Maxim Sytchev

Last updated on 2017-08-28T18:07+0300.

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Maxim Sytchev said : “With the U.S. infra bill in play, don’t sell steel stocks just yet. Yes, we had removal of some barriers between Europe and the U.S, on steel but the recently passed infrastructure bill is a much bigger net positive. Don’t forget the revived fortunes of the oil & gas industry, hopefully recovering auto production volumes in 2022E (how can they be any lower?), only marginal capacity additions (looks like 4-5 per cent of the industry in the U.S.) and sustained scrap pricing which keeps a floor on HRC. We (and the market) are already aware that peak HRC pricing will come down; however, what we question is the speed of that deflation. It feels to us that higher for longer = higher STLC price in the meantime” External link

theglobeandmail Thursday, November 11, 2021 6:10:00 PM EAT

Maxim Sytchev said ( about Bernadine Natalie Moni Elimbi ) : “Another solid quarter from WSP, especially in light of stumbles from international peers this quarter. The company is again sitting in the driver’s seat with organic growth acceleration vs. prior quarter, improving margins, clean balance sheet (leverage of only 0.9 times AFTER Golder), three-year strategic plan upon us in early 2022, and U.S. Infra stimulus that will lift 2023E prospects. We fully subscribe to M&A optionality, explicitly modeling a sizeable deal over the forecast time horizon. WSP remains a must-own name in our coverage universe” External link

theglobeandmail Wednesday, November 10, 2021 7:07:00 PM EAT

Maxim Sytchev said : “Given how quickly the street has given up on this name and expectations of disappointment heading into the quarter, this should be good enough. SJ shares have come under pressure on year-to-date basis (down 2 per cent vs. TSX up 23 per cent) as the resi lumber trade has fully unwound. The churn of investors and expectations make investment thesis search for a bottom, and we believe this is where we are, scraping the expectations reset while building a clean slate for 2022 which appears to be slightly better (by 3 per cent) on EBITDA. With so little absolute value left in CAD industrial names, we think that SJ’s stability, and finally an announcement of M&A, should help us build momentum from here. Biden’s infra package should also be beneficial to the company (ties – as transport vertical will see a US$66-billion injection while poles should benefit from greater rollout of rural broadband), providing a more constructive backdrop for 2023 (as it takes time for the money to trickle down into actual projects)” External link

theglobeandmail Wednesday, November 10, 2021 12:26:00 AM EAT

Maxim Sytchev said : “Given how quickly the street has given up on this name and expectations of disappointment heading into the quarter, this should be good enough. SJ shares have come under pressure on year-to-date basis (down 2 per cent vs. TSX up 23 per cent) as the resi lumber trade has fully unwound. The churn of investors and expectations make investment thesis search for a bottom, and we believe this is where we are, scraping the expectations reset while building a clean slate for 2022 which appears to be slightly better (by 3 per cent) on EBITDA. With so little absolute value left in CAD industrial names, we think that SJ’s stability, and finally an announcement of M&A, should help us build momentum from here. Biden’s infra package should also be beneficial to the company (ties – as transport vertical will see a US$66-billion injection while poles should benefit from greater rollout of rural broadband), providing a more constructive backdrop for 2023 (as it takes time for the money to trickle down into actual projects)” External link

theglobeandmail Tuesday, November 9, 2021 6:14:00 PM EAT

Maxim Sytchev said : “We got a sense of the strength of the automation market through Rockwell’s Q3/21 yesterday; we note that ATA’s organic top-line growth of 23.8 per cent was materially higher (vs. 12.6 per cent for ROK). We believe investors will stay on the right side of history by being long ATA at this point of the macro cycle and the company’s own evolution into a larger, more predictable, better executing, M&A-focused entity (with Healthcare and EVs providing a positive thematic skew to boot). All the previously mentioned attributes are also multiple-enhancing, supporting our stance on ATA as being our top mid-cap name in our coverage universe” External link

theglobeandmail Wednesday, November 3, 2021 5:28:00 PM EAT

Maxim Sytchev said : “More predictable performance should be good enough at this juncture. 4-per-cent ‘miss’ on SNCL Engineering services business would be a much bigger deal for the double-digit consulting entities while in SNC’s case we believe the transitional investment thesis provides more leniency. Note that a greater amount of corporate and restructuring charges (the latter amounting to $19-million) in addition to revaluation of long-term employee incentives explain the $40 mln vs. our projections. Organic growth, backlog additions and margins (both realized and forecast) are moving in the right direction for the ‘good’ parts of the business. Infra EPC registered a higher loss but in absolute quantum, we know that this backlog is being phased down (in fact LSTK backlog metric is down 17 pe cent vs. June). Overall, we qualify the print as ‘in the ballpark’, we no material negative surprises. At 8.4 times 2022 estimated EV/EBITDA, this should be good enough (vs. pure consulting peers in 15 times range)” External link

theglobeandmail Friday, October 29, 2021 11:42:00 PM EAT

Maxim Sytchev said : “More predictable performance should be good enough at this juncture. 4-per-cent ‘miss’ on SNCL Engineering services business would be a much bigger deal for the double-digit consulting entities while in SNC’s case we believe the transitional investment thesis provides more leniency. Note that a greater amount of corporate and restructuring charges (the latter amounting to $19-million) in addition to revaluation of long-term employee incentives explain the $40 mln vs. our projections. Organic growth, backlog additions and margins (both realized and forecast) are moving in the right direction for the ‘good’ parts of the business. Infra EPC registered a higher loss but in absolute quantum, we know that this backlog is being phased down (in fact LSTK backlog metric is down 17 pe cent vs. June). Overall, we qualify the print as ‘in the ballpark’, we no material negative surprises. At 8.4 times 2022 estimated EV/EBITDA, this should be good enough (vs. pure consulting peers in 15 times range)” External link

