Empowering Investors for over 20 years
Veritas is Canada's Leading
Independent Equity Research Firm
Our Mission is to Seek the Truth from the Facts
Darryl McCoubrey, Vice President, Partner, Utilities & Infrastructure Analyst, and Dimitry Khmelnitsky, Vice President, Partner, Head of Accounting & Special Situations
We Outperform
Our recommendations to Buy stocks have outperformed the S&P/TSX Composite by more than 300 basis points, while the Sell recommendations have underperformed by more than 400 basis points since March 1999.
Find out more about our Track Record.
We Are Independent
We provide investment research you can trust. We do not have investment banking or trading revenue or biases. That means we are only paid by the clients who read our research or receive our training. We call it the Veritas Way.
Find out more about our Investment Approach.
We Stand Up For Investors
We are the voice of investors and study accounting like no other. We have served on national and international accounting standards and regulatory advisory boards, taught at business schools and regularly are cited by major media outlets.
Find out more about Our Team.
We have many subscription options.
Contact our Sales Team to discuss your equity research needs. Contact Sales
Our Track Record
What is the V-List?
Veritas' track record is measured through our V-List, a model portfolio that has outperformed the S&P/TSX Composite Index by 331 basis points annually (as of September 30, 2024, from inception on October 31, 2004).
The V-List is a concentrated portfolio of 12 to 25 companies recommended by Veritas Investment Research as the best investment opportunities drawn from our firm’s research.
Stocks are selected based on their liquidity, lower volatility and potential for long-term capital appreciation, using bottom-up fundamental analysis and a strict review of accounting and disclosure practices to identify companies with defensible competitive advantages and the ability to generate meaningful cash flow.
V-List Model Portfolio vs S&P/TSX Index Since 2004 Inception
Returns greater than 1-year are presented as compound annual growth rates. *V-List inception October 30, 2004.
V-List 2024: Outlook and Positioning - August Update
In this video, Darryl McCoubrey, our Head of Research, and Nigel D'Souza, our Financial Services Analyst, both members of our V-List Committee, discuss our Veritas V-List's performance in 2024 and update its positioning as of July 31.
"Generally, our portfolio tends to be more defensively oriented, particularly in recent periods due to elevated macro-economic uncertainty," Nigel said. "That said, our allocation to defensive sectors, such as staples, utilities or cash, has declined in recent months, and that's driven off a removal of two Alberta power names, Capital Power Corp. (TSX: CPX) and TransAlta Corp. (TSX: TA), due to rating downgrades by the covering analyst." We still have exposure to cyclical names if macroeconomic conditions improve, he added.
Veritas Special Report
Report on Dividends
Mid-2024 and Prospects for 2025
Special 50% Discount Offer
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We issued our first Report on Dividends in January, and it proved so popular with our clients that we have decided to follow up with a mid-year report.
The first report identified 19 sustainable dividend growth companies that we favoured as BUY-recommended stocks and four companies with dividends we advised investors to be cautious about.
In our new dividend report, we have added four new names and removed three of them from the list of sustainable dividend growth names.
We also added two more names to the list of dividends to be cautious about. For these names, we are not necessarily forecasting a dividend cut, only that investors need to be mindful of company-specific risks.
Subscribe to independent research today!
Our new dividend report covers Communications Services, Tech, Financial Services, Consumer Staples and Discretionary, Materials, Utilities and Infrastructure, Brookfield companies, REITs, Energy, and Diversified Industrials.
Showcasing Independent Research
Here is the replay from our Veritas Virtual Open House earlier this year. In it, you will meet our Co-founder and CEO, Anthony Scilipoti, and learn a little more about his vision for independent research and why it's so important to investors. You'll also meet Darryl McCoubrey, our Head of Research, to learn a little more about the Veritas methodology behind our investment research and what goes into making our investment recommendations.
Finally, you'll meet two of our analysts, Dan Fong and Shalabh Garg, who share some of their past successful picks and views on their sectors. Please contact sales if you'd like to learn more about subscribing to our research.
October 4, 2024
Our copper outlook continues to be bearish: Pradier
Our Materials Analyst, Martin Pradier, remains bearish on copper, despite China's recent economic package. "I think [China's latest stimulus] is a step in the right direction, but it won't be enough to revive the housing market, which has a lot of problems. For thirty years, it was a great investment to invest in housing, but they built too much. People are very leveraged," Martin said on BNN Bloomberg.
For years, investors would give 50% to 60% of their money upfront to developers in China. With 34 out of the 50 largest developers there in default, many investors are going to be left hanging. There are also 90 million houses unoccupied because they were investments. "That's the same as the whole of Brazil." As for copper, China accounts for 57% of the world's consumption, and given that real estate is such a big part of China's copper consumption, he expects copper prices to weaken further over the next one to two years.
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Toronto Dominion Bank - Financials
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Agnico Eagle Mines Ltd. - Materials
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ARC Resources Ltd. - Energy
Our Affiliated Companies
The Veritas Group of Companies
Veritas Investment Research Corp., Veritas Asset Management Inc. and The Veritas Foundation
are owned by the Veritas Group of Companies, which is 100% employee-owned.
Veritas Asset Management Inc.
Veritas Asset Management was founded on the belief that superior research leads to better investment decisions. Our funds capitalize on the successful research of our affiliate Veritas Investment Research Corp.
Sam LaBell, Veritas Asset Management Advising Representative, Director
Our portfolios offer concentrated, high-conviction positions in companies identified through our research and due diligence work, applying a disciplined and systematic selection process.
Through our research, we identify opportunities to profit from mispriced securities, either by buying top-quality companies for long-term capital appreciation or through long-short hedging strategies. While our portfolios are primarily focused on Canadian equities, our portfolio managers also consider opportunities beyond Canada.
Veritas Foundation
The Veritas Foundation aims to be Canada's authoritative source for participating in the country's charitable sector and evaluating its effectiveness and impact. Our vision is to foster a thriving Canadian charitable sector.
Mark S. Bonham, Veritas Foundation Executive Director