In short: Introduced as the comparison for Colliers' engineering platform: "they have a business which is like WSP engineering. That's their growth platform. People worry about WSP as well." His rebuttal is the CAD precedent and it is the most portable argument in the segment: "I will go back 200 years when we did engineering for a bridge on paper, and then the computer came and we could have said with a computer we won't need the engineering companies. But then CAD, the software CAD came, and engineering work just continued to grow and grow and grow. So if AI helps engineering companies I think it's just going to make projects better and bigger and more beautiful hopefully, and so it will continue to grow." No position or rating on WSP itself.
49:16So maybe people think oh, you're not going to need a broker to find a lease. The internet has existed for a long time and still people do it. They have a business which is like WSP engineering. That's their growth platform. People worry about WSP as well. And again I will go back 200 years when we did engineering for a bridge on paper, and then the computer came and we could have said with a computer we won't need the engineering companies. But then CAD, the software CAD came, and engineering work just continued to grow and grow and
In short: Cited as being "in the same boat" as Stantec — a Canadian engineering consultancy caught in the same AI-disruption derating. He singled out Stantec only as the cleanest expression of the setup.
46:53It's still solid organic growth, but a few percentage points less than I think where it'll shake out or where people wanted to see it. That's pressured it. And the AI — and this is not unique to Stantec. Like even in Canada, in the Canadian marketplace where we've got AtkinsRéalis or WSP, I think that they're kind of in the same boat.
In short: Not owned, on the watch list. Engineering/construction consultant — a fiscal-spend beneficiary down ~30% on AI fears. Was expensive, a recent debt-funded acquisition; needs "another bigger fiscal push" to re-rate. "Not there yet."
46:52Okay. A great discussion on those pipelines. We've got a question on WSP Global, which on one hand you would
47:01think, you said industrials, fiscal impulse, people building, infrastructure, you'd think WSP, an
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