theglobeandmail Friday, October 29, 2021 4:46:00 PM EAT

Maxim Sytchev said : “We are, of course, going to see more of these [deals] in the future as management reiterated its long-term objective of infilling in Australia (6K personnel potential vs. current 2.5K headcount), expanding in the U.S. and the UK, etc.,” External link

theglobeandmail Friday, October 22, 2021 2:35:00 PM EAT

Maxim Sytchev said : “Margin will improve materially once legacy construction projects are done and we are left with the consulting, nuclear and infrastructure services business,” External link

TorontoStar Saturday, April 24, 2021 12:41:00 PM EAT

Maxim Sytchev said : “Dipping our toes into an oversold / high-quality business; we see five reasons why buying now makes sense: 1) Expectations reset has happened (RBA down 24 per cent year-to-date vs. OEMs/dealers up 17 per cent; Orlando GTVs were negative; Q4/20 was a miss; everyone knows about H2/21E tough comps); 2) While this likely warrants a deeper piece and methodological rethink, is RBA a tech company or an industrial company? At 29 times P/E (not revenue) and dominant market position, this is not expensive and in line with long-term median valuation; 3) The company has a recently renewed and unused $100-million share buyback program; 4) Using 2019 as an EPS anchor, RBA is expected to show more growth vs. OEMs/dealers (up 16 per cent vs. up 8 per cent, respectively); 5) Shares are oversold when looking at any technical indicator, priming for a potential bounce,” External link

theglobeandmail Wednesday, February 24, 2021 3:57:00 PM EAT

Maxim Sytchev said : “It always takes a while for the market to settle on a new thesis (construction gone, playing catch-up, etc.) and it’s true that STN shares are not undiscovered; hence why they are up 18 per cent year-to-date vs. the TSX at down 4 per cent. We do, however, want to stress that the shares have been in a penalty box for five years prior to that and, in fact, in US$ terms the stock has not yet breached 2014 high. Fast-forward to 2021 and beyond and one has a cleaned-up entity, doing 2-4-per-cent organic growth, supplementing with M&A that can add another 3-4 per cent per annum and FCF yield in 4-6-per-cent range depending on the day. While it does not sound spectacular, when comparing to valuations of international peers, this is good enough for us (even at 11.5 times 2021 EV/EBITDA pre-quarter)” External link

theglobeandmail Thursday, August 6, 2020 11:16:00 PM EAT

Maxim Sytchev said : “It always takes a while for the market to settle on a new thesis (construction gone, playing catch-up, etc.) and it’s true that STN shares are not undiscovered; hence why they are up 18 per cent year-to-date vs. the TSX at down 4 per cent. We do, however, want to stress that the shares have been in a penalty box for five years prior to that and, in fact, in US$ terms the stock has not yet breached 2014 high. Fast-forward to 2021 and beyond and one has a cleaned-up entity, doing 2-4-per-cent organic growth, supplementing with M&A that can add another 3-4 per cent per annum and FCF yield in 4-6-per-cent range depending on the day. While it does not sound spectacular, when comparing to valuations of international peers, this is good enough for us (even at 11.5 times 2021 EV/EBITDA pre-quarter)” External link

theglobeandmail Thursday, August 6, 2020 5:23:00 PM EAT

Maxim Sytchev said : “Drive to diversify revenue we believe will take on new urgency; thankfully, management believes it will get to greater than 40 per cent of EBIT by 2022,” “We applaud this strategy; sentiment right now is dire but as economies globally are opening up, supply / demand situation for oil is bound to normalize in H2/20E. We are comfortable to wait out the intermittent lull” External link

theglobeandmail Sunday, May 10, 2020 6:30:00 AM EAT

Maxim Sytchev said : “Drive to diversify revenue we believe will take on new urgency; thankfully, management believes it will get to greater than 40 per cent of EBIT by 2022,” “We applaud this strategy; sentiment right now is dire but as economies globally are opening up, supply / demand situation for oil is bound to normalize in H2/20E. We are comfortable to wait out the intermittent lull” External link

theglobeandmail Friday, May 8, 2020 3:16:00 PM EAT

Maxim Sytchev said : “When we upgraded the shares on Feb. 9 on FQ3 noise that drove the stock lower, the scope of COVID-19 impact was only starting to be felt across the world. That being said, Healthcare/EV/nuclear end-market skew is making the business much more resilient now versus the company’s past while supply chain localization thematic ... will gather momentum over the coming months/years. As a reflection of this dynamic, ATS is by far the most topical name of discussion with accounts now” External link

theglobeandmail Wednesday, April 22, 2020 5:37:00 PM EAT

Maxim Sytchev said : "Bottom line, pricing stabilization is constructive but EPS trajectory is still negative," External link

