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    Stephanie Price

    Research Analyst at CIBC World Markets

    Stephanie Price is an Executive Director and Senior Equity Analyst at CIBC World Markets, specializing in Technology sector research with a focus on companies such as CGI, TELUS International, MAXAR Technologies, and Enghouse Systems. She covers a portfolio of 39 stocks and maintains a performance track record that includes a 57.94% success rate with an average return per transaction of 9.2%, as well as a price target met ratio of 51.79% and an average price target upside of 14.89%. Price began her analyst career prior to joining CIBC and has been recognized for her recommendations—most notably, her top-performing call on MAXAR Technologies in 2021 generated an 8.7% return in four days. She is a licensed securities analyst with professional registration and is frequently featured in industry commentary and institutional market updates.

    Stephanie Price's questions to OPEN TEXT (OTEX) leadership

    Stephanie Price's questions to OPEN TEXT (OTEX) leadership • Q4 2025

    Question

    Stephanie Price of CIBC World Markets questioned where the company is focusing its investments and sees the most opportunity, and also asked for an update on the expanded restructuring plan's progress and timeline.

    Answer

    CEO Mark J. Barrenechea identified Content, Security, and OSM as areas expected to outperform in fiscal 2026. On restructuring, he confirmed the plan is on schedule, with 35% of savings realized in FY25, another 35% expected in FY26, and the remainder in FY27. He noted that early progress on people restructuring has enabled reinvestment into sales and product development.

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    Stephanie Price's questions to OPEN TEXT (OTEX) leadership • Q3 2025

    Question

    Stephanie Price inquired about the expanded $400 million restructuring plan, asking if the savings would be additive to margins or reinvested, and sought details on the drivers behind the organic decline in the customer support business.

    Answer

    CFO Chadwick Westlake stated that more clarity on the restructuring's margin impact would come in Q4, with savings realized across fiscal '26 and '27. CEO Mark Barrenechea linked the plan directly to an 'AI first' strategy, targeting roles that can be automated. Regarding customer support, Barrenechea attributed the decline to ITOM/ADM license performance, the DXC contract, and FX, but noted that core metrics are positive and the off-cloud renewal rate would be improving without the DXC impact.

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    Stephanie Price's questions to OPEN TEXT (OTEX) leadership • Q2 2025

    Question

    Stephanie Price of CIBC inquired about OpenText's AI investment strategy in light of lower-cost LLMs and asked for an expansion on the company's evaluation of strategic alternatives for capital allocation.

    Answer

    CEO and CTO Mark Barrenechea responded that OpenText welcomes and will benefit from the trend of lower-cost language models. Regarding strategy, he stated that with margins secured, the top priority is now growth. In parallel, the company will evaluate strategic opportunities like acquisitions or divestitures to unlock value in its business units, complementing its focus on organic growth and capital return.

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    Stephanie Price's questions to OPEN TEXT (OTEX) leadership • Q4 2024

    Question

    Stephanie Price requested more detail on Micro Focus's organic growth performance in fiscal 2024 and asked about the sources of savings from the recent restructuring and why the resulting margin benefit wasn't larger.

    Answer

    President, CFO and Corporate Development Madhu Ranganathan confirmed Micro Focus met its plan and achieved organic growth for the year, driven by strong renewal performance. She explained that restructuring savings came from talent and regional optimization, but the net margin benefit reflects a significant reinvestment to hire 800 new positions in sales and services to fuel future growth. CEO Mark J. Barrenechea added that the ex-AMC Micro Focus business has a low-30s adjusted EBITDA starting point, making the uplift to the FY25 target more substantial than it appears.

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    Stephanie Price's questions to BCE (BCE) leadership

    Stephanie Price's questions to BCE (BCE) leadership • Q2 2025

    Question

    Stephanie Price inquired about the components of BCE's revised guidance, seeking to understand the specific impact of the Zipline acquisition versus other adjustments, and followed up on the free cash flow ramp for 2025.

    Answer

    EVP & CFO Curtis Millen explained that Zipline's performance is outperforming their initial investment case and the revised guidance reflects the combined company's outlook, not a simple addition. He clarified that the free cash flow guidance midpoint represents the Canadian business expectation with the Zipline impact layered on top.

