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
Advanced Accounting Training
NEW COURSES AVAILABLE
Flammable Items
and
Ethics in Accounting: The Thin Line
2025 Editions
For almost a quarter century, we have been training investors and business professionals to understand the complexities of accounting so that they can make better investment and business decisions.
Find out more about the detailed agendas, companies covered, dates and pricing of our upcoming webinars and in-person seminars.
Instructor: Dimitry Khmelnitsky, CPA, CA, Vice President, Head of Accounting & Special Situations. Through real-world examples and a forensic lens, his courses illuminate the hidden risks and opportunities within complex accounting practices.
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 318 basis points annually (as of October 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.
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.
November 22, 2024
CEO of the Year: All hail the almighty Dollarama
ROB Magazine excerpt: Making sure shoppers in Canada feel like they're getting their money's worth remains the CEO's primary focus. But he's also laying the groundwork for a future where Dollarama taps out here. That won't happen any time soon: Kathleen Wong, Veritas Investment Research Senior Analyst, Consumer Staples & Consumer Discretionary, says the company has plenty of runway left, adding it's still generating robust same-store sales growth while opening new locations. Even if Dollarama and Dollar Tree, its main rival, hit their targets for new store openings by 2030, Canada will still be underserved as measured by dollar stores per population versus the U.S.
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Lundin Gold Inc. - Materials
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Franco-Nevada Corp. - Materials
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Martinrea International Inc. - Consumer Discretionary
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Dollarama Inc. - Consumer Staples
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