CBC Thursday, February 20, 2020 2:11:00 AM EAT

Maxim Sytchev said : “is far removed from the worst-case scenarios that have floated around the company,” External link

montrealgazette Monday, December 23, 2019 8:44:00 PM EAT

Maxim Sytchev said : “is far removed from the worst-case scenarios that have floated around the company,” External link

montrealgazette Thursday, December 19, 2019 3:08:00 AM EAT

Maxim Sytchev said : “We are ok to come in a bit later (but without having ridden the stock all the way down),” External link

theglobeandmail Friday, November 15, 2019 5:20:00 PM EAT

Maxim Sytchev said : “We are ok to come in a bit later (but without having ridden the stock all the way down),” External link

theglobeandmail Friday, November 8, 2019 3:53:00 PM EAT

Maxim Sytchev said : “While the case is going through its motions at the court level, there is still some hope that DPA is an appropriate mechanism to address the SNC situation,” External link

theglobeandmail Wednesday, October 23, 2019 3:40:00 AM EAT

Maxim Sytchev said : “While the case is going through its motions at the court level, there is still some hope that DPA is an appropriate mechanism to address the SNC situation,” External link

theglobeandmail Wednesday, October 23, 2019 2:13:00 AM EAT

Maxim Sytchev said : “Some are assuming that the company will need as much as $500 million to $1 billion to complete these projects given the lack of a clean track record on the part of SNC’s management,” External link

tradearabia Saturday, August 3, 2019 2:56:00 PM EAT

Maxim Sytchev said : “Performance in most divisions is underwhelming,” External link

tradearabia Saturday, August 3, 2019 2:56:00 PM EAT

Maxim Sytchev said : “Some are assuming that the company will need as much as $500 million to $1 billion to complete these projects given the lack of a clean track record on the part of SNC’s management,” External link

cknw Friday, August 2, 2019 8:06:00 PM EAT

Maxim Sytchev said : “Performance in most divisions is underwhelming,” External link

cknw Friday, August 2, 2019 8:06:00 PM EAT

Maxim Sytchev said : “Some are assuming that the company will need as much as $500 million to $1 billion to complete these projects given the lack of a clean track record on the part of SNC’s management,” External link

globalnews Friday, August 2, 2019 8:01:00 PM EAT

Maxim Sytchev said : “Performance in most divisions is underwhelming,” External link

globalnews Friday, August 2, 2019 8:01:00 PM EAT

Maxim Sytchev added : “to complete these projects given the lack of clean track record on the part of SNC’s management across multiple geographies, time frames and CEO iterations,” External link

montrealgazette Friday, August 2, 2019 12:09:00 AM EAT

Maxim Sytchev said : “Some are assuming that the company will need as much as $500 million to $1 billion to complete these projects given the lack of a clean track record on the part of SNC’s management,” External link

TorontoStar Thursday, August 1, 2019 9:58:00 PM EAT

Maxim Sytchev said : “Performance in most divisions is underwhelming,” External link

TorontoStar Thursday, August 1, 2019 9:58:00 PM EAT

Maxim Sytchev said : "Some are assuming that the company will need as much as $500 million to $1 billion to complete these projects given the lack of a clean track record on the part of SNC’s management," External link

timescolonist Thursday, August 1, 2019 9:10:00 PM EAT

Maxim Sytchev said : "Performance in most divisions is underwhelming," External link

timescolonist Thursday, August 1, 2019 9:10:00 PM EAT

Maxim Sytchev said ( about Tetra Tech ) : “We argued the necessity of the company’s strategic direction to pivot towards consulting / nuclear; this step has now been taken. The guide take-down / write-down are disappointing, but at least the Board and the management team correctly concluded that future SNC will resemble much of a consulting-type entity vs. the lumpy, negative-FCF integrated E&C. The run-down of fixed-price contracts will take time, but there is no longer uncertainty to SNC shareholders what this company will look like in five years. The company will still need to finish the legacy projects and that means that negative reforecasts are not out of the picture. When looking at Tetra Tech precedent to run down the construction division, it took time for the market to re-rate the valuation; it did come through however (over time). We suspect a similar playbook should transpire with SNC (with the unfortunate dynamic being the long execution tail). There is no mention of 407 cash; we would expect the banks to provide relief in the interim” External link

theglobeandmail Monday, July 22, 2019 5:53:00 PM EAT

Maxim Sytchev told : "First of all, he's starting on August 1st, then it's going to take six to nine months to get up to speed, so I think the real impact is going to be in 2020-21," External link

thespec Tuesday, June 18, 2019 10:31:00 PM EAT

Maxim Sytchev told : "First of all, he's starting on August 1st, then it's going to take six to nine months to get up to speed, so I think the real impact is going to be in 2020-21," External link

thespec Tuesday, June 18, 2019 10:31:00 PM EAT

Maxim Sytchev told : "First of all, he's starting on August 1st, then it's going to take six to nine months to get up to speed, so I think the real impact is going to be in 2020-21," External link

barrie Tuesday, June 18, 2019 9:02:00 PM EAT

Maxim Sytchev told : "First of all, he's starting on August 1st, then it's going to take six to nine months to get up to speed, so I think the real impact is going to be in 2020-21," External link

timescolonist Tuesday, June 18, 2019 8:46:00 PM EAT

Maxim Sytchev told : “First of all, he’s starting on August 1st, then it’s going to take six to nine months to get up to speed, so I think the real impact is going to be in 2020-21,” External link

TorontoStar Tuesday, June 18, 2019 8:46:00 PM EAT

Maxim Sytchev said : “The biggest risk to Atkins operations is not Brexit but engineering talent leaving for greener pastures,” External link

theglobeandmail Thursday, June 13, 2019 3:44:00 AM EAT

Maxim Sytchev told : “Typically the boards of directors tend to react to such dramatic issues,” External link

