In short: Pro pick. A 20-year growth-by-acquisition compounder at its lowest since 2023 on softer US organic growth, a CEO transition and AI fear. "We're not seeing it in the results and the numbers… we will make a lot of money from here."
Stantec is a Canadian engineering and design consultancy — it plans and engineers buildings, water systems, roads and infrastructure — and for 20-plus years it grew steadily by acquiring smaller firms. The stock is now at its lowest since 2023 after a triple hit: slightly slower organic growth in its US business, a CEO handover, and the general fear that AI will replace professional-services work.
Aitken's counter is that none of the damage shows up in the actual results. The stock was expensive at its peak, which set expectations too high, so growth "a few percentage points" below hopes was enough to break the story in investors' minds. He notes rivals WSP and AtkinsRéalis are in the same boat — he picked Stantec as the cleanest way to own the setup.
He also pushes back on the idea that the fix is more acquisitions: private equity has bid up the price of deals, and "we don't want to see Stantec or anybody just do acquisitions for the sake of acquisitions." His verdict: "we will make a lot of money from here."
46:01So kind of some similarities with Boyd, that Stantec really for 20 plus years has been one of those terrific growth stories, growth by acquisition. It's had a big fall from grace in the market in the last year or so. But again, we're pretty close to these management teams. We're not seeing it in the results and the numbers.
In short: Not owned; the WSP peer he "favours at the outset" for better returns on capital. Same fiscal tailwind + AI overhang; both need the next big infrastructure push to move again.
48:33The other one that we look at where we would put together with this is Stantec, which is similar chart, similar dynamic, similar tailwinds. I
48:40think Stantec's returns on capital are a bit better. So, we kind of favor that at the outset. But to get these moving again, you probably have to
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