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    Stephanie Price's questions to BCE (BCE) leadership • Q2 2025

    Question

    Stephanie Price from CIBC World Markets inquired about the components of BCE's revised 2025 guidance, seeking to understand the specific impact of the Zipline Fiber acquisition versus other adjustments, and asked for commentary on the free cash flow ramp.

    Answer

    EVP & CFO Curtis Millen explained that Zipline Fiber is outperforming their initial investment case and the revised guidance reflects the combined company's performance, not a simple addition. He clarified that the midpoint of the free cash flow guidance represents the Canadian business expectation with the Zipline impact layered on top.

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    Stephanie Price's questions to BCE (BCE) leadership • Q2 2024

    Question

    Stephanie Price inquired about the financial impact of BCE's initiatives with ServiceNow, AI, and automation, asking if these are included in original cost-saving plans or are additive, and what the potential magnitude and timing of these benefits might be.

    Answer

    CEO Mirko Bibic explained that the ServiceNow partnership drives both internal efficiencies and new enterprise revenue streams. CFO Curtis Millen clarified that benefits from these initiatives are incremental to the $150-$200 million in savings from the February workforce restructuring, which remains on track. While Mirko Bibic cited $20 million in Q2 labor savings from AI, he did not provide a specific future quantum for these new initiatives.

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    Stephanie Price's questions to TELUS (TU) leadership

    Stephanie Price's questions to TELUS (TU) leadership • Q2 2025

    Question

    Stephanie Price of CIBC World Markets requested a breakdown of the interest savings versus rent payments in the tower deal and asked about the strategy for reintroducing 5G plans to the Kudo flanker brand.

    Answer

    EVP & CFO Doug French explained the net positive cash flow comes from interest savings plus co-location revenue offsetting lease payments. EVP & President of TELUS Consumer Solutions, Zainul Mawji, detailed that reintroducing 5G to Kudo was a strategic decision based on monetizing other value drivers to align with AMPU objectives and customer value perception.

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    Stephanie Price's questions to TELUS (TU) leadership • Q2 2025

    Question

    Stephanie Price requested a breakdown of the interest savings versus rent payments in the tower deal and asked about the strategy for reintroducing 5G plans to the Kudo flanker brand.

    Answer

    EVP & CFO Doug French stated that the combination of interest savings and co-location revenue offsets the lease payments, making the deal cash flow positive. Zainul Mawji, EVP & President of TELUS Consumer Solutions, explained that the Kudo 5G reintroduction was a strategic decision based on monetizing various value drivers beyond just speed, aligning with customer value perception and AMPU objectives.

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    Stephanie Price's questions to TELUS (TU) leadership • Q1 2025

    Question

    Stephanie Price inquired about the key drivers behind TELUS Health's strong Q1 revenue and EBITDA growth, the strategic value of the Workplace Options acquisition, and the long-term vision for the health segment, including potential monetization milestones.

    Answer

    EVP & CFO Doug French and President & CEO Darren Entwistle responded, attributing the growth primarily to organic performance, which constituted 26% of the 30% EBITDA growth. They also cited accretive tuck-in acquisitions, record bookings, and accelerating cross-sell synergies from the LifeWorks integration. French highlighted that Workplace Options is a high-growth, immediately accretive asset that adds a strong client base and digital capabilities. They confirmed that monetization opportunities will be evaluated as the business continues to scale and evolve.

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    Stephanie Price's questions to TELUS (TU) leadership • Q4 2024

    Question

    Stephanie Price of CIBC asked about the expected payout ratio by 2027 following the removal of the Dividend Reinvestment Plan (DRIP) and sought clarification on the term 'ratcheting down the DRIP' in 2026. She also inquired about the strategy and customer uptake for TELUS's move into the Ontario Internet market.