TorontoStar Tuesday, June 11, 2019 9:51:00 PM EAT

Maxim Sytchev told : “Typically the boards of directors tend to react to such dramatic issues,” External link

news-yahoo Tuesday, June 11, 2019 8:02:00 PM EAT

Maxim Sytchev wrote : “We applaud the company’s review of strategic emphasis that appears to prioritize consistency and cash flows,” External link

TorontoStar Tuesday, June 11, 2019 6:06:00 PM EAT

Maxim Sytchev said : “We applaud company’s review of strategic emphasis that appears to prioritize consistency and cash flows ... focusing on consulting/nuclear makes sense. If the company itself cannot get there, a privatization should also be strongly considered. We believe many shareholders will agree with our take on what makes sense from a directional perspective (i.e., which businesses are ‘good’). We hope that the Board and the management team come to the same conclusion. We rate SNC shares Outperform ($47.00 target price; using a by-segment SOTP [sum-of-the-parts] methodology in addition to $13.17/sh in hard assets” External link

theglobeandmail Tuesday, June 11, 2019 6:03:00 PM EAT

Maxim Sytchev said : “While we continue to like the automation space in general and we applaud company’s prudent repositioning towards less cyclical healthcare vertical, we view the shares as being appropriately valued. High-multiple M&A is also a risk that should not be under-estimated. We also believe that backlog growth will be facing tougher comps on a going-forward basis vs. this year’s stellar performance” External link

theglobeandmail Friday, May 17, 2019 12:14:00 AM EAT

Maxim Sytchev said : “While we continue to like the automation space in general and we applaud company’s prudent repositioning towards less cyclical healthcare vertical, we view the shares as being appropriately valued. High-multiple M&A is also a risk that should not be under-estimated. We also believe that backlog growth will be facing tougher comps on a going-forward basis vs. this year’s stellar performance” External link

theglobeandmail Thursday, May 16, 2019 6:18:00 PM EAT

Maxim Sytchev said : "We stepped off the gas on WSP ahead of the quarter as relative performance / multiple expansion argument was getting tenuous. Looking however at what’s available for a long-term long-only investor in Canada in the industrial space (mid- to large-cap), there is generally a paucity of ideas. Names that are struggling somewhat (such as Stantec), trading at the same multiple as WSP do not make a huge amount of sense to us”. Yellow Pages Limited ) increased 7 per cent after it reported better-than-anticipated earnings for the first quarter. Before market open, the Montreal-based company reported net earnings of $12.7-million or 45 cents per share compared to a net loss of $900,000 or 3 cents a year earlier. Analysts were expecting earnings of 19 cents per share. It also announced it will make an aggregate redemption payment of $91.7-million composed of a $50.9-million mandatory redemption and $40.8-million optional redemption including accrued and unpaid interest of $0.9 million and an optional redemption premium of $0.8 -million, on its senior secured notes on May 31, 2019 and June 13, 2019 respectively. “After yet another quarter of strong cash generation, our net debt excluding lease obligations is down to $154 million, a reduction of over $200 million since the end of 2017," External link

theglobeandmail Wednesday, May 15, 2019 11:58:00 PM EAT

Maxim Sytchev said : "We stepped off the gas on WSP ahead of the quarter as relative performance / multiple expansion argument was getting tenuous. Looking however at what’s available for a long-term long-only investor in Canada in the industrial space (mid- to large-cap), there is generally a paucity of ideas. Names that are struggling somewhat (such as Stantec), trading at the same multiple as WSP do not make a huge amount of sense to us”. Yellow Pages Limited ) jumped 6.5 per cent after it reported better-than-anticipated earnings for the first quarter. Before market open, the Montreal-based company reported net earnings of $12.7-million or 45 cents per share compared to a net loss of $900,000 or 3 cents a year earlier. Analysts were expecting earnings of 19 cents per share. It also announced it will make an aggregate redemption payment of $91.7-million composed of a $50.9-million mandatory redemption and $40.8-million optional redemption including accrued and unpaid interest of $0.9 million and an optional redemption premium of $0.8 -million, on its senior secured notes on May 31, 2019 and June 13, 2019 respectively. “After yet another quarter of strong cash generation, our net debt excluding lease obligations is down to $154 million, a reduction of over $200 million since the end of 2017," External link

theglobeandmail Wednesday, May 15, 2019 5:51:00 PM EAT

Maxim Sytchev said : “When you have contracts that blow up in your face, you have to generate [money] somewhere else,” External link

theglobeandmail Tuesday, April 9, 2019 2:43:00 AM EAT

Maxim Sytchev said : “If the sale of 407 happens, the balance sheet is repaired,” External link

TorontoStar Friday, February 22, 2019 12:10:00 AM EAT

Maxim Sytchev said : “Getting better is more value-accretive than getting bigger,” External link

theglobeandmail Tuesday, February 12, 2019 1:01:00 PM EAT

Maxim Sytchev said : “With [the earnings] trajectory taking a step back, investors will be putting the name in the penalty box; that being said, taking away 30 per cent of the market cap [on Monday] is too harsh given the implied stub core E&C valuation,” External link

theglobeandmail Wednesday, January 30, 2019 4:42:00 AM EAT



Key Titles and Phrases Count Lang Last Seen
analyst100.00%EN08/25/201725/08/2017
Names Lang Count
Maxim SytchevEN66.67%
Maxim SytchevFR33.33%


 
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AfricaBrief

Maxim Sytchev

Last updated on 2017-08-28T18:07+0300.

