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    Maxim Sytchev

    Managing Director and Senior Equity Analyst at National Bank Financial, Inc.

    Maxim Sytchev is a Managing Director and Senior Equity Analyst at National Bank Financial, specializing in the industrials sector with a focus on construction, engineering, and equipment services. He covers leading companies such as North American Construction Group, Stantec, ATS Corporation, Stella-Jones, AtkinsRéalis, and AGI, and has established a strong performance track record, including a 5-star TipRanks ranking, a success rate of approximately 68%, and an average return of 18.9% over the past year. Sytchev holds a Master of Science degree and has been with National Bank Financial in increasingly senior roles, leveraging his extensive experience in capital markets research since at least the early 2010s. His credentials include recognized expertise in equity research as well as advanced securities licensure in Canada.

    Maxim Sytchev's questions to STANTEC (STN) leadership

    Maxim Sytchev's questions to STANTEC (STN) leadership • Q2 2025

    Question

    Maxim Sytchev requested an update on FEMA-related work and the current M&A landscape from a seller's perspective.

    Answer

    President and CEO Gord Johnston confirmed that disaster preparedness work is shifting from FEMA to state and local governments, and Stantec is actively engaged in discussions with these agencies. He described the M&A environment as 'increasingly active,' anticipating that a number of assets will come to market in the next 6 to 12 months.

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    Maxim Sytchev's questions to STANTEC (STN) leadership • Q1 2025

    Question

    Maxim Sytchev questioned the demand outlook in Canada and Australia amid political changes and asked about the ramp-up progress of the U.K.'s AMP8 water infrastructure program.

    Answer

    Executive Gordon Johnston noted that political platforms in Canada and the U.K. remain supportive of infrastructure spending, and he expects the Australian market to strengthen. He confirmed the U.K.'s AMP8 program began in April and is ramping up as anticipated, with hiring and new work orders proceeding on schedule. Executive Vito Culmone added that the Water business in Australia continues to be exceptionally strong.

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    Maxim Sytchev's questions to STANTEC (STN) leadership • Q4 2024

    Question

    Maxim Sytchev of National Bank Financial asked about Stantec's view on potential Canadian tariffs, the U.S. IIJA spending curve, the specific drivers of the Buildings segment's growth, and the integration of the ZETCON acquisition in Germany.

    Answer

    Executive Gordon Johnston stated that potential Canadian tariffs would have a minimal impact on Stantec's business segments. He noted IIJA-related work is progressing with high single-digit growth in U.S. Transportation. He clarified that Buildings growth is broad-based, driven by healthcare, civic, and education sectors, not just data centers. Finally, he reported that the ZETCON integration in Germany is performing "extremely well," even above expectations.

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    Maxim Sytchev's questions to STANTEC (STN) leadership • Q2 2024

    Question

    Maxim Sytchev from National Bank Financial inquired about current trends in M&A seller expectations, whether the slowdown in Western Canada had a spillover effect on Environmental Services, and the impact of regulatory developments around PFAS on the Water business.

    Answer

    CEO Gordon Johnston stated that M&A seller multiple expectations remain consistent. He clarified that the Environmental Services business is well-diversified and remains busy, with recent slowness in Canada being due to very high prior-year comparisons. He also noted that while PFAS is an opportunity, Stantec's Water business is so diversified that its overall performance is not materially dependent on PFAS-related work.

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    Maxim Sytchev's questions to ATS Corp /ATS (ATS) leadership

    Maxim Sytchev's questions to ATS Corp /ATS (ATS) leadership • Q1 2026

    Question

    Asked about the integration of recent acquisitions, the impact of US research funding cuts, the margin progression outlook, and the M&A strategy during the CEO transition.

    Answer

    The integration of recent acquisitions is progressing well with a growing cross-selling funnel. The impact from US research funding is minimal. Margin expansion is expected in the medium term, driven by gross margin improvements, though it may not be linear. M&A cultivation continues, but near-term actions are limited by the focus on deleveraging, not the leadership transition.

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    Maxim Sytchev's questions to ATS Corp /ATS (ATS) leadership • Q1 2026

    Question

    Maxim Sytchev asked for an update on the integration of recent acquisitions, clarification on the impact of U.S. research funding pressures, the outlook for margin progression, and how the leadership transition affects the M&A pipeline.

    Answer

    CEO Andrew Hider noted a growing cross-selling funnel from acquisitions. CFO Ryan McLeod confirmed integrations are on track, the impact from research funding is immaterial, and medium-term margin expansion is expected, though not necessarily linear. Regarding M&A, McLeod stated it is 'business as usual,' but the near-term priority is deleveraging the balance sheet, which will govern the pace of large-scale acquisitions.

