Our Mission is to Seek the Truth from the Facts
Veritas is Canada's Leading
Independent Equity Research Firm
Empowering Investors for 25 Years
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 appropriate for all types of investors.
Contact our Sales Team to discuss your equity research needs. Contact Sales
Congratulations
TopGun Award
Dimitry Khmelnitsky, our Head of Accounting & Special Situations, has been awarded a TopGun sell-side analyst award for 2024-2025 by Brendan Wood International.
This means he was ranked in the top decile of world standards by our clients.
According to Brendan Wood, he was the #3 ranked Analyst for Special Situations in Canada in 2020, #1 in 2019 and #3 in 2018.
Thank you to all our clients for voting for him!
Veritas Research Awards
Congratulations to the Winners
It's always great to meet the next generation of investment professionals.
We were proud to welcome students from the University of Toronto's Mississauga campus MGT231 class with Professors Tanya Kirsch and Jenny Gao in March and help judge the First Annual Veritas Research Awards.
We helped create the assignment in which groups of students had to perform a financial statement and valuation analysis on a public company through a video presentation and supporting documentation. Our Head of Research, Dan Fong, helped judge the top three groups that presented on Aritzia Inc. (TSX: ATZ), Lululemon Athletica Inc. (Nasdaq: LULU), and Coca-Cola Co (NYSE: KO).
The winners were Norman Pitt, Emily Yu, and Ashly Jimenez of Team Coca-Cola! We also shared a little about what life is like for a Veritas analyst and all had lunch together. Thanks for the visit!
V-List Model Portfolio Performance
What is the V-List?
The V-List is a concentrated portfolio of 12 to 25 companies recommended by our analysts 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. Bottom-up fundamental analysis and a strict review of accounting and disclosure practices identify companies with defensible competitive advantages and the ability to generate meaningful cash flow. The V-List is equal-weighted and rebalanced at the end of each month or based on a change in recommended holdings.
The V-List has outperformed the S&P/TSX Composite Index by 287 basis points (as of March 31, 2025, from inception on October 31, 2004).
It's a very big year for Veritas. In October, we celebrate turning 25!
Veritas Investment Research started out by writing a few impactful reports per year about hidden risks inside Bay Street's stock market darlings, such as Nortel Networks. A quarter of a decade later, we have a full research staff that publishes almost 1,000 reports, videos, and newsletters annually, covering almost 90% of the TSX 60 market cap. If you're a client, you may have heard Founder, President and CEO Anthony Scilipoti tell the story already, but 25 years ago, when he and his founding partners were starting our firm, the lawyer handling the incorporation advised them against it. "You're aware that people don't pay for research, aren't you?" It turned out that the lawyer was about as wrong as all those long-term BUYs on Nortel.
March 21. 2025
Telus shares tumble on Bank of America downgrade over leverage and dividend payout concerns
Telus Corp. (NYSE: TU, TSX: T) shares lost 5% Friday on a downgrade from Bank of America due to leverage concerns. Our clients had a much earlier warning.
As Liam Gallagher, our Associate Analyst for Communication Services & Information Technology, wrote in a February 4 report, Telus increased its dividends at an 11% CAGR from FY2019 to FY2024, while cash flow from operations before working capital and non-recurring items only grew by 5% CAGR. This resulted in annual dividend obligations of ~$2.3 billion in F24, while only generating $1.6 billion in Veritas adjusted free cash flow (FCF). By Liam's calculations, Telus's dividend payout ratio was 140% in FY2024, will rise to 148% in FY2025, and will decline to 103% in FY2027 in an optimistic scenario.
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Metro Inc - Consumer Staples
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Barrick Gold Corp. - Materials
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ARC Resources Ltd. - Energy
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Canada Goose Holdings Inc. - Consumer Discretionary
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