guide to investing - The Globe and Mail

Transcription

TOP 1000
GUIDE TO
INVESTING
ROBOTS WON’T STEAL
YOUR JOB—SMART
SOFTWARE WILL
CANADA
GOES COLD
ON GOLD
AND THE WORLD’S GREEN-ENERGY CAPITAL IS…
THE CRUSADER
FIGHTING LOCK-HAPPY
ENTERTAINMENT
CONGLOMERATES
THE GOOD, THE BAD
AND THE DISASTROUS
OUR ANNUAL RANKING OF
CANADA’S LARGEST COMPANIES
JULY/AUGUST 2016
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16-06-03 11:13 AM
CONTENTS
07/16
DEPARTMENTS
7 The Interview
Author Cory Doctorow
walks the walk when
it comes to copyright
freedom—he’s giving away
his books for free online
11 Graphic Details
COVER ILLUSTRATED EXCLUSIVELY FOR REPORT ON BUSINESS MAGAZINE BY STEVEN WILSON; (DOCTOROW) PHOTOGRAPH SHAUGHN AND JOHN
How much gold does the
Bank of Canada stockpile?
Whatever your guess is, it’s
not low enough
13 Venture
Indochino, Vancouver’s
pioneer of menswear
e-commerce, suits up for
another round of torrid
growth
16 Disruption
Get ready for the next great
business upheaval: artificial
intelligence
18 Corporate
Governess
A very 2016 problem: What
to do about the employee
whose performance is
affected by his prescription
for weed
20 Reguly
For four days in May, the
winds were strong, the rain
was ample, demand declined
a bit—and Portugal showed
how to make energy 100%
renewable
29 THE TOP 1000
GUIDE TO INVESTING
Report on Business’s investing reporters crunch this
year’s Top 1000 data in a quest for many happy returns
/By David Berman, John Daly, Tim Kiladze,
Ian McGugan & Tim Shufelt
CHARTS
41
Introduction
42
The Top 1000
Canadian companies
60
50 biggest private
companies
61
100 biggest
companies by
revenue
62
100 biggest
companies by return
on equity
63
100 biggest
companies by
market cap
64
Index
For more rankings,
plus graphics and
tools, go to
tgam.ca/top1000
68 Exit Interview
Canada may not be fertile
turf for tech companies, but
Daniel Friedmann managed
to keep satellite maker MDA
aloft—and got a serious
case of goosebumps on the
journey
Big corporations
owning our
thoughts?
It’s not science
fiction to Cory
Doctorow
JULY/AUGUST 2016 / REPORT ON BUSINESS 3
2016-06-07 9:22 AM
Feedback
FREE-FOR-ALL
As always,
readers had a lot
to say about Eric
Reguly’s column
(“Backdraft”).
For the most part,
they agreed that free-trade deals are
eliminating working-class jobs and
undermining quality of life. If you’re
a wage earner in a developed country,
you’re screwed. If you’re already
wealthy and can exploit the situation,
you’re dreaming in technicolour,
wrote one. Another chimed in with:
Trouble is, as Big Biz gets rich, they
want to be Filthy Rich, Insanely Rich,
Tax Avoid Rich. They want the last
dime. They want to fire the last guy. A
minority of commenters pointed to
the benefits of open trade borders:
Try pricing your clothing, groceries,
tools, mowers, chainsaws, electronics,
automobiles, etc. strictly on a “Made
in Canada or the U.S. by Canadians or
Americans” basis and watch inflation
soar, consumption slump, and material
quality of life deteriorate.
THE REAL ESTATE BLAME GAME
In last month’s Interview, UBC
social geographer David Ley
talked about the vested interests
behind soaring real estate prices
in Vancouver. The piece sparked a
flurry of comments. The real estate
situation in B.C. and Ontario is a crying
shame and the blame lies solely at the
feet of government regulators, the
banks and real estate vested interests,
wrote one reader. While we blame
other countries for assisting money
launderers, we close our eyes to those
on our own back lawns. A business
owner had this to say: Our firm is
having a very difficult time retaining
young talent as they cannot afford to
live here. If the B.C. gov’t thinks there is
an economic benefit to this—they are
missing the fact that it is leading to the
hollowing out of industry. So what’s
the solution? One reader offered
this up: Your best bet is to leave these
cities and have a meaningful life in
smaller communities where a home
will not make you eat Kraft Dinner
every night.
VICE VERSUS
It’s safe to say that Vice Media CEO
Shane Smith did not like Maryam
Sanati’s story, “Shane Smith will
take your money now.” Though he
refused an interview with Sanati,
Smith did get into a bit of a Twitter
spat with Report on Business
editor Derek DeCloet, after the
latter tweeted: For once, a story
about @shanesmith30 that’s not a
hagiography. Why Vice is overhyped.
Smith’s reply: good reporting? Check
the language v the facts. Simple bias.
I’ve been w VICE for 22 years and hit
by the best. Which you aren’t. Ouch.
Judge for yourself by reading the
story at tgam.ca/r.
Follow us on Twitter @robmagca
What you were reading on the Web this month
37% Travel like a boss
28% What a crank: Race Face
21% Investing in emerging markets
14% Vancouver real estate
13% Exit Interview: Murray Taylor
10% Reguly: Time for a free-trade revolt
7% Invest like a tech gazillionaire
7%
Vice Media
July/August 2016, Volume 33, No. 1
Editorial
Editor GARY SALEWICZ
Managing Editor JUDITH PEREIRA
Senior Editors DAWN CALLEJA, JOHN DALY, TED MUMFORD
Copy Editor JEANETTE KING
Research CATHERINE DOWLING, DAWN PROMISLOW,
CHARLES ROWLAND, ANNA-KAISA WALKER
Art
Art Director DOMENIC MACRI
Associate Art Director BRENNAN HIGGINBOTHAM
Director of Photography CLARE VANDER MEERSCH
Advertising
Chief Revenue Officer ANDREW SAUNDERS
Business Manager, Magazines ROLFE JONES
Advertising Co-ordinator,
Marketing Solutions Group SONJA TASOVSKA Production
Director, Production SALLY PIRRI
Production Co-ordinator ISABELLE CABRAL
Publisher PHILLIP CRAWLEY
Editor-in-Chief, The Globe and Mail DAVID WALMSLEY
Report on Business magazine corporate information July/
August 2016 produced by The Globe and Mail
Manager, Financial Data DOUGLAS TRIPP
Financial Analysts FERDINAND IRUTHAYA, DEREK WYSE, JOANNE
GARCIA, MICHAEL TADIOS, NATALIE MCLEAN, MINGYE LI,
PIRASHANTH SURIYAKUMARAN
Corporate Data Analysts JOY ZHANG
System & Production Support IGOR BABALICH
Report on Business magazine is published 10 times
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tgam.ca/r
4 JULY/AUGUST 2016 / REPORT ON BUSINESS
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LOOKING
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IN T R O D U C IN G P R I VAT E B A NK IN G W I T H R E D - C A R P E T E X P E R IE N C E
TA IL ORED TO E ACH UNIQUE PAT H
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16-06-03 10:59 AM
07/16
Canada’s itsy-bitsy gold vault • Artificial intelligence passes Go
Bricks and mortal?
To be No. 1 in made-to-measure
e-commerce, Indochino needs
storefronts page 13
Business Intelligence
• Pot on the job • Portugal shows renewables are no pie in the sky
The Interview
Life is not a theme park
PHOTOGRAPH SHAUGHN AND JOHN
A
Copyright rebel Cory Doctorow says he’s defending both creators and users
from lock-happy entertainment conglomerates
s a Toronto
teenager, Cory
Doctorow
spent many
happy afterschool hours at the Spaced Out
Library, the science-fiction
collection founded and run by
the writer and socialist Judith
Merril. “I would take the subway
down there,” he recalls. “She
got me to join a writing group
that still meets and, with her
encouragement, I started sending
out my own stories.” Doctorow
was first published at age 17.
Now 44, living in Los Angeles,
Doctorow has become a prolific,
award-winning author and also
an activist, taking the values he
absorbed in those salad days
forward into a world where at
least some of what was in the
fiction he loved as a boy has
become fact. “Science-fiction
writers aren’t great predictors of
the future, but sometimes they
get a few things right.”
In gadfly mode, Doctorow
uses his talks at all the right
conferences to sting the
corporations and governments
that are, in his view, ruining
the Web. “At this recent South
by Southwest, everyone was
worried about the Internet of
Things and privacy, with rectal
thermometers, cars, pacemakers
sending your highly personal
information out there.” When the
Electronic Frontier Foundation
honoured Doctorow with an
award for his activism, they also
bestowed upon him the red cloak
and goggles that a fictionalized
Cory Doctorow at his
home office in Los
Angeles: more of a
dandelion than a lion
DM161954_Pg07-08_ROB_JUL_2016.indd 7
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07/16
version of himself sports in the
web-comic xkcd as he flies about
saying penetrating things.
Doctorow doesn’t put out the
anti-establishment word just at
confabs and among his 400,000plus Twitter followers. Boing
Boing, the website he helps run,
is one of the Net’s most bully
pulpits. On the analog side,
he supplies trenchant essays
and reportage to legacy-media
outlets like The New York Times
and Wired. And, perhaps most
important, he has the ear of
Sir Tim Berners-Lee, a.k.a. the
Internet’s benevolent dictator.
He doesn’t always have the
last word with Berners-Lee,
though. “I was surprised and
disappointed that he recently
announced that W3C was going
to start standardizing DRM. …
There is a sense among a lot of
people that the Web is cooked.”
W3C is the World Wide Web
Consortium, which BernersLee runs, and Doctorow is
upset because it’s setting up
a standardized regime for
digital rights management, or
DRM—the locks that tech and
entertainment companies put
on their products—to prevent
people from sharing their wares.
Doctorow criticizes American
and Canadian legislation that
makes it an offence to tamper
with these locks. After all,
analog publishers can’t control
what use purchasers make
1. Netflix, a company
that relies heavily
on DRM, anticipated
spending $5 billion
(U.S.) on programming
this year.
2. As part of a
$1.6-billion (U.S.)
upgrade in April,
Universal opened a
Harry Potter ride on its
L.A. lot, after paying
an undisclosed rights
fee to Warner Bros.
3. Poesy Emmeline
Fibonacci Nautilus
Taylor Doctorow is the
name of his daughter
with Alice Taylor, a
former VP of digital
content for the BBC.
of their books. And the locks
seldom help the creatives who
originally produced the content.
(1) In joking homage to Isaac
Asimov’s laws of robotics,
Doctorow has his own law: “Any
time someone puts a lock on
something that belongs to you
and won’t give you the key, that
lock isn’t there for your benefit.”
“Old copyright rules aren’t
suited to the Web,” he says.
“The Internet is a copying
machine. Almost every time I
click my mouse [and load a Web
page], a thousand potentially
copyrighted works are copied
inside my computer.”
He cites a case where
entertainment conglomerate
Universal pushed YouTube to
take down a video a mother
posted of her baby dancing to
Let’s Go Crazy by Prince (RIP).
Doctorow is proud that the
Electronic Frontier Foundation
helped win an appeals-court
victory in the case. “It’s one
thing when an entertainment
company is negotiating with
Harry Potter’s publisher for the
right to do a Harry Potter ride
at a theme park. (2) It’s another
when there’s some teen in her
basement in Calgary, writing and
posting Harry Potter fan-fic.”
Unlike many new-age
copyright theorists, Doctorow
has had a chance to practise
what he preaches, giving away
his own books free online
while selling the print rights to
conventional publishers. These
days, his books garner mid-sixfigure advances, including an
adult novel, Walkaway, that is
coming out next year. (“I just
got a blurb for it from Edward
Snowden.”)
Doctorow’s writerly business
model has been both successful
and controversial—controversial
because, the argument goes,
those who give their work away
for free lower the going rate
for writing and undermine
the institutions that pay for it.
(When Doctorow criticized
The New York Times for putting
up a paywall, a media critic
sardonically pointed out that it
was not Boing Boing that, at the
time, had reporters imprisoned
in the Middle East.)
But Doctorow says creatives
have to adjust their approach to
the new era. It’s no good, he says,
“shaking your fist and telling the
Internet to get off your lawn.”
Doctorow says musicians,
filmmakers and writers have
to start thinking of themselves
as dandelions, not mammals.
“When my daughter was on the
way to being born (3), I realized
how much effort mammals put
into reproduction,” he says. “But
dandelions send their seeds out
everywhere. They don’t worry
that every single one succeeds,
but instead that every crack in
the sidewalk is filled.” /Alec Scott
*ALL CURRENCY IN U.S. DOLLARS
SPENDING $3 BILLION
OVER BUDGET 417%
The Olympics—including an effort to convert
3.2 kilometres of industrial land into a
beach—helped spur the city’s revival
2000
EY
N
A
1992
NA
O
EL
LON
D
SPENDING $4.1 BILLION
OVER BUDGET 90%
↑PROFIT $290 MILLION
SYD
NTREAL 1976
SPENDING $1.5 BILLION*
OVER BUDGET 796%
It took the city
30 years to pay
off its $1-billion
Olympic debt
MO
The Summer Olympics
open Aug. 5 in Rio de
Janeiro, and about the only
sure bet is that they’ll be a
financial disaster. A pair of
Oxford researchers found
that all of the Olympic
Games held between 1960
and 2012 went over budget
by an average of 179%
(though no reliable data
was available for 11 of
them), with summer events
going over by an average
of 252%. That means Rio’s
$9.7-billion budget could
end up hitting $24 billion.
BA
RC
OLYMPIC-SIZED MESS
012
N2
O
TL
A
ANT 1996
SPENDING $1.8 BILLION
OVER BUDGET 147%
↑PROFIT $10 MILLION
SPENDING $15 BILLION
OVER BUDGET 101%
The number of foreign visitors to
London was 5% lower in August,
2012, than it was the previous year
DM161954_Pg07-08_ROB_JUL_2016.indd 8
2016-06-02 11:56 AM
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16-06-03 10:46 AM
At home in Canada and
everywhere else you do business.
Dentons. Now the world’s largest
global elite law firm.*
dentons.com
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global legal practice providing
client services worldwide through
its member firms and affiliates.
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16-02-10 10:42
2:37 PM
AM
07/16
Graphic Details
Golden years
The Bank of Canada began actively reducing its stockpile of 400-ounce gold bars—each slightly smaller
than a brick—in 1980. In February, it sold off 620 kilograms, effectively reducing our gold reserves to zero.
It now stockpiles only about two kilos of the shiny metal, worth roughly $130,000. /Steve Brearton
1965
1970
1,023
“Economic and geopolitical risks
continued to worry global markets.
Central banks are keeping their foot
firmly on the gold purchasing pedal.”
Canadian
gold
reserves
(tonnes)
The World Gold Council in its 2015
Gold Demand Trends report notes that
central banks have been net buyers
of gold for six consecutive years.
1975
“They’ve done exactly what the
Bank of England did back in 2001.
They’ve sold gold at the bottom
of the market. …We’re supposed
to be a country based on resources,
and we give gold away.”
685
1980
Goldcorp founder and
McEwen Mining chairman
Rob McEwen calls the
Canadian government
“idiots” for selling the last
of its gold reserves.
1985
1990
1995
2000
450
120
96
46
“The government has a long-standing
policy of diversifying its portfolio
by selling physical commodities
(such as gold) and instead investing
in financial assets that are
easily tradable and that have deep
markets of buyers and sellers.”
Department of Finance spokesperson
“[Gold] gets dug out of the ground in
Africa, or someplace. Then we melt
it down, dig another hole, bury it
again and pay people to stand around
guarding it. It has no utility. Anyone
watching from Mars would
be scratching their head.”
2005
PHOTOGRAPHS (NAS) BRANDON MARSHALL/CP; (BUFFETT) NATI HARNIK/AP
2010
2015
3
0
The paltry two
kilograms of
gold left to the
Bank of Canada
is roughly the
same weight
as the gold
chains worn
by rapper Nas
around his neck
Warren Buffett,
Berkshire Hathaway
chairman and
CEO, in 1998
330.5
GOLD RESERVES BY COUNTRY, 2014
($ BILLIONS, U.S.)
99.6
137.4
98.9
24.9
U.S.
Italy
114.3
56.6
42.3
FranceNetherlands Switz. Germany
IMF
Russia
71.6
China
31.1
Japan
2016-06-02 11:51 AM
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07/16
Venture
and the venture enjoyed several early
years of triple-digit revenue growth followed by a few more years that were also
pretty solid. By 2015 the company, called
Indochino, was still booking 40% annual
growth and vied for status as the continent’s top online retailer of made-tomeasure menswear.
At that point, Vucko might have been
expected to do one of two things. He
could have followed Gani’s lead and
headed for the exit, or he could have continued down the corporate path, by then
well-paved. What he wouldn’t have been
expected to do is hang on to his stake
while turning Indochino over to someone he’d just hired, so that he could leave
the Vancouver head office to semi-retire
with his wife (Amelia Warren, who runs
a start-up of her own) back in Victoria.
“It was the right time for me to catch
some family time after a decade of going
full tilt,” Vucko explains.
Of course, kicking back is that much
sweeter if the guy you’ve hired as your
replacement is a fellow e-commerce pioneer, who, six months and a couple of dramatic moves later, can say he’s got Indochino back onto its triple-digit growth
trajectory. The new CEO, recent Torontonian Drew Green, had made a couple
of exits himself and still holds a stake in
Shop.ca, which he founded. Within weeks
of arriving, he announced a deal that saw
China-based Dayang Group invest $42
million while becoming a manufacturing
partner. “It was an opportunity to put in
a large amount of capital and accelerate
the business,” he explains.
Job security:
Meanwhile, he’s stepped
Who cares?
up a process launched by
On the e-commerce
Vucko that—less paradoxifrontier, opportunities
cally than it might seem—
(and exits) abound,
as Drew Green’s
h a s t h e o n l i n e re t a i l e r
resumé shows
opening a dozen bricks1998-2000
and-mortar storefronts in
Director of sales,
major cities across the conCanada and East Coast,
tinent by August.
FloNetwork (acquired
by DoubleClick)
Green is still jet-lagged
2000-2005
from a Japanese scouting
Director of sales and
mission as he walks the half
head of retail vertical,
block from Indochino’s
DoubleClick (acquired
headquarters to one of the
by Google)
first of those showrooms,
2005-2009
Senior vice-president, sales in the midst of Vancouand business development,
ver’s appropriately stylish
Shop.com (acquired by
Yaletown district. OpenMarket America)
beamed and spare, it could
2009-2014
Founder and CEO, Shop.ca be the menswear side of
2015–
a Prada store but for the
CEO, Indochino
dearth of inventory. That’s a
key detail, says Green. “This
A suitable strategy
PHOTOGRAPH KIN/BRIGITTA HORVAT ARTISTS
How can online custom tailor Indochino replicate its early
explosive growth? With bricks and mortar
I
E-commerce
veteran Drew
Green sees
Indochino selling
a million suits a
year by 2020
n 2007, while still at the University of Victoria, Kyle Vucko and
Heikal Gani came up with a great idea for a tech company—
online, made-to-measure suits. Everyone seemed to love the idea,
even though launching an e-commerce site is a thousand times
harder than it looks, and matching picky customers with their
perfectly fitted suits, delivered on time and at a profit, is maybe
a thousand times harder than that. And there was also the small detail that
neither of the college kids had experience in e-commerce or fashion.
Nevertheless, hometown heroes including ex-Yahoo head Jeff Mallett,
basketballer Steve Nash and emerging VC phenom Boris Wertz pitched in
to help Vucko and Gani get $18 million in financing. The two, meanwhile,
spent way longer in China sniffing out supply lines than they would have
thought possible. Still, almost everything went better than it should have,
DM161954_Pg13-14_ROB_JUL_2016.indd 13
2016-06-02 11:44 AM
07/16
Trend Watch
LESS WORK, MORE PLAY
Ah, Sweden. It has always ranked as one of the happiest nations in the
world. And now some Swedish companies are switching to a six-hour
workday—the theory being that compressed hours boost both productivity
and happiness. Here’s a look at average work hours per year in 20 OECD
countries, plus their rank on the latest World Happiness Report.
Hours worked in Germany are down
from 2,372 in 1950. During the
economic crisis, the government
pushed for employers to reduce work
hours rather than lay off employees.
Now unemployment is just over 6%,
the lowest since the Berlin Wall fell
Spain’s acting
PM has proposed
ditching the twohour siesta and
ending the workday
at 6 p.m. instead
of 7 p.m.
8
DENMARK
FINLAND
NORWAY
NETHERLANDS
7
6
Average minimum
wage is roughly
$5.10 (U.S.) a day
CANADA
SWEDEN
ISRAEL
AUSTRALIA
U.S.
MEXICO
GERMANY
HAPPINESS INDEX
showroom will do between $4 million
and $5 million a year, and we operate on a
zero-inventory model, so we don’t have
a backroom with thousands of suits.”
Instead, Indochino’s showroom customers buy their suits, shirts and ties
much as they would if shopping from the
website except that, instead of having to
measure themselves and trust that the
fabric matches the way it looks onscreen,
they get to see the goods first-hand and
let someone else do the measuring.
Either way, the suit will arrive on the
customer’s doorstep within four weeks
and cost about the same as if it had been
picked off the rack at a department or
mid-price apparel store, while, in all likelihood, requiring no alterations (reviewers tend to give the chain an A-minus in
this regard) or, heaven forbid, returns. “If
you look at apparel companies or even
department stores that have gone online,
return rates are one of the biggest challenges,” Green says. “They’re up to 30%,
whereas ours are around 2%.”
Far from cannibalizing online sales,
the storefronts act as billboards, increasing awareness, Green says. “Our online
business is seven times higher in markets where we have showrooms.” A store
in SoHo has been the star performer, so
plans are afoot to open several more in
Manhattan.
The new CEO also promises to dramatically increase the number of offerings. “I came from a business where
we had 15 million products at the time
of launch, and this business had 40. So
there was a real opportunity to broaden
the selection.” But the really big step
ahead may see Indochino opening up for
offline business on the continent where
the suits are actually made. (Online customers are already global in scope; the
home market of Canada is a sweet spot,
since Indochino prices only in U.S. dollars.) The company won’t necessarily go
into China, Green thinks, but will almost
certainly tackle Japan, where formal
work clothes are de rigueur and the currently fashionable tailored look that’s
been very good for Indochino never went
out of style. Whatever form the expansion takes, Green is sure it will involve
a partner. “We want to learn before we
open, then every day after,” he says.
Ambitious? That’s a word that definitely fits. “My goal is to sell a million
made-to-measure suits a year by 2020,”
Green says. “That would put our revenue, back of the napkin, at over half a
billion dollars.” /Jim Sutherland
IRELAND
U.K.
FRANCE
CHILE
Hours worked are down
15% from 2000
SPAIN
KOREA
JAPAN
RUSSIA
GREECE
5
1,250
WORK HOURS PER YEAR
1,500
1,750
A labour agreement gives
250,000 workers in France
the right to ignore work e-mails
or calls after 6 p.m.
$75,000 (U.S.)
2,000
1.5 TO 3 HOURS
Average amount of time workers spend on
personal activities at work each day
2,250
2,500
Overtime in Japan has increased
so much due to economic
strife that karoshi, or death
by overwork, is now a legally
recognized cause of death
That’s the income level at which happiness tops out,
according to a Gallup poll conducted by an economist
and a Nobel-winning psychologist: “People with an
annual household income of $75,000 are about as happy
as anyone gets,” they say. “But people with an annual
household income of more than $75,000 don’t have
commensurately higher levels of emotional well-being.”
