Sign in

    Kazim Naqvi • National Bank Financial

    Kazim Naqvi is an Associate at National Bank Financial, focusing on equity research within the Canadian industrials and consumer sectors, including coverage of companies such as Stelco Holdings Inc. and select merchandising and consumer firms. An alumnus of the Ivey Business School (HBA 2020), Naqvi joined National Bank Financial in or before 2021, quickly establishing himself in sell-side research with involvement in comprehensive sector analysis and financial modeling. His career began with fellowships and investment analysis projects during his university tenure, and he has since developed core expertise in Canadian equity markets. Naqvi's credentials are supported by formal finance training and corporate research roles, with an ongoing trajectory toward advanced professional certifications.

    Kazim Naqvi's questions to North American Construction Group Ltd (NOA) leadership

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

    Question

    Kazim Naqvi of National Bank Financial questioned what the Q2 Fargo JV forecast adjustment implies for the project's future profitability and asked whether the Australian labor cost issues should be considered a new steady state.

    Answer

    CEO Joe Lambert clarified that the Fargo margin adjustment was a one-time event resulting from a settlement with the authority and an updated project plan, and he expects to maintain the new margin going forward. He reiterated that the Australian labor issue is a cyclical challenge exacerbated by high growth and is not expected to recur in 2026 as the company has proven processes to manage it.

    Ask Fintool Equity Research AI