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    Scott Fletcher

    Director of Equity Research at CIBC

    Scott Fletcher is a Director of Equity Research at CIBC Capital Markets, specializing in coverage of Canadian publicly traded companies with an emphasis on the general sector, including names such as WELL Health Technologies, Corus Entertainment, and Colliers International. He covers 14 stocks and has a track record highlighted by a 31% success rate and an average return per recommendation of -6.1%, with his most successful call delivering an 87.4% return on WELL Health Technologies. Fletcher began his equity research career at CIBC as an Equity Research Associate in 2019 and was promoted to Director in 2022. He holds CPA and CA professional designations, demonstrating a strong foundation in finance and accounting.

    Scott Fletcher's questions to THOMSON REUTERS CORP /CAN/ (TRI) leadership

    Scott Fletcher's questions to THOMSON REUTERS CORP /CAN/ (TRI) leadership • Q2 2025

    Question

    Scott Fletcher of CIBC Capital Markets questioned the drivers behind the strong Q2 margin performance and why this outperformance didn't lead to an increase in the full-year guidance. He also asked about the expense profile of new AI products like Deep Research.

    Answer

    CFO Michael Eastwood attributed the Q2 margin beat to good operating leverage, favorable timing of expenses that will reverse in H2, and a beneficial revenue mix. He reaffirmed confidence in the full-year 39% margin guidance, stating these temporary factors were the reason for not raising it. Regarding new product costs, Eastwood confirmed that all OpEx and CapEx for new AI launches are already built into the current guidance and capital intensity forecast of roughly 8%.

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    Scott Fletcher's questions to THOMSON REUTERS CORP /CAN/ (TRI) leadership • Q1 2025

    Question

    Scott Fletcher asked about the current demand environment, questioning if there have been changes to customer buying patterns or deal closures, and which business segments might be most impacted in a potential slowdown.

    Answer

    CEO Steve Hasker stated that while there is customer nervousness about the economic backdrop, the company has not yet seen a change in the demand environment. CFO Mike Eastwood confirmed that sales pipelines and renewal rates remain encouraging and consistent. In a potential slowdown, Eastwood identified three areas of focus due to their potential sensitivity: transactional revenue (12% of total), Global Print (7% of total), and specific parts of Reuters News like Digital Advertising and Events (1.5% of total), but noted the resilience within each.

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    Scott Fletcher's questions to THOMSON REUTERS CORP /CAN/ (TRI) leadership • Q4 2024

    Question

    Scott Fletcher asked for the rationale behind raising the 2026 organic growth outlook and for an update on customer adoption and reaction to GenAI products.

    Answer

    CFO Mike Eastwood attributed the confidence to strong 2024 performance, a healthy book of business, and robust customer demand in a GenAI-enabled world. CEO Stephen Hasker added that while adoption of GenAI products like Westlaw Precision (over 40% ACV penetration) and CoCounsel is strong, the broader pace of change management within customer firms remains a variable.

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    Scott Fletcher's questions to THOMSON REUTERS CORP /CAN/ (TRI) leadership • Q2 2024

    Question

    Scott Fletcher from CIBC asked for more detail on the magnitude of efficiency gains for customers using AI tools and whether clients are initially seeking targeted or full enterprise-wide licenses.

    Answer

    CEO Steve Hasker referenced the 'Future of Professionals Report,' quantifying potential time savings for lawyers at 4 hours per week, growing to 12. He described a normal distribution of customer adoption, with some firms going 'all in' on enterprise deals, a majority in a 'test-and-learn' phase with targeted trials, and a smaller group still needing to be convinced of GenAI's value.

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    Scott Fletcher's questions to Colliers International Group (CIGI) leadership

    Scott Fletcher's questions to Colliers International Group (CIGI) leadership • Q2 2025

    Question

    Scott Fletcher asked about the drivers of margin expansion in the engineering segment and the outlook for Investment Management margins into 2026.

    Answer

    CFO Christian Mayer attributed the engineering margin growth equally to acquisitions and organic productivity gains, expecting further improvement. For Investment Management, he reiterated a long-term goal to raise margins from the low 40s to the 45-50% range. CEO Jay Hennick added that ongoing investments in the division, such as in the private wealth channel, will temper margin growth in the next year or two.

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    Scott Fletcher's questions to Colliers International Group (CIGI) leadership • Q2 2025

    Question

    Scott Fletcher from CIBC Capital Markets asked about the specific drivers behind the strong margin expansion in the engineering segment. He also inquired about the future outlook for margins in the Investment Management division, particularly for 2026.

    Answer

    CFO Christian Mayer explained that engineering margin expansion was driven equally by acquisitions and organic productivity improvements, with margins expected to continue rising. For Investment Management, he stated the long-term goal is to improve margins from the low 40s to the 45-50% range. However, CEO Jay Hennick added that significant ongoing investments in the platform, such as in the private wealth channel, will likely keep pressure on margins for the next year or two.

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    Scott Fletcher's questions to Colliers International Group (CIGI) leadership • Q2 2025

    Question

    Scott Fletcher asked about the specific drivers of the strong margin expansion in the engineering business and the future margin outlook for the Investment Management segment, particularly into 2026.