33%
Greeks get 37 paid
vacation days per year
TRUE
OR FALSE
MONEY CAN BUY
YOU HAPPINESS
TRUE
According to a 2016
study from Germany’s
University of Cologne,
“the higher a person’s
income is, the less likely
it is that he or she will
become lonely.”
Increase in risk of stroke for those who work 55 hours a week
versus those who work between 35 and 40 hours
DM161954_Pg13-14_ROB_JUL_2016.indd 14
2016-06-02 11:44 AM
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16-06-03 11:04 AM
Disruption
Rise of the bots
They’re the software version of robots, and giants like
Facebook and Google are betting they’re the future
W
hen Google’s AlphaGo software beat champion Go
player Lee Sedol at a five-game match in March, many
compared it to the chess showdowns that pitted Garry
Kasparov against IBM’s Deep Blue back in the mid1990s (they won a match apiece). But this was different.
Go, a game that’s popular in Asia, is even more nuanced
than chess and infinitely complex, which is why beating a human opponent
had become a holy grail for computer scientists. AlphaGo’s victory wasn’t simply one step beyond Deep Blue; it proved that “smart” artificial intelligence
(AI) is no longer some far-off dream.
Over the past few months, we’ve started to get a taste of the real-world implications. Microsoft, Facebook and Google all kicked off their most recent developer
conferences with a clear message: Forget the rise of the machines—the future
is smart software, a.k.a. bots.
You’ve probably already interacted with bots, on messaging
apps like Facebook Messenger
and Kik, or by calling up Apple’s
digital assistant, Siri, on your
iPhone. As Siri has shown, bots
can be programmed to have something approaching a personality
and to engage in human-like conversations. They can also carry
out tasks like ordering a pizza or
booking a flight to New York.
Those might not be earth-shattering examples of change, but as
is often the case with digital, what
at first seems like an entertaining
trinket or marginal convenience
can bode deep structural changes
ahead. When it f irst debuted
in 2007, the iPhone was simply
a slick new smartphone, but it
sparked seismic shifts across
many businesses.
So it will be with bots, because
the AI that drives them represents a new kind of tool. Just as we
might send in a robot to defuse a
bomb, bots could be deployed to
mine and analyze the huge and
unwieldy amounts of data produced in today’s digital-first world
at a pace and scale humans simply
can’t match. They’re even starting to be able to relay qualitative
information: not just What is my
next appointment? but What are
the most promising sales trends
from the past year? AI’s capacity
to replace human actions—and do
them better—represents the next
great business upheaval.
The underlying trend here
is machine learning (a concept
demonstrated disastrously by
Microsoft’s Tay chatbot back in
March—see next page for details).
The idea is to create software that
can produce new information
and tools of its own accord—for
instance, a system that could sort
through stoplight patterns and
use what it learns to better direct
traffic, all without explicitly being
told to do so. This is already happening. IBM’s Watson AI has gone
from playing (and winning) Jeopardy to delivering treatments for
lung cancer, partly by keeping
up with and factoring in weekly
developments in oncology. Wat-
ILLUSTRATION SÉBASTIEN THIBAULT; PHOTOGRAPH COURTESY OF SHOWCASE/CORUS ENTERTAINMENT
07/16
DM161954_Pg16-17_ROB_JUL_2016.indd 16
2016-06-03 9:52 AM
ILLUSTRATION SÉBASTIEN THIBAULT; PHOTOGRAPH COURTESY OF SHOWCASE/CORUS ENTERTAINMENT
son is also helping to reintegrate
military personnel into civil
society by answering questions
about benefits and medical concerns, and doing it all in natural,
ordinary language. That’s a key
part of what makes bots so full of
potential—the fact that they can
understand human queries and
respond in kind, rather than with
complex mathematical formulas.
Now imagine this technology in
the hands (literally) of rank-andfile employees at your own company, and you start to get a sense
of how AI might change things—
and how many jobs it could render
obsolete. A sales exec could ask
her phone a simple question—say,
how oil’s effect on currency influenced sales in British Columbia
over the past three years—and
then use that information to make
better strategic decisions. Bots
offer a whole new competitive
advantage.
For the Googles and Microsofts
1 DAY
That’s how long it took for Tay—a chatbot
Microsoft launched on Twitter to help improve its voicerecognition software—to become a Hitler-loving, anti-feminist
9/11 conspiracy theorist and Donald Trump apologist.
“Humans are super cool”@TAYTWEETS on March 23
“Hitler was right”@TAYTWEETS on March 24
of the world, the big question is
who will own the “layer”—who
will become the Windows or
iPhone of AI. For just about everyone else, and almost certainly for
Canadian companies, it’s more
a question of where and how to
deploy the technology. Because
bots will very quickly evolve
beyond ordering takeout and calling taxis to become an arsenal of
strategic tools able to manage
financial reports, staff evaluations, inventory levels, market
Follow Alang on
Twitter @navalang
analysis, logistics and more. In
fact, there’s a good chance that a
decade from now, bots will have
changed the business sphere in
ways we can’t even imagine. After
all, who could have foreseen that
the iPhone would effectively kill
the desktop computer, spawn
social media behemoths like Facebook and shake up transportation
with the advent of Uber?
Winning at Go was just the
start. Brace yourselves—the bots
are coming. /Navneet Alang
Cybersecurity
THE GREATEST (HACKER) STORY EVER TOLD
Mr. Robot is a TV series about an anti-social cybersecurity
engineer/vigilante hacker named Elliot Anderson, and it’s been
hailed as the most realistic depiction of hacking to ever hit
the screen. As we get ready to binge-watch Season 2, we asked
Kevvie Fowler—KPMG Canada’s National Cyber Response
Leader, whose team tests client systems for vulnerabilities and
launches simulated attacks—for a primer on five hacks from
the show and how they work in real life.
RATS AND WEBCAMS
(Episode 2)
What it is
Remote Access Trojans,
bits of malicious code
installed onto a computer,
allow hackers to control
everything from keyboards
to webcams.
Mr. Robot hack
Someone from the
Dark Army, a Chinese
hacking collective, poses
as a musician hawking free
CDs. Angela’s boyfriend,
Ollie, loads one (and the
webcam spying trojan)
onto their home computer,
giving the attacker a view
of everything within the
camera’s sight.
BRUTE-FORCE
PASSWORD HACK
(Episode 2)
What it is
Tools like John the Ripper
detect weak Linux
passwords and crack them
by making thousands of
attempts per second.
Mr. Robot hack
Elliot employs a
common dictionary word
search tactic using John
the Ripper to crack the
password of Evil Corp’s
interim chief technology
officer, Tyrell Wellick.
In real life, this would
take between 20 and 30
minutes, but it goes down
much faster in TV land.
SPYWARE
(Episode 3)
What it is
Spyware monitors a
device’s activity and reveals
anything stored in, say,
a phone’s memory or on
its SIM card. This hack is
unnervingly simple, though
it requires physical access
to the phone for about
three minutes, plus an
Internet connection.
Mr. Robot hack
Tyrell inserts a chip onto
his target’s Android phone
to give him control of the
device, then uploads the
spyware to steal his secrets.
BADGE CLONING
(Episode 5)
What it is
Devices like the Tastic RFID
Thief, a tool from Bishop
Fox, can steal securitybadge information via RFID
when it’s placed within one
metre of the target.
Mr. Robot hack
At Steel Mountain, one
of Evil Corp’s data centres,
Elliot clones an employee
badge using a gadget like
the RFID Thief, which he has
hidden in his backpack.
STEGANOGRAPHY
(Episode 9)
What it is
The art of concealing
information in plain sight,
in music or photo files.
Mr. Robot hack
Elliot keeps files on
everyone he’s hacked
on CD-ROMs disguised
as music CDs. He uses
DeepSound, an audio
converter tool, to convert
photos and other files to
WAV and FLAC audio files.
The real files are encrypted
and password-protected.
DM161954_Pg16-17_ROB_JUL_2016.indd 17
2016-06-03 9:52 AM
07/16
140-CHARACTER
REVIEWS
“It ain’t what you
don’t know that gets
you into trouble.
It’s what you
know for sure that
just ain’t so.”
—Josh Billings
But What If We’re
Wrong?: Thinking
About the Present
As If It Were
the Past
By Chuck Klosterman
Or, as it’s
otherwise known,
#postmodernism
(but that doesn’t sell
books—wit & ’90s
sitcom references do)
Corporate Governess
Up in smoke
—George H., Toronto
Dear George
Unfortunately, there’s no one-size-fits-all
answer to this one, so I asked Shelley Brown,
an employment law lawyer with Steinberg, Title
Hope & Israel in Toronto, for advice. “The law
requires that an employer accommodate an
employee’s disability up to the point of undue
hardship—a very high bar for employers,”
he says. “There’s an obligation to allow an
employee to do what’s necessary from a medical
standpoint to ameliorate his or her disability.”
At the same time, your toking staffer has to
provide value for money, and is obligated to tell
you the nature of the disability and how often
he needs to medicate so you can accommodate.
“If an employee needs to smoke up three or
four times a day to deal with a disability, an
employer is entitled to know that and has to
take it into account,” says Brown. “You should
be able to sit down with your employee and
discuss what the nature of the accommodation
ought to be and what may be necessary to
assist him in maintaining your work standard.”
$1 BILLION+
If the employee doesn’t co-operate, you could be
entitled to take measures including suspension
or limiting how often he can smoke.
But dealing with employee disabilities requires immense sensitivity, because they are so
individual. Brown’s bottom-line advice: “It’s a
minefield. You really should seek the advice of
a lawyer before taking any steps, whether you’re
an employer or an employee.”
Dear Corporate Governess
I’ve been handed my dream job. The trouble is,
they demoted the popular manager who held the
role before me. How do I get the team on my side?
Invisible Influence:
The Hidden Forces
That Shape Behavior
By Jonah Berger
If you think this
engaging survey of
behavioural psych is
for other people to
learn from, it’s for you.
#imaspecialsnowflake
#noyourenot
—Elle B., Calgary
Dear Elle
I thought I’d never watch The Daily Show after
Jon Stewart left, but Trevor Noah won me over,
one joke at a time. My point: Be patient. I’d
start with a staff meeting to introduce yourself.
And make sure the entire team is welcome. If
possible, get the former manager on board to
help with the transition. A few kind words of
endorsement might be tough to ask for, but it
could make all the difference. Give props to
your predecessor’s accomplishments, but let
the team know you have a fresh vision you want
to share. Then work on developing individual
relationships. Once they see you don’t have
two heads, they’ll soften.
The Invention
of Russia: From
Gorbachev’s
Freedom to
Putin’s War
By Arkady Ostrovsky
FT/Economist vet
draws line from
glasnost to Putin:
media control. Until
oligarchy and USSR
nostalgia go off the
air, the future is
[REDACTED]
That’s how much (in U.S. dollars) NBA star LeBron James’s lifetime deal with Nike is worth,
according to his business partner, Maverick Carter. It’s the largest endorsement deal ever.
ILLUSTRATION ANTONY HARE; (JAMES) JOHN BAZEMORE/CP
Dear Corporate Governess
An employee was recently prescribed medical
marijuana for his disability. While he doesn’t
smoke in the office, he does use it during the
workday, and it’s affecting his performance. What
rights do I have to monitor when he lights up?
2016-06-02 11:48 AM
16-06-03 10:34 AM
Eric Reguly
A little guy cleans up
ortugal has been a nightmare lately. In 2011, supply almost 10% of Morocco’s electricity, and the goal is to
it joined Greece on the sovereign bailout list. see their share rise to more than 50% by 2030. Meanwhile, the
Since then, it has been battered by strikes, fail- state of South Australia recently closed its last coal burner. It
ing banks, corruption scandals, double-digit now gets more than half of its electricity from wind and solar.
unemployment and hung parliaments.
But both Portugal and other like-minded Western countries
But as Lisbon burned, the rest of the world are missing one crucial element—the industrial side. They
barely noticed that the tiny country was making great strides are now employing scads of technology—wind and water
in renewable energy—so great that it is now being lauded as an turbines, solar panels, lenses used to concentrate sunshine in
example of what is possible as industrialized economies try to solar-thermal systems—that is being built in China and other
embrace a low-carbon future.
low-cost Asian countries. China views renewable energy not
The high point came in May when, for four consecutive just as a way to clean up skies clouded with smoke but as a
days, fossil-fuel-free sources produced 100% of the country’s grand job-creation project that, in tandem with a program of
electricity. Most of it came from hydro power and wind tur- building nuclear-power plants, will see the country manufacbines, with small dollops from biofuels and solar panels.
ture national energy security. That beats the option of relying
That extraordinary run is unlikely to be repeated soon. It on imported oil and gas.
was the result of a period of relatively low energy demand,
The West has yet to realize that a renewable win-win requires
strong winds and ample rainfall. But there
making the machines as well as the elecis no doubt that a pleasing trend is in play
tricity itself. “Portugal is only a small part
(unless, of course, we are content to go on
of the green shift,” says John Mathews, a
Maybe, just maybe,
cooking the planet with greenhouse gas
management professor at Australia’s MacAfrican countries
emissions). In 2013, renewables supplied
quarie University who has chronicled Chican take inspiration
about 26% of Portugal’s electricity, a figure
na’s renewables ascent. “China is building
from Portugal
that rose to 63% a year later, before falling
new green industries at a furious rate, as
to 50% in 2015 because of a drought. Assumexport platforms for the future.”
and go directly to
ing that renewable energy costs keep fallEver-cheaper renewable energy techrenewable energy
ing and that financially strapped Portugal
nology from China can make it hard for
instead of building
does not crunch its clean-energy subsidies
Western rivals to compete, especially if a
(as Spain has done), an electricity market
sympathetic industrial strategy is absent.
fleets of coaldominated by clean power seems likely in
The near eradication of the European and
burning plants
the next decade or so.
North American solar-panel industry was
in the fashion of
The message: If Portugal can do it, so
the result of China flooding the global marcan Canada and other Western countries
ket with homegrown knockoffs. One victim
China and India
with stated ambitions to wave goodbye to
was Arise Technologies, once the leading
the carbon era. And maybe, just maybe,
light of the Canadian solar industry.
African countries can take inspiration from Portugal and
European companies, among them Vestas and Siemens, are
go directly to renewable energy instead of building fleets of still big manufacturers of wind turbines. China’s capture of the
highly polluting coal-burning plants—the grubby develop- solar-panel market will make Vestas and Siemens try all the
ment route taken by China and India—as they move up the harder to stay in the top rank. One Western energy company
industrial value chain.
that appears to understand that the future lies in making both
While Portugal is a standout example, other countries are the juice and the juicemaker is, ironically, France’s oil chammaking abundant, if not quite spectacular, progress too on the pion—Total. In 2011, it bought 60% of SunPower, one of the
renewables front. On one day in early May, the amount of elec- largest solar companies in the United States. In May, it picked
tricity generated by coal in Britain fell to zero for the first time up French energy-storage company and battery maker Saft
since the famously sooty country launched coal-fired genera- Groupe for almost € 1 billion.
tion in the 1880s. That, too, was something of a fluke—some
Little Portugal has inspired the clean-energy market. It
coal plants had been closed for maintenance—but huge capac- would be all the more inspiring if the country could make the
ity in renewable energy allowed the lights to stay on.
technology too.
Renewables already supply half of the electricity in Sweden
and are coming on strong in Morocco, of all places, where vast Eric Reguly is an award-winning columnist with The Globe and Mail based in
thermal-solar plants are under construction. They already Rome. Reach him at ereguly@globeandmail.com or on Twitter @ereguly
PHOTOGRAPH GREG FUNNELL
P
Even with its economy and politics in upheaval, Portugal shows
the way forward to 100% renewable energy
2016-06-03 9:54 AM
Congratulations to
these recent appointees
Phillip Crawley, Publisher & CEO of The Globe and Mail, extends best wishes to the
following individuals who were recently featured in the Report on Business Section of
The Globe and Mail newspaper. Congratulations on your new appointments.
Catherine Roche
to Head, Office
of Strategic
Management
BMO Financial Group
Dean Connor
to Chair of the
Board of Directors
Canadian Life and
Health Insurance
Association (CLHIA)
Andrew Barnicke
to Vice Chairman,
Capital Markets
Colliers
Margarita K. Dilley
to the Board
of Directors
Fortis Inc.
Jo Mark Zurel
to the Board
of Directors
Fortis Inc.
Doug Bloom
to the Board
of Directors
Gibson Energy Inc.
Graham Drexel
to CFO and
Board of Directors
Grosvenor Americas
Robert Watson
to President & CEO
Information
Technology
Association of
Canada
Robert Dutton
to the Board
of Directors
La Coop fédérée
Brant Carson
to Partner
McKinsey &
Company
Zak Cutler
to Partner
McKinsey &
Company
Kevin Orbinski
to Partner
McKinsey &
Company
Sandra McEwen
to VP, Valuations,
Risk Analytics and
Model Validation
Ontario Teachers’
Pension Plan
Gilles Froment
to Senior VP,
Government and
Industry Relations
Parmalat
Gary A. Doer
to the Board
of Directors
Power Financial
Corporation
George Comrie,
MEng, P.Eng., CMC,
FEC
to President
Professional
Engineers Ontario
Gary A. Doer
Christian Noyer
to the Board
to the Board
of Directors
of Directors
Power Corporation of Power Corporation of
Canada
Canada
L. Scott Thomson
Una M. Power
to Board of Directors to Board of Directors
Scotiabank
Scotiabank
Michael Phair
to Board Chair
University of Alberta
July/August 2016
To make arrangements for an Appointment Notice,
please call 1-800-387-9012 or email advertising@globeandmail.com
View all appointment notices online at www.globeandmail.com/appointments
16-06-03 11:35 AM
SPONSOR CONTENT
Women
at theTop
Positions of power
Female professionals altering the Canadian business landscape
T
he day Nadja Piatka
scrawled her business
goals on a pantyhose package
was the first step on her
journey from struggling single
mother to president and CEO
of a multi-million dollar global
food company.
Starting her business with
$100 in 1993, Piatka began
selling her home-baked,
low-fat muffins to local coffee
shops. Now Nadja Foods,
with operations in the U.S.
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vegetarian stuffing to the food
service industry, restaurant
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“I believe in the power of
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Those goals included starting
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only one left out was the TV
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Building a business
Sue Bennett also believes
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Today, Bennett Design is an
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Bennett built her business
through referrals and
Nadja Piatka (top)
and Sue Bennett
believe in the power
of setting goals.
relationships with everyone
from former employers to
clients and suppliers. She
also wasn’t afraid to do
whatever task was required.
Both she and Piatka were
raising young children when
they started their businesses.
Today, the “mompreneur” is
a growing force and working
women are aspiring to have
a work-life balance.
To further inspire women
and support their dreams,
Piatka started an annual
women’s networking
weekend called the Ultimate
Girls Getaway. For 20 years,
the event has focused on
empowering participants
personally and professionally.
It also raises funds to sponsor
female survivors of war.
An inspiring vision
Piatka and Bennett agree
that selecting the right team
is important. “A leader is
someone who gets a vision,
can see the path ahead and
can inspire others working
with them to share the
dream,” explains Piatka, who
outsources everything from
production to marketing to
accounting. “I have always
used this philosophy because
everything the company does
is project-based.”
After Piatka develops a
recipe, scales it for production,
selects the production facility
and puts the marketing and
production together, she is
ready for the next project and
may have multiple teams
working simultaneously.
“This business model allows
me to use the best resources
in the industry without
employer responsibilities.”
Bennett does have
employees and gives
careful consideration to the
people she hires. “We want
superstars. We want to make
sure they are fun, are open
to and like change. I want
people to feel empowered
and make decisions.
Leadership comes from
believing in your people and
supporting them.”
Bennett says that the
consulting and management
services she offers has
helped set her firm apart.
Her company can do real
estate optimization strategies
and advise clients who want
to renew their lease, or
provide feedback on how to
optimize space.
“If you don’t stop moving,
they can’t catch you,” she
says. “You need to be totally
progressive and thinking what
the next big thing is.”
Piatka shares that
philosophy. Nadja Foods’
latest innovations include low
Glycemic Index (GI) foods,
and a GI Reducer that doesn’t
increase blood sugar levels
when added to white flour
bakery items.
“You can’t sit back and be a
one-hit wonder,” says Piatka.
“You have to find a hole in
the market and pursue it
with passion.”
Fostering female leaders
While women who own their own
businesses are growing in numbers,
92 per cent of top executives at
Canada’s largest companies are still
male, according to the annual report
from the Rosenzweig & Company
Inc. talent management group.
American Express Canada is
one company that is fostering and
supporting female talent. In Canada,
almost half of its senior leadership
team and 59 per cent of its Canadian
employees are women.
“We know that fostering diversity
broadens the talent pool and
ensures we have the most qualified
candidates leading our company,”
says Rob McClean, president and
CEO of American Express Canada.
“I work alongside many smart, wellrespected women whose strategic
minds and authentic leadership
have had a direct impact on the
company’s success.”
From McClean’s point of view,
more and more companies are
supporting female talent – and the
efforts are paying off.
“There are a number of outspoken
senior female leaders, such as
Sheryl Sandberg (Facebook COO)
for example, who have really moved
the dial and caused a shift towards
a culture that is more encouraging
of women taking on powerful
positions. We’re seeing this
change not only at a global level,
but within Canada and also within
financial services.”
This content was produced
by The Globe and Mail’s
advertising department. The
Globe’s editorial department was
not involved in its creation.
16-06-06 1:57 PM
SPONSOR CONTENT
Women
globeandmail.com/adv/womenatthetop
at theTop
Advancing careers
Mentors and sponsors help women achieve next-level success
A
ccording to a recent
study, leading Canadian
businesses can foster female
talent and grow ambition
among women at all levels of
their organization simply by
ensuring the proper support
channels are in place.
The new research was
commissioned by American
Express Canada and Women
of Influence, a Toronto-based
professional advancement
organization for women.
It showed that while
mentorship and sponsorship
are still incredibly rare among
female entrepreneurs and
corporate workers (only 27
per cent of respondents had
a mentor and 8 per cent a
sponsor), women who have
them are much more likely
to believe they can land a
top position.
Of the 1,200 female
respondents, 70 per cent
considered themselves to be
high-potential employees.
That number rose to 86 per
cent among women with
a mentor, and 89 per cent
with a sponsor. Similarly,
the number of women who
believed they could make it
to the C-suite (32 per cent)
increased to 49 per cent for
women with a mentor, and 60
per cent with a sponsor.
“The research shows that
women without a mentor
and/or sponsor are missing
out on key relationships with
leaders who could be guiding
their career and advocating
for their professional
advancement,” says Naomi
Titleman, vice-president of
human resources at American
Express Canada. “While
training, hard work and
determination play an integral
role in career advancement,
relationship-building is
crucial to overcoming
workplace hurdles, especially
for women.”
Defining sponsorship
While both mentorship and
sponsorship seek to improve
a person’s career by increasing
their value in business,
there are differences in
the approaches.
Mentorship is guidance
that helps employees fulfill
a role or direct careers. For
employees, a mentor can be
a sounding board; someone
who encourages an individual
to aim for a higher rank at
work. It can come from a
variety of sources inside or
outside the workplace.
Alternatively, sponsorship
can help open doors by
giving the employee an
advocate among more
senior workers. A sponsor
takes action on behalf of an
employee, with an eye for
promoting their career within
the organization.
“Women must
surround
themselves with
people who
support their
advancement.”
