key industry verticals. Salameh highlighted the on-premise market as a $3.3 billion opportunity where even minor market share gains would be significant for Sangoma, confirming a growing pipeline and plans to invest heavily in this "shining light" portfolio for fiscal 2026.

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    Gavin Fairweather's questions to Sangoma Technologies (SANG) leadership • Q3 2025

    Question

    Gavin Fairweather of Canaccord Genuity asked about the outcomes of "Project Diamond," inquiring if Sangoma has reached its full potential in sales momentum and partner engagement, and sought details on the opportunity within the on-premise business following recent competitor disruptions.

    Answer

    CEO Charles Salameh explained that the company's major transformation is complete but momentum is still building, comparing it to being in the third lap of a 1,500-meter race. He noted the addition of 56 new, industry-focused partners since January. Salameh also highlighted the significant opportunity in the $3.3 billion on-premise market, where Sangoma is seeing a growing pipeline as legacy players like Mitel and Avaya exit or reduce their presence.

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    Gavin Fairweather's questions to Sangoma Technologies (SANG) leadership • Q2 2025

    Question

    Gavin Fairweather asked about the design and early results of the new Pinnacle Partner Program, the reason for the sequential decline in services revenue despite lower churn, the impact of NEC's market exit on Sangoma's Premise PBX business, and any anticipated working capital effects from the new ERP system.

    Answer

    COO Jeremy Wubs and CEO Charles Salameh explained the partner program is designed to build intimacy and co-develop vertical-specific solutions, driving higher-value MRR. They clarified that while churn has improved, the services revenue dip reflects the long (6-12 month) sales cycles for larger MRR deals, which are in the pipeline but not yet recognized as revenue. They confirmed seeing interest from former NEC partners, though it takes time to convert this into sales. CFO Larry Stock stated the ERP rollout is on time and budget, with efficiencies expected post-go-live in April.

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    Gavin Fairweather's questions to Sangoma Technologies (SANG) leadership • Q4 2024

    Question

    Gavin Fairweather inquired about the sales pipeline's composition, including deal sizes and win rates, ahead of the formal Q2 disclosure. He also asked for feedback from channel partners on the redesigned program and sought clarification on the drivers behind the Q1 guidance, specifically the sequential decline in EBITDA despite revenue growth.

    Answer

    CEO Charles Salameh confirmed that larger deals are entering the pipeline, though sales cycles for MRR remain long, and promised more detailed metrics in Q2. He and COO Jeremy Wubs described partner feedback as "very positive," attributing it to clearer offerings and a focused strategy on the top 400 partners, leading to joint go-to-market initiatives. CFO Lawrence Stock explained the Q1 EBITDA guidance reflects a higher product mix impacting gross margin, increased one-time ERP costs, and other seasonal expenses typical for Q1.

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    Gavin Fairweather's questions to Sangoma Technologies (SANG) leadership • Q3 2024

    Question

    Gavin Fairweather inquired about the visibility and potential green shoots for growth acceleration, early feedback from partners on the new channel program, the strategic plan for the product business, and the drivers behind the strong working capital inflow.

    Answer

    COO Jeremy Wubs noted that the sales pipeline is growing with larger deals and improved close rates. CEO Charles Salameh added that more quantitative channel metrics will be shared in Q4 and that feedback from strategic partners on the new go-to-market approach has been overwhelmingly positive. Regarding the product business, Salameh explained the focus is on services for long-term MRR, but products remain crucial for creating hybrid bundles. CFO Lawrence Stock attributed the strong cash flow to internal efficiencies in working capital management and a one-time tax refund.

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    Gavin Fairweather's questions to Alithya Group (ALYAF) leadership

    Gavin Fairweather's questions to Alithya Group (ALYAF) leadership • Q3 2025

    Question

    Gavin Fairweather asked about the sustainability of the strong bookings from the banking and insurance sectors, the future trajectory of gross margins, competitive pricing pressures in the government sector, and initial impressions of the recent XRM Vision acquisition.

    Answer

    Chief Operating Officer Bernard Dockrill confirmed a rebound in banking with a strong pipeline but noted market uncertainty warrants caution. President and CEO Paul Raymond reiterated the company's three-year strategic plan goal of reaching a 33% to 35% gross margin. Bernard Dockrill added that Alithya remains disciplined in the public sector, avoiding low-margin deals despite rate pressure. Regarding XRM Vision, Paul Raymond stated the integration is proceeding as planned with no surprises.

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