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    Kyle McPhee • Cormark Securities

    Kyle McPhee is an Analyst in Institutional Equity Research at Cormark Securities, specializing in the Canadian basic materials and consumer sectors. He covers companies such as Decisive Dividend Corporation and Extendicare, maintaining coverage on a total of seven stocks with a reported success rate of 50% and an analyst rating of 1.05 stars on TipRanks. McPhee joined Cormark Securities by at least 2023 and is frequently cited in quarterly earnings calls, indicating an active role in equity research since that time. He holds the Chartered Financial Analyst (CFA) designation, underscoring his professional expertise in securities analysis.

    Kyle McPhee's questions to Zedcor Inc (ZDCAF) leadership

    Kyle McPhee's questions to Zedcor Inc (ZDCAF) leadership • Q1 2025

    Question

    Kyle McPhee inquired about the relationship between Zedcor's accelerating fleet production and its high utilization rates, asking if the company is approaching a point where supply could outpace immediate client demand. He also asked how the return on capital and margin profiles differ across small, large, and very large clients.

    Answer

    President and CEO Todd Ziniuk and executive Amin Ladha explained that the company is currently trying to catch up to demand, as most branches have no inventory and are operating near 100% utilization. They are scaling manufacturing to build inventory for larger, long-term contracts. Regarding client economics, Amin Ladha stated the goal is to maintain a consistent margin profile, offsetting potential large-client discounts with scale efficiencies. Todd Ziniuk added that the company is actively lowering the production cost per tower and that pricing varies geographically, which also impacts margins.

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    Kyle McPhee's questions to Zedcor Inc (ZDCAF) leadership • Q4 2024

    Question

    Kyle McPhee of Cormark Securities inquired about the significant operating margin disparity between Zedcor's mature Canadian operations and its growing U.S. segment, asking if the U.S. can eventually match Canada's profitability. He also questioned the accounting for tower assembly costs and the strategic rationale behind potentially bringing tower manufacturing in-house.

    Answer

    Executive Todd Ziniuk and Amin Ladha explained that direct labor costs for manufacturing are capitalized into the equipment's value. The margin difference is attributed to Canada's more mature and simplified fleet (less R&M on newer solar electric towers vs. older hybrids) and efficiencies from AI. They clarified that a potential move to in-house manufacturing, estimated at a $4 million CapEx, is driven by both significant cost-saving opportunities and greater control over the supply chain.

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    Kyle McPhee's questions to Zedcor Inc (ZDCAF) leadership • Q3 2024

    Question

    Kyle McPhee of Cormark Securities asked about the source of Zedcor's growth, questioning the split between disrupting the legacy human guard market versus capitalizing on new 'white space' opportunities. He also inquired about margin potential in mature, scaled regions compared to the consolidated company average and whether any legacy markets, like Western Canada, are showing signs of saturation.

    Answer

    CEO Todd Ziniuk and executive Amin Ladha explained that growth is a mix of both disruption and white space. In the U.S., they estimate 65-70% of growth comes from replacing human guards, while in Canada, it's over 50%. They confirmed that established regions with critical scale, such as Canada, exhibit significantly higher EBITDA margins than newer regions, and they expect Texas to follow this trend. They asserted that no markets are saturated, with strong demand and growth continuing across their entire footprint, including long-standing Canadian regions.

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