Since the very nature of the
relationship is that they put
their reputation on the line
for you, sponsors are difficult
to secure and easy to lose,
explains Titleman. Therefore,
she says it’s vital for women
to seek out sponsors. It’s
equally important for
organizations to open up
dialogue about sponsorship
and what it entails.
“Sponsorship has a big
impact on aspirations and
advancement,” Titleman
says. “Women must surround
themselves with people who
support their advancement
– who can offer advice,
Relationship-building
is key to overcoming
workplace hurdles,
says Naomi Titleman,
vice-president of human
resources at American
Express Canada.
encouragement, coaching,
etc. They need to work to
seek out sponsor-earning
opportunities. This means
volunteering for ‘stretch
opportunities’ that encourage
skills development,
collaborating across
teams, leading employeeengagement activities and
identifying opportunities to
showcase their good work.”
Seeking out champions
“Women define success in so
many different ways,” says
Stephania Varalli, Co-CEO
of Women of Influence. “To
support employees on their
own unique career paths and
to achieve their own version
of success, it’s crucial for
organizations to encourage
a culture of mentorship
and sponsorship.”
Although mentorship and
sponsorship are fundamental
to advancing women within
an organization, Varalli says
tapping into a larger
network of women through
events and programs can
help create strong
professional connections.
Mentorship can be
particularly important in
male-dominated fields, adds
Kelly Lyons, a professor in the
Faculty of Information at the
University of Toronto.
“Any time you’re a minority
within a community of people,
it’s nice to have mentors that
can help,” Lyons points out.
“There’s this critical mass. It’s
not conscious, but you sort of
see yourself more.”
That same principle
applies to senior ranks at
any company: if women see
themselves represented, it
sends them the message they
can get those jobs.
It’s something that
Titleman says American
Express Canada is doing
right. Today, 45 per cent of the
company’s senior leadership
team is women.
“We do feel that role
modelling is a serious part
of the equation,” she says.
Titleman believes there’s a role
for programs that encourage
mentorship and sponsorship,
but companies must make
sure they’re receptive to what
employees need.
That means creating
environments where
sponsorship and mentorship
are practiced.
“There are systemic barriers
in the workplace still today, so
we need to do everything in
our power to make sure that
we have those advocates at
the table,” Titleman says.
“Providing mentorship and
advocating on behalf of more
junior colleagues as a sponsor
is one of the most important
jobs I have. I feel that it’s my
obligation as a senior leader
to support people in reaching
their full potential.”
16-06-06 2:05 PM
SPONSOR
CONTENT
ADVERTISEMENT
WOMEN IN BUSINESS
Debunking the Myths: How taking
a risk rational approach pays off
for Women entrepreneurs
Women make decisions every day that require risk
W
ith so many successful
self-employed women
thriving in Canada – 47% of
small businesses are partly
or wholly owned by women
– female entrepreneurs have
long been perceived to be
risk-averse and unable to
generate the same economic
growth as men. In reality,
businesses with majority-female ownership have report-
ed the highest instances of
yearly revenue growth of
more than 20 per cent.
In an effort to change
these misconceptions, BMO
Financial Group, Carleton
University and The Beacon
Agency partnered for an
independent study to take
a closer look at the relationship between risk and
women entrepreneurs.
The study, A Force to
Reckon With: Women,
Entrepreneurship and Risk,
revealed that this perception
is not the reality for women
entrepreneurs.
The study found that
women make decisions
every day that require risk,
in order to grow and build
their businesses. Men and
women simply approach
risk differently – in general,
women entrepreneurs take
a longer-term approach to
business and a more holistic
view of calculating riskbased decisions.
BMO has leveraged
the findings of this report
through efforts to continue
expanding support for female entrepreneurs in ways
that most resonate with the
group. In addition to the $2
billion in credit the bank has
made available to women
entrepreneurs, BMO has also
created employee training
to address findings from the
study and continue to build
stronger relationships with
women entrepreneurs.
Susan Brown, BMO Senior
Vice President, Alberta
and Northwest Territories
Division, has worked with
women entrepreneurs
throughout her decades-long
career. She believes women
are risk rational, not risk
averse. “Many of the women
that I’ve dealt with are
very risk aware, and they
manage the risk in their
businesses in a way that
matches their lives,” said
Ms. Brown. “That’s no doubt
why women engage experts
when starting a business
or considering growth, and
why they frequently take
courses on entrepreneurship
to learn how to manage risk
and run their businesses
more effectively.”
BMO is also continuing strategic partnerships
such as Women’s President
Organization, GrowYourBiz
and SheEO, which all focus
on mentorship of entrepreneurs, a key driver of success
as found in the study. Most
recently, the bank introduced the BMO Women in
Leadership Fund mutual
fund, the first of its kind in
Canada, which offers investors the opportunity to show
their support of women in
business. It has also expanded its BMO Celebrating
Women event to over eight
cities across Canada, to honour outstanding women for
their charitable giving and
overall contribution to the
communities in which they
live and work.
To learn more, visit BMOforWomen.com and join
the conversation at #BMOforWomen.
16-1221_BMO_ROB_Editorial_Ev3.indd 1
6/1/16 3:06 PM
16-06-06 2:07 PM
Forward
thinking
requires the
right backing.
Your job is to lead the way. Ours is to support you
every step of the way. We offer guidance and advice
to help you grow your business.
Winner of the 2015 Best Commercial Bank in Canada.*
Take your business forward at bmo.com/business.
Trademarks of Bank of Montreal
* 2015 World Finance Magazine Award
®TM
16-1221_BMO_ROB_Ad_Ev4.indd 1
6/1/16 3:05 PM
16-06-03 10:38 AM
SPONSOR CONTENT
Women
at theTop
The self-made woman
Defining characteristics of Canada’s new female entrepreneur
S
he’s ambitious and
wants to grow her
business. She makes
decisions that require risk.
She believes in networking
and relationship-building.
She may not be a technology
expert, but she has a presence
in the digital world. Work-life
balance is important to her.
These are some of the
defining characteristics of
the new female entrepreneur
in Canada, a growing force
in the country’s economy.
In 2011, Statistics Canada
reported 950,000 selfemployed women in the
country – and that number
is increasing.
Why are so many women
starting their own businesses?
There are multiple reasons.
A new report by BMO
Financial Group, Carleton
University and The
Beacon Agency, “A Force
to Reckon With: Women,
Entrepreneurship and Risk,”
found that most women start
a business because they are
passionate about something
– not because they want to
make a million dollars.
Many women launch a
business so they can be
in control, experience
challenge, create a product
or service, and gain financial
independence. Many need
to generate an income, and
some take over their family
business to better manage
the operation.
Jayne Huhtanen is
among these women. As
a professional business
coach and member of the
Canadian Association of
Women Executives and
Entrepreneurs, she advises
and consults with many
self-employed women. Her
résumé includes 26 years
at Procter & Gamble,
before starting FocalPoint
Coaching of Toronto and
world a better place more
than men do, and recognize
the value of building
relationships, she adds.
“When women network with
women, they want to get to
know each other on a personal
level, and understand that
business comes through those
relationships,” Huhtanen
explains. “With men, the
conversation tends to get right
to what am I trying to sell you,
and you trying to sell me?”
She says female-led
businesses also tend to
be smaller, have fewer
employees and are more
likely to be home-based than
those fronted by men.
Who is she?
Professional business
coach Jayne Huhtanen
says women in business
want to make a social
impact.
Wildly Successful Biz, a
business accelerator.
“[Women] may choose
to start their own business
because they want a better
work-life balance, they
are tired of working for
someone else or they want
to do something they find
fulfilling,” says Huhtanen.
Most women
start a business
because they are
passionate about
something.
Most women-owned
businesses are in the services
area, Huhtanen points out.
This includes everything from
health care, real estate sales
and mortgage brokerage,
to graphic design and
accounting. She believes this
is because they’re motivated
by finances, but they also
want to make a social impact.
Women want to make the
Here are some of the
qualities that characterize
the new Canadian female
entrepreneur, Huhtanen
finds:
She’s proficient in
marketing, sales and
finances. Women tend to
be less comfortable dealing
with numbers and don’t
like to know if they’re
doing badly, but successful
women address these
key areas of financial
reality so they can make
good decisions.
She’s good at networking.
She recognizes the
importance of relationships
and attends networking
events. She seeks out
mentors and strategic
partners. Before she joins an
association, she “test drives”
it to see if it’s the right fit.
She’s not afraid to ask
for help. She asks for
others’ opinions, seeks out
a mentor when she needs
to and outsources tasks
that aren’t her strengths
(like website building,
for instance).
She has an online
presence. She doesn’t
need to be an expert,
but she does need basic
literacy in the digital
world. She determines
what’s appropriate for her
business, who her target
audience is and how to
reach them. Customers
in their 20s take a different
approach than those in
their 50s.
She has passion and
energy. She knows if she is
not passionate about her
product or service, people
won’t buy it. She knows
she has the right solution
for whomever she’s talking
to, and comes across as
confident and caring.
She follows up. If she
doesn’t have time to
follow up personally,
she has an assistant or a
template to do so within
24 hours. She makes
regular contact with highprobability prospects.
She holds herself
accountable. Or if she
feels she can’t, she finds
someone else to hold
her accountable, such
as a mentor, friend or
partner who can serve as a
sounding board and provide
an outside perspective.
She sets clear goals and
establishes a timeline and
action plan.
16-06-06 2:03 PM
SPONSOR CONTENT
Women
globeandmail.com/adv/womenatthetop
at theTop
A boom in business
Self-employed women on the rise
I
n today’s economy,
female entrepreneurs
are a mighty force. Nearly
one million females are selfemployed in this country and
their ranks are growing.
In 2012, there were 950,000
self-employed women.
Between 2001 and 2011,
their numbers grew by 23
per cent (accounting for
slightly more than one-third
of self-employed persons). At
the same time, the number
of self-employed men grew
by just 14 per cent. In 2014,
Ontario had the highest
concentration of selfemployed women, followed
by British Columbia, Alberta
and Quebec.
A TD Economics Report
from January 2015 reports
three main motivations for
becoming an entrepreneur:
classic (the desire for
independence, creativity,
challenge or wanting to be
one’s own boss); forced (due
to job loss or other reasons);
and work-family, when
entrepreneurs seek greater
personal and professional
balance in their lives.
According to the report,
male entrepreneurs (71 per
cent) were more motivated
by classic reasons than
women (53 per cent). Both
sexes were equally motivated
(22 per cent each) by forced
situations. And 25 per cent
of female entrepreneurs
were motivated by workfamily reasons, compared
to only 7 per cent of male
entrepreneurs.
Female-owned businesses
are more likely to be small
(one to 99 employees) than
medium-sized. Most
women-owned firms have
one to four employees,
the TD report says, and
predominantly represent
traditionally female-centric
industries. About 90 per cent
Support required
of female-owned businesses
are in the services sector
(anything from interior
design to marketing to
accounting), while this
number is only 70 per cent for
male-owned businesses.
Smaller size,
more innovative
They might be smaller, but
that doesn’t mean femaleowned enterprises are less
innovative. In fact, they are
slightly more inclined than
male-owned ventures to
have been involved in an
innovation activity. Their most
common type of innovation
tends to be a new or improved
good or service.
However, women
entrepreneurs seem less
likely to pursue other growthenhancing strategies than
men. Only about 5 per cent
are engaged in exporting,
but that may be because
they are more inclined to
offer domestically oriented
services than men.
In 2010 an Industry Canada
Women Entrepreneurs
report found that on average,
female business owners
were younger and reported
fewer years of management
or ownership experience
compared with male
business owners.
Their revenues were
still significantly less than
revenues earned by
majority male-owned firms
in 2004 and 2007. However,
before-tax net incomes
generated by majority
female-owned firms were
comparable to net incomes
generated by majority maleowned firms.
Female-owned
enterprises are
slightly more
inclined than
male-owned
ventures to have
been involved
in an innovation
activity.
New research from BMO
Financial Group with Carleton
University and The Beacon
Agency confirms that female
entrepreneurs are ambitious
and are making risk-related
decisions necessary to achieve
their objectives.
Despite the evidence that
female-led enterprises
are increasing in number,
financial institutions and
investors have not fully
understood or supported
their resource needs to start
and grow their businesses.
The high value often placed
on projected fast growth
does not support women
entrepreneurs who take a
holistic approach to growth
and focus more on longterm sustainability.
This is why one of the
biggest hurdles women
entrepreneurs report
facing is financing. In the
BMO report, 80 per cent
of female business owners
said they faced obstacles in
securing loans from banks.
Often they start businesses
using their own resources
or by taking personal
loans from friends or
family, and/or through
organizations such as the
Business Development
Bank. They use personal
finances to fund a business
for multiple reasons such
as lack of financial literacy,
fear of being turned down
by the bank and a general
dislike of debt.
Women often seek ways
to increase profit at their
current business level
rather than simply looking
to grow. They are likely to
seek expert advice when
considering growth and
many have taken courses
on entrepreneurship.
The TD report found
that while women are still
under-represented among
entrepreneurs, the upswing
in female self-employment
is a positive sign that more
women are overcoming the
hurdles and striking out on
their own.
16-06-06 1:59 PM
zoo}-zoo}
THE DIFFERENCE BETWEEN
A G O O D D R I V E A N D A G R E AT
D R I V E I S I N T H E D E TA I L S.
INTRODUCING THE ALL-NEW, 3-ROW MAZDA CX-9
OUR BELIEF THAT DRIVING MATTERS LED US TO REDESIGN
AND REENGINEER OUR 3-ROW SUV WITH A REFINED INTERIOR,
SOPHISTICATED FEATURES AND EXCEPTIONAL DRIVING DYNAMICS.
BECAUSE AT MAZDA, EVERYTHING WE DO MAKES DRIVING BETTER.
ALLNEW-CX9.CA
DRIVING MATTERS
16-06-03 10:50 AM
INVESTORS’ GUIDE
TO THE TOP 1000
Our annual Top 1000 ranking contains some 9,000
data points. Behind all those facts and figures is a
trove of investing intelligence, from the rising fortunes of REITs to the CEOs who deliver the best results,
and even some stocks Ben Graham would love. It all adds up to a slew of ways to make money this year.
200
S
GA
D
IFI
A
N
RS
L
OI
NA
GE
ME
NT
AN
DD
INSURA
IVE
NC E
IL
TA
ED
BANKS
RE
150
MA
$BILLIONS
100
REVENUE
BI
50
OT
EC
PROFIT
H
C
AN
LOSS
AN
M G
O
N
C TI
LE S
TEDCA
,
LE OA
AB BR
D
D
PR
OD
LT
I
UC
PROPER
TY
AND IN MANAGEMEN
VESTME
T
NT
S
SI
S
ES
OR
OC
PR
AL
ET
S
ALS
CHEMIC
G
NIN
ES
M
MI
ST
R
DI
E
S
US
ES
AL
SERVICE
IO
S
OL
EC
TIE
W
L
INANCIA
N
EN
VI
ANRONM
D O EN
TH TA
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SE
RV EDIC
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S
TO
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IV
E
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PIPELIN
ILI
PU
F
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SO
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SPO
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OCESSIN
FOOD PRSERVICE
AND
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TW
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DM161954_Pg29-39_ROB_JUL_2016.indd 29
2016-06-08 10:58 AM
Banks
THE BANKS
ARE DOOMED...
Rate squeeze
Banks still
generate a lot
of income by
borrowing money
at low rates and
lending it out at
higher rates. But as
the Bank of Canada
has slashed its
benchmark rate
to near zero,
that spread has
narrowed. Take
Royal Bank of
Canada: Its net
interest margin for
Canadian personal
and commercial
banking shrank
from 3.3% in 2005
to just 2.7% last
year. Higher Bank
of Canada rates
would create some
headroom, but
Bank Governor
Stephen Poloz
appears reluctant
to raise them
any time soon.
Fintech flood
Thousands
of start-ups
worldwide,
along with tech
heavyweights
like Apple, are
developing
financial services
apps that make
payments from
smartphones a
snap, spew data
and link borrowers
to lenders.
Problem No. 1 for
the banks: Doing
nothing means
losing market
share to the
upstarts. Problem
No. 2: Doing
something means
they’ll have to
ramp up their own
technology and
divert resources
from traditional
banking. The
result: big spending
increases and
restructuring
costs associated
with layoffs.
10
5
0
’05’10 ’15
OIL AND GAS LOANS BY THE BIG SIX
($ BILLIONS)
17.9
8.4
7.4
6.7
6.1
3.2
SCOTIA ROYAL BMO
CIBC* TD NATIONAL
*REPORTS NET LOAN BALANCES
PERSONAL AND COMMERCIAL BANKING
(NET INTEREST MARGIN %)
3.0
2.5
2.0
SCOTIA* ROYAL BMO CIBC TD* NATIONAL
1.5
’07’10 ’15
*EXCLUDING WEALTH MANAGEMENT AND INSURANCE
NEW DIGITAL PLATFORMS’ SLICE OF TOTAL
U.S. CONSUMER BANKING REVENUE
1%
$850
BILLION
10%17%
$1,050
BILLION
CURRENT2020
$1,200
BILLION
2023
Five newcomers to the Top 1000
(No. 31)
HYDRO ONE
CEO Mayo Schmidt
FOUNDED 1998
After much hand-wringing, a 15% stake of
Hydro One moved out of the public sector
and into the portfolios of investors in what
was the largest Canadian IPO in 15 years.
Investors got a not-so-shabby return (about
13% in the past seven months), and the
Ontario Liberals got to retire a thin slice of
the largest non-sovereign debt in the world.
(No. 144)
PRAIRIESKY ROYALTY
CEO Andrew Phillips
FOUNDED 2013
Maybe one of the smartest ways to play oil
and gas is not to extract the stuff yourself.
PrairieSky was spun out of Encana, and it buys
land, then collects royalties from producers
who work it. Last November, the company
concluded a blockbuster deal with Canadian
Natural Resources to buy 5.4 million acres for
$1.8 billion in cash and stock, bringing its total
holdings to more than 14.7 million acres.
SOURCE CIBC WORLD MARKETS
Oil crunch
Lending money to
energy companies
in Alberta was so
easy when crude
oil traded for more
than $100 (U.S.)
a barrel. After
the price sank
below $40 last
year, it became
a headache. The
banks are starting
to book provisions
against bad oil and
gas loans. Sure,
energy loans are
now just 2.2%
of the Big Six’s
total lending, but
they add up to
$50 billion, and
some banks are
more exposed
than others.
15
SOURCE VERITAS INVESTMENT RESEARCH
Maxed out
Residential bank
loans in Canada
have climbed by
an average of 9%
a year since 2005,
as borrowers have
taken advantage
of rock-bottom
interest rates and
a hot housing
market to load
up on mortgages,
personal loans and
credit card debt.
But as economic
forecasts darken,
consumers are
recognizing that
they are more or
less tapped out.
Annual growth
in the banks’
mortgage loan
portfolios has
slowed to about 5%
and home equity
lines of credit have
gone flat.
CONSUMER CREDIT
% growth
SOURCE CITI DIGITAL STRATEGY
Any way you size up Canada’s Big Six banks, they have grown a lot
huger over the past decade. Their combined annual revenues and stock
market capitalization roughly doubled, despite the financial crisis,
and their profits surged by 150%. But the future looks far less certain.
SOURCE CANADIAN BANKERS ASSOCIATION
By David Berman
(No. 152)
SPIN MASTER
CO-CEOs Anton Rabie and Ronnen Harary
FOUNDED 1994
If you’ve got kids, you’ll get why Spin Master
turned a $452-million (U.S.) profit last year.
Its Paw Patrol brand—a TV show and toy
line—is a juggernaut. Plus, it owns Air Hogs,
Meccano, Spy Gear, the Zoomer line of
robotic toys, and Etch-a-Sketch, which
it bought in February. Not bad, considering
the trio of founders started off hawking
nylons stuffed with grass seeds.
DM161954_Pg29-39_ROB_JUL_2016.indd 30
2016-06-08 10:58 AM
Return on equity
...JUST KIDDING!
SOURCE CANADIAN BANKERS ASSOCIATION
Sure, Canada’s big banks face a few challenges. But let’s
be honest: They still vacuum up the majority of profits—
more than $34 billion in 2015, or roughly 10 times the take
for Canadian utilities and three times that of the nation’s
insurers. Even when you compare the Big Six to global
banks like JPMorgan and HSBC, they still shine. /D.B.
SOURCE CIBC WORLD MARKETS
Canadian banks stand out among
many of their global peers for
stability and big dividends—but
check out those gargantuan profits,
too. One way to measure how good
the banks have it here is to size
them up using return on equity, or
net income divided by shareholders’ equity.
The average ROE for U.S. banks
2015 total return on equity
TD BANK
SCOTIABANK
CIBC
Canadian banking
18.6%
30%
Canadian banking
13.4%
42.8%
Canadian banking
International banking
BANK OF MONTREAL
SOURCE BLOOMBERG
SOURCE CITI DIGITAL STRATEGY
SOURCE VERITAS INVESTMENT RESEARCH
RBC
is 8.3%. Canada’s Big Six, meanwhile, enjoy an average ROE that’s
an astounding 16%, putting them at
the top of the sector in the developed world. Focus solely on their
domestic operations and the numbers look even more rosy: RBC
(No. 1) has an ROE of 30% in its
personal and commercial banking
division; at TD Bank (No. 2), the
comparable figure climbs to more
than 40%.
Why are Canadian banks sitting
on gold? For one thing, they enjoy
an oligopoly, where upstart competitors are unlikely to undercut
them. For another, they enjoy the
benefits of guaranteed mortgages
through the Canada Mortgage
and Housing Corp. That last point
delivers the banks a huge advantage. Because they have low capital requirements—with the CMHC
backstopping loans, the risks of
default are muted—they can put
more of their cash to work.
But can the good times last forever? Maybe not (see “The banks
are doomed...” on the preceding
page). With their fat profits, Canadian banks look like ideal targets
for disruption.
14.6%
21%
13%
Canadian banking
12.5%
16.1%
Canadian banking
18.7%
55.6%
NATIONAL BANK OF CANADA
16.9%
WELLS FARGO & CO.
12.5%
BANK OF AMERICA
6.1%
JPMORGAN
9.1%
BARCLAYS PLC
1.7%
HSBC
6.4%
(No. 181)
FOUNDERS ADVANTAGE CAPITAL
CEO Stephen Reid
FOUNDED 1998
Calgary-based Founders invests in the equity
and debt of promising mid-sized North
American companies. In May, it bought a
60% stake in Dominion Lending Centres, a
mortgage broker with more than 350 offices
across Canada, for $80 million. In a tentative
economic recovery and a frothy real estate
market, that takes, uh, confidence.
(No. 200)
OSISKO GOLD ROYALTIES
CEO Sean Roosen
FOUNDED 2014
Osisko is a so-called streamer—the kind of
company that has helped gold producers
cope with the punishment of falling bullion
prices over the past three years. A streamer
pays the producer with much-needed cash
now for the right to purchase a stream of
output in future years at a very low fixed
price. Ian McGugan explains more on pg. 36.
[+ The coolest money-loser ]
(No. 752)
SHOPIFY
CEO Tobias Lütke
FOUNDED 2004
Sure, it lost $18.8 million (U.S.) last year.
But Shopify is still Canada’s hottest tech
company. More than 275,000 stores use
its e-commerce platform (including Tesla,
Budweiser and the LA Lakers), and it raised
well over $1 billion in financing before
going public a year ago.