About this image

sign

Quotes... Extracted quotes from

Maxim Sytchev said : “With the U.S. infra bill in play, don’t sell steel stocks just yet. Yes, we had removal of some barriers between Europe and the U.S, on steel but the recently passed infrastructure bill is a much bigger net positive. Don’t forget the revived fortunes of the oil & gas industry, hopefully recovering auto production volumes in 2022E (how can they be any lower?), only marginal capacity additions (looks like 4-5 per cent of the industry in the U.S.) and sustained scrap pricing which keeps a floor on HRC. We (and the market) are already aware that peak HRC pricing will come down; however, what we question is the speed of that deflation. It feels to us that higher for longer = higher STLC price in the meantime” External link

theglobeandmail Thursday, November 11, 2021 6:10:00 PM EAT

Maxim Sytchev said ( about Bernadine Natalie Moni Elimbi ) : “Another solid quarter from WSP, especially in light of stumbles from international peers this quarter. The company is again sitting in the driver’s seat with organic growth acceleration vs. prior quarter, improving margins, clean balance sheet (leverage of only 0.9 times AFTER Golder), three-year strategic plan upon us in early 2022, and U.S. Infra stimulus that will lift 2023E prospects. We fully subscribe to M&A optionality, explicitly modeling a sizeable deal over the forecast time horizon. WSP remains a must-own name in our coverage universe” External link

theglobeandmail Wednesday, November 10, 2021 7:07:00 PM EAT

Maxim Sytchev said : “Given how quickly the street has given up on this name and expectations of disappointment heading into the quarter, this should be good enough. SJ shares have come under pressure on year-to-date basis (down 2 per cent vs. TSX up 23 per cent) as the resi lumber trade has fully unwound. The churn of investors and expectations make investment thesis search for a bottom, and we believe this is where we are, scraping the expectations reset while building a clean slate for 2022 which appears to be slightly better (by 3 per cent) on EBITDA. With so little absolute value left in CAD industrial names, we think that SJ’s stability, and finally an announcement of M&A, should help us build momentum from here. Biden’s infra package should also be beneficial to the company (ties – as transport vertical will see a US$66-billion injection while poles should benefit from greater rollout of rural broadband), providing a more constructive backdrop for 2023 (as it takes time for the money to trickle down into actual projects)” External link

theglobeandmail Wednesday, November 10, 2021 12:26:00 AM EAT

Maxim Sytchev said : “Given how quickly the street has given up on this name and expectations of disappointment heading into the quarter, this should be good enough. SJ shares have come under pressure on year-to-date basis (down 2 per cent vs. TSX up 23 per cent) as the resi lumber trade has fully unwound. The churn of investors and expectations make investment thesis search for a bottom, and we believe this is where we are, scraping the expectations reset while building a clean slate for 2022 which appears to be slightly better (by 3 per cent) on EBITDA. With so little absolute value left in CAD industrial names, we think that SJ’s stability, and finally an announcement of M&A, should help us build momentum from here. Biden’s infra package should also be beneficial to the company (ties – as transport vertical will see a US$66-billion injection while poles should benefit from greater rollout of rural broadband), providing a more constructive backdrop for 2023 (as it takes time for the money to trickle down into actual projects)” External link

theglobeandmail Tuesday, November 9, 2021 6:14:00 PM EAT

Maxim Sytchev said : “We got a sense of the strength of the automation market through Rockwell’s Q3/21 yesterday; we note that ATA’s organic top-line growth of 23.8 per cent was materially higher (vs. 12.6 per cent for ROK). We believe investors will stay on the right side of history by being long ATA at this point of the macro cycle and the company’s own evolution into a larger, more predictable, better executing, M&A-focused entity (with Healthcare and EVs providing a positive thematic skew to boot). All the previously mentioned attributes are also multiple-enhancing, supporting our stance on ATA as being our top mid-cap name in our coverage universe” External link

theglobeandmail Wednesday, November 3, 2021 5:28:00 PM EAT

Maxim Sytchev said : “More predictable performance should be good enough at this juncture. 4-per-cent ‘miss’ on SNCL Engineering services business would be a much bigger deal for the double-digit consulting entities while in SNC’s case we believe the transitional investment thesis provides more leniency. Note that a greater amount of corporate and restructuring charges (the latter amounting to $19-million) in addition to revaluation of long-term employee incentives explain the $40 mln vs. our projections. Organic growth, backlog additions and margins (both realized and forecast) are moving in the right direction for the ‘good’ parts of the business. Infra EPC registered a higher loss but in absolute quantum, we know that this backlog is being phased down (in fact LSTK backlog metric is down 17 pe cent vs. June). Overall, we qualify the print as ‘in the ballpark’, we no material negative surprises. At 8.4 times 2022 estimated EV/EBITDA, this should be good enough (vs. pure consulting peers in 15 times range)” External link

theglobeandmail Friday, October 29, 2021 11:42:00 PM EAT

Maxim Sytchev said : “More predictable performance should be good enough at this juncture. 4-per-cent ‘miss’ on SNCL Engineering services business would be a much bigger deal for the double-digit consulting entities while in SNC’s case we believe the transitional investment thesis provides more leniency. Note that a greater amount of corporate and restructuring charges (the latter amounting to $19-million) in addition to revaluation of long-term employee incentives explain the $40 mln vs. our projections. Organic growth, backlog additions and margins (both realized and forecast) are moving in the right direction for the ‘good’ parts of the business. Infra EPC registered a higher loss but in absolute quantum, we know that this backlog is being phased down (in fact LSTK backlog metric is down 17 pe cent vs. June). Overall, we qualify the print as ‘in the ballpark’, we no material negative surprises. At 8.4 times 2022 estimated EV/EBITDA, this should be good enough (vs. pure consulting peers in 15 times range)” External link