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    Maxim Sytchev's questions to ATS Corp /ATS (ATS) leadership • Q4 2025

    Question

    Inquired about the composition of the healthcare backlog, particularly the sustainability of GLP-1 related growth, the expected velocity of working capital improvement given the reduced size of the transportation business, and the tax rate expectation for fiscal 2026.

    Answer

    The healthcare backlog is diversified beyond GLP-1s (which are seen as a sustainable short-to-mid-term driver) into radiopharmaceuticals, wearable medical devices, and automated pharmacies. Working capital is expected to improve and get below the 15% target in the coming year, though the benefit from a smaller transportation business is partially offset by more working-capital-intensive product businesses. The normalized effective tax rate for FY26 is expected to be in the mid-20% range (24-26%).

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    Maxim Sytchev's questions to ATS Corp /ATS (ATS) leadership • Q4 2025

    Question

    Maxim Sytchev of National Bank Financial inquired about the composition of the Life Sciences backlog, particularly the sustainability of GLP-1 related growth, the outlook for working capital intensity, and the expected tax rate for fiscal 2026.

    Answer

    CEO Andrew Hider confirmed the Life Sciences backlog is diversified beyond GLP-1s, including radiopharma, wearables, and automated pharmacies. CFO Ryan McLeod explained that while the smaller transportation business helps working capital, this is offset by inventory-intensive product acquisitions. He reiterated the goal of getting below 15% non-cash working capital as a percentage of revenue and guided for a normalized effective tax rate in the mid-20% range.

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    Maxim Sytchev's questions to ATS Corp /ATS (ATS) leadership • Q4 2025

    Question

    Maxim Sytchev from National Bank Financial inquired about the composition of the life sciences backlog, particularly the sustainability of GLP-1 related growth, the expected trend in working capital intensity, and the normalized tax rate for fiscal 2026.

    Answer

    CEO Andrew Hider confirmed that while GLP-1 is a sustained growth area with over eight customers, the life sciences backlog is diversified across radiopharmaceuticals, diabetes-related wearables, and automated pharmacies. CFO Ryan McLeod stated that while lower transportation revenue helps working capital, new product-based businesses provide an offset, but he expects to get below the 15% target in fiscal '26. He guided to a normalized effective tax rate in the mid-20% range for the upcoming year.

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    Maxim Sytchev's questions to ATS Corp /ATS (ATS) leadership • Q3 2025

    Question

    Asked about a new EV program win in Europe, the status of the grid battery storage opportunity, the timing of revenue from nuclear projects, the outlook for the company's tax rate, and working capital performance excluding the EV dispute.

    Answer

    The company will use its global footprint, including European capabilities, for the new EV win. Nuclear is currently a stronger growth area than grid storage. Revenue from new large nuclear projects is expected to ramp up in more than 12 months. The current higher tax rate is expected to persist in the short term. Working capital outside of the EV dispute is slightly above the 15% target, and the company is working on improvements.

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    Maxim Sytchev's questions to ATS Corp /ATS (ATS) leadership • Q3 2025

    Question

    Maxim Sytchev from National Bank Financial questioned the company's capabilities for a new EV program in Europe, sought an update on the grid battery storage opportunity, asked about the revenue ramp-up timing for nuclear projects, and inquired about the tax rate outlook and working capital performance excluding the EV dispute.

    Answer

    Andrew Hider, Chief Executive Officer, explained the European EV win is with a past OEM customer and will be supported by their multi-region global footprint. He noted that while grid storage is an area of focus, nuclear is currently showing stronger growth. He estimated the nuclear revenue ramp-up from new announcements is likely more than 12 months out. Ryan McLeod, Chief Financial Officer, stated the higher tax rate is expected to continue in the short term and confirmed that working capital, excluding the EV dispute, is running slightly above the 15% target, with progress being made.

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    Maxim Sytchev's questions to RB GLOBAL (RBA) leadership

    Maxim Sytchev's questions to RB GLOBAL (RBA) leadership • Q2 2025

    Question

    Maxim Sytchev asked for an update on marketplace services like RBFS, whether transportation services could benefit the IAA business, and for an outlook on the service revenue take rate.

    Answer

    CFO Eric Guerin noted that services like RBFS are performing well despite the rate environment and highlighted VeriTread as a growth area. CEO Jim Kessler clarified that transportation services are primarily focused on the CC&T business. Guerin added that he sees no significant factors that would materially change the take rate in the second half of the year.