DM161954_Pg29-39_ROB_JUL_2016.indd 31
2016-06-08 10:58 AM
CEO compensation
CEO ROI—WTF?
Donald Walker
Magna International
(No. 10)
$26,539,700
$76
David McKay
Royal Bank of Canada
(No. 1)
$11,655,893
$852
CEO
Company
Top 1000 rank
Total compensation
Profit per dollar
of compensation
Lino Saputo Jr.
Saputo Inc.
(No. 35)
$3,262,600
$186
François Coutu
Jean Coutu Group
(No. 77)
$2,478,308
$86
Prem Watsa
Fairfax Financial
(No. 29)
$624,930
$1,160
Victor Dodig
CIBC
(No. 5)
$8,538,900
$419
Steve Hudson
Element Financial
Bruce Flatt
(No. 87)
Brookfield Asset Management
$19,277,385
(No. 7)
$9
$7,631,095
Money
$392
makers
Money
losers
Brian Porter
Bank of Nova Scotia
(No. 3)
$10,907,196
Daniel Schwartz
$643
Restaurant Brands International
(No. 40)
$9,161,333
$52
Hunter Harrison
Canadian Pacific Railway
(No. 20)
$19,902,453
$68
Bharat Masrani
Toronto-Dominion Bank
(No. 2)
$10,698,222
$740
Linda Hasenfratz
Linamar
Mark Barrenechea
(No. 42)
OpenText Corp.
$14,214,834
(No. 65)
$31
$17,970,042*
John Brace
André and Paul Desmarais
$15
Northland Power
Power Corp. of Canada
*up 399% from 2014
(No. 385)
(No. 14)
$1,601,508
$15,298,524
71¢
$116
Michael Pearson
Valeant Pharmaceuticals
(No. 957)
$182,902,190*
-$2
*up 1,152% over 2014
Steve Williams
Suncor Energy
(No. 989)
$12,200,495
-$224
Gerald Schwartz
Onex Corp.
(No. 974)
$9,331,911
-$78
John Chen
BlackBerry
(No. 947)
$3,849,636
-$61
Charles Jeannes
Goldcorp Inc.
(No. 997)
$9,458,337
-$560
John Thornton
Barrick Gold
(No. 994)
$3,963,136*
-$915
*down 72% from 2014
Steve Laut
Canadian Natural Resources
(No. 970)
$5,147,507
-$124
DM161954_Pg29-39_ROB_JUL_2016.indd 32
2016-06-08 12:10 PM
SOURCE S&P DOW JONES INDICES LLC
Nancy Southern
Atco Ltd.
(No. 93)
$1,365,516
$113
the top CEO by bang
for buck, Constellation
Software’s (No. 76)
Mark Leonard, whose
2015 compensation
totalled $1, while
the company earned
$226.6 million
PHOTOGRAPHS (PORTER) BEN NELMS/REUTERS; (SOUTHERN) MIKE STURK/REUTERS; (M C KAY) KEVIN VAN PAASSEN/BLOOMBERG; (WALKER & HARRISON) FRED LUM/THE GLOBE AND MAIL;
(SAPUTO & COUTU) CHRISTINNE MUSCHI/THE GLOBE AND MAIL; (WATSA, THORNTON & CHEN) MARK BLINCH/REUTERS; (MASRANI) GALIT RODAN/BLOOMBERG; (DODIG) FRED CHARTRAND/CP; (FLATT) BRETT GUNDLOCK/ REUTERS;
(HASENFRATZ) TOM SANDLER; (DESMARAIS) NATHAN DENETTE/CP; (WILLIAMS) TODD KOROL/BLOOMBERG; (JEANNES) HANS SIPMA; (SCHWARTZ) GALIT RODAN/BLOOMBERG; (LAUT) TODD KOROL/REUTERS
NOT PICTURED:
There are some CEOs who are worth every penny of their pay
packages (and/or head up one of Canada’s cash-cow banks).
Others, not so much (we’re looking at you, Michael Pearson,
formerly of Valeant). We rank 20 Top 1000 CEOs
by profit (or loss) per dollar of compensation
IT’S A SMALL WORLD
AFTER ALL
By Tim Shufelt
After a five-year rout, small-cap stocks are making a comeback
—though you wouldn’t know it, judging by analyst and investor
interest in companies like Norsat International
SOURCE S&P DOW JONES INDICES LLC
PHOTOGRAPHS (PORTER) BEN NELMS/REUTERS; (SOUTHERN) MIKE STURK/REUTERS; (M C KAY) KEVIN VAN PAASSEN/BLOOMBERG; (WALKER & HARRISON) FRED LUM/THE GLOBE AND MAIL;
(SAPUTO & COUTU) CHRISTINNE MUSCHI/THE GLOBE AND MAIL; (WATSA, THORNTON & CHEN) MARK BLINCH/REUTERS; (MASRANI) GALIT RODAN/BLOOMBERG; (DODIG) FRED CHARTRAND/CP; (FLATT) BRETT GUNDLOCK/ REUTERS;
(HASENFRATZ) TOM SANDLER; (DESMARAIS) NATHAN DENETTE/CP; (WILLIAMS) TODD KOROL/BLOOMBERG; (JEANNES) HANS SIPMA; (SCHWARTZ) GALIT RODAN/BLOOMBERG; (LAUT) TODD KOROL/REUTERS
Small caps
In early May, Norsat International (No. 278)
reported financial results from a solid first
quarter. The small firm, based in Richmond,
B.C., shipped a number of its military satellite
terminals to a “major Eurasian defence contractor” early in the year, which generated a nice
bump in revenue. Profits doubled over the previous year, costs were contained, margins were
up—just the kind of quarter that would typically delight the market. For Norsat, crickets.
With almost no analyst coverage and few
remaining funds focused on stocks that small,
Norsat shares registered zero investor interest in the company’s success. The stock barely
moved for more than a week—an eternity
in today’s algorithmic trading environment,
where news is acted upon in a heartbeat.
After a brutal five-year sell-off, the market for
smaller Canadian stocks is like a hockey arena
that half-empties midway through a visitingteam blowout. Now that the comeback is on,
there aren’t many people left to see it. “We can
spend months accumulating the positions we
want. Nobody cares—nobody’s looking,” says
Chris Guthrie, president of Hillsdale Investment, which owns shares in Norsat.
Things started to go badly for Canadian
small-cap stocks in mid-2011, around the same
time the global commodity complex tipped into
a downturn. A heavy dependence on resources
ensured the domestic small-cap space would be
ravaged as commodity prices fell. Since peaking in 2011, the S&P/TSX SmallCap Index fell by
nearly 50% over almost five years up to January.
The S&P/TSX Venture Composite fell by more
than 80% over the same time.
The sustained sell-off has made casualties of
one-quarter of the country’s boutique broker-
LARGE CAP VS. SMALL CAP
% change
40
S&P/TSX COMPOSITE INDEX*
20
0
-20
S&P/TSX SMALLCAP*
-40
*includes dividends
20112012 2013 2014 2015
ages, while the larger independents have had
to cut deeply. Sell-side research is thin, IPOs
are rare, and investors have turned away from
small-cap stocks to concentrate their equity
holdings in larger names and large-cap funds.
On the plus side, there’s little competition
for the investors that remain. “There are no
more crowded trades in Canadian small-caps,”
says Guthrie, who also manages Hillsdale’s
Canadian Micro Cap Equity Fund. And yet,
there is money to be made. Since its inception
in December, 2013, that fund has generated an
annual average return of 11.9% and was up by
22.5% in the first third of this year. After hitting
valuations not seen since the financial crisis,
Canadian small-caps have been swept up by the
commodity rally. The SmallCap Index rose by
nearly 50% in the four months up to mid-May,
which exceeds any uptrend of the last five years.
And slowly, the resurgence is drawing interest
back into Canadian small-caps, Guthrie says.
But be selective. “At this point, investors can’t
just close their eyes and buy small-caps. You
have to make sure they’re actually growing.”
The Top 1000 by headquarters
B.C.
231
Alberta
222
Saskatchewan
12
Manitoba
17
For more on CEO compensation, check out our interactive
pay-for-performance tool (developed with Global Governance
Advisors) and ranking of the Top 100 Canadian companies
by market capitalization, at tgam.ca/compensation
Ontario
348
Quebec
107
New Brunswick
3
U.S.
32
Nova Scotia
15
Newfoundland
and Labrador
2
International
11
DM161954_Pg29-39_ROB_JUL_2016.indd 33
2016-06-08 11:07 AM
Energy
At the NDP’s national
convention in
Edmonton in April, Avi
Lewis and a group of
leftist activists tabled
the so-called Leap
Manifesto, which calls
for Canada to generate
all electricity from
renewable sources by
2050, and slash the
production and use
of fossil fuels. Alberta
NDP Premier Rachel
Notley dismissed
those ideas as “naive.”
But if you’re trying to
set your investment
strategy, it might be
best to follow the
pinkos. Over the past
five years, the S&P/
TSX Renewable Energy
and Clean Technology
Index has trounced the
oil-and-gas-dominated
S&P/TSX Capped
Energy Index.
The trusted six
These are the energy executives
whom sophisticated investors
trust—and you should, too
CLEAN TECH VS. OIL AND GAS
% change
40
20
S&P/TSX Renewable Energy
and Clean Tech Index
0
-20
S&P/TSX Capped Energy Index
-40
20112012 2013 2014 2015
Value investing
10 STOCKS BEN GRAHAM WOULD LOVE
Is the Top 1000 little more than a collection of fusty banks, insurers and
resource plays? Are there companies in other industries that have delivered impressive returns to shareholders, yet still offer growth prospects?
And can you find them cheap? That’s a tall order, especially if you want
to find bargains below the traditional value investor’s price-to-earnings
(P/E) threshold of 20. But good assets are pricey these days, and if you’re
prepared to venture a little above 20, you’ll find some real deals. /John Daly
WSP Global
Montreal
(No. 85)
P/E RATIO*: 19.5
FIVE-YEAR SHARE
PRICE GAIN: 29.7%
WSP is a highly diverse
engineering and
environmental consulting
firm with 500 offices
around the world. Think
everything from helping
to build skyscrapers and
develop mines, to safely
demolishing asbestosladen buildings. The
company dates back to
two engineering firms
founded in Quebec City
in 1959, which later
grew into Genivar Inc. It
cranked into higher gear
by buying London-based
WSP Group PLC for
$442 million in 2012,
and New York City-based
Parsons Brinckerhoff
for $1.2 billion (U.S.)
in 2014. Current
assignments include
the new Champlain
Bridge in Montreal and
the Atlanta Falcons’
new stadium.
DHX Media
Toronto
(No. 236)
P/E RATIO: 22.7
FIVE-YEAR SHARE
PRICE GAIN: 723.1%
Yeah, yeah, yeah, there’s
a whole lot of disruption
going on in media, but
even new platforms
need content. And if you
believe that content has
value, DHX boasts that it
owns the “world’s largest
independent library”
of kids’ and family TV
series. That library
includes Teletubbies, Yo
Gabba Gabba!, Inspector
Gadget and the Degrassi
franchise. DHX president
Steven DeNure says
he’s figured out how to
monetize that content,
too—even on YouTube.
After a recent slide
in DHX’s share price,
analysts are saying the
stock is a bargain—or
close to it.
DM161954_Pg29-39_ROB_JUL_2016.indd 34
Hardwoods
Distribution
Oil and gas markets were a mess
early this year. Brent oil, the international standard, crashed to $27
(U.S.) a barrel. West Texas Intermediate, the North American benchmark,
fell even lower. Because investors
were so petrified, most energy companies couldn’t raise the money they
needed to fund their daily operations.
Yet a select few could—those backed
or run by a small group of men whom
sophisticated investors have grown to
worship. Their common bonds: lowcost businesses, solid balance sheets
and an aversion to pricey acquisitions.
Investors are showing some willingness to venture beyond these trusted
names now that oil’s flirting with $50
again. But no one knows how fleeting
this rally will be. If there’s another market hiccup or another crash, you’ll feel
protected flocking to these folks—bigname investors sure do. /Tim Kiladze
North West Co.
MTY Food Group
Ve
P/E RATIO: 20.7
FIVE-YEAR SHARE
PRICE GAIN: 50.6%
The original North
West competed against
Hudson’s Bay Co. in
the fur trade starting in
the 1780s—sometimes
with guns drawn. HBC
absorbed its rival in
1821. But in 1987, HBC
spun off its northern
Canadian operations to
an employee consortium,
which revived the
North West name. The
company now has more
than 100 food and
general merchandise
stores across the
North, mostly under
the Northern banner,
and some in Alaska, the
U.S. Pacific Territories
and the Caribbean. It’s
an attractive defensive
stock—earnings are
steady, and there’s a
beefy 4% dividend yield.
P/E RATIO: 24.1
FIVE-YEAR SHARE
PRICE GAIN: 130.3%
Every time you order pad
thai at Thai Express or
coffee at Country Style,
Stanley Ma has reason
to smile. The Hong Kongborn chairman and CEO
of MTY is Canada’s food
court king. Starting with
Tiki-Ming in Montreal in
1984, he has launched
or acquired more than
30 chains and brands,
including Cultures,
Mr. Souvlaki and Big
Smoke Burger. MTY’s
revenue has doubled to
$145 million over five
years, and profits have
been steady. But future
growth depends a lot on
whether Ma can expand
successfully abroad.
In May, he acquired
Arizona-based Kahala
Brands, which owns Cold
Stone Creamery and
Blimpie sub shops, for
more than $300 million
(U.S.) in cash and shares.
P/E
FIV
PR
Ve
sp
an
ca
co
Mo
bo
so
cu
offi
ha
the
an
he
Bu
an
vir
ge
ca
as
co
Winnipeg
(No. 133)
Langley, B.C.
(No. 233)
P/E RATIO: 13.8
FIVE-YEAR SHARE
PRICE GAIN: 437.1%
Americans have this
wonderful ability to pick
themselves up after
financial crises and make
their economy great
again. Hardwoods is a
wholesale distributor
of lumber, plywood and
specialty wood products,
much of it flooring, with
33 distribution centres
across North America.
More than three-quarters
of Hardwoods’ revenue
comes from the United
States, where housing
starts have been
climbing steadily since
the 2008 financial crisis,
yet are still well below
historical highs.
PHOTOGRAPHS (FAGERHEIM) TODD KOROL; (GRAY) JEFF M C INTOSH/GLOBE AND MAIL; (WOITAS) TODD KOROL/REUTERS
The Avi Lewis Portfolio
Montreal
(No. 212)
*All trailing 12-month P/E ratios and share-price gain calculated as of May 13, 2016
2016-06-08 11:07 AM
Vic
(N
PHOTOGRAPHS (FAGERHEIM) TODD KOROL; (GRAY) JEFF M C INTOSH/GLOBE AND MAIL; (WOITAS) TODD KOROL/REUTERS
Neil Roszell, CEO, Raging River Exploration (No. 197)
Trained as an industrial engineer, Roszell made his name selling a bunch of junior companies to the likes of Crescent Point
Energy. His latest venture operates in the southwest region of the Viking formation and produces light oil, not heavy crude
from the oil sands. Raging River’s first wells were drilled in 2012, and investors have long salivated over the fact that its
annual cash flow is five times greater than its debt. Meanwhile, at some rivals, debt is four times greater than cash flow.
Grant Fagerheim, CEO, Whitecap Resources (No. 965)
Whitecap’s CEO was raised in Estevan, Saskatchewan. After selling previous ventures including Cadence Energy and Ketch
Energy, he founded Whitecap in 2009 by acquiring Encana assets. Having worked at Dome Petroleum, the energy company
that went belly-up in the ’80s, he’s learned what a crippling debt load can do to an energy company. Investors have loved
his fiscal prudence ever since.
Don Gray, former CEO, Peyto Exploration and Development (No. 104), and chairman, Petrus Resources (No. 862)
In Calgary, almost everyone is sick of hearing from him, yet so much of what he’s said has come true. Take this gem from
a few years back: “We reward mediocrity,” he said of the energy industry, adding that “it’s a giant Ponzi scheme.” Gray has
long argued that energy companies spend buckets of money to acquire new assets, but rarely grow their barrels of energy
per share. After building natural-gas star Peyto, he’s raising money for Petrus, his latest venture, in the current downturn.
Patrick Carlson, CEO, Seven Generations Energy (No. 927)
Some of the world’s most prominent private equity players started lining up behind Carlson and his liquids-rich natural gas
venture in the Montney formation nearly a decade ago. Seven Generations has since exploded. Its first big financing was
at $5 per share in 2008. The company went public in 2014 at $18. Today it trades around $26. There’s nothing sexy to it—
just solid execution. A lot of companies blow their brains out spending ridiculous amounts on drilling and fracking; Carlson
does it extremely efficiently.
Clayton Woitas, chairman, Encana (No. 998)
At the start of the century, Woitas was known for running Renaissance Energy, which went on a roller-coaster run and
didn’t end well. He’s redeemed himself since, particularly in the eyes of wealthy investors who put money into his private
companies, including Home Quarter (sold to Whitecap) and Range Royalty (sold to PrairieSky). Now Encana’s chairman,
he stepped in as interim CEO in 2013, and he’s known across the energy patch as a mentor to up-and-comers.
Mike Rose, CEO, Tourmaline Oil (No. 125)
His track record speaks volumes. Rose sold Berkley Petroleum to Anadarko Petroleum for $1.6 billion in 2001, then
famously unloaded Duvernay Oil to Royal Dutch Shell for $5.9 billion at the height of the energy boom in 2008. He started
Tourmaline shortly after, and the Duvernay management team came with him. A Boston Red Sox fan who married into
Calgary’s famous Riddell family, Rose is a geologist by training who is praised for his aversion to debt. Arguably his biggest
stamp of approval: Even Don Gray admires him.
Vecima Networks
Victoria
(No. 258)
P/E RATIO: 13.3
FIVE-YEAR SHARE
PRICE GAIN: 255.5%
Vecima has been making
specialized equipment
and software for
cable and telephone
companies for 25 years.
Most of its products
boost bandwidth for the
so-called last mile into
customers’ homes and
offices. The company
hasn’t grown a lot over
the past 10 years—
annual revenues have
held near $100 million.
But it has been efficient
and profitable, carries
virtually no debt and
generates a lot of free
cash. It is a rare bird:
a steady small-cap tech
company.
Logistec
Montreal
(No. 195)
P/E RATIO: 18.5
FIVE-YEAR SHARE
PRICE GAIN: 243.9%
Loading and unloading
ships is one of the
oldest and most reliable
businesses in Canada.
Logistec handles cargo
at more than twodozen ports in Eastern
Canada—from Sydney,
Nova Scotia, to Port
Colborne, Ontario, and
as far north as Deception
Bay, Quebec, as well as
six U.S ports. Added to
the stevedoring is an
environmental services
division called Sanexen.
It has a unique process
for lining old water
pipes, and Sanexen now
provides more than 40%
of Logistec’s revenue.
Combine the two
businesses and you get
a solid average annual
return on common
equity of 15.8% over
the past five years.
2016
Toromont
Industries
Toronto
(No. 98)
P/E RATIO: 19.6
FIVE-YEAR SHARE
PRICE GAIN: 97.0%
These historic low
interest rates can’t
last. Central banks
will hike them soon,
and that will cool the
housing market and
infrastructure spending.
The thing is, pointyheaded economists
were saying this five
years ago. Meanwhile,
the North American
building boom roars on.
And so do Toromont’s
two main businesses:
sales and rentals of
heavy construction
equipment in Ontario,
Newfoundland, Manitoba
and eight U.S. states,
and CIMCO Refrigeration,
which builds and installs
large refrigeration
systems. Toromont
is also getting more
efficient—its net profit
margin keeps getting
fatter.
Pacific Insight
Electronics
Richelieu
Hardware
Nelson, B.C.
(No. 357)
P/E RATIO: 10.2
Montreal
(No. 149)
FIVE-YEAR SHARE
PRICE GAIN: 63.6%
A lot of the flashiest
improvements in
vehicles over the past
two decades have been
in their interiors. Pacific
Insight Electronics has
carved out a lucrative
niche supplying LED
lights, gauges and wire
harnesses (the doodads
that clump wires and
connections together)
to Ford, General Motors
and other automakers.
The company employs
1,000 people in three
factories in Mexico and
in Nelson, Michigan.
After the company
reported record quarterly
revenues and profits
in early May, investors
jumped in and pushed
the share price up 20%.
Yet it's still cheap relative
to trailing earnings.
P/E RATIO: 23.1
FIVE-YEAR SHARE
PRICE GAIN: 137.9%
Don’t worry, Richelieu
doesn’t run hardware
stores itself, and it
doesn’t compete with
goliaths like Home Depot
and Lowe’s. Richelieu
manufactures and sells
hundreds of specialty
products, such as home
and office furniture,
lighting systems, and
hardware for windows
and sliding doors. Its
customers include
building contractors,
window and door
manufacturers, and the
giant hardware retailers.
Richelieu operates 36
distribution centres
across Canada, 28 in
the United States and
two factories in Quebec.
Its share price dipped
surprisingly little during
the 2008 financial
crisis and has since
quadrupled.
DM161954_Pg29-39_ROB_JUL_2016.indd 35
2016-06-08 4:31 PM
TOP
1000
RANK
Mining
2015
SHARE
PRICE
CHANGE
(%)
1
CASH NOW,
GOLD LATER
At least, that’s the idea behind royalty
streaming companies—paying miners up
front for a chunk of future resources
Investors who like precious metals, but hate the grimy, risky business of actually digging them up, are
turning to an alternative source:
streaming companies.
Think of streamers as gold and
silver producers that mine balance
sheets instead of ore deposits. They
provide miners with cash today in
return for metals tomorrow. In a
typical deal, a streamer agrees to pay
large amounts—often hundreds of
millions of dollars—to a miner for
the right to purchase a future stream
of production from one of the miner’s properties at a cheap, fixed price
for years to come.
The result, from the streamer’s
perspective, is a virtual gold or silver mine—a steady flow of metal
but without any of the production
hassles or operational risks that the
actual miner has to confront. The
miner, in turn, can use the cash to
develop a property, pay down debt
or take care of other current needs.
Silver Wheaton Corp. (No. 930) of
Vancouver pioneered the streaming
model in 2004. Today, publicly traded
streamers include Silver Wheaton,
Franco-Nevada Corp. (No. 190) of
Toronto, Royal Gold Inc. of Denver
and Sandstorm Gold Ltd. (No. 842)
of Vancouver. In another recent
deal, Elliott Management Corp., the
big U.S. hedge fund, is throwing its
muscle behind a new streamer, Triple Flag, based in Toronto.
Streaming’s growth is the flip side
of the mining industry’s long ordeal.
Since the commodity supercycle
By Ian McGugan
peaked in 2011 and metals prices
turned down, miners have struggled.
Deserted by many investors, they’ve
found it difficult to raise capital.
Streamers have rushed to fill the gap.
In theory, this works to everyone’s advantage, because miners of
base metals like copper or zinc tend
to trade at lower valuations in the
stock market than producers of precious metals like gold and silver.
The valuation gap opens up a
potential win-win. Consider a copper miner that produces silver as a
byproduct of its main operations. It
could market the trickle of the precious metal itself, but the stock market won’t give it a lot of credit for
doing so and it has to wait for the
money to come in.
If it sells the future stream to a
streamer, however, it can receive
cash immediately. The buyer can
prosper, too, because investors will
put a higher value on the silver output as part of a precious-metals
streamer than as part of a base-metals producer.