theglobeandmail Friday, October 29, 2021 4:46:00 PM EAT

Maxim Sytchev said : “We are, of course, going to see more of these [deals] in the future as management reiterated its long-term objective of infilling in Australia (6K personnel potential vs. current 2.5K headcount), expanding in the U.S. and the UK, etc.,” External link

theglobeandmail Friday, October 22, 2021 2:35:00 PM EAT

Maxim Sytchev said : “Margin will improve materially once legacy construction projects are done and we are left with the consulting, nuclear and infrastructure services business,” External link

TorontoStar Saturday, April 24, 2021 12:41:00 PM EAT

Maxim Sytchev said : “Dipping our toes into an oversold / high-quality business; we see five reasons why buying now makes sense: 1) Expectations reset has happened (RBA down 24 per cent year-to-date vs. OEMs/dealers up 17 per cent; Orlando GTVs were negative; Q4/20 was a miss; everyone knows about H2/21E tough comps); 2) While this likely warrants a deeper piece and methodological rethink, is RBA a tech company or an industrial company? At 29 times P/E (not revenue) and dominant market position, this is not expensive and in line with long-term median valuation; 3) The company has a recently renewed and unused $100-million share buyback program; 4) Using 2019 as an EPS anchor, RBA is expected to show more growth vs. OEMs/dealers (up 16 per cent vs. up 8 per cent, respectively); 5) Shares are oversold when looking at any technical indicator, priming for a potential bounce,” External link

theglobeandmail Wednesday, February 24, 2021 3:57:00 PM EAT

Maxim Sytchev said : “It always takes a while for the market to settle on a new thesis (construction gone, playing catch-up, etc.) and it’s true that STN shares are not undiscovered; hence why they are up 18 per cent year-to-date vs. the TSX at down 4 per cent. We do, however, want to stress that the shares have been in a penalty box for five years prior to that and, in fact, in US$ terms the stock has not yet breached 2014 high. Fast-forward to 2021 and beyond and one has a cleaned-up entity, doing 2-4-per-cent organic growth, supplementing with M&A that can add another 3-4 per cent per annum and FCF yield in 4-6-per-cent range depending on the day. While it does not sound spectacular, when comparing to valuations of international peers, this is good enough for us (even at 11.5 times 2021 EV/EBITDA pre-quarter)” External link

theglobeandmail Thursday, August 6, 2020 11:16:00 PM EAT

Maxim Sytchev said : “It always takes a while for the market to settle on a new thesis (construction gone, playing catch-up, etc.) and it’s true that STN shares are not undiscovered; hence why they are up 18 per cent year-to-date vs. the TSX at down 4 per cent. We do, however, want to stress that the shares have been in a penalty box for five years prior to that and, in fact, in US$ terms the stock has not yet breached 2014 high. Fast-forward to 2021 and beyond and one has a cleaned-up entity, doing 2-4-per-cent organic growth, supplementing with M&A that can add another 3-4 per cent per annum and FCF yield in 4-6-per-cent range depending on the day. While it does not sound spectacular, when comparing to valuations of international peers, this is good enough for us (even at 11.5 times 2021 EV/EBITDA pre-quarter)” External link

theglobeandmail Thursday, August 6, 2020 5:23:00 PM EAT

Maxim Sytchev said : “Drive to diversify revenue we believe will take on new urgency; thankfully, management believes it will get to greater than 40 per cent of EBIT by 2022,” “We applaud this strategy; sentiment right now is dire but as economies globally are opening up, supply / demand situation for oil is bound to normalize in H2/20E. We are comfortable to wait out the intermittent lull” External link

theglobeandmail Sunday, May 10, 2020 6:30:00 AM EAT

Maxim Sytchev said : “Drive to diversify revenue we believe will take on new urgency; thankfully, management believes it will get to greater than 40 per cent of EBIT by 2022,” “We applaud this strategy; sentiment right now is dire but as economies globally are opening up, supply / demand situation for oil is bound to normalize in H2/20E. We are comfortable to wait out the intermittent lull” External link

theglobeandmail Friday, May 8, 2020 3:16:00 PM EAT

Maxim Sytchev said : “When we upgraded the shares on Feb. 9 on FQ3 noise that drove the stock lower, the scope of COVID-19 impact was only starting to be felt across the world. That being said, Healthcare/EV/nuclear end-market skew is making the business much more resilient now versus the company’s past while supply chain localization thematic ... will gather momentum over the coming months/years. As a reflection of this dynamic, ATS is by far the most topical name of discussion with accounts now” External link

theglobeandmail Wednesday, April 22, 2020 5:37:00 PM EAT

Maxim Sytchev said : "Bottom line, pricing stabilization is constructive but EPS trajectory is still negative," External link