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    Maxim Sytchev's questions to RB GLOBAL (RBA) leadership • Q4 2024

    Question

    Maxim Sytchev from NBF sought details on the operational tactics for achieving premium price performance and asked about the ROI drivers for the increased CapEx investments, questioning if they support future growth or existing business.

    Answer

    CEO Jim Kessler explained that premium pricing is achieved by balancing liquidity and price across various auction channels, enhancing marketing, and providing buyers with better data, such as vehicle trim levels. CFO Eric Guerin and Kessler added that CapEx is for both existing needs and future growth, like the expansion in Australia, with all investments analyzed for their return potential.

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    Maxim Sytchev's questions to RB GLOBAL (RBA) leadership • Q2 2024

    Question

    Maxim Sytchev from National Bank Financial asked about the elasticity of the service revenue take rate, its drivers across business segments, and for an update on the strategy to boost automotive ASPs by attracting more international buyers.

    Answer

    CEO Jim Kessler stated that take rate improvements have come from both the commercial and automotive sides of the business and expressed optimism for future increases via additional services. He reported a record high percentage of vehicles sold to international buyers, attributing this to an operational focus on increasing the inventory of 'run and drive' vehicles, which are more attractive to this buyer base.

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    Maxim Sytchev's questions to RB GLOBAL (RBA) leadership • Q1 2024

    Question

    Maxim Sytchev asked for an update on the operational ramp-up in Australia following the recently signed client contract in that market.

    Answer

    CEO Jim Kessler clarified that the company plans to begin accepting cars at its Australian facilities in the mid-summer. He noted that the first vehicle sales would occur sometime after that initial phase, following the completion of necessary processes like title transfers.

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    Maxim Sytchev's questions to North American Construction Group (NOA) leadership

    Maxim Sytchev's questions to North American Construction Group (NOA) leadership • Q1 2025

    Question

    Speaking on behalf of Maxim Sytchev from National Bank Financial, an analyst asked about the current technician count in Canada and Australia, whether it remains a bottleneck, and if it is hindering the company from reaching its equipment utilization targets.

    Answer

    Executive Joseph Lambert stated that while skilled trades are a global challenge, the company manages it well and it is not currently a bottleneck. He expressed confidence in reaching the 85% utilization target in Australia. For the Canadian oil sands, he noted that achieving the 75% target is a matter of labor efficiency, and the company has the necessary systems and programs, like its apprentice program, in place to support this as demand remains high.

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    Maxim Sytchev's questions to North American Construction Group (NOA) leadership • Q4 2024

    Question

    Maxim Sytchev sought color on the impact of recent inclement weather in Australia on Q1 2025 performance. He also asked about the capital intensity of the planned expansion into infrastructure, the geographic focus of this growth, the expected revenue trajectory for the Fargo project in 2025, and the company's intentions regarding its Normal Course Issuer Bid (NCIB).

    Answer

    Joseph Lambert, President & CEO, confirmed Q1 is the weakest quarter due to seasonal weather in Australia, which tempers the typically strong winter season in the Canadian oil sands. He emphasized the strategic push into infrastructure is due to its capital-light nature, with a primary focus on the U.S. and Australia. He also stated the company would remain active with its NCIB. Jason Veenstra, CFO, specified that Fargo project revenue is expected to decline by about 10% in 2025 from its 2024 peak.

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    Maxim Sytchev's questions to North American Construction Group (NOA) leadership • Q2 2024

    Question

    Maxim Sytchev from National Bank Financial, Inc. asked about the potential benefits of the MacKellar ERP implementation and the outlook for non-commodity work to replace the Fargo-Moorhead project in the future.

    Answer

    CFO Jason Veenstra stated the ERP system is expected to improve EBITDA margin by about 1% in 2025 through better cost tracking and back-office efficiency. He also noted the company is pre-qualifying for a major earthworks project in Northern California as a potential replacement for Fargo-Moorhead. President and CEO Joseph Lambert added that they are in early discussions for infrastructure projects in Australia.

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    Maxim Sytchev's questions to Colliers International Group (CIGI) leadership

    Maxim Sytchev's questions to Colliers International Group (CIGI) leadership • Q1 2025

    Question

    Maxim Sytchev asked about the long-term vision for the Engineering segment, questioning its potential to dwarf the real estate services business and the strategy for M&A in such a fragmented market.

    Answer

    CEO Jay Hennick explained that the segment, likely to be renamed 'Engineering and other,' has massive potential. He outlined a 5-year vision involving high single-digit internal growth plus significant acquisitive growth. He emphasized that Colliers' key differentiator is its partnership model, where management teams of acquired firms take a significant equity stake, which has been a great competitive advantage.

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