That, at least, is the theory. But
some critics charge that streamers
have been getting too good a deal
from cash-strapped base-metal miners. They worry streamers are buying up much of the industry’s upside.
Streamers retort that no amount
of financial engineering can get
around the sector’s fundamental
logic: If precious metals prices go up,
streamers will do exceptionally well.
However, if gold and silver tumble,
streamers will feel the pain, too.
YTD 2016
SHARE
PRICE
CHANGE
(%)
Agnico Eagle
Mines
191
Iamgold Corp.
981
Kinross Gold
986
Eldorado Gold
988
Yamana Gold
993
Barrick Gold
Reversal of fortune
Canada’s largest gold producers had a lousy 2015—six posted massive
losses and suffered big share-price declines. But because producers’
balance sheets are leveraged, movements in bullion prices often
trigger much larger movements in their share prices. After declining
by 10% last year, bullion gained 15% over the first five months of
2016, and share prices have surged.
994
Goldcorp Inc.
997
Gold bullion
1,000
DM161954_Pg29-39_ROB_JUL_2016.indd 36
2016-06-08 11:07 AM
Momentum investing
FOLLOW THE HERD?
By Tim Kiladze
PHOTOGRAPH SCOTT EELLS/BLOOMBERG
Buy when everyone’s buying and sell when everyone’s
selling—seems pretty simple. But you might want to talk
to Bill Ackman before you deploy this strategy
We’re told to make investments based on
profit potential, revenue growth and age-old
valuation tools like price-to-earnings ratio. But
what if none of those rules matter any more?
Massive bubbles have popped up in the past
few years—both in broad sectors, like mining
and energy, and in individual stocks, like Valeant Pharmaceuticals (No. 957). We know now
that momentum investing is largely to blame.
The strategy throws fundamentals to the wind;
investors are taught to follow the herd—to buy
because everyone else is buying. This momentum play delivered massive gains for anyone
who invested in real estate investment trusts
before May, 2013, or in oil and gas stocks before
energy markets started cratering in 2014, or in
Valeant before its wheels fell off last year.
The trouble is that the reversals are often
swift, and when they take hold, momentum
strategies are deployed in the other direction—
sell because everyone else is selling. That’s
probably why energy companies were decimated early this year. No one had a clue if oil
was really worth $30 (U.S.) per barrel, but the
sentiment was ugly, so everyone traded off of it.
The sudden global market collapse early this
year was one of the worst reversals in decades,
rivalled only by the dot-com bubble and the
2008 financial crisis, according to analysts at
CIBC World Markets who studied the momentum investing phenomenon. What did they
find? “Historically, momentum crashes last for
three to six months, after which momentum
regains its winning touch,” they wrote in a note
Return of the REITs
Once upon a time, real
estate investment trusts
were one of Canada’s
hottest investments.
Then, in 2013, investors
abandoned them en masse.
This year, they’re back—
the TSX/S&P REIT Index
is up 16.3%, including
distributions. But no
one knows whether
to trust the rally. /T.K.
to clients. “Here in Canada,
VALEANT PHARMACEUTICALS (TSX)
momentum appears to rebound
$350
at closer to three months.”
300
The takeaway: Don’t ignore
the prevalence of these strate250
gies. If you’re a value investor,
200
you’d better be able to play the
150
very long-term—who knows
100
what herd mentality will take
hold next? And when the stock
50
or sector falls out of favour, it
0
takes time for people to find
20122013 2014 2015
their feet again.
Momentum strategies can
also be self-fulfilling. More
people are investing in exchange-traded funds, which
track broad indexes. If a single
stock takes off, its weight in
the index will increase, which
means ETFs will need to buy it.
That pushes the price higher.
Ackman’s
For anyone willing to play the herd, the CIBC
total loss
(in U.S. $)
analysts offer these words of caution: “Ultion Valeant
mately, momentum crashes are all about meanfrom its
reversion.” The thinking behind any rampant
peak
buying or selling will eventually fall apart and
stocks will revert to their average multiples, like
the normal long-term price-to-earnings ratio.
That means making money with a momentum
strategy requires getting out before the reversal. It also requires knowing what the masses
think. Some people will make educated guesses
and get it right, but doing it over and over again
is practically impossible. Just ask Bill Ackman,
who has lost billions on Valeant.
2010 to May, 2013
The argument, in retrospect,
was too simple: After the feds
banned income trusts in 2006,
investors went searching for
sizable yields and piled into
REITs. Their market prices
soared, helping them fund
property purchases—so they
acquired like crazy. By early
2013, the sector had returned
an average of 21% annually,
including distributions,
over the previous three years.
Growth seemed endless.
$4.5 billion
May, 2013, through 2015
The sector went haywire in
2013, when U.S. investors
started freaking about the
potential for interest rate hikes
south of the border. Because
so many investors bought
REITs for their yields, there
was sudden panic that other
safe investments, such as
government bonds, would start
to look attractive again. With
the market so frothy, it didn’t
take much to pop the bubble,
so the sell-off was fierce.
January, 2016, to present
Investors have realized they
overreacted, and REITs are
roaring back (though they’re
still a ways from their 2013
peak). Canada’s economy is
barely growing, and Alberta is
a mess, but the wheels haven’t
fallen off. That has prompted
rapid buying. The question
now: Will another U.S. rate hike
kill the rally? That very fear is
what caused the correction in
the first place.
DM161954_Pg29-39_ROB_JUL_2016.indd 37
2016-06-08 11:07 AM
Risk
And other doomsday investing scenarios.
To steer clear of the turbulence—or even profit from it—
consider investing in these Top 1000 companies
What if → Anti-free-trade
Then →
sentiment in Europe keeps rising?
It may be best to stick with companies that already have solid
roots in Europe. As of early June, it looked like U.K. voters were evenly
divided on Brexit, and the Canada EU Trade Agreement, completed in
2014, has yet to be ratified by the European Parliament. Even if it opens
the door wider to Canada, however, our biggest exports will still be
minerals and other commodities. For more value-added, consider these
three options: Power Corp. (No. 14) and Power Financial (No. 11), which
have large European investments in building materials, French oil giant
Total and Pernod Ricard wines and spirits through Pargesa Inc., the
decades-old alliance between the Desmarais family and Belgium’s Frère
clan; Magna International (No. 10), which operates vehicle and parts
factories in Europe through Austria-based Magna Steyr; or Torontobased Northland Power (No. 385), which is building one of Europe’s
largest offshore wind farms in the North Sea.
U.S. Federal
Reserve keeps increasing
interest rates?
Then → Avoid precious metals,
which benefit most from inflation,
but consider investing in just
about any other healthy Top
1000 company, particularly
solid dividend payers. Fed chair
Janet Yellen raised rates for
the first time in eight years last
December, and seems ready to do
it again as the U.S. economy gets
hotter. Historically, a strong U.S.
economy is one of the best things
for Canadian stocks. Fed rate
increases also make it easier for
Bank of Canada Governor Stephen
Poloz to keep doing nothing with
Canadian rates. He doesn’t have
to lower them to try to help the
Alberta oil patch, which could
also weaken the loonie and
aggravate a real estate bubble.
Yet he doesn’t have to raise them,
either, which would cool financial
services stocks and REITs. With
the Government of Canada
10-year bond yielding a paltry
2% or less recently, even staid
old banks and pipelines, such as
TransCanada Corp. (No. 984) and
Pembina (No. 46), look sweet,
with dividend yields near 4%.
DM161954_Pg29-39_ROB_JUL_2016.indd 38
2016-06-08 4:20 PM
PHOTOGRAPHS (LOGS) JONATHAN HAYWARD/CP; (YELLEN) KAZUHIRO NOGIKAZUHIRO NOGI/GETTY,
(TRUMP) SPENCER PLATT/GETTY; (OILSANDS) JASON FRANSON/ CP; (FLAMES) LEE JIN-MAN/CP; (ROUSSEFF) FELIPE DANA/CP
WHAT IF, GULP,
TRUMP WINS?
What if → The
What if →
Donald Trump is elected U.S. president?
Then → Be very worried about Canadian companies with large operations in
Mexico—and there are plenty of them, in many sectors. Here are five of the
largest: Magna International (No. 10), with 30 parts plants and 40,000 employees; Bank of Nova Scotia (No. 3), with 876 branches and a staff of 13,500;
Goldcorp Inc. (No. 997), with three mines and 3,000 employees; Bombardier
(No. 999), with about 3,200 workers making planes and trains at three factories; and TransCanada Corp. (No. 984), which has six gas pipelines and 152
employees. Looking north, Trump doesn’t like softwood lumber imports from
Canada and says he wants a “big, big chunk of the profits” if TransCanada’s
Keystone XL pipeline goes ahead. If he wins in November and many Americans flee to Canada, consider moving south, buying their houses on the cheap,
and loading up on shares of U.S. shale oil and coal producers.
PHOTOGRAPHS (LOGS) JONATHAN HAYWARD/CP; (YELLEN) KAZUHIRO NOGIKAZUHIRO NOGI/GETTY,
(TRUMP) SPENCER PLATT/GETTY; (OILSANDS) JASON FRANSON/ CP; (FLAMES) LEE JIN-MAN/CP; (ROUSSEFF) FELIPE DANA/CP
What if → China’s
slump gets worse?
What if → World
Then → The share prices
Then → Both environmentalists and crude markets
will be telling Alberta oil sands producers the same
thing: Oil doesn’t make much sense right now. But
it's very hard to slash production at huge long-term
projects, or delay them. In February, TD Securities
released a report showing that the break-even crude
price for 10 big oil sands projects is about $47 (U.S.)
a barrel. The price has fluctuated between $40 and
$50 for most of the past two years, and no one
is predicting a breakout any time soon. Investors
have already done the logical things: stuck with the
strongest and most diverse of the big publicly traded
oil sands producers—Suncor (No. 989) and Imperial
Oil (No. 22)—while avoiding shares of the weaker
ones—MEG Energy (No. 985) and Husky Energy
(No. 995). So where is the upside in any of them?
That’s still a very good question.
of big mining and forest
products companies based
in B.C., in particular, are
going to keep getting
hammered. Canada is
mainly a supplier of raw
materials to China—pulp,
lumber and other forest
products, canola and copper.
Share prices of the biggest
public West Coast forest
products companies—
Canfor (No. 112), West
Fraser Timber (No. 113),
Western Forest Products
(No. 131) and Catalyst
Paper (No. 832)—have
all slumped since 2014 as
China’s construction and
manufacturing boom has
sputtered, although those
companies have been
cushioned by stronger U.S.
sales. Large miners have
been hit harder, particularly
Teck Resources (No. 991)
and First Quantum Minerals
(No. 969), both hefty copper
suppliers to China. As with
other tumultuous foreign
markets, if commodity
booms and busts scare you,
look to more value-added—
and perhaps duller—
businesses. About a third of
Manulife Financial’s (No. 13)
earnings come from Asia,
and last year it became
the first foreign-invested
joint-venture insurer to be
allowed to have its agents
sell mutual funds in China.
oil prices remain low?
CHANGE AT
THE TOP
With total profits of
$32.8 BILLION,
the Big Five banks are five
for five at the top of this
year’s ranking. We look
back to see who took the
honours in years past.
2014
Bank of Nova Scotia
Bank of Montreal
TOTAL PROFIT
$48.6 BILLION
2013
Bank of Nova Scotia
Bank of Montreal
Suncor
TOTAL PROFIT
$29.5 BILLION
2012
Bank of Nova Scotia
Bank of Montreal
Imperial Oil
TOTAL PROFIT
$28.2 BILLION
2011
What if → Brazil degenerates into
political and financial chaos?
Then → What else is new? The investing trade-off in
emerging markets is almost always short-term volatility versus big long-term growth potential. This
spring, Brazil’s economy was in a tailspin and President Dilma Rousseff was headed for a messy impeachment, yet the country’s stock market soared.
Much of Brazil and Canada’s dealings are in mining
and metals—Canadian gold miners are active in
Brazil, and Brazil’s Vale SA bought Inco Ltd. here in
2006. But if you have little appetite for commodities tumult, look for sectors that will keep chugging along. Brazil is the world’s fifth-largest milk
producer, but its dairy industry is still fragmented.
Montreal-based Saputo Inc. (No. 35) bought Argentina’s third-largest dairy in 2003 and figures it can
be a consolidator next door. TSX-traded Brookfield
Infrastructure Partners LP is part of the Brookfield
Infrastructure Group, which has $10 billion of its $59
billion in global holdings invested in South America, including Brazilian toll roads, ports and utilities.
Even amid turmoil, day-to-day needs remain.
Bank of Nova Scotia
Barrick Gold
Suncor Energy
TOTAL PROFIT
$24.8 BILLION
2010
Toronto-Dominon Bank
Bank of Nova Scotia
Suncor Energy
Research In Motion
TOTAL PROFIT
$21.1 BILLION
2009
Bank of Nova Scotia
Research In Motion
Encana Corp.
TOTAL PROFIT
$14.8 BILLION
2008
Encana Corp.
Imperial Oil
TOTAL PROFIT
$23.2 BILLION
DM161954_Pg29-39_ROB_JUL_2016.indd 39
2016-06-08 4:20 PM
16-06-03 10:48 AM
GOD BLESS
THOSE
CONSUMERS...
Unless they get too drunk on debt, that is. Removing our
best bulwark against the resources slowdown would sting
Corporate Canada big time. /John Daly
Do Canadian stock markets parallel what’s going on in the real economy or predict it? Last year was so
grim in both realms that it was hard
to tell. The S&P/TSX Composite
Index declined by 11%, while American stocks finished the year close to
where they started. In many respects,
those results reflected actual economic performance—Canada stumbled into a recession in the first and
second quarters, while the American
economy kept plodding ahead.
The trouble with Canada is its former growth engine: resources. Last
year, the price rout continued in a
slew of global commodity markets—
oil, gold, silver, base metals, lumber
and more. As our annual Top 1000
ranking shows, the retreat carved
huge chunks out of corporate bottom
lines. A couple of oil and gas giants—
Imperial and Cenovus—still earned
hefty profits, but 10 others appear in
the bottom 20 of the ranking. Many
smaller producers and field services
companies were also hammered, and
the sector as a whole lost $41.5 billion.
The bleeding was just as frightening among mining companies. Six of
Canada’s eight largest gold producers
finished in the bottom 20. Mind you,
the price of bullion has since popped,
and so have their share prices. Miners of base metals may also be past
the worst.
Out in the rest of the economy, of
course, consumers continue to bank,
buy insurance, invest in mutual funds
and ETFs, go to the supermarket,
heat and cool their homes, and obsessively use their computers, TVs and
smartphones. Dozens of perennial
profit leaders among the Top 1000
that fulfill those needs had a solid
THE TOP 1000 BIGGEST
MOVES UP
PROFIT RANK
2015
2014
COMPANY
25
96
227
166
155
75
168
217
54
184
Ivanhoe Mines
Quebecor Inc.
Oando Energy Resources
Centric Health
Centerra Gold
Extendicare Inc.
Novanta Inc.
Premier Gold Mines
Chartwell Retirement Residence
Dorel Industries
976
863
986
914
901
816
849
897
707
837 CHANGE
IN RANK
951
767
759
748
746
741
681
680
653
653
THE TOP 1000 BIGGEST
MOVES DOWN
PROFIT RANK
2015
2014
COMPANY
Encana Corp.
Suncor Energy
Husky Energy
Canadian Natural Resources TransCanada Corp.
Ultra Petroleum
First Quantum Minerals
Crescent Point Energy
Valeant Pharmaceuticals International
Teck Resources
998
989
995
970
984
996
969
978
957
991
7
12
29
5
19
44
31
47
30
65 CHANGE
IN RANK
-991
-977
-966
-965
-965
-952
-938
-931
-927
-926
2015. And, yes, the Big Six banks continued to defy gravity and, as a group,
posted record profits yet again.
Looking ahead, David Rosenberg,
chief economist and strategist at
Gluskin Sheff + Associates, doesn’t
expect Canadian stocks to shoot the
lights out this year, but he says there
are opportunities for investors. Much
hinges on the price of oil. Rosenberg
thinks the benchmark West Texas
Intermediate crude price will settle
in the $50-to-$60 (U.S.) range, provided the global supply glut is totally
resolved.
That price isn’t high enough to
spur huge swaths of new investment
in the oil patch, Rosenberg says, but
it’s sufficient to generate operating
profits for exploration and production companies. It also helps the Big
Six banks. They have started booking
reserves against possible loan losses,
but he says that, “at $50-plus for oil,
a year from now, people may say the
banks over-reserved.”
Much of the rest of the economy
will likely get a lift from a low Canadian dollar. The U.S. Federal Reserve
raised its benchmark rate by a quarter-point from 0% last December,
and Rosenberg says it may do that
again this year. Higher U.S. rates
will maintain downward pressure
on the loonie, which helps Canadian
exporters.
And what about the elephant in
any forecast—sky-high consumer
debt levels and a possible crash in
the housing market? “That’s been like
waiting for Godot for the past five
years,” says Rosenberg. He doesn’t
expect a big reversal any time soon.
Apart from the Fed, central banks
in industrialized countries are in no
mood to raise interest rates. Economic growth is too tepid.
For Canadian investors, those low
rates mean government bonds yielding 2% or less. Solid dividend-paying
stocks look a lot more attractive.
Utilities, telcos, banks and other traditional widows-and-orphans stocks
have dividend yields near 4%, plus
the prospect of capital gains. Even
many oil patch stocks now appear
to have upside. It’s tempting, to be
sure—but better keep your seatbelts
fastened.