CBC Thursday, February 20, 2020 2:11:00 AM EAT

Maxim Sytchev said : “is far removed from the worst-case scenarios that have floated around the company,” External link

montrealgazette Monday, December 23, 2019 8:44:00 PM EAT

Maxim Sytchev said : “is far removed from the worst-case scenarios that have floated around the company,” External link

montrealgazette Thursday, December 19, 2019 3:08:00 AM EAT

Maxim Sytchev said : “We are ok to come in a bit later (but without having ridden the stock all the way down),” External link

theglobeandmail Friday, November 15, 2019 5:20:00 PM EAT

Maxim Sytchev said : “We are ok to come in a bit later (but without having ridden the stock all the way down),” External link

theglobeandmail Friday, November 8, 2019 3:53:00 PM EAT

Maxim Sytchev said : “While the case is going through its motions at the court level, there is still some hope that DPA is an appropriate mechanism to address the SNC situation,” External link

theglobeandmail Wednesday, October 23, 2019 3:40:00 AM EAT

Maxim Sytchev said : “While the case is going through its motions at the court level, there is still some hope that DPA is an appropriate mechanism to address the SNC situation,” External link

theglobeandmail Wednesday, October 23, 2019 2:13:00 AM EAT

Maxim Sytchev said : “Some are assuming that the company will need as much as $500 million to $1 billion to complete these projects given the lack of a clean track record on the part of SNC’s management,” External link

tradearabia Saturday, August 3, 2019 2:56:00 PM EAT

Maxim Sytchev said : “Performance in most divisions is underwhelming,” External link

tradearabia Saturday, August 3, 2019 2:56:00 PM EAT

Maxim Sytchev said : “Some are assuming that the company will need as much as $500 million to $1 billion to complete these projects given the lack of a clean track record on the part of SNC’s management,” External link

cknw Friday, August 2, 2019 8:06:00 PM EAT

Maxim Sytchev said : “Performance in most divisions is underwhelming,” External link

cknw Friday, August 2, 2019 8:06:00 PM EAT

Maxim Sytchev said : “Some are assuming that the company will need as much as $500 million to $1 billion to complete these projects given the lack of a clean track record on the part of SNC’s management,” External link

globalnews Friday, August 2, 2019 8:01:00 PM EAT

Maxim Sytchev said : “Performance in most divisions is underwhelming,” External link

globalnews Friday, August 2, 2019 8:01:00 PM EAT

Maxim Sytchev added : “to complete these projects given the lack of clean track record on the part of SNC’s management across multiple geographies, time frames and CEO iterations,” External link

montrealgazette Friday, August 2, 2019 12:09:00 AM EAT

Maxim Sytchev said : “Some are assuming that the company will need as much as $500 million to $1 billion to complete these projects given the lack of a clean track record on the part of SNC’s management,” External link

TorontoStar Thursday, August 1, 2019 9:58:00 PM EAT

Maxim Sytchev said : “Performance in most divisions is underwhelming,” External link

TorontoStar Thursday, August 1, 2019 9:58:00 PM EAT

Maxim Sytchev said : "Some are assuming that the company will need as much as $500 million to $1 billion to complete these projects given the lack of a clean track record on the part of SNC’s management," External link

timescolonist Thursday, August 1, 2019 9:10:00 PM EAT

Maxim Sytchev said : "Performance in most divisions is underwhelming," External link

timescolonist Thursday, August 1, 2019 9:10:00 PM EAT

Maxim Sytchev said ( about Tetra Tech ) : “We argued the necessity of the company’s strategic direction to pivot towards consulting / nuclear; this step has now been taken. The guide take-down / write-down are disappointing, but at least the Board and the management team correctly concluded that future SNC will resemble much of a consulting-type entity vs. the lumpy, negative-FCF integrated E&C. The run-down of fixed-price contracts will take time, but there is no longer uncertainty to SNC shareholders what this company will look like in five years. The company will still need to finish the legacy projects and that means that negative reforecasts are not out of the picture. When looking at Tetra Tech precedent to run down the construction division, it took time for the market to re-rate the valuation; it did come through however (over time). We suspect a similar playbook should transpire with SNC (with the unfortunate dynamic being the long execution tail). There is no mention of 407 cash; we would expect the banks to provide relief in the interim” External link

theglobeandmail Monday, July 22, 2019 5:53:00 PM EAT

Maxim Sytchev told : "First of all, he's starting on August 1st, then it's going to take six to nine months to get up to speed, so I think the real impact is going to be in 2020-21," External link

thespec Tuesday, June 18, 2019 10:31:00 PM EAT

Maxim Sytchev told : "First of all, he's starting on August 1st, then it's going to take six to nine months to get up to speed, so I think the real impact is going to be in 2020-21," External link

thespec Tuesday, June 18, 2019 10:31:00 PM EAT

Maxim Sytchev told : "First of all, he's starting on August 1st, then it's going to take six to nine months to get up to speed, so I think the real impact is going to be in 2020-21," External link

barrie Tuesday, June 18, 2019 9:02:00 PM EAT

Maxim Sytchev told : "First of all, he's starting on August 1st, then it's going to take six to nine months to get up to speed, so I think the real impact is going to be in 2020-21," External link

timescolonist Tuesday, June 18, 2019 8:46:00 PM EAT

Maxim Sytchev told : “First of all, he’s starting on August 1st, then it’s going to take six to nine months to get up to speed, so I think the real impact is going to be in 2020-21,” External link

TorontoStar Tuesday, June 18, 2019 8:46:00 PM EAT

Maxim Sytchev said : “The biggest risk to Atkins operations is not Brexit but engineering talent leaving for greener pastures,” External link

theglobeandmail Thursday, June 13, 2019 3:44:00 AM EAT

Maxim Sytchev told : “Typically the boards of directors tend to react to such dramatic issues,” External link

