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    Justin Keywood

    Research Analyst at Stifel Financial Corp.

    Justin Keywood is Managing Director, Institutional Research at Stifel Financial Corp., specializing in coverage of the healthcare, industrials, and technology sectors with a focus on Canadian equities. He provides research and investment recommendations on companies including WELL Health Technologies and ATS Corp, earning recognition as a TopGun Sell-Side Analyst in biotech, pharma, and healthcare by Brendan Woods International for three consecutive years (2020–2022). Keywood began his equity research career at GMP Securities L.P. in 2012 before joining Stifel and previously worked in business development at a global financial services and software data firm. He holds a BBA in Finance from the University of Guelph, is a CFA charterholder since 2011, and has more than a decade of experience in institutional research and equity analysis.

    Justin Keywood's questions to ATS Corp /ATS (ATS) leadership

    Justin Keywood's questions to ATS Corp /ATS (ATS) leadership • Q1 2026

    Question

    Justin Keywood questioned whether increased U.S. CapEx announcements from life sciences customers are driving activity for ATS, and sought details on the EV settlement cash flow, its tax implications, and the timeline for deleveraging.

    Answer

    CEO Andrew Hider explained that while onshoring trends are favorable for automation, they are not yet a primary driver of current orders. CFO Ryan McLeod confirmed the EV settlement was fully received in the quarter with no immediate tax impact on the cash inflow. He stated the company expects to reach its target leverage range of 2-3x within the current fiscal year, driven by profitability and working capital improvements.

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    Justin Keywood's questions to ATS Corp /ATS (ATS) leadership • Q1 2026

    Question

    Inquired about the impact of customer CapEx shifts due to tariffs, the details of the EV settlement cash flow, and the timeline for deleveraging the balance sheet.

    Answer

    While a favorable environment, customer CapEx shifts due to tariffs have not yet been a major driver of orders. The full EV settlement was received in the quarter with no tax impact on the cash inflow. The company expects to reach its leverage target of 2-3x within the current fiscal year, primarily through working capital improvements.

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    Justin Keywood's questions to ATS Corp /ATS (ATS) leadership • Q3 2025

    Question

    Justin Keywood from Stifel Financial Corp. asked about the timeline for gross margin expansion to impact operating margins, the drivers behind the significant growth in the Energy/Nuclear segment, and the status of the disputed assets with a large EV customer.

    Answer

    Ryan McLeod, Chief Financial Officer, explained that while modest sequential margin improvement is expected in Q4, more significant benefits will materialize in fiscal 2026 as new transportation business ramps up. Andrew Hider, Chief Executive Officer, and Ryan McLeod added that the nuclear segment's strong bookings were driven by multiple customers across refurbishment, new builds (including SMRs), and fuel fabrication. Regarding the EV dispute, Ryan McLeod clarified that the equipment has been delivered and is in production at the customer's site.

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    Justin Keywood's questions to Healwell AI (HWAIF) leadership

    Justin Keywood's questions to Healwell AI (HWAIF) leadership • Q4 2024

    Question

    Justin Keywood inquired whether the current macroeconomic backdrop and tariff uncertainty were affecting customer discussions, asked for quantification of the 'Buy Canadian' opportunity, and questioned the expected pace of M&A in 2025.

    Answer

    CEO Dr. Alexander Dobranowski responded that the macro environment is not having a negative impact and, in fact, the 'Buy Canadian' sentiment is creating a potential material benefit for the company. While he could not yet quantify the opportunity precisely, he confirmed the M&A pipeline remains active and the company will continue to evaluate opportunities, moving only on deals that are strategically and financially accretive.

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    Justin Keywood's questions to Healwell AI (HWAIF) leadership • Q4 2024

    Question

    Justin Keywood inquired about the impact of the current macro environment and tariff uncertainty on customer discussions, asked if the 'Buy Canadian' opportunity could be quantified, and questioned the expected pace of M&A in 2025.

    Answer

    CEO Dr. Alexander Dobranowski responded that the macro environment has had no negative impact and that the 'Buy Canadian' sentiment is viewed as a material tailwind, though it's too early to quantify precisely. He confirmed that the M&A pipeline remains active and the company will continue to pursue strategically and financially accretive deals.

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    Justin Keywood's questions to Healwell AI (HWAIF) leadership • Q4 2024

    Question

    Asked about the impact of the current macro environment and tariff uncertainty on customer discussions, the potential to quantify the 'Buy Canadian' opportunity, and the outlook for M&A activity in 2025.

    Answer

    The macro backdrop is seen as a net benefit, driving a 'Buy Canadian' sentiment that the company expects to be a material opportunity. The M&A pipeline remains active, and while the company is constantly evaluating opportunities, it will only proceed with deals that are strategically and financially accretive.

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    Justin Keywood's questions to Healwell AI (HWAIF) leadership • Q3 2024

    Question

    Justin Keywood sought to quantify the potential revenue impact from the five new Master Service Agreements (MSAs) signed in the quarter and asked for the dollar value of in-the-money warrants that could be exercised.

    Answer

    CEO Alexander Dobranowski did not provide a specific revenue number for the new MSAs but reiterated the company's 'land-and-expand' strategy to grow relationships with these partners over time. CFO Anthony Lam stated that if all in-the-money warrants were exercised, it would add approximately $24 million in cash, bringing the total cash balance to $39 million.

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    Justin Keywood's questions to Healwell AI (HWAIF) leadership • Q3 2024

    Question

    Justin Keywood sought to quantify the potential revenue impact of the five new MSAs signed in the quarter and asked for the dollar value of in-the-money warrants that could provide additional cash.

    Answer

    CEO Dr. Alexander Dobranowski did not provide a specific revenue figure for the new MSAs but reiterated the 'land-and-expand' strategy, focusing on growing relationships after delivering initial value. CFO Anthony Lam specified that if all in-the-money warrants were exercised, it would add approximately $24 million in cash, bringing the company's total cash balance to $39 million.

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    Justin Keywood's questions to Quipt Home Medical (QIPT) leadership

    Justin Keywood's questions to Quipt Home Medical (QIPT) leadership • Q3 2024

    Question

    Justin Keywood of Stifel asked about the sustainability of the current adjusted EBITDA margin, the timeline for achieving the 6-8% free cash flow target, and the valuation multiples for a recent peer acquisition versus Quipt's own M&A targets. He also inquired about the potential timing for new acquisitions and the company's comfort level with its debt leverage.

    Answer

    CFO Hardik Mehta stated that the current 22%+ adjusted EBITDA margin is a strong baseline, especially as revenue recovers over a fixed cost base. He expects the 6-8% free cash flow target to normalize over the next two quarters as temporary impacts from legal expenses and the Change Healthcare incident subside, noting the year-to-date figure is already around 7%. CEO Gregory Crawford cited a peer M&A deal at 6.3x EBITDA and confirmed Quipt can still acquire smaller companies at 4-5x pre-synergy multiples. He added that M&A could occur this calendar year. Mehta indicated the company is comfortable with leverage up to 2.0x.

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