2016-06-07 9:26 AM
1-110
RANKINGS BY PROFIT
The companies listed here are the 1,000 largest publicly traded Canadian corporations, measured
by assets. They are ranked according to their after-tax profits in their most recent fiscal year,
excluding extraordinary gains or losses. When companies state their results in U.S. dollars,
we do the same, but rankings are based on the Canadian dollar equivalents
PROFIT RANK
2015
2014
COMPANY AND YEAR-END
REVENUE
$000
REVENUE
RANK
REVENUE
% CHANGE
1
1
Royal Bank of Canada(Oc15) O
N9,925,000
11
43,279,000
2
2
Toronto-Dominion Bank(Oc15) ON7,912,000
2
37,532,000
3
3
Bank of Nova Scotia(Oc15) ON7,014,000
-1
31,244,000
4
4
Bank of Montreal(Oc15) ON4,370,000
2
23,784,000
5
10
Canadian Imperial Bank of Commerce(Oc15) O
N3,576,000
11
17,424,000
3
7
12
18
23
3
3
1
4
0
107,964
99,582
73,969
53,585
39,840
72,839
81,483
89,214
47,000
44,201
banks
banks
banks
banks
banks
Canadian National Railway Co.(De15) Q
C3,538,000
12
12,663,000
6
11
7
9
Brookfield Asset Management(De15) O
N1
(U.S.)2,341,000
-25 (U.S.)21,753,000
2
8
13
Great-West Lifeco(De15) MB 2,888,000
8
34,030,000
9
14
BCE Inc.(De15) QC2,678,000
7
21,569,000
1
10
17
Magna International(De15) O
N
(U.S.)2,013,000
7 (U.S.)32,545,000
31
14
11
20
4
3
8
-14
2
-6
60,998
41,960
34,300
46,276
22,575
23,172
55,000
22,470
49,968
128,975
trans
mgt
insur
tele
auto
Power Financial(De15) QC2,449,000
8
36,736,000
11
15
12
18
Sun Life Financial(De15) ON22,285,000
22
19,719,000
13
8
Manulife Financial(De15) ON22,191,000
-37
35,063,000
14
28
Power Corp. of Canada(De15) QC1,786,000
40
38,478,000
15
21
Potash Corp. of Saskatchewan(De15) SK1
(U.S.)1,270,000
-17 (U.S.)6,500,000
8
21
9
6
43
-13
-4
-36
-10
-12
22,688
26,421
40,899
13,406
19,826
25,720
18,330
33,000
26,500
5,395
fin
insur
insur
mgt
chem
Thomson Reuters Corp.(De15) O
N1
(U.S.)1,255,000
-34 (U.S.)12,226,000
16
16
17
23
National Bank of Canada(Oc15) QC1,549,000
5
7,645,000
18
24
Telus Corp.(De15) BC1,382,000
-3
12,552,000
19
26
Rogers Communications(De15) ON1,381,000
3
13,446,000
20
22
Canadian Pacific Railway Ltd.(De15) A
B1,352,000
-8
6,805,000
26
46
32
29
49
-10
2
5
5
3
40,072
14,606
22,738
24,564
27,040
52,000
19,764
47,600
26,000
12,899
other
banks
tele
bcast
trans
-8
-27
-9
-2
n/m 17,066
38,210
27,438
14,942
475
15,200
5,700
80,000
65,000
670
chem
oils
food
tech
mining
56
48
88
35
45
5
28
3
-4
2
12,525
10,533
8,651
14,593
11,665
14,000
7,700
3,028
23,576
12,000
bcast
util
fin
p&c
p&c
-8
6,534,000
50
31
n/r Hydro One(De15) ON692,000
32
43
Canadian Tire Corp.(Ja16) O
N659,400
11
12,348,600
33
33
206
Loblaw Cos.(Ja16) ON632,000
1,115
45,424,000
2
34
38
Cenovus Energy(De15) AB618,000
-17
16,088,000
25
35
45
Saputo Inc.(Ma15) QC607,608
14
10,706,036
39
0
1
9
-23
16
n/a 5,619
util
8,751
27,772
retail
26,788
196,000
food
14,5833,005 oilprd
13,653
11,700
food
CI Financial(De15) ON553,494
5
1,997,647
121
36
46
37
59
E-L Financial Corp.(De15) ON534,609
36
1,989,764
122
38
126
George Weston Ltd.(De15) ON527,000
326
46,931,000
1
39
52
Metro Inc.(Se15) QC506,100
13
12,290,300
34
1
40
101
Restaurant Brands Int’l(De15) O
N
(U.S.)375,100
132
(U.S.)4,032,100
59
6
-17
9
6
244
8,446
2,812
13,679
8,520
11,680
1,546
13
196,000
65,000
4,300
fin
p&c
food
food
other
PROFIT
$000
PROFIT
% CHANGE
Agrium Inc.(De15) AB1
(U.S.)988,000
38 (U.S.)14,914,000
22
21
35
22
6
Imperial Oil(De15) AB1,122,000
-70
26,888,000
15
23
32
Alimentation Couche-Tard(Ap15) QC1
(U.S.)932,800
15 (U.S.)34,550,000
5
24
33
CGI Group(Se15) QC977,556
14
10,287,814
40
25
976
Ivanhoe Mines(De15) BC1
(U.S.)700,383
414
(U.S.)368,162
269
Shaw Communications(Au15) AB856,000
0
5,621,000
26
34
27
63
Fortis Inc.(De15) NL805,000
112
6,963,000
28
37
IGM Financial(De15) MB780,542
2
3,027,945
29
20
Fairfax Financial Holdings(De15) O
N1
(U.S.)567,700
-65
(U.S.)9,580,400
30
36
Intact Financial(De15) ON706,000
-10
8,118,000
MARKET CAP
$MIL
NUMBER OF
EMPLOYEES
INDUSTRY
HSBC Bank Canada(De15) BC442,000
-31
2,669,000
41
42
42
68
Linamar Corp.(De15) ON436,671
36
5,182,926
43
55
Emera Inc.(De15) NS427,500
-1
3,055,600
44
67
Inter Pipeline(De15) AB427,400
28
1,670,900
45
81
Empire Co.(My15) NS419,000
78
24,115,400
96
58
86
134
17
-7
24
1
7
14
12,531 4,870
6,364
7,471
8,075
6,150
19,600
3,500
978 65,000
banks
indust
mgt
pipe
food
Pembina Pipeline Corp.(De15) A
B406,000
6
4,670,000
46
61
47
27
SNC-Lavalin Group(De15) QC404,336
-70
9,836,150
1
48
238
Turquoise Hill Resources(De15) BC
(U.S.)313,303
1,063
(U.S.)1,629,632
49
64
Genworth MI Canada(De15) ON398,302
6
791,482
50
80
Hudson’s Bay Co.(Ja16) ON387,000
66
11,910,000
60
41
115
208
36
-24
19
-8
4
40
11,246
6,159
7,063
2,442
3,150
1,274
36,754
2,678
290
66,000 pipe
eng
pmetals
p&c
retail
Industrial Alliance Insurance(De15) QC2386,000
-11
8,300,000
51
54
52
74
Dollarama Inc.(Ja16) QC385,146
30
2,650,327
53
75
WestJet Airlines(De15) A
B367,530
29
4,043,761
54
707
Chartwell Retirement Residence(De15) ON362,233
4,475
704,590
55
39
Canadian Utilities(De15) AB352,000
-50
3,315,000
44
97
65
227
80
10
14
2
6
-13
4,520
9,188
2,506
2,260
8,525
5,148
20,000
9,211
13,500
5,500
insur
retail
trans
other
util
Industry groups auto = automotive, banks = banks, bcast = broadcasting, bevg = beverages, bio = biotech & pharmaceuticals, chem = chemicals, consumer = consumer products, dev = real estate developers, eng =
engineering & construction, ent = entertainment, env = environmental services, fin = financial services, food = food production or distribution, forest = forest products, homefurn = home furniture & appliances, indust
= industrial products, insur = life insurance, metal = metal fabrication, mgt = management companies, mining = mining, oilprd = oil & gas production, oilserv = oil & gas field services, oil = integrated oils, other = other,
p&c = property & casualty insurance, paper = paper products & packaging, pipe = pipelines, pmetals = precious metals, pub = publishing and printing, retail = retailers, serv = services, steel = steel, tech = technology,
tele = telephone utilities, textile = textiles & apparel, trans = transportation, util = gas & electrical utilities, whole = wholesaler
DM161954_Pg42-58_ROB_JUL_2016.indd 42
2016-06-03 10:00 AM
Subscribers can find our interactive Top 1000 tool
at tgam.ca/top1000. To purchase the 2015 edition
of the data—38 data points for each Top 1000
company—visit The Globe and Mail DataStore
at datastore.theglobeandmail.com
PROFIT RANK
2015
2014
REVENUE
RANK
REVENUE
% CHANGE
MARKET CAP
$MIL
NUMBER OF
EMPLOYEES
INDUSTRY
56
71
CAP REIT(De15) ON345,633
9
714,401
225
57
56
H&R REIT(De15) ON340,148
-20
1,086,160
179
58
83
Canadian Western Bank(Oc15) AB325,201
41
965,580
190
59
58
CU Inc.(De15) AB312,000
-23
2,385,000
105
60
60
Gildan Activewear(Ja16) QC1,3
(U.S.)304,914
3
(U.S.)2,959,238
89
7
-12
4
5
-2
3,478
5,606
2,024
116 9,582
937
636 2,062
4,366
42,000
dev
dev
banks
util
textile
Air Canada(De15) QC303,000
203
13,914,000
28
61
156
62
88
CCL Industries(De15) ON295,078
36
3,045,124
87
1,5
63
109
Milestone Apartments(De15) T X (U.S.)227,644
70
(U.S.)221,760
346
64
72
Home Capital Group(De15) O
N287,285
-8
995,767
188
65
82
Open Text Corp.(Ju15) ON1
(U.S.)234,327
7
(U.S.)1,851,917
112
5
18
19
-5
14
2,887
7,875
910
1,884
6,204
25,000
9,800
1,510
877
8,500
trans
paper
dev
fin
tech
PROFIT
$000
PROFIT
% CHANGE
REVENUE
$000
Cominar REIT(De15) QC272,434
37
890,602
66
92
67
85
Smart REIT(De15) ON269,167
19
691,765
68
140
Transcontinental Inc.(Oc15) Q
C262,600
135
2,004,900
69
89
Cogeco Communications(Au15) QC257,750
23
2,043,316
70
48
Methanex Corp.(De15) BC1
(U.S.)200,617
-56
(U.S.)2,342,444
198
229
120
116
91
19
11
1
5
-28
2,514
3,885
1,575
3,251
4,098
709
308
8,289
4,500
1,295
dev
dev
pub
bcast
chem
Allied Properties REIT(De15) ON254,367
68
366,676
71
107
72
25
Enbridge Inc.(De15) AB251,000
-82
34,451,000
73
53
Westcoast Energy(De15) A
B244,000
-44
3,548,000
74
690
Amaya Inc.(De15) QC239,412
3,280
1,361,632
75
816
Extendicare Inc.(De15) ON232,078
1,338
997,406
305
10
77
157
187
9
-10
-12
120
22
2,476
39,928
3,209 2,326
849
247 8,652
3,654
1,991
16,800
dev
pipe
pipe
tech
other
Constellation Software(De15) ON1
(U.S.)177,248
72
(U.S.)1,859,894
76
137
77
87
Jean Coutu Group (PJC)(Fe16) Q
C213,700
-2
2,856,800
78
105
Lions Gate Entertainment(Ma15) BC1
(U.S.)181,781
20
(U.S.)2,454,907
79
94
First Capital Realty(De15) ON203,865
4
685,456
80
84
Keyera Corp.(De15) AB201,920
-12
2,521,080
106
94
95
231
101
11
1
-8
2
-31
12,225
3,811
(U.S.)4,936
4,139
6,913
10,478 1,229
719
351
985
tech
retail
ent
dev
oilprd
CAE Inc.(Ma15) QC201,800
6
2,281,300
108
81
96
82
115
Canadian REIT(De15) ON198,586
44
474,341
265
83
214
TransAlta Renewables(De15) AB194,892
301
369,157
303
84
180
Granite REIT(De15) O
N193,334
175
286,827
344
85
193
WSP Global(De15) QC188,800
201
6,077,600
53
8
14
52
35
108
3,9458,000 indust
3,070
158 dev
1,979
0
util
1,785
54
dev
4,219
34,000
other
Union Gas(De15) BC188,000
-4
1,940,000
124
86
95
87
200
Element Financial(De15) ON174,431
223
1,081,461
180
88
152
Ritchie Bros. Auctioneers(De15) BC1
(U.S.)136,214
50
(U.S.)534,446
232
89
125
TransForce Inc.(De15) QC163,437
28
4,059,244
64
90
116
Co-operators General Insurance(De15) O
N162,269
18
2,505,522
103
-5
113
8
19
4
2,906 6,448
3,574
2,305
484 2,283
1,700
1,522
16,050
2,505
util
fin
retail
trans
p&c
Progressive Waste Solutions(De15) ON1
(U.S.)123,876
-2
(U.S.)1,930,891
104
91
114
92
103
Stantec Inc.(De15) AB156,378
-5
2,885,199
93
93
57
Atco Ltd.(De15) A
B154,000
-63
4,201,000
62
94
122
Westshore Terminals Investment(De15) BC152,931
17
368,662
304
95
151
Pure Industrial REIT(De15) BC152,461
50
172,137
421
-4
14
-12
13
18
3,531
3,241
4,106
861
821
7,900
15,200
8,000
247
38
env
other
mgt
trans
dev
Quebecor Inc.(De15) QC151,800
604
3,996,400
66
96
863
97
168
Granite Oil(De15) A
B150,216
97
135,273
453
98
119
Toromont Industries(De15) ON145,666
9
1,805,655
128
99
90
Dream Global REIT(De15) ON144,747
-30
242,969
369
100
218
MDA Ltd.(De15) BC142,842
203
2,117,619
114
11
-55
8
-19
1
4,149
245
2,458
979
3,016
10,340 16
3,509
58
4,500
pub
oilprd
whole
dev
tech
RioCan REIT(De15) ON141,763
-79
1,112,993
101
41
102
147
Stella-Jones Inc.(De15) QC141,377
36
1,557,666
103
159
Enbridge Income Fund Holdings(De15) A
B138,111
48
143,006
104
77
Peyto Exploration & Development(De15) AB137,561
-47
720,411
105
167
Cineplex Inc.(De15) ON134,697
77
1,378,896
176
141
448
223
155
4
25
43
-15
12
7,640
3,630
2,724
3,953
3,013
727
1,757
0
51 13,000 dev
indust
pipe
oilprd
ent
Winpak Ltd.(De15) MB1
(U.S.)99,248
27
(U.S.)794,535
106
163
107
144
Equitable Group(De15) O
N125,865
18
581,994
108
201
Dream Unlimited(De15) ON121,898
126
349,611
109
170
Algonquin Power & Utilities(De15) O
N117,480
55
1,046,879
110
150
First National Financial(De15) ON107,118
5
915,315
183
242
312
182
196
1
11
-11
10
14
2,9392,200 paper
800
495
fin
570
241
dev
2,792
1,466
util
1,345
915
fin
Notes For ranking purposes, figures from companies that report in foreign currencies have been converted to Canadian dollars and partial-year results have been annualized. Foreign currencies are converted at the end
of the relevant fiscal period for balance sheet items and at the average exchange rate for the relevant period for earnings items. Share-price calculations are based on closing share prices on the companies’ balance
sheet dates. Footnotes 1. Company reports in U.S. dollars. 2. Revenue includes unrealized gains and losses on bonds and other assets, as required by international accounting standards. These gains and losses are
often substantial for insurers, and can vary widely from year to year. 3. Figures have been annualized in latest year. 4. Figures have been annualized in previous year. 5. Figures have been annualized in previous three
through five years. Abbreviations n/a = not available, n/m = not meaningful, n/r = not ranked
DM161954_Pg42-58_ROB_JUL_2016.indd 43
2016-06-03 10:00 AM
111-250
PROFIT RANK
2015
2014
REVENUE
$000
REVENUE
RANK
REVENUE
% CHANGE
111
177
Martinrea International(De15) O
N107,030
50
3,871,556
112
162
Canfor Pulp Products(De15) BC106,600
19
1,181,100
113
78
West Fraser Timber Co.(De15) B C104,000
-60
4,073,000
114
113
Laurentian Bank of Canada(Oc15) QC102,470
-27
1,457,202
115
209
Lucara Diamond(De15) BC1
(U.S.)77,849
65
(U.S.)240,313
71
169
63
150
332
8
20
5
1
-10
Cara Operations(De15) ON99,395
1,675
327,559
116
405
117
242
Brookfield Canada Office Properties(De15) O
N98,600
203
516,900
118
157
ShawCor Ltd.(De15) ON98,244
4
1,820,225
119
182
Veresen Inc.(De15) AB94,000
38
425,000
120
220
Capital Power(De15) AB90,000
96
1,262,000
322
257
127
280
164
PROFIT
$000
PROFIT
% CHANGE
MARKET CAP
$MIL
NUMBER OF
EMPLOYEES
INDUSTRY
908
933
4,331
1,534
855
12,000
1,278
7,900
3,600
200 metal
forest
forest
banks
mining
16
0
-3
-17
3
1,510
684
1,811
2,649
1,730
5,700
n/a 5,919
259
714
other
dev
oilserv
pipe
util
Cogeco Inc.(Au15) QC89,627
32
2,187,163
111
121
186
122
131
Celestica Inc.(De15) ON1
(U.S.)66,900
-38
(U.S.)5,639,200
47
123
145
DH Corp.(De15) ON84,005
-21
1,534,448
143
124
117
Morguard Corp.(De15) ON80,542
-41
803,110
207
125
49
Tourmaline Oil(De15) AB80,087
-84
1,358,170
159
4
0
35
28
-18
925
2,194
3,366
1,595
4,947
4,500
26,700
4,000
n/a 186
bcast
tech
other
dev
oilprd
Magellan Aerospace(De15) ON79,423
40
951,466
126
197
127
171
Leon’s Furniture(De15) ON76,629
1
2,033,118
128
153
Melcor Developments(De15) AB75,958
-25
266,802
129
166
Great Canadian Gaming(De15) BC74,600
-5
461,000
130
141
Tricon Capital Group(De15) O
N1
(U.S.)58,180
-32
(U.S.)121,267
191
117
356
271
438
13
1
-16
2
-19
937
1,005
484
996
1,015
3,800
8,380
140
4,900
230
indust
retail
dev
ent
dev
Western Forest Products(De15) BC73,700
8
1,078,300
181
131
183
132
230
Intertape Polymer Group(De15) FL1
(U.S.)56,672
58
(U.S.)783,194
184
133
192
North West Co.(Ja16) MB69,779
11
1,796,155
129
134
253
New Flyer Industries Inc.(De15) M
B1
(U.S.)53,894
102
(U.S.)1,539,282
123
135
250
Aecon Group(De15) ON68,677
129
3,002,587
90
4
-4
11
6
13
893
1,096
1,481
1,491
874
2,230
1,900
7,378
5,000 10,600 forest
paper
food
indust
eng
Rona Inc.(De15) QC67,929
-10
4,250,427
61
136
169
137
129
OceanaGold Corp.(De15) AUSTRALIA1
(U.S.)53,066
-52
(U.S.)501,929
238
138
176
Crombie REIT(De15) NS65,729
-8
369,889
302
139
191
Evertz Technologies(Ap15) O
N65,500
4
366,172
307
140
219
Pure Multi-Family REIT(De15) BC1,5
(U.S.)51,179
22
(U.S.)58,902
541
3
-11
1
9
22
1,315
22,000
retail
1,594
1,551
pmetals
1,683
332 dev
1,2281,400 tech
253
122
dev
Cameco Corp.(De15) SK65,286
-65
2,535,424
141
98
142
386
Nobilis Health(De15) TX1
(U.S.)50,840
1,657
(U.S.)239,934
143
188
Mainstreet Equity(Se15) AB64,708
-3
100,553
144
n/r PrairieSky Royalty(De15) AB463,000
-72
216,900
145
226
Callidus Capital(De15) ON61,952
48
171,896
100
333
489
390
422
12
199
11
-35
39
6,756
288
322
5,002
434
4,005
715
260
70
33
mining
other
dev
oilprd
fin
Yellow Pages(De15) QC61,055
-68
830,477
146
97
147
263
Medical Facilities(De15) ON1
(U.S.)47,127
102
(U.S.)309,105
148
174
Alacer Gold(De15) CO1
(U.S.)46,631
-29
(U.S.)234,040
149
208
Richelieu Hardware(No15) QC58,739
12
749,795
150
213
Alaris Royalty(De15) AB57,861
18
85,639
203
289
336
215
514
-5
4
-20
16
24
429
448
720
1,390
853
3,000
1,254
420
1,900
13
pub
other
mining
whole
fin
Lassonde Industries(De15) Q
C56,979
26
1,452,081
151
221
152
n/r Spin Master(De15) ON1
(U.S.)43,213
-17
(U.S.)894,096
153
194
ATS Automation Tooling Systems(Ma15) ON54,963
-12
936,226
154
146
Labrador Iron Ore Royalty(De15) O
N54,658
-48
101,699
1
155
901
Centerra Gold(De15) ON
(U.S.)41,629
194
(U.S.)542,871
151
172
193
487
228
23
25
37
-13
-19
1,132
2,171
1,244
614
1,568
2,100
985
3,500
0
2,387
food
consumer
indust
fin
pmetals
Gluskin Sheff + Associates(Ju15) ON52,311
-51
164,466
432
156
143
157
267
Sandvine Corp.(No15) ON1
(U.S.)41,278
80
(U.S.)126,467
437
158
247
Clairvest Group(Ma15) ON52,005
34
104,327
482
159
181
BRP Inc.(Ja16) QC51,600
-26
3,841,900
72
160
123
AltaGas Ltd.(De15) A
B51,100
-61
2,142,100
113
-34
2
37
8
-14
756
397
421
1,783
4,521
142
729
27
7,900
1,700 fin
tech
fin
auto
oilprd
EnerCare Inc.(De15) ON50,955
129
561,536
248
161
285
162
276
InterRent REIT(De15) ON49,804
108
83,132
519
163
195
AGF Management(No15) ON48,028
-22
449,600
277
164
228
Valener Inc.(Se15) QC47,147
15
58,743
572
165
254
Canam Group(De15) QC46,765
60
1,607,843
137
59
27
-3
15
30
1,404
466
406
639
656
924
222
494
0
4,269
consumer
dev
fin
pipe
metal
Centric Health(De15) O
N46,083
180
168,214
427
166
914
167
179
Enerflex(De15) AB45,746
-35
1,640,004
135
168
849
Novanta Inc.(De15) MA1
(U.S.)35,615
247
(U.S.)395,890
260
169
234
Guardian Capital Group(De15) ON44,105
19
214,064
392
170
282
Transat A.T.(Oc15) QC42,565
86
3,583,543
76
25
-4
7
11
-5
41
1,052
468
570
290
501
2,300
1,355
354
5,500
other
oilserv
indust
fin
trans
Maple Leaf Foods(De15) ON41,580
-94
3,305,471
82
171
40
172
215
BMTC Group(De15) QC41,528
-15
719,811
224
173
308
Melcor REIT(De15) AB41,070
124
65,718
559
174
248
Exco Technologies(Se15) ON40,759
33
498,188
263
175
371
Exchange Income(De15) MB40,234
387
807,403
206
4
1
47
35
49
3,207
570
80
616
788
11,500
2,187
n/a 730
3,235
food
retail
trust
indust
trans
Parkland Fuel(De15) AB39,498
-21
6,304,498
51
176
211
177
233
Morguard North American REIT(De15) ON38,784
2
201,324
399
178
205
Badger Daylighting(De15) AB38,488
-28
405,590
284
179
241
High Liner Foods(Ja16) N
S1
(U.S.)29,581
18
(U.S.)1,004,504
161
180
164
Plaza Retail REIT(De15) NB38,054
-55
112,488
473
-16
14
-4
16
14
2,186
313
906
480
436
1,800 n/a 1,554
1,413
88
retail
dev
oilserv
food
dev
DM161954_Pg42-58_ROB_JUL_2016.indd 44
2016-06-03 10:00 AM
Find our interactive Top 1000 tool at tgam.ca/top1000