TorontoStar Tuesday, June 11, 2019 9:51:00 PM EAT

Maxim Sytchev told : “Typically the boards of directors tend to react to such dramatic issues,” External link

news-yahoo Tuesday, June 11, 2019 8:02:00 PM EAT

Maxim Sytchev wrote : “We applaud the company’s review of strategic emphasis that appears to prioritize consistency and cash flows,” External link

TorontoStar Tuesday, June 11, 2019 6:06:00 PM EAT

Maxim Sytchev said : “We applaud company’s review of strategic emphasis that appears to prioritize consistency and cash flows ... focusing on consulting/nuclear makes sense. If the company itself cannot get there, a privatization should also be strongly considered. We believe many shareholders will agree with our take on what makes sense from a directional perspective (i.e., which businesses are ‘good’). We hope that the Board and the management team come to the same conclusion. We rate SNC shares Outperform ($47.00 target price; using a by-segment SOTP [sum-of-the-parts] methodology in addition to $13.17/sh in hard assets” External link

theglobeandmail Tuesday, June 11, 2019 6:03:00 PM EAT

Maxim Sytchev said : “While we continue to like the automation space in general and we applaud company’s prudent repositioning towards less cyclical healthcare vertical, we view the shares as being appropriately valued. High-multiple M&A is also a risk that should not be under-estimated. We also believe that backlog growth will be facing tougher comps on a going-forward basis vs. this year’s stellar performance” External link

theglobeandmail Friday, May 17, 2019 12:14:00 AM EAT

Maxim Sytchev said : “While we continue to like the automation space in general and we applaud company’s prudent repositioning towards less cyclical healthcare vertical, we view the shares as being appropriately valued. High-multiple M&A is also a risk that should not be under-estimated. We also believe that backlog growth will be facing tougher comps on a going-forward basis vs. this year’s stellar performance” External link

theglobeandmail Thursday, May 16, 2019 6:18:00 PM EAT

Maxim Sytchev said : "We stepped off the gas on WSP ahead of the quarter as relative performance / multiple expansion argument was getting tenuous. Looking however at what’s available for a long-term long-only investor in Canada in the industrial space (mid- to large-cap), there is generally a paucity of ideas. Names that are struggling somewhat (such as Stantec), trading at the same multiple as WSP do not make a huge amount of sense to us”. Yellow Pages Limited ) increased 7 per cent after it reported better-than-anticipated earnings for the first quarter. Before market open, the Montreal-based company reported net earnings of $12.7-million or 45 cents per share compared to a net loss of $900,000 or 3 cents a year earlier. Analysts were expecting earnings of 19 cents per share. It also announced it will make an aggregate redemption payment of $91.7-million composed of a $50.9-million mandatory redemption and $40.8-million optional redemption including accrued and unpaid interest of $0.9 million and an optional redemption premium of $0.8 -million, on its senior secured notes on May 31, 2019 and June 13, 2019 respectively. “After yet another quarter of strong cash generation, our net debt excluding lease obligations is down to $154 million, a reduction of over $200 million since the end of 2017," External link

theglobeandmail Wednesday, May 15, 2019 11:58:00 PM EAT

Maxim Sytchev said : "We stepped off the gas on WSP ahead of the quarter as relative performance / multiple expansion argument was getting tenuous. Looking however at what’s available for a long-term long-only investor in Canada in the industrial space (mid- to large-cap), there is generally a paucity of ideas. Names that are struggling somewhat (such as Stantec), trading at the same multiple as WSP do not make a huge amount of sense to us”. Yellow Pages Limited ) jumped 6.5 per cent after it reported better-than-anticipated earnings for the first quarter. Before market open, the Montreal-based company reported net earnings of $12.7-million or 45 cents per share compared to a net loss of $900,000 or 3 cents a year earlier. Analysts were expecting earnings of 19 cents per share. It also announced it will make an aggregate redemption payment of $91.7-million composed of a $50.9-million mandatory redemption and $40.8-million optional redemption including accrued and unpaid interest of $0.9 million and an optional redemption premium of $0.8 -million, on its senior secured notes on May 31, 2019 and June 13, 2019 respectively. “After yet another quarter of strong cash generation, our net debt excluding lease obligations is down to $154 million, a reduction of over $200 million since the end of 2017," External link

theglobeandmail Wednesday, May 15, 2019 5:51:00 PM EAT

Maxim Sytchev said : “When you have contracts that blow up in your face, you have to generate [money] somewhere else,” External link

theglobeandmail Tuesday, April 9, 2019 2:43:00 AM EAT

Maxim Sytchev said : “If the sale of 407 happens, the balance sheet is repaired,” External link

TorontoStar Friday, February 22, 2019 12:10:00 AM EAT

Maxim Sytchev said : “Getting better is more value-accretive than getting bigger,” External link

theglobeandmail Tuesday, February 12, 2019 1:01:00 PM EAT

Maxim Sytchev said : “With [the earnings] trajectory taking a step back, investors will be putting the name in the penalty box; that being said, taking away 30 per cent of the market cap [on Monday] is too harsh given the implied stub core E&C valuation,” External link

theglobeandmail Wednesday, January 30, 2019 4:42:00 AM EAT



Key Titles and Phrases Count Lang Last Seen
analyst100.00%EN08/25/201725/08/2017
Names Lang Count
Maxim SytchevEN66.67%
Maxim SytchevFR33.33%


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