    Answer

    EVP and CFO Doug French stated the payout ratio is expected to remain within their target range of 60% to 75% in 2027. President and CEO Darren Entwistle suggested that 'ratcheting down' in 2026 could be modeled as a 'half a step' toward the full removal. Zainul Mawji, EVP, described the Ontario Internet strategy as a 'marathon, not a sprint,' focused on profitable growth by targeting niches where customers desire bundled services, rather than pursuing dilutive offers.

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    Stephanie Price's questions to TELUS (TU) leadership • Q2 2024

    Question

    Stephanie Price inquired about the potential for a monetization event for TELUS Health and if the strategy for growth businesses has changed given the TELUS Digital experience.

    Answer

    CEO Darren Entwistle confirmed a monetization event for TELUS Health is still planned for the medium-term, contingent on the business earning it through strong organic performance. He highlighted TELUS Health's return to mid-single-digit revenue growth, over 30% EBITDA contribution growth, and significant progress on synergy realization ($297M of a $427M target), expressing confidence in its upside.

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    Stephanie Price's questions to TELUS International (Cda) (TIXT) leadership

    Stephanie Price's questions to TELUS International (Cda) (TIXT) leadership • Q2 2025

    Question

    Stephanie Price from CIBC World Markets inquired about the specific drivers of margin pressure, including which business lines are most affected, and asked for details on the Q2 restructuring charge and expectations for the remainder of the year.

    Answer

    Acting CEO Jason Macdonnell identified the Customer Experience and Content Moderation service lines as facing the most pressure from competitive pricing and labor cost inflation. He outlined mitigation strategies including AI implementation, improved workforce management, and disciplined, outcome-based pricing. CFO Gopi Chande explained the Q2 restructuring charge was primarily due to a client rebalancing in Europe and ongoing efficiency programs. She noted no further major rebalances are currently expected.

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    Stephanie Price's questions to TELUS International (Cda) (TIXT) leadership • Q1 2025

    Question

    Stephanie Price requested more detail on the growth observed with the company's third-largest client, a leading social media provider, particularly concerning diversification across service lines and geographies.

    Answer

    Executive Jason Macdonnell explained that service line diversification with this client includes a mix of trust and safety, AI data annotation, and project-based large language model (LLM) development. Geographically, he noted that while most expansion has occurred within Europe to leverage diverse language capabilities, the company also sees emerging opportunities in Central America and the Asia Pacific region.

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    Stephanie Price's questions to TELUS International (Cda) (TIXT) leadership • Q4 2024

    Question

    Stephanie Price inquired about the key assumptions for pricing and demand embedded in the 2% revenue growth guidance for 2025, and also asked about the capabilities required to win client consolidation events.

    Answer

    Gopi Chande, CFO, explained the 2% growth guidance balances opportunities in digital solutions against volatility in CX Trust & Safety, noting that pricing is stabilizing. Jason Macdonnell, Acting CEO, added that cost efficiencies enable more competitive pricing. Regarding consolidation, Macdonnell highlighted that success depends on the client relationship, service diversity, historical performance, and geographic agility, with customer experience and talent being the most critical factors.

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    Stephanie Price's questions to TELUS International (Cda) (TIXT) leadership • Q2 2024

    Question

    Stephanie Price inquired about the delays in cost efficiency initiatives and whether the noted increase in average salaries was specific to AI talent or more broad-based.

    Answer

    CFO Gopi Chande explained that the global rollout of certain cost initiatives is taking longer than expected due to regional complexities. Regarding salaries, she confirmed that broad wage inflation, a challenge faced by peers, is impacting costs. The company is addressing this by optimizing service delivery locations with clients and increasing internal automation to absorb the pressure.

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    Stephanie Price's questions to CGI (GIB) leadership

    Stephanie Price's questions to CGI (GIB) leadership • Q3 2025

    Question

    Stephanie Price asked for the outlook on constant currency organic growth for the remainder of the year and whether a floor has been reached, and also inquired about CGI's strategy for its Momentum ERP platform.

    Answer

    President and CEO François Boulanger stated his belief that organic growth is at a floor, though a full recovery depends on macroeconomic certainty, particularly around tariffs, which could take a few more quarters. Regarding the Momentum ERP, he expressed confidence that the U.S. government's decision to standardize on two approved ERP solutions, with Momentum being one, will create significant new opportunities for CGI to win share.