    Answer

    CFO Christian Mayer attributed the engineering margin growth equally to acquisitions and organic productivity improvements, expecting further gains. For Investment Management, he reiterated a long-term goal of expanding margins from the low 40s to the 45-50% range. CEO Jay Hennick added a note of caution, stating that significant ongoing investment spending in the IM platform will likely keep pressure on margins for the next year or two.

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    Scott Fletcher's questions to Colliers International Group (CIGI) leadership • Q2 2025

    Question

    Scott Fletcher requested details on the drivers behind the strong margin expansion in the engineering segment and the outlook for its future performance. He also asked for an update on the long-term margin expectations for the investment management business, specifically for 2026.

    Answer

    CFO Christian Mayer stated that engineering margin expansion was driven equally by acquisitions and organic productivity gains, with further year-over-year improvements expected. For investment management, he reiterated the long-term goal of expanding margins from the low 40s to the 45-50% range. CEO Jay Hennick added that ongoing investments in the IM platform, such as the private wealth channel, will temper margin growth in the near term.

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    Scott Fletcher's questions to Colliers International Group (CIGI) leadership • Q2 2025

    Question

    Scott Fletcher sought details on the drivers of the strong margin expansion in the engineering segment and its future trajectory. He also asked for an updated outlook on investment management margins for 2026, considering recent investments.

    Answer

    CFO Christian Mayer attributed the engineering margin growth equally to acquisitions and organic productivity gains, expecting margins to continue improving year-over-year. For investment management, Mr. Mayer reaffirmed the long-term goal of reaching 45-50% margins. CEO Jay Hennick added that ongoing investment spending will pressure margins in the near term, but the company is focused on balancing growth investments with profitability.

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    Scott Fletcher's questions to Colliers International Group (CIGI) leadership • Q2 2025

    Question

    Scott Fletcher asked for details on the drivers behind the strong engineering margin expansion and its future outlook. He also questioned if the long-term view for margin expansion in the investment management segment has changed.

    Answer

    CFO Christian Mayer explained that engineering margin expansion was driven equally by acquisitions and organic productivity gains, with margins expected to continue improving. For investment management, he reaffirmed the long-term goal of reaching the 45-50% range. CEO Jay Hennick added that ongoing investment spending in the IM segment will temper margin growth in the near term.

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    Scott Fletcher's questions to FirstService (FSV) leadership

    Scott Fletcher's questions to FirstService (FSV) leadership • Q2 2025

    Question

    Scott Fletcher of CIBC Capital Markets asked for the reasons behind the fire protection business's consistent outperformance and questioned whether the company is considering larger, platform-style M&A deals given its declining leverage.

    Answer

    CEO D. Scott Patterson attributed the strong performance of the Century Fire business to a multi-year strategic priority to grow its repair, service, and inspection revenues, which has successfully balanced the business mix. On M&A, Mr. Patterson clarified that while the company's modest leverage allows for opportunistic large deals if a strategic fit arises, the primary focus remains on acquisitions within its existing service platforms rather than actively seeking new ones.

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    Scott Fletcher's questions to FirstService (FSV) leadership • Q1 2025

    Question

    Scott Fletcher asked for a breakdown of the 10% organic decline in the roofing business between weather and commercial delays, and requested an update on the reconstruction work pipeline for the restoration business.

    Answer

    Executive D. Patterson estimated the roofing decline was split roughly 'half and half' between weather impacts, which reduced production hours, and the deferral of large commercial contracts. He noted that while weather-related work should recover, commercial commitments may lag until market stability improves. On restoration, Patterson explained that converting hurricane-related work is slow, with over $10 million generated in Q1 and the remainder expected over the year, emphasizing that the total restoration backlog remains solid and at similar levels to the prior year.

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    Scott Fletcher's questions to FirstService (FSV) leadership • Q4 2024

    Question

    Scott Fletcher from CIBC World Markets Inc. questioned the potential impact of the L.A. wildfires on first-half 2025 results and whether roofing would remain the primary focus for the M&A tuck-under program.

    Answer

    D. Patterson (executive) stated that while they are seeing an uptick in leads from the L.A. fires, the impact is already built into guidance and will benefit the full year. He confirmed that roofing is likely to remain the primary focus for capital deployment in 2025 due to high market activity, though prospects exist across all segments.

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    Scott Fletcher's questions to WELL Health Technologies (WHTCF) leadership

    Scott Fletcher's questions to WELL Health Technologies (WHTCF) leadership • Q1 2025

    Question

    Scott Fletcher of CIBC asked for details on the key assets contributing to the strong organic growth in the WELLSTAR business. He also sought clarification on whether WELLSTAR's M&A pipeline remains primarily Canadian-focused, despite the mention of potentially offering its software in the U.S. market.

    Answer

    Chairman and CEO Hamed Shahbazi attributed WELLSTAR's consistent growth to strong performance across its key divisions, including the EMR group (Oscar, AwareMD), OceanMD, and the billing/back-office segment. He confirmed that while there is a long-term vision to expand WELLSTAR internationally, its current M&A pipeline is almost exclusively focused on strategic Canadian assets to build further scale and fill gaps in its domestic platform.

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