PROFIT RANK
2015
2014
REVENUE
RANK
REVENUE
% CHANGE
181
n/r Founders Advantage Capital Corp.(Se15) A
B35,709
282
296
182
184
Dream Industrial REIT(De15) ON535,189
-48
177,014
183
251
Killam Apartment REIT(De15) NS34,557
16
169,001
184
837
Dorel Industries(De15) QC1
(U.S.)25,704
221
(U.S.)2,683,357
185
265
MCAN Mortgage(De15) ON32,857
29
94,107
878
418
426
79
500
199
6
12
0
21
Computer Modelling Group(Ma15) A
B32,648
18
88,943
186
258
187
420
Claude Resources(De15) S K32,335
610
106,975
188
412
Semafo Inc.(De15) QC1
(U.S.)24,910
457
(U.S.)300,877
189
172
Northview Apartment REIT(De15) AB31,698
-57
218,718
190
132
Franco-Nevada Corp.(De15) ON1
(U.S.)24,600
-77
(U.S.)448,900
507
479
296
388
243
16
18
4
15
1
998
152
1,033
780
10,005
213
290
993
588 29
tech
pmetals
pmetals
dev
pmetals
Agnico Eagle Mines(De15) ON1
(U.S.)24,583
-70
(U.S.)1,995,152
191
161
192
252
Enghouse Systems(Oc15) ON31,430
6
279,676
1
193
217
Colliers International(De15) O
N
(U.S.)23,347
-46
(U.S.)1,723,108
1
194
148
Nevsun Resources(De15) B C
(U.S.)22,794
-76
(U.S.)407,435
195
244
Logistec Corp.(De15) QC29,142
-6
366,177
99
349
110
256
306
5
27
9
-34
11
7,916
1,585
2,377
749
471
7,588
1,381
10,035
1,230
1,600
pmetals
tech
other
mining
trans
Pan Orient Energy(De15) A
B29,053
1,268
4,597
196
589
197
142
Raging River Exploration(De15) AB528,919
-74
259,484
198
79
Boardwalk REIT(De15) AB28,848
-88
470,927
199
309
Klondex Mines(De15) BC1
(U.S.)22,528
58
(U.S.)169,804
200
n/r Osisko Gold Royalties(De15) Q
C28,749
-98
65,022
781
362
268
389
561
-81
-23
-1
62
223
66
1,786
2,435
395
1,293
n/a 35
1,400
n/a 62
oilprd
oilprd
dev
pmetals
mining
Avigilon(De15) BC28,252
-20
376,070
300
201
237
202
322
Madison Pacific Properties(Au15) BC528,143
82
56,571
580
5
203
259
Fiera Capital(De15) QC 27,631
1
260,990
361
1,5
204
451
WPT Industrial REIT(De15) MN (U.S.)21,560
860
(U.S.)67,423
512
1
205
289
Smart Technologies(Ma15) AB
(U.S.)24,128
17
(U.S.)493,715
247
33
41
17
18
-17
592
135
809
221
183
1,043
10
459
0
795
tech
dev
fin
trust
consumer
N1
(U.S.)21,395
65
(U.S.)1,264,077
136
206
n/r FirstService Corp.(De15) O
207
369
OneREIT(De15) ON27,209
216
124,538
463
208
257
High Arctic Energy Services(De15) AB27,100
-4
205,100
396
209
316
Descartes Systems Group(Ja16) ON1
(U.S.)20,562
37
(U.S.)185,188
371
210
136
Morguard REIT(De15) ON26,617
-77
215,017
391
12
9
19
8
-31
2,009
251
190
1,889
829
16,000
100
497
877
12
dev
dev
oilserv
tech
dev
Superior Plus(De15) ON26,500
-53
3,284,800
211
196
212
266
MTY Food Group(No15) QC26,015
3
147,232
213
207
Algoma Central(De15) ON25,771
-51
423,254
1,4
214
762
Guyana Goldfields(De15) ON (U.S.)20,063
313
(U.S.)650
215
190
Chorus Aviation(De15) NS25,487
-61
1,548,068
83
443
281
839
142
-18
26
-12
84
-7
1,513
602
545
470
703
4,277
435
2,000
705
4,400
whole
other
trans
pmetals
trans
Pizza Pizza Royalty(De15) ON25,238
1
34,808
631
216
270
217
897
Premier Gold Mines(De15) ON24,790
139
59,128
571
218
100
Canfor Corp.(De15) BC24,700
-86
3,926,800
68
219
255
Rogers Sugar(Oc15) QC24,033
-18
540,377
252
220
297
Goeasy Ltd.(De15) ON23,728
20
304,273
335
5
488
18
2
17
PROFIT
$000
PROFIT
% CHANGE
REVENUE
$000
MARKET CAP
$MIL
NUMBER OF
EMPLOYEES
INDUSTRY
18
8
fin
257
105
dev
661
549
dev
1,001
10,450
consumer
27764 fin
420 0other
462
17
pmetals
2,681
6,047
forest
379
350 food
254
1,600
retail
367
35,299
221
n/r Alberta Oilsands(De15) AB23,686
222
292
Atrium Mortgage Investment(De15) O
N23,337
11
40,206
223
351
Newfoundland Capital Corp.(De15) N
S23,235
108
164,602
224
378
Wall Financial(Ja16) BC23,223
200
133,226
225
204
AutoCanada Inc.(De15) A
B22,821
-57
2,911,939
630
617
431
455
92
2,211
15
7
96
31
22
306
293
480
661
8 25
1,000
502
4,000
oilprd
fin
bcast
dev
retail
TransAlta Corp.(De15) AB22,000
-88
2,622,000
226
99
227
986
Oando Energy Resources(De15) A
B1
(U.S.)16,966
106
(U.S.)671,025
228
235
Bird Construction(De15) ON21,482
-41
1,446,093
229
321
Advantage Oil & Gas(De15) AB21,378
36
163,097
230
246
Velan Inc.(Fe15) QC1
(U.S.)18,580
-32
(U.S.)456,817
98
201
152
433
258
-2
1
6
-32
7
1,394
1,178
553
1,201
417
2,380
90 837
26
1,953
util
oilprd
eng
oilprd
indust
Corby Spirit and Wine(Ju15) ON20,415
-18
133,838
231
271
232
311
Whistler Blackcomb Holdings(Se15) B C20,375
14
262,688
233
329
Hardwoods Distribution(De15) BC20,146
44
573,074
234
299
Firm Capital Mortgage Invest.(De15) ON20,081
3
34,005
235
284
Gamehost Inc.(De15) AB19,800
-12
77,700
454
360
244
634
535
-4
2
26
11
-7
607
818
301
257
224
172
500
494
1
800
bevg
other
whole
fin
other
DHX Media(Ju15) NS19,533
150
272,029
354
236
376
237
n/r Timbercreek Senior Mortgage Invest.(De15) O
N19,296
3
32,605
638
238
317
Boston Pizza Royalties Income Fund(De15) B C19,154
16
42,577
614
239
824
Noranda Income Fund(De15) ON19,002
189
777,895
209
240
348
Cott Corp.(Ja16) ON1
(U.S.)14,500
37
(U.S.)2,946,600
74
132
16
29
9
43
1,158
245
367
116
1,672
365
0 183
574
9,500
ent
fin
fin
mining
bevg
Mandalay Resources(De15) ON1
(U.S.)14,665
-17
(U.S.)200,289
241
300
242
361
Chesswood Group(De15) ON18,038
79
76,577
243
349
Summit Industrial Income REIT(De15) O
N17,935
56
40,020
5
244
396
Dirtt Environmental Solutions(De15) AB 17,892
201
238,977
245
n/r Abitibi Royalties(De15) QC17,764
620
823
363
539
618
374
841
7
53
41
27
n/m 263
170
175
586
37
764
100
0
950
n/a mining
retail
retail
indust
mining
A&W Revenue Royalties Income Fund(De15) B C17,396
21
31,826
246
326
247
323
Airboss of America(De15) O
N1
(U.S.)13,325
-3
(U.S.)304,909
248
333
True North Commercial REIT(De15) ON516,471
27
37,118
249
268
Morneau Shepell(De15) ON16,418
-35
567,286
250
319
Trimac Transportation(De15) AB16,389
4
397,314
643
295
627
245
288
11
0
59
6
-12
349
402
88
699
157
0
1,037
0
4,000
2,110
fin
indust
dev
other
trans
DM161954_Pg42-58_ROB_JUL_2016.indd 45
2016-06-03 10:00 AM
251-390
PROFIT RANK
2015
2014
REVENUE
RANK
REVENUE
% CHANGE
251
511
Kinaxis Inc.(De15) ON1
(U.S.)12,678
5,837
(U.S.)91,399
472
252
482
Tree Island Steel(De15) BC16,147
1,551
232,433
378
253
296
AGT Food and Ingredients(De15) SK16,045
-19
1,704,480
132
254
352
Supremex Inc.(De15) QC15,931
44
142,348
449
255
307
Information Services(De15) SK15,917
-13
78,711
531
44
26
26
8
-3
Andrew Peller Ltd.(Ma15) ON15,761
12
316,139
256
328
257
338
Mediagrif Interactive Technologies(Ma15) Q
C15,633
23
71,638
258
273
Vecima Networks(Ju15) BC15,137
-38
97,177
259
370
TerraVest Capital(Se15) A
B514,964
78
196,865
260
320
Boyuan Construction Group(Ju15) CHINA1
(U.S.)12,429
103
(U.S.)324,533
328
549
494
402
297
Carmanah Technologies(De15) B C1
(U.S.)10,680
974
(U.S.)68,185
261
479
262
223
Acadian Timber(De15) BC13,641
-68
84,722
263
158
Mullen Group(De15) AB13,366
-86
1,217,389
1
264
594
Monument Mining(Ju15) BC
(U.S.)11,383
533
(U.S.)44,469
265
318
ZCL Composites(De15) AB12,999
-20
187,816
PROFIT
$000
PROFIT
% CHANGE
REVENUE
$000
NUMBER OF
EMPLOYEES
INDUSTRY
1,146
109
809
142
253
395
600
1,550
650
304
tech
metal
other
paper
other
6
8
5
49
16
229
261
240
108
16
1,121
400
489
422
400
bevg
tech
tech
mgt
eng
509
516
166
592
408
56
10
-15
-11
9
140
336
1,284
36
219
150
100
6,200
260
685
indust
forest
trans
pmetals
indust
Agellan Commercial REIT(De15) ON512,953
-33
84,574
517
266
302
267
353
Wi-LAN Inc.(De15) ON1
(U.S.)10,036
3
(U.S.)103,283
456
268
915
Migao Corp.(Ma15) ON12,654
122
460,982
272
269
343
CanWel Building Materials Group(De15) B C12,295
0
825,330
205
270
345
K-Bro Linen(De15) AB12,068
-1
144,347
445
13
4
22
9
6
207
239
44
203
407
18
47
1,290
700
1,870
trust
tech
other
whole
other
732
148
743
189
664
-67
21
-61
1
9
66
1,066
135
121
202
49
4,507
17
860
8,600
env
food
oilprd
indust
fin
Stuart Olson(De15) AB11,195
186
1,152,793
171
276
773
277
410
Taiga Building Products(Ma15) BC11,080
118
1,349,437
160
278
419
Norsat International(De15) B C1
(U.S.)8,650
106
(U.S.)36,893
605
279
314
Genesis Land Development(De15) AB11,014
-37
123,412
466
280
751
Kirkland Lake Gold(De15) O
N37,338
-44
153,055
382
-12
13
0
-11
3
151
28
36
121
392
3,352
501
178
80
1,389
eng
whole
tech
dev
pmetals
Solium Capital(De15) AB10,686
11
96,594
281
364
282
374
Richards Packaging Income Fund(De15) ON10,505
31
249,564
283
n/r DMD Digital Health Connections(De15) Q
C10,162
738
32,203
284
399
Imvescor Restaurant Group(Oc15) N
B10,139
73
44,602
1
285
295
Westaim Corp.(De15) O
N
(U.S.)7,640
-50
(U.S.)2,335
498
365
640
610
800
20
18
55
-4
61
344
208
43
121
391
468
485
35
263
8 other
whole
tech
fin
p&c
Calian Group(Se15) ON9,767
-8
242,340
370
286
356
287
457
Firan Technology Group(No15) O
N9,537
335
74,099
543
288
416
Firm Capital Property Trust(De15) O
N59,401
99
13,082
735
289
444
Atacama Pacific Gold(Ma15) O
N9,394
231
10,419
751
290
332
Altus Group(De15) ON9,249
-30
392,189
291
15
21
34
117
16
120
44
66
9
707
2,500
419
0 17
2,300
other
tech
dev
mining
other
83
29,360
291
n/r Photon Control(De15) BC9,204
292
379
Macro Enterprises(De15) AB9,171
19
117,316
293
377
New Look Vision Group(De15) QC9,157
18
174,292
294
392
Savaria Corp.(De15) QC8,944
40
96,865
295
388
Accord Financial(De15) ON8,759
27
31,577
656
469
419
495
647
32
-41
25
16
4
72
59
399
180
80
50 230
1,464
376
93
tech
oilserv
other
other
fin
BTB REIT(De15) QC8,669
-33
72,656
547
296
335
297
203
Total Energy Services(De15) A
B8,655
-84
289,666
341
298
391
Goodfellow Inc.(No15) QC48,622
33
538,976
253
299
372
SIR Royalty Income Fund(De15) O
N8,600
5
12,085
739
300
239
Black Diamond Group(De15) AB8,400
-76
288,304
343
8
-33
10
4
-25
153
420
88
98
298
60
886 877
5,000
274
dev
oilserv
indust
fin
other
Atlanta Gold(De15) ON1
(U.S.)6,537
186
(U.S.)8,664
301
471
302
305
Echelon Financial Holdings(De15) O
N8,258
-56
327,320
303
403
P&W Bank of Canada(Oc15) O
N8,218
45
65,851
304
n/r 49 North Resources(De15) SK7,654
148
11,730
305
368
Pollard Banknote Ltd.(De15) MB7,463
-15
221,804
747
323
558
742
386
76
8
8
-13
14
2
154
111
4
177
8 169
79
n/a 1,168
pmetals
p&c
banks
fin
indust
239
827
840
306
n/r Golden Valley Mines(De15) QC7,389
307
587
IBI Group(De15) ON7,381
400
335,791
320
308
453
American Hotel Income Pro REIT(De15) B C1,5
(U.S.)5,697
168
(U.S.)143,300
415
309
792
Sienna Senior Living(De15) ON7,237
146
474,174
267
310
555
Minco Silver(De15) BC6,827
510
5,085
777
4,838
5
55
3
152
10
55
372
589
25
2 2,270 9
8,170
37
pmetals
other
dev
other
pmetals
444
505
299
645
350
11
21
16
28
-1
259
48
207
89
218
435
11 181
100
1,500
pmetals
dev
other
tech
indust
Hammond Power Solutions(De15) O
N6,167
143
273,791
352
316
448
317
435
Terra Firma Capital(De15) O
N6,022
87
19,522
701
318
385
Diversified Royalty Corp.(De15) B C5,972
-20
19,481
702
319
n/r Changfeng Energy(De15) ON5,967
58
62,156
569
320
393
Rifco Inc.(Ma15) AB5,928
-7
39,002
622
11
58
386
16
29
75
46
274
22
42
1,300
7
40 n/a 86
tech
dev
other
oilprd
fin
GWR Global Water Resources(De15) AZ1
(U.S.)9,310
-68
(U.S.)10,259
271
243
272
350
Premium Brands Holdings(De15) BC11,694
2
1,484,737
273
437
Leucrotta Exploration Inc.(De15) AB11,412
269
11,533
274
304
Rocky Mountain Dealerships(De15) A
B11,293
-40
975,456
275
383
Keg Royalties Income Fund(De15) B C11,236
49
27,532
Richmont Mines(De15) QC6,788
-17
146,752
311
373
312
382
Imperial Equities(Se15) A
B6,646
-13
89,763
1
313
407
Points International(De15) O
N
(U.S.)5,165
10
(U.S.)296,507
1
314
438
RDM Corp.(Se15) ON
(U.S.)5,326
113
(U.S.)25,795
315
487
EXFO Inc.(Au15) QC1
(U.S.)5,298
577
(U.S.)229,456
MARKET CAP
$MIL
DM161954_Pg42-58_ROB_JUL_2016.indd 46
2016-06-03 10:00 AM
PROFIT RANK
2015
2014
REVENUE
RANK
REVENUE
% CHANGE
321
423
Edgefront REIT(De15) AB55,804
-37
11,852
741
322
428
Absolute Software(Ju15) B C1
(U.S.)4,615
42
(U.S.)93,873
477
5
323
606
Grenville Strategic Royalty(De15) O
N 5,167
249
12,127
738
324
408
Pro REIT(De15) QC55,149
0
18,190
705
325
485
PFB Corp.(De15) AB5,088
455
99,436
491
38
13
245
98
10
PROFIT
$000
PROFIT
% CHANGE
REVENUE
$000
MARKET CAP
$MIL
58
403
80
56
71
NUMBER OF
EMPLOYEES
INDUSTRY
0 444
10
5
366
dev
tech
mgt
dev
indust
(U.S.)3,934
45
(U.S.)38,176
326
n/r Evergreen Gaming(De15) WA1
327
375
AlarmForce Industries(Oc15) ON4,976
-36
56,169
328
n/r African Gold Group(De15) O
N1
(U.S.)3,860
170
(U.S.)4,760
329
507
Axia NetMedia(De15) AB54,712
3,616
70,729
330
779
Brampton Brick(De15) ON4,670
133
127,048
599
582
767
550
461
9
7
82
26
13
91,600 other
134
172
consumer
8
15 pmetals
202
160
tech
82
269
indust
-44
5,783
331n/r Allbanc Split Corp. II(Fe15) ON4,586
332
467
Student Transportation(Ju15) O
N1
(U.S.)3,655
158
(U.S.)558,368
333
433
TWC Enterprises(De15) ON4,259
23
227,788
334
454
Reko International Group(Jl15) ON4,127
80
48,479
335
n/r Imperial Ginseng Products(Ju15) BC4,115
6
13,397
768
236
383
602
731
-40
13
7
23
44
30
n/a fin
554
3,300
trans
285
550
trans
20 400indust
4
n/a other
Pivot Technology Solutions(De15) ON1
(U.S.)3,169
-26
(U.S.)1,487,989
126
336
417
337
n/r Immunotec Inc.(Oc15) QC4,042
250
84,860
515
338
389
Dynacor Gold Mines(De15) QC1
(U.S.)3,158
-48
(U.S.)78,868
488
339
465
CRH Medical(De15) BC1
(U.S.)3,076
105
(U.S.)48,786
568
340
341
Mosaic Capital(De15) AB3,918
-69
186,026
411
10
5
-11
294
47
92
21
71
292
53
n/a 135
366
11
541
other
bio
pmetals
bio
fin
192
5,596
341
n/r Northern Vertex Mining(Ju15) BC3,815
342
290
Performance Sports Group(My15) N
H1
(U.S.)3,282
-84
(U.S.)659,336
343
430
Hammond Manufacturing Co.(De15) ON3,550
-2
117,262
344
495
TriMetals Mining Inc.(De15) BC1
(U.S.)2,735
756
(U.S.)113
1
345
541
Virginia Energy Resources(De15) BC
(U.S.)2,628
316
(U.S.)3,670
770
213
470
904
779
1,189
45
11
-29
2,333
15
1,115
23
10
3
13
872
659
12
n/a mining
retail
tech
pmetals
mining
Urbanfund Corp.(De15) O
N3,263
7
5,502
346
439
347
366
Héroux-Devtek(Ma15) QC3,224
-65
365,123
348
700
Avcorp Industries(De15) BC3,208
140
96,107
349
n/r Potash Ridge(De15) ON3,098
263
5,131
350
431
Sonor Investments(De15) ON3,027
-13
3,515
771
308
499
776
794
15
34
43
115
-11
11
359
35
6
n/m n/a 1,397
776
3
n/a dev
indust
indust
mining
fin
B52,983
5
3,776
789
351
n/r Builders Capital Mortgage(De15) A
352
464
Park Lawn(De15) ON2,975
66
28,325
658
1
353
n/r Baja Mining Corp.(De15) BC
(U.S.)2,196
481
(U.S.)3,504
783
354
506
Village Farms International(De15) B C1
(U.S.)2,094
2,057
(U.S.)143,878
413
355
440
Sylogist Inc.(Se15) AB2,548
-17
28,377
657
7
19
97
5
59
23
70
5
33
156
n/a 93
n/a 1,200
n/a fin
other
mining
other
tech
International Road Dynamics(No15) SK2,532
85
58,604
573
356
473
357
461
Pacific Insight Electronics(Ju15) BC2,445
31
82,487
520
358
581
NAPEC Inc.(De15) QC2,360
201
346,914
315
359
294
Cipher Pharmaceuticals(De15) ON1
(U.S.)1,769
-89
(U.S.)34,780
611
360
899
Difference Capital Financial(De15) ON2,145
104
-21,574
999
27
39
18
36
-285
19
22
58
169
28
286
900
1,169
90
7
indust
indust
auto
bio
mgt
632
588
788
560
791
19
21
56
17
3
15
27
35
1
n/a n/a 117
10
475
n/a fin
other
dev
metal
fin
Becker Milk Co.(Ap15) ON1,834
1,065
4,280
785
366
501
367
509
AQM Copper(De15) ON51,765
407
3,256
797
368
n/r New Pacific Metals(Ju15) BC1,739
104
3,352
796
369
552
ADF Group(Ja16) QC1,699
208
98,821
493
370
472
Brick Brewing Co.(Ja16) ON1,594
14
73,828
544
71
181
765
30
0
33
6
11
102
70
5
n/a 1
571
115
dev
pmetals
mining
metal
bevg
Theratechnologies Inc.(No15) QC1,571
115
30,156
654
371
739
372
463
Tecsys Inc.(Ap15) QC1,515
-16
57,305
576
1
373
781
Kingsway Financial Services(De15) ON
(U.S.)1,107
109
(U.S.)159,637
397
374
466
People Corp.(Au15) MB1,394
-10
49,293
598
375
395
Empire Industries(De15) MB1,370
-77
151,429
441
327
23
1
16
7
107
108
123
144
21
19
350
305
363
400
bio
other
p&c
p&c
eng
Consolidated HCI Holdings(Se15) O
N1,363
911
2,784
803
376
508
377
427
Brookfield Real Estate Services(De15) ON1,324
-66
32,881
637
378
442
Ten Peaks Coffee Co.(De15) BC1,312
-57
86,838
510
379
823
Vista Gold(De15) CO1
(U.S.)1,011
105
(U.S.)10,628
730
380
n/r Espial Group(De15) ON1,272
9
25,792
675
136
-14
34
n/m 27
50
139
107
32
87
5
0
55
13
122 dev
other
food
pmetals
tech
273
2,569
805
381
n/r Fronsac REIT(De15) QC1,261
382
551
Brightpath Early Learning(De15) A
B1,224
178
56,066
583
383
488
Bevo Agro(Ju15) BC1,198
62
26,222
673
384
n/r Titanium Transportation Group(De15) O
N1,195
-39
112,382
474
385
943
Northland Power(De15) ON1,143
101
748,142
216
71
11
12
56
-5
14
39
9
94
3,166
n/a 1,400
60
535 300
dev
other
other
trans
util
A1
(U.S.)885
89
(U.S.)7,575
755
386
n/r Omni-Lite Industries Canada(De15) C
387
740
Robex Resources(De15) QC1,131
111
179
896
388
409
CIBT Education Group(Au15) BC1,040
-80
32,436
639
389
n/r Pearl River Holdings(De15) ON1,016
82
51,873
593
390
504
Imaflex Inc.(De15) QC813
n/m 70,447
552
30
4,817
4
10
14
21
38
21
11
19
n/a 50
311
n/a n/a metal
pmetals
other
indust
indust
CanaDream Corp.(Ap15) AB2,128
88
34,720
361
478
362
460
Caldwell Partners Int’l(Au15) ON1,976
0
54,596
363
468
Halmont Properties(De15) ON1,970
33
3,890
364
n/r
Sigma Industries(My15) QC1,862
151
65,564
365
n/r
PrimeWest Mortgage Investment(De15) SK1,843
-2
3,591
DM161954_Pg42-58_ROB_JUL_2016.indd 47
2016-06-03 10:00 AM
391-530
PROFIT RANK
2015
2014
REVENUE
RANK
REVENUE
% CHANGE
391
687
Polaris Materials(De15) B C1
(U.S.)491
107
(U.S.)45,575
574
392
269
Slate Retail REIT(De15) O
N1,5
(U.S.)465
-98
(U.S.)80,988
483
393
449
Avino Silver & Gold Mines(De15) B C483
-81
19,142
703
394
481
Tellza Communications(De15) ON1
(U.S.)283
-70
(U.S.)305,941
292
395
283
Prism Medical(No15) ON334
-99
56,541
581
-1
68
-2
26
-21
H2O Innovation(Ju15) QC272
119
48,768
600
396
545
397
n/r Sangoma Technologies(Ju15) ON253
-66
16,604
710
398
493
GobiMin Inc.(De15) ON1
(U.S.)185
-64
(U.S.)456
851
399
554
Castle Resources(Se15) ON210
113
-251
988
400
443
Starcore International Mines(Jl15) BC210
-93
30,220
652
PROFIT
$000
PROFIT
% CHANGE
REVENUE
$000
MARKET CAP
$MIL
NUMBER OF
EMPLOYEES