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    Stephanie Price's questions to ROGERS COMMUNICATIONS (RCI) leadership

    Stephanie Price's questions to ROGERS COMMUNICATIONS (RCI) leadership • Q2 2025

    Question

    Stephanie Price from CIBC World Markets asked about the impact of wireless roaming on service revenue, the evolution of the company's travel pass offerings, and the contribution of out-of-footprint fixed wireless expansion to Cable segment growth.

    Answer

    CFO Glenn Brandt acknowledged that reduced travel to the U.S. impacted roaming revenue but noted new international travel passes are performing well in early days. President & CEO Tony Staffieri added that while not disclosing a specific split, the 5G home internet product is resonating well both in and out of footprint, with its value proposition enhanced by the Xfinity suite of products.

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    Stephanie Price's questions to Docebo (DCBO) leadership

    Stephanie Price's questions to Docebo (DCBO) leadership • Q1 2025

    Question

    Stephanie Price followed up on the AWS topic, asking for the total ARR represented by all Amazon contracts and the expiration dates for the remaining use cases. She also inquired about capital allocation priorities, particularly the balance between share buybacks and M&A, following the announcement of a new credit facility.

    Answer

    CFO Brandon Farber stated the other Amazon contracts are for smaller use cases, each in the low six-figure range, and are considered immaterial. Regarding capital allocation, he emphasized the company is operating from a position of strength and the new credit facility provides flexibility to simultaneously pursue its three priorities: investing in the business, share repurchases, and M&A.

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    Stephanie Price's questions to Docebo (DCBO) leadership • Q4 2024

    Question

    Stephanie Price of CIBC Capital Markets asked about the Q1 guidance, noting it seemed to deviate from typical seasonal patterns, and also inquired about the current enterprise demand environment.

    Answer

    Interim CFO Brandon Farber explained the Q1 margin guidance is affected by having two fewer revenue days than Q4 and by seasonal cost increases, such as employee benefits resetting. CEO Alessio Artuffo added that the enterprise demand environment remains very healthy, with a strong pipeline for deals over $500k ACV and customers consistently bringing multiple use cases to the table.

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    Stephanie Price's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership

    Stephanie Price's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership • Q4 2025

    Question

    Stephanie Price asked for a comparison to customer behavior during the 2008 financial crisis and inquired about the growth and investment plans for the MacroPoint business.

    Answer

    CEO Ed Ryan recalled that in 2008, shipment volumes only fell about 8% as essential goods continued to move, and the downturn created excellent acquisition opportunities. He highlighted that MacroPoint's growth is driven by superior tracking rates (85-90%) from its network-based approach, and investments are focused on enhancing the software for large retailers and manufacturers to expand into the shipper market.

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    Stephanie Price's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership • Q4 2025

    Question

    Stephanie Price of CIBC asked for historical context on customer behavior during volatile periods like 2008 and requested an update on the growth and investment strategy for the MacroPoint business.

    Answer

    CEO Ed Ryan recalled that during the 2008 downturn, shipment volumes only fell about 8% as essential goods continued to move. He emphasized that such challenging periods historically created excellent acquisition opportunities that fueled future growth. Regarding MacroPoint, he stated it continues to perform very well, gaining market share due to superior shipment track rates (85-90%) compared to competitors, with ongoing investments focused on enhancing the software for large retailers and manufacturers.

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    Stephanie Price's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership • Q2 2025

    Question

    Stephanie Price of CIBC asked for more detail on the GroundCloud hardware refresh and the confidence level in its completion by Q3. She also inquired about the M&A landscape for larger-scale deals.

    Answer

    CEO Ed Ryan explained the hardware refresh was driven by a successful AI camera promotion that saw high customer uptake, and while they expect it to be largely done in Q3, continued activity would be positive. On larger M&A, he noted that they are often less attractive due to high valuations from private equity roll-ups of businesses Descartes had previously passed on.

