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 and Head of Research, Partner, and Dimitry Khmelnitsky, Vice President, Partner, Head of Accounting & Special Situations
Our recommendations to Buy stocks have outperformed the S&P/TSX Composite by more than 300 basis points, while the Sells 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.
Brookfield: Follow the Cash
Dimitry Khmelnitsky, our Vice President and Head of Accounting & Special Situations, will deliver a 1-hour seminar covering the parent Brookfield Corp., Brookfield Asset Management Ltd. and his work on Brookfield Business Partners LP, Brookfield Infrastructure Partners LP and Brookfield Property Group.
• Understand the underlying earnings/cash flows of each entity.
• Question the quality and sustainability of key performance metrics, including Fee Related Earnings, Funds From Operations and Distributable Earnings. For instance, BN's Q3-F23 Distributable Earnings Before Realizations declined by 3% YoY while Operating FFO dropped by 38%.
• Break apart related party fees and scrutinize how to value them.
• Evaluate the growing materiality of related party transactions on performance metrics.
• Learn the flammable items Dimitry is most concerned about. For instance, BN continues to draw material cash distributions from BPG despite its FFO shortfalls.
Dimitry Khmelnitsky, Veritas Vice President and Head of Accounting & Special Situations
Lunch and Learn ($499)
Dec. 5 from noon to 1:30 PM ET (at Veritas in Toronto).
Dec. 7 from 2:00 to 3:15 PM ET
Our Track Record
Our Rating System
Our recommendation system has three tiers:
Buy, Reduce and Sell.
A Buy is expected to generate a meaningful positive return or outperform our analyst’s sector coverage over the next 12 months, while a Reduce is expected to underperform our analyst's sector coverage over that time, and a Sell is expected to generate a meaningful negative return.
Last year, we made 81 Buy recommendations and 53 Reduce/Sell recommendations, with the Buys outperforming the S&P/TSX composite index (including dividends) by 443 basis points, while our Sells underperformed the index by 591 basis points.
(December 31, 2021, to December 31, 2022)
See our Track Record page for calculation details.
Veritas Real Estate Investor Survey 2023
Heading for the Exit
October 5, 2023
As part of our Veritas 11th Annual Great Canadian Real Estate Conference, our Senior Financial Services Analyst Nigel D'Souza reviewed the results of our annual survey of real estate investors among our clients and followers.
A few highlights from this year's survey:
• There was a significant increase in investors who do not plan to purchase a property in the next 12 months;
• There also was a significant increase in investors who plan to sell (no sign of panic selling);
• More real estate investors are cash flow negative.
Veritas 23rd Anniversary
We want to take the time to thank all of our clients and supporters as we are celebrating our 23rd anniversary this month at Veritas Investment Research. The team at Veritas Investment Research is incredibly proud to have advised thousands of individual institutional investors, financial advisors, regulators, academics and private investors over the years. We have pushed companies to change their accounting and disclosures because of our findings; published over 10,000 reports, videos and newsletters; testified many times in court and for regulators; trained thousands of individuals on accounting complexities; certified numerous CPAs and CFAs; and all along, stayed independent and employee-owned. Thank you!
November 28, 2023
Franco Nevada analyst on Panama Court ruling against First Quantum
Martin Pradier, our Materials Analyst, joined BNN Bloomberg to discuss the impact of the shutdown of the Cobre Panama mine on Franco-Nevada Corp. "It's their single biggest holding. The reality is that now we're going into a situation where First Quantun (owner of the mine) will sue the government of Panama, and they'll go to an arbitration court that will take time. In the meantime, there will be a new president of Panama. You're looking at years before something is resolved."
BCE Inc. - Communication Services
Toronto Dominion Bank - Financials
Royal Bank of Canada - Financials
Canadian Imperial Bank of Commerce - Financials
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.
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