INDUSTRY
136
423
46
17
81
58
n/a 443 50
125 mining
dev
pmetals
tech
consumer
40
19
-91
-187
-10
35
9
18
5
17
n/a n/a 60
n/a 313
indust
tech
mining
mining
pmetals
-96
16,543
711
401
n/r BioNeutra Global(De15) AB4179
402
640
US Oil Sands Inc.(De15) AB168
103
7,607
761
4
403
577
ZoomerMedia Ltd.(Au15) ON 137
106
54,390
589
404
365
Capstone Infrastructure(De15) O
N135
-99
345,301
316
405
888
Aimia(De15) QC100
100
2,512,400
102
3
113
0
-22
2
28
68
15
343
1,455
n/a 34
n/a 640
n/a indust
oilprd
other
mgt
other
Tio Networks(Jl15) BC41
107
62,686
567
406
520
407
497
BSM Technologies Inc.(Se15) ON17
-95
31,745
644
408
627
Input Capital(Ma15) SK-25
99
20,030
699
409
n/r Atico Mining(De15) BC1
(U.S.)-24
99
(U.S.)36,723
606
410
629
Balmoral Resources(De15) B C-123
97
88
919
23
4
296
67
113
66
81
269
27
51
137
255
14
n/a 8
tech
tech
other
mining
mining
Pure Technologies(De15) AB-134
97
106,915
411
621
412
n/r Bellhaven Copper & Gold(Ap15) B
C-149
98
35
413
703
Merus Labs International(Se15) ON-238
97
48,717
1
414
880
Falcon Oil & Gas(De15) CO
(U.S.)-193
99
(U.S.)3,679
415
902
Lumenpulse Inc.(Ap15) QC-365
99
102,020
481
936
601
778
485
34
743
78
561
64
249
6
176
115
339
500
n/a 10
7
446
indust
pmetals
bio
oilprd
indust
Spanish Mountain Gold(De15) BC-370
-211
2
416
496
417
n/r D-Box Technologies(Ma15) QC-478
70
21,773
418
n/r Alexandria Minerals(Ap15) ON-488
-149
23
419
n/r Unisync Corp.(Se15) BC4-496
-81
44,812
420
n/r Innova Gaming Group(De15) ON1
(U.S.)-395
-106
(U.S.)21,191
969
692
947
609
667
-94
19
-57
67
14
7
39
12
30
36
6
86
n/a n/a 97
pmetals
consumer
pmetals
auto
ent
Pretium Resources(De15) BC-534
96
761
421
767
422
514
Synex International(Ju15) BC-545
-63
4,193
423
474
Valeura Energy(De15) AB-562
-141
22,374
424
n/r Midland Exploration(Se15) QC-629
68
423
1
425
330
Lynden Energy(Ju15) BC
(U.S.)-565
-104
(U.S.)21,721
844
786
690
867
677
2
-23
-12
84
-40
1,010
14
38
29
61
112 14
17
n/a n/a mining
util
oilprd
mining
oilprd
Junex Inc.(De15) QC-725
93
941
835
426
736
427
526
Archon Minerals(My15) BC-760
-14
0
974
428
455
Gulf & Pacific Equities(De15) ON-764
-134
3,957
787
429
n/r Teras Resources(My15) AB-787
27
52
930
430
575
Unigold Inc.(De15) ON-792
62
16
953
5
-98
31
1,001
-70
29
87
6
13
4
n/a n/a n/a n/a n/a oilprd
mining
dev
mining
pmetals
74
834
838
431
n/r Goldrock Mines(De15) BC4-796
431
n/r Geologix Explorations(De15) B
C-796
57
99
913
1
433
n/r Excelsior Mining(De15) BC
(U.S.)-624
87
(U.S.)23
941
434
n/r Golden Reign Resources(Ap15) B
C-815
13
5
964
435
n/r
Merrex Gold(Au15) NS-824
83
125
908
130
2,160
-94
44
n/m 18
4
29
10
29
n/a 7
14 n/a n/a pmetals
pmetals
mining
mining
mining
300
15
49
7
9
1,402
n/a 10
3
n/a oilserv
pmetals
pmetals
pmetals
pmetals
Horizon North Logistics(De15) AB-832
-104
369,899
436
278
437
523
Lexam VG Gold(De15) O
N-844
-31
34
438
722
Eastmain Resources(Oc15) O
N-853
91
1,180
439
695
Freegold Ventures(De15) BC-961
88
7
440
521
North Country Gold(Fe15) BC-968
-55
134
301
937
830
960
906
-22
-22
-41
-94
121
Ur-Energy Inc.(De15) CO1
(U.S.)-795
89
(U.S.)41,874
441
730
442
n/r ExactEarth Ltd.(Oc15) ON-1,055
72
26,600
443
515
Nighthawk Gold(Jl15) ON-1,069
-183
91
444
572
Kincora Copper(De15) BC-1,070
46
2
445
491
Big Rock Brewery(De15) AB-1,075
-272
52,309
590
672
917
968
591
65
67
65
-97
11
116
n/a 5
6
34
81
mining
65
tech
n/amining
n/a pmetals
133
bevg
Kivalliq Energy(Se15) BC-1,090
58
51
931
446
593
447
684
West Kirkland Mining(De15) B C-1,139
84
13
956
448
786
Almaden Minerals(De15) BC-1,145
92
314
873
449
852
Second Cup(De15) ON-1,153
96
37,485
625
450
518
Dalmac Energy(Ap15) AB-1,161
-123
32,062
642
-37
-72
311
34
-14
14
12
74
45
5
n/a 5
9
370
160
mining
mining
pmetals
retail
oilserv
Forsys Metals(De15) ON-1,193
50
16
451
584
452
600
Stonegate Agricom(De15) ON-1,256
60
89
453
456
Range Energy Resources(De15) B C-1,309
-159
56
454
525
Copper Fox Metals(Oc15) AB-1,335
-23
122
1
455
490
Grand Power Logistics Group(De15) A
B
(U.S.)-1,051
-271
(U.S.)52,132
954
918
927
909
557
-58
78
-98
115
-30
11
5
17
63
4
n/a 7
n/a n/a n/a pmetals
mining
oilprd
pmetals
trans
Ceres Global Ag(Ma15) MN-1,385
93
192,902
456
819
457
608
Impact Silver(De15) BC-1,428
59
15,256
458
n/r Ecuador Gold and Copper(Oc15) O
N-1,485
11
1,130
459
625
Diamond Estates Wines & Spirit(Ma15) O
N-1,504
63
25,645
460
655
Wilmington Capital Management(De15) AB-1,512
73
4,507
405
722
833
676
782
-16
25
n/a 24
41
162
8
4
7
33
120
275
n/a 113
69
other
pmetals
mining
other
dev
DM161954_Pg42-58_ROB_JUL_2016.indd 48
2016-06-03 10:00 AM
PROFIT RANK
2015
2014
REVENUE
RANK
REVENUE
% CHANGE
461
n/r Harte Gold(De15) ON-1,521
-52
6
961
462
312
Petrolia Inc.(De15) QC5-1,553
-109
177
897
463
n/r Meadow Bay Gold(Ma15) BC-1,568
-2
0
972
464
n/r Foran Mining(De15) BC5-1,576
-8
36
935
465
755
Acasti Pharma(Fe15) QC-1,655
86
2,190
812
-42
-99
-99
-39
67
Midas Gold(De15) BC1
(U.S.)-1,300
-127
(U.S.)23
940
466
522
467
n/r Terraco Gold(Jl15) BC-1,669
-85
79
921
468
n/r Tinka Resources(Se15) BC-1,691
56
274
881
469
n/r Pacific Booker Minerals(Ja15) BC-1,714
59
1
970
470
563
Amarillo Gold(De15) BC-1,738
3
777
843
PROFIT
$000
PROFIT
% CHANGE
REVENUE
$000
MARKET CAP
$MIL
NUMBER OF
EMPLOYEES
INDUSTRY
28
26
18
7
72
10
n/a 4
n/a 11
pmetals
oilprd
mining
mining
bio
-59
348
46
261
206
50
11
30
70
4
31
n/a n/a n/a
n/a oilprd
pmetals
mining
pmetals
pmetals
ATAC Resources(De15) B C-1,791
28
210
471
590
472
653
Marathon Gold(De15) ON-1,835
66
25
473
n/r Crosswinds Holdings(De15) ON-1,907
-533
614
474
579
Canada Zinc Metals(Ju15) BC-1,920
17
167
475
562
Arizona Mining(De15) BC1
(U.S.)-1,535
4
(U.S.)110
888
943
847
900
905
-43
41
-53
10
6,556
35
14
29
34
53
0 n/a 3
6
16
pmetals
mining
fin
pmetals
mining
Lion One Metals Ltd.(Ju15) BC-1,986
62
75
476
650
477
548
Candente Copper(De15) BC1
(U.S.)-1,569
-16
(U.S.)19
478
n/r Nemaska Lithium(Ju15) QC-2,042
29
20
479
566
Western Copper and Gold(De15) B C-2,118
-11
481
480
n/r Northcliff Resources(Oc15) BC-2,141
42
30
922
945
949
862
939
-51
-92
14
-23
-63
30
5
32
36
9
n/a
24
11
n/a 4
mining
pmetals
mining
mining
mining
UEX Corp.(De15) BC-2,149
77
80
920
481
725
482
598
Equity Financial Holdings(De15) O
N-2,157
26
17,849
706
483
569
Rainmaker Entertainment(De15) BC-2,200
-12
15,411
719
484
n/r HTC Purenergy(De15) SK-2,226
-492
39,502
620
485
436
Sportscene Group(Au15) QC-2,227
-173
77,590
537
-37
-17
51
15
4
37
77
5
4
23
6
65
238
n/a 2,500
mining
other
ent
indust
other
Redline Communications Group(De15) O
N1
(U.S.)-1,750
-171
(U.S.)30,519
486
446
487
607
Canadian Spirit Resources(De15) AB-2,247
35
515
488
585
Oceanic Iron Ore(Ma15) BC-2,301
4
19
489
771
Ceiba Energy Services(De15) A
B-2,313
82
7,825
490
n/r North American Nickel(De15) BC-2,389
36
37
621
859
950
760
934
-17
-65
-78
14
-54
32
24
7
24
21
118
n/a n/a 27
11
tech
oilprd
mining
mining
mining
Commerce Resources(Oc15) BC-2,487
-71
-260
491
545
492
n/r Advantaged Preferred Share Trust(De15) ON-2,587
-157
-208
493
516
Mustang Minerals(De15) ON-2,601
-581
66
494
534
Muskrat Minerals Inc.(Ju15) ON5-2,687
-135
0
495
n/r Bacanora Minerals(Ju15) AB-2,740
-37
300
989
987
926
975
876
-390
n/m 62
n/a 2,697
19
30
1
10
136
n/a n/a n/a n/a n/a mining
fin
mining
mining
mining
Traverse Energy(De15) A
B-2,762
40
21,679
693
496
634
497
422
Anaconda Mining(My15) ON-2,775
-165
22,420
689
498
623
TeraGo Inc.(De15) ON-2,810
28
57,757
575
499
565
Treasury Metals(De15) ON-2,856
-51
8
958
500
505
Kobex Capital(De15) BC-2,899
n/m 299
877
11
-8
13
-95
-58
29
8
73
41
24
13
69
188
11
n/a oilprd
pmetals
tech
mining
fin
PWC Capital(Oc15) ON-2,934
64
67,644
556
501
705
502
n/r
Melior Resources(Ju15) O
N-2,935
8
272
882
503
848
BIOX Corp.(Se15) ON-3,041
89
75,658
540
504
603
Loncor Resources(De15) O
N1
(U.S.)-2,417
17
(U.S.)315
868
505
560
Atlantic Gold(De15) BC-3,125
-80
129
907
11
-3
12
303
-72
9
17
42
3
37
79
n/a 42
8
9
fin
mining
other
mining
mining
Highland Copper Co.(Ju15) QC5-3,143
8
44
506
605
507
n/r Gordon Creek Energy(Ja15) AB-3,153
-10
368
508
502
Bengal Energy(Ma15) AB-3,172
-2,215
21,540
509
661
Avalon Advanced Materials(Au15) ON-3,176
45
91
510
557
Plateau Uranium(Se15) ON-3,221
-93
0
932
872
695
916
973
-9
-85
8
-84
-94
19
0
13
26
13
n/a n/a 9
13
n/a pmetals
oilprd
oilprd
mining
mining
B-3,299
16
3,673
511
n/r Petrocapita Income Trust(De15) A
512
280
Condor Petroleum(De15) AB-3,318
-114
10,744
513
561
Los Andes Copper(Se15) BC-3,322
-90
1
514
n/r Regulus Resources(Se15) AB-3,371
93
2,153
1
515
814
Sierra Wireless(De15) BC
(U.S.)-2,674
84
(U.S.)608,067
790
749
971
813
210
-65
49
110
99
11
6
28
23
13
699
n/a 59
n/a n/a 1,089
oilserv
oilprd
mining
mining
tech
Critical Control Energy Services(De15) AB-3,523
-188
40,918
516
537
517
838
Northfield Capital(De15) ON-3,525
86
-331
518
663
Kootenay Silver(De15) BC-3,528
40
145
519
865
Indigo Books & Music(Ma15) O
N-3,534
89
897,937
520
287
Newmarket Gold(De15) ON1
(U.S.)-2,788
-114
(U.S.)258,199
616
990
903
197
321
16
88
41
3
-9
14
41
15
296
184
245
10
n/a 6,200
562
tech
fin
mining
retail
pmetals
Canlan Ice Sports(De15) B C-3,602
-502
79,495
521
486
522
n/r Mason Graphite(Ju15) ON5-3,653
31
644
523
n/r IOU Financial(De15) QC-3,658
-177
11,971
1
524
614
Crystal Peak Minerals Inc.(De15) UT
(U.S.)-2,868
12
(U.S.)18
525
553
True North Gems(De15) BC-3,679
-129
511
527
846
740
946
860
5
98
37
217
483
43
39
35
31
52
1,100
n/a
77 n/a n/a ent
mining
trust
mining
pmetals
-279
186
526
n/r King George Financial(No15) BC-3,706
527
n/r Poydras Gaming Finance(De15) B
C1,5
(U.S.)-2,912
72
(U.S.)9,008
528
517
Gold Mountain Mining(De15) B C-3,748
-786
11
529
n/r Nightingale Informatix(Ma15) ON-3,752
-26
13,792
530
611
Ascot Resources(Ma15) BC-3,793
-7
219
895
744
957
729
887
-93
553
7
-10
614
10
17
2
7
157
n/a dev
n/a consumer
n/a pmetals
n/a tech
n/amining
DM161954_Pg42-58_ROB_JUL_2016.indd 49
2016-06-08 11:37 AM
531-650
PROFIT RANK
2015
2014
REVENUE
RANK
REVENUE
% CHANGE
531
737
Platinum Group Metals(Au15) B C-3,798
64
15,312
721
532
635
Lupaka Gold(De15) BC-3,800
18
5
965
533
n/r Altura Energy(De15) AB-3,810
-207
5,637
769
534
260
Holloway Lodging(De15) NS-3,811
-114
119,519
468
535
533
Abacus Mining & Exploration(De15) B C-3,872
-294
614
848
216
-97
-12
22
64
(U.S.)-3,193
7
(U.S.)17,141
536
n/r Electrovaya Inc.(Se15) ON1
537
588
Quaterra Resources(De15) BC1
(U.S.)-3,104
-68
(U.S.)53
538
660
Arianne Phosphate(De15) QC-3,978
30
18
539
843
Cub Energy(De15) O
N1
(U.S.)-3,141
84
(U.S.)5,816
540
189
Freehold Royalties(De15) AB-4,080
-106
160,760
697
924
952
762
436
PROFIT
$000
PROFIT
% CHANGE
REVENUE
$000
MARKET CAP
$MIL
NUMBER OF
EMPLOYEES
INDUSTRY
261
4
42
98
12
279
17
5 1,350
4
pmetals
pmetals
oilprd
other
mining
113
-98
-93
-50
-20
56
16
97
6
1,074
200
n/a 15
56
0
indust
mining
mining
mining
oilprd
N1
(U.S.)-3,280
83
(U.S.)10,240
733
541
n/r Aurico Metals Inc.(De15) O
542
658
Wellgreen Platinum(De15) BC5-4,264
24
1,748
818
543
802
Rock Energy(De15) AB-4,517
74
63,248
565
544
622
Ucore Rare Metals(De15) NS-4,525
-16
6
963
545
n/r StorageVault Canada(De15) S K-4,575
-271
11,141
746
317
174
-44
-90
113
79
26
69
46
136
20
7
21
8
n/a mining
mining
oilprd
mining
other
INV Metals(De15) ON-4,585
53
109
911
546
731
547
602
Panoro Minerals(De15) BC-4,617
-45
42
933
548
112
Bankers Petroleum(De15) AB1
(U.S.)-3,614
-103
(U.S.)323,746
282
549
544
Azarga Uranium(De15) CO1
(U.S.)-3,625
-184
(U.S.)-9
980
550
708
Nexgen Energy(De15) BC-4,647
44
292
880
-51
46
-49
-100
82
5
25
267
17
207
4
7
580
13
15
mining
pmetals
oilprd
mining
other
-1,119
5,427
551
n/r Nanotech Security(Se15) BC-4,671
552
347
Wesdome Gold Mines(De15) O
N-4,701
-139
73,465
553
274
Yangarra Resources(De15) A
B-4,781
-120
28,244
554
671
Explor Resources(Ap15) Q
C-4,878
23
2
4
555
n/r Cordoba Minerals(De15) BC -4,918
47
55
773
545
659
966
928
133
-11
-58
-87
-83
66
150
37
5
13
65
243
19
8
n/a indust
pmetals
oilprd
mining
mining
Lakeview Hotel Investment(De15) MB-4,980
-327
30,296
556
458
557
664
Focus Graphite(Se15) O
N-5,015
17
54
558
628
Columbus Gold(Se15) BC-5,053
-23
236
559
789
Painted Pony Petroleum(De15) AB-5,210
67
88,496
560
432
Pulse Seismic(De15) AB-5,308
-253
24,435
651
929
885
508
679
-23
-95
-25
-23
-32
2
15
54
348
123
n/a 11
1
48
18
dev
mining
pmetals
oilprd
other
Buhler Industries(Se15) MB-5,316
-143
246,839
367
561
342
562
733
Royal Nickel(De15) ON-5,322
46
238
884
563
732
Laramide Resources(De15) ON-5,409
45
565
853
564
765
Stornoway Diamond(De15) BC3-3,656
-754
9,602
727
565
873
Alexco Resource(De15) BC-5,509
83
15,831
716
-25
-24
367
-13
-1
143
24
27
527
36
1,100
19
9
320
60
indust
mining
pmetals
pmetals
mining
Caza Oil & Gas(De15) TX1
(U.S.)-4,338
31
(U.S.)10,233
566
677
567
698
Alderon Iron Ore(De15) BC-5,614
28
511
568
n/r Eco Oro Minerals(De15) BC-5,652
45
2,374
569
726
Chieftain Metals(Se15) ON-5,655
40
28
570
450
Divestco Inc.(De15) AB-5,729
-329
23,831
734
861
808
942
683
-55
-41
53
-29
-34
97
12
32
1
3
5
1
66
n/a n/a oilprd
mining
pmetals
mining
oilserv
Majestic Gold(Se15) BC1
(U.S.)-4,856
13
(U.S.)22,902
571
675
572
631
Chesapeake Gold(De15) BC-5,973
-35
1,161
573
668
Western Potash(Se15) BC-6,008
4
266
574
n/r Integra Gold(My15) BC-6,041
-237
164
575
530
Symbility Solutions(De15) ON-6,063
-628
26,846
661
831
883
901
670
9
47
-34
98
-4
42
78
121
98
67
8
n/a 2
55 141
pmetals
pmetals
mining
pmetals
tech
International Tower Hill Mines(De15) BC1
(U.S.)-4,813
28
(U.S.)1,857
576
712
577
596
Metanor Resources(Ju15) Q
C-6,265
-118
55,143
578
756
Gold Standard Ventures(De15) BC-6,288
46
294
579
489
Hanwei Energy Services(Ma15) BC-6,316
-959
21,457
580
480
Lonestar West(De15) AB5-6,372
-694
50,304
807
587
879
696
597
253
43
2,655
1
6
31
23
159
18
21
10
250
14
210
327
pmetals
pmetals
pmetals
oilserv
oilserv
Nevada Copper(De15) BC1,5
(U.S.)-4,998
71
(U.S.)148
581
817
582
718
Hyduke Energy Services(De15) AB-6,396
28
23,887
1
583
825
Excellon Resources(De15) ON
(U.S.)-5,040
74
(U.S.)16,893
5
584
n/r DealNet Capital(De15) ON -6,497
-42
15,994
585
n/r Sutter Gold Mining(De15) CO1
(U.S.)-5,082
0
(U.S.)19
894
682
694
714
944
104
-48
-45
62
7
53
11
17
111
5
13
121
254
600
n/a mining
oilserv
pmetals
ent
pmetals
Victory Nickel(De15) ON1
(U.S.)-5,112
-145
(U.S.)1,962
586
586
587
647
Tuscany Energy(De15) AB-6,574
-29
10,254
588
681
Enhanced Oil Resources(De15) TX1
(U.S.)-5,178
20
(U.S.)1,325
589
878
Goviex Uranium(De15) BC1
(U.S.)-5,254
83
(U.S.)6
590
710
Kazax Minerals(De15) BC1,5
(U.S.)-5,270
-131
(U.S.)1,803
806
752
820
959
810
-84
-42
-84
-33
n/m 1
4
0
8
2
10
n/a 6
60
n/a mining
oilprd
oilprd
mining
mining
Sirius XM Canada Holdings(Au15) ON-6,748
-190
326,162
325
591
384
592
609
Aldridge Minerals(De15) ON1,5
(U.S.)-5,280
-92
(U.S.)173
886
593
643
Cabo Drilling(Ju15) BC-6,772
-35
14,751
726
594
414
Storm Resources(De15) AB-6,867
-241
81,235
524
595
806
Eurasian Minerals(De15) BC-6,876
61
2,830
802
7
-75
-35
-13
21
737
14
1
432
42
155
n/a n/a 27
38
bcast
pmetals
mining
oilprd
pmetals
Ergoresearch Ltd.(Ju15) QC-6,981
-665
15,648
717
596
477
597
724
Golden Queen Mining Co.(De15) BC1
(U.S.)-5,461
36
(U.S.)53
925
598
532
QHR Corp.(De15) BC-7,085
-675
28,094
662
599
n/r DXI Energy(De15) BC-7,108
1
8,576
757
600
232
Nuvo Pharmaceuticals(De15) ON-7,120
-118
22,827
686
-12
-59
12
-20
-66
40
70
67
8
58
n/a
130
200
10
74
other
pmetals
tech
oilprd
bio
DM161954_Pg42-58_ROB_JUL_2016.indd 50
2016-06-03 10:00 AM
PROFIT RANK
2015
2014
PROFIT
$000
PROFIT
% CHANGE
REVENUE
$000
REVENUE
RANK
601
500
Hawk Exploration(De15) AB-7,134
-3,463
10,093
602
761
NexJ Systems(De15) O
N-7,140
40
29,643
603
n/r Pure Gold Mining(Ma15) BC-7,155
-552
92
604
429
DirectCash Payments(De15) A
B-7,269
-298
284,728
4
605
528
Athabasca Minerals(De15) AB -7,314
-853
24,095
REVENUE
% CHANGE
MARKET CAP
$MIL
NUMBER OF
EMPLOYEES
INDUSTRY
753
655
915
345
681
-47
20
70
1
-12
3
36
32
218
10
6
182
10
392
n/a oilprd
tech
mining
other
mining
Strongco Corp.(De15) ON-7,368
-892
474,285
266
606
483
607
670
Orbit Garant Drilling(Ju15) QC-7,387
-17
79,080
530
608
618
KWG Resources(De15) ON-7,429
-102
15
955
609
864
Ballard Power Systems(De15) BC1
(U.S.)-5,815
79
(U.S.)77,371
492
610
604
Victoria Gold(Fe15) ON-7,453
-124
1,224
828
-6
10
-67
12
-12
21
34
13
337
61
697 850
n/a 410
20
whole
mining
pmetals
indust
pmetals
Dalradian Resources(De15) O
N-7,464
-9
1,140
832
611
676
612
535
North American Energy Partners(De15) AB-7,470
-539
280,694
348
1
613
682
GoGold Resources(Se15) N
S
(U.S.)-6,082
-5
(U.S.)12,521
720
614
n/r Canopy Growth(Ma15) ON3-9,346
-701
2,422
815
615
639
GB Minerals(Ju15) BC-7,554
-55
0
978
197
-40
n/a n/m -100
170
79
203
107
9
51
983
95
75
4
mining
oilserv
pmetals
other
mining
-115
3,208
616
n/r Blackbird Energy(Jl15) BC-7,579
617
578
Sarama Resources(De15) AUSTRALIA1
(U.S.)-5,995
-186
(U.S.)89
618
n/r Prophecy Development(De15) B
C-7,823
47
0
619
657
Roxgold Inc.(De15) ON5-7,835
63
2,280
620
764
Mirasol Resources(Ju15) B C-7,919
35
3,566
798
910
977
811
793
890
-85
-100
135
276
48
6
12
227
38
6 13
21
171 1
oilprd
mining
mining
pmetals
pmetals
C-8,000
-4,420
19,916
700
621
n/r China Keli Electric Co.(Ap15) B
622
n/r Aquila Resources(De15) ON1
(U.S.)-6,270
2
(U.S.)853
834
5
623
738
East Africa Metals(De15) BC -8,051
23
532
857
624
735
Encanto Potash(De15) BC-8,089
20
6
962
625
n/r TSO3 Inc.(De15) QC-8,133
-37
1,852
816
-16
60
1
158
237
5
38
5
24
186
n/a 5
n/a n/a 49
tech
pmetals
mining
mining
other
-316
-86
626
n/r Renaissance Oil(De15) BC-8,245
627
n/r Sandspring Resources(De15) A
B-8,268
47
199
628
723
Alphamin Resources(De15) B C1
(U.S.)-6,468
10
(U.S.)2
629
475
Dundee Energy(De15) ON-8,281
-714
32,071
630
556
Hemisphere Energy(De15) BC5-8,311
-398
9,749
984
890
967
641
754
-153
-64
-98
-34
-41
36
12
68
6
6
n/a n/a 7
33
9
pmetals
mining
pmetals
oