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
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
Veritas 12th Annual
Great Canadian Real Estate Conference
Real Estate Rumble 2024
Thursday, October 3, 2024
9 AM to 5 PM
At The National Club in Toronto
and Streaming Online
Canada's economy has been all about real estate for the better part of 30+ years. This past year has seen a reversal. Developers are going bust. Condo buyers can't close. Residential developments are mysteriously burning or being shelved. Alternative lenders are gating. Regulators are getting nervous. Borrowing remains expensive. Industrial and retail buildings are not transacting. Office vacancies are stubbornly high as people shun the office. Yet, prices are holding across many sectors even as inventories rise to 30-year highs.
Get Ready to Rumble: This year, we will feature a live debate:
Motion: Be it Resolved: Canadian house prices will fall over the next 12 months.
Don't miss the early bird discount!
For our conference, we carefully select on-the-ground industry experts who can give us the straight goods on both residential and commercial real estate market conditions.
Join us for what has been called the most relentlessly honest real estate conference in the country.
Giving Back
Buddies 31st Annual
Charity Golf Tournament 2024
Time's almost up. This is a final call to join our Buddies 31st Annual Charity Golf Tournament on September 15, which will raise funds for charities that support children with cancer. Let's swing into action and make this event legendary!
Date: Sunday, September 15, 2024
Time: 8:00 AM shotgun start
Format: Scramble best ball. Enter as an individual or as a foursome.
Location: Bethesda Grange Golf Course, 12808 Warden Avenue, Stouffville, ON L4A 7X5
Details: $150 per golfer (includes 18-hole green fees, power cart, official 2024 Buddies Open hat, golf awards, door prizes, and after-party). Hole sponsorship for $200 (includes signage creation and recognition on signage and the Buddies website). Or feel free to make a donation directly.
Register or Donate
Thank you again for your continued support!
History of the Buddies Open
In 1994, the North West Devils were awarded $500 for winning the Bill Bolton Consolation Men's Hockey Championship. Excited but not knowing what to do with the bounty, the team decided to use the funds for a golf tournament and BBQ. The event was so successful that it became a charitable ritual.
Nearly all the original Devils continue to participate in the tourney (though none have ever won), but much has changed. Most notably, the bachelors have become fathers, making their wives and children part of the Buddies.
Veritas employees and their families, as well as many of our clients and associates, have also joined.
To date, the Buddies tournaments have raised $125,000. For the September 2023 tournament, 112 donors raised a net $15,000 for Northern Ontario Families of Children With Cancer, Childhood Cancer Canada, Gilda's Club of Toronto, Pediatric Oncology Group of Ontario, Leucan, Nankind, Behind Greatness, Niagara Youth Need Sports, and Soul Summit Ventures.
Want to create your own charitable foundation? Visit our related organization The Veritas Foundation.
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.
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 July 31, 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.
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.
August 27, 2024
Gold jumped 22% this year, record highs
Martin Pradier, our Materials Analyst, joined Andrew Bell at BNN Bloomberg to discuss gold miners.
Gold stocks have made big moves this year, especially in the last quarter, following the price of gold higher. Martin talked about three of his preferred stocks, including Agnico Eagle Mines Ltd. (NYSE, TSX: AEM), Barrick Gold Corp. (NYSE: GOLD, TSX: ABX) and Lundin Gold Inc. (TSX: LUG).
All three announced new mining projects, but the one with the biggest impact is at Lundin Gold. Exploration success at Bonza Sur could lead to a 50% increase in production by 2030, Martin said. Maiden reserves are expected in early 2025, and a pre-feasibility study will follow.
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Dollarama Inc. - Consumer Staples
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Cenovus Energy Inc. - Energy
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Allied Properties REIT - REITs and Real Estate
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Teck Resources Ltd. - Materials
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