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    Stephen MacLeod • BMO Capital Markets

    Stephen MacLeod's questions to Gildan Activewear Inc (GIL) leadership

    Stephen MacLeod's questions to Gildan Activewear Inc (GIL) leadership • Q2 2025

    Question

    Stephen MacLeod from BMO Capital Markets requested color on the components of Activewear growth, such as POS trends by product type, and asked for specifics on new products launching in the second half of the year.

    Answer

    President & CEO Glenn Chamandy attributed the 12% Activewear growth to the success of its brand strategy, including Gildan Soft Cotton, Comfort Colors, American Apparel, and new brands All Pro and Champion. EVP & COO Chuck Ward added that new product launches are occurring across all channels, including distributors, national accounts, and large retailers. Glenn Chamandy emphasized these programs are meaningful and will drive growth in the back half of the year.

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    Stephen MacLeod's questions to Gildan Activewear Inc (GIL) leadership • Q1 2025

    Question

    Stephen MacLeod of BMO Capital Markets asked about quarter-to-date sales trends in the North American distributor channel and sought more details on plans to expand manufacturing capacity in Central America.

    Answer

    EVP and COO Chuck Ward described an accelerating sales trend through Q1 that has continued into April. EVP and CFO Luca Barile reiterated the Q2 guidance for mid-single-digit revenue growth. President and CEO Glenn Chamandy explained that capacity expansion in Central America would likely involve leveraging existing structures for speed and cost-efficiency. He noted strong customer interest driven by a need to secure supply chains away from Asia, supporting a strong business pipeline into 2026.

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    Stephen MacLeod's questions to Gildan Activewear Inc (GIL) leadership • Q4 2024

    Question

    Stephen MacLeod requested an update on the ramp-up of the Bangladesh manufacturing facility, including its Q4 2024 exit run rate and plans for Phase 2 investment. He also asked about the impact of recent distributor consolidation on industry dynamics.

    Answer

    President & CEO Glenn Chamandy confirmed the Bangladesh facility exited 2024 at a 75% run rate and is expected to be near 100% by the end of Q2 2025. EVP & CFO Rhodri Harries added that future expansion will be capital-efficient as the core infrastructure is already in place. Regarding distributor consolidation, President Chuck Ward and CEO Glenn Chamandy viewed it as a net positive, expecting it to lead to brand consolidation within the channel, which will benefit Gildan.

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    Stephen MacLeod's questions to Gildan Activewear Inc (GIL) leadership • Q2 2024

    Question

    Stephen MacLeod requested specific POS performance data for Gildan versus the industry in fleece, Fashion Basics, and Basics. He also asked about the expected evolution of gross margin for the rest of the year and into the 3-year plan, and whether warm weather has impacted fleece sell-through.

    Answer

    CFO Rhodri Harries provided POS color, noting Gildan saw positive POS in Basics, mid-to-high single-digit growth in ring-spun, and low-to-mid-single-digit growth in fleece, outperforming the market in each. He confirmed gross margin is expected to remain strong. CEO Glenn Chamandy addressed the weather question, stating that while early July was soft, the key fleece selling season is still ahead and the company has a 'huge order book' it is actively working to fulfill.

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    Stephen MacLeod's questions to Colliers International Group Inc (CIGI) leadership

    Stephen MacLeod's questions to Colliers International Group Inc (CIGI) leadership • Q2 2025

    Question

    Stephen MacLeod requested details on the engineering business backlog for the remainder of the year and into 2026, and asked about the key drivers for fundraising in the second half of the year.

    Answer

    CFO Christian Mayer confirmed the engineering backlog remains robust, exceeding twelve months of revenue with a healthy mix of public and private sector projects. For fundraising, Mayer pointed to the successful launch of Harrison Street Fund X and the upcoming Basalt Fund V in Q4. CEO Jay Hennick added that with approximately 20 products in the market, including from the new RoundShield platform, they are optimistic about meeting their annual target.

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    Stephen MacLeod's questions to Colliers International Group Inc (CIGI) leadership • Q4 2024

    Question

    Stephen MacLeod followed up on the Engineering business, asking for color on its margin dynamics in Q1 and the expected evolution for the full year 2025. He also questioned if Investment Management margins could return to the mid-40% range by 2026 and what returns are being seen from recruiting investments in Real Estate Services.

    Answer

    CFO Christian Mayer explained that Engineering margins will see a full-year benefit from higher-margin acquisitions in 2025, expecting a ~150 basis point increase, and noted comparability differences with peers due to revenue reporting and accounting standards. Both Mr. Mayer and CEO Jay Hennick affirmed a path back to mid-40% margins for Investment Management, with Mr. Hennick detailing an aggressive strategy to streamline the business for long-term value, even at the cost of 2025 margins. On recruiting, Mr. Hennick stated they are already seeing returns through strong leasing results.

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    Stephen MacLeod's questions to Colliers International Group Inc (CIGI) leadership • Q2 2024

    Question

    Stephen MacLeod inquired about the new reporting structure, the drivers of Q4-weighted fundraising in Investment Management, and the on-the-ground sentiment and pipeline visibility for the Capital Markets business.

    Answer

    CFO Christian Mayer confirmed that pro forma historicals for the new segments will be provided with Q3 reporting. Chairman and CEO Jay Hennick explained that while fundraising pipelines are strong, conversions are slower, with large LPs re-upping but smaller ones reducing investments, leading to a slightly lighter forecast. CEO of Real Estate Services Christopher McLernon added that Capital Markets sentiment is improving with expected rate cuts, growing the pipeline for a gradual recovery into 2025, and noted that larger transactions are re-emerging.

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    Stephen MacLeod's questions to FirstService Corp (FSV) leadership

    Stephen MacLeod's questions to FirstService Corp (FSV) leadership • Q2 2025

    Question

    Stephen MacLeod of BMO Capital Markets asked about FirstService's confidence in the residential business returning to mid-single-digit organic growth, the long-term margin potential for the Brands division once organic growth accelerates, and the specific catalysts needed to clear the backlog in the roofing segment.

    Answer

    CEO D. Scott Patterson stated that budgetary pressures in the residential segment are normalizing, supporting a sequential improvement towards mid-single-digit organic growth starting in Q3. CFO Jeremy Rakusin explained that the Brands division would benefit from operating leverage as top-line growth returns, particularly in restoration and home improvement. Regarding roofing, Mr. Patterson cited interest rate and tariff uncertainty as causes for project deferrals but noted that bidding activity remains strong and a pickup has been observed in recent weeks.

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    Stephen MacLeod's questions to FirstService Corp (FSV) leadership • Q1 2025

    Question

    Stephen MacLeod inquired about FirstService's consolidated exposure to macroeconomic pressures, the nature of project delays in the Brands division, and the current M&A environment, including valuation multiples.

    Answer

    Executive Jeremy Rakusin quantified the company's macro exposure at approximately 20% of consolidated revenues, tied to home improvement and commercial development. Executive D. Patterson characterized commercial project delays as timing-related due to economic uncertainty, while residential slowdowns are linked to consumer confidence, noting strong home equity should fuel pent-up demand. Regarding M&A, Patterson stated that while some processes are deferred, the market remains active with stable multiples, and FirstService expects to complete transactions this year.

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    Stephen MacLeod's questions to FirstService Corp (FSV) leadership • Q4 2024

    Question

    Stephen MacLeod from BMO Capital Markets inquired about the visibility for easing budgetary pressures in the FirstService Residential business, the typical timeline for hurricane-related restoration work to convert to reconstruction, and the full-year top-line outlook for the Brands division.

    Answer

    D. Patterson (executive) explained that while residential pressures are normalizing, the recovery will flow through over a few quarters, but he expects full-year organic growth to match 2024. He noted that converting hurricane backlog to reconstruction work is taking longer, reducing near-term visibility. Jeremy Rakusin (executive) added that the Brands division is targeting mid-single-digit organic growth for the year.

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    Stephen MacLeod's questions to FirstService Corp (FSV) leadership • Q3 2024

    Question

    Stephen MacLeod inquired if high M&A multiples were specific to roofing or a broader trend. He also asked for a quantification of the drivers behind the strong Brands division margin and for more clarity on the potential for the $40 million Q4 storm-related revenue estimate to increase.

    Answer

    D. Patterson (executive) confirmed that high M&A valuations are 'high across the board' and not limited to roofing. Jeremy Rakusin (executive) specified that strong operating leverage in the restoration business accounted for 'more than half of the impact' on the Brands division's margin expansion. Regarding storm revenue, D. Patterson stated that while they expect reconstruction work to extend into 2025, it is currently 'very murky' to quantify any revenue beyond the initial $40 million Q4 estimate.

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