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    Stephanie Price's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership • Q2 2025

    Question

    Stephanie Price asked for more details on the GroundCloud AI camera hardware refresh and the company's confidence in its Q3 completion. She also inquired about the M&A landscape for larger deals.

    Answer

    CEO Edward Ryan stated that the hardware refresh, tied to a two-year deal for new AI cameras, saw surprisingly strong uptake and is expected to be largely complete in Q3. Regarding M&A, he explained that while Descartes evaluates larger deals, they are often less attractive as they can be private equity roll-ups of businesses Descartes previously passed on at what they considered inflated prices.

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    Stephanie Price's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership • Q1 2025

    Question

    Asked for an update on the e-commerce business, the role of Amazon Logistics, and whether the company's long-term growth targets should be raised given recent outperformance.

    Answer

    The company highlighted strong growth in its e-commerce segment, driven by small and medium-sized e-tailers. Regarding targets, the CFO stated that while they have consistently outperformed their 10-15% adjusted EBITDA growth target, they plan to maintain it and continue to strive to overachieve, viewing it as a consistent goal.

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    Stephanie Price's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership • Q1 2025

    Question

    Stephanie Price requested more detail on trends in the e-commerce business, including the impact of Amazon Logistics, and asked about the potential to raise the long-term 10-15% adjusted EBITDA growth target given recent outperformance.

    Answer

    CEO Ed Ryan explained that the core of their e-commerce growth comes from small- and medium-sized e-tailers, a segment that continues to perform very well. He noted that shifts among large carriers like Amazon Logistics don't significantly impact this core business. CFO Allan Brett addressed the growth target, stating that while the company has consistently overperformed, with a 10-year average of 18%, they plan to maintain the 10-15% target and strive to exceed it. He applied similar logic to the 40-45% EBITDA margin range, indicating they would need to operate above it for several quarters before considering an increase.

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    Stephanie Price's questions to QUEBECOR MEDIA (QBCRF) leadership

    Stephanie Price's questions to QUEBECOR MEDIA (QBCRF) leadership • Q2 2023

    Question

    Stephanie Price of CIBC asked about the network build-out strategy for regions outside Freedom's current footprint, questioning the initial focus between coverage and quality. She also inquired about the importance of FTTH wholesale access, given the company's existing agreement with Rogers.

    Answer

    CFO Hugues Simard explained they are pursuing both network expansion and quality improvements, with future build-out decisions to be based on economics. President and CEO Pierre Karl Péladeau emphasized that gaining FTTH access is a matter of fairness and is important for competing effectively, even if not having it wouldn't be a complete roadblock.

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    Stephanie Price's questions to QUEBECOR MEDIA (QBCRF) leadership • Q4 2022

    Question

    Stephanie Price from CIBC asked for details on the Q4 wireless promotional environment, the performance mix of the Videotron and Fizz brands, and wireless churn trends. She also inquired about the forward-looking run rate for CapEx in Québec and plans for 5G and DOCSIS 4.0 investments.

    Answer

    CFO Hugues Simard explained that the Q4 wireless promotional intensity was seasonal and not materially different from previous years. He noted wireless churn was slightly elevated in Q4, as is typical, but has since normalized in Q1. Simard highlighted that wireline churn remained stable and that the company's focus on profitability led to an improved wireline margin. On capital expenditures, he projected a stable run rate for 2023, similar to the 2022 level of around $450 million for telecom, reflecting greater discipline and efficiency. He also confirmed that Quebecor is actively working on DOCSIS 4.0.

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    Stephanie Price's questions to QUEBECOR MEDIA (QBCRF) leadership • Q2 2022

    Question

    Stephanie Price from CIBC asked about the wireline competitive landscape, specifically how Quebecor competes with fiber offerings and whether fiber and fixed wireless are part of its long-term strategy in Quebec.

    Answer

    President and CEO Pierre Peladeau highlighted the 'Operation High Speed' project, which is connecting 37,000 homes with fiber. CFO Hugues Simard added that competing with fiber is not new, as their network has an 87% overlap with their competitor's fiber, and they have competed successfully for years. Peladeau emphasized that pricing, not technology, is the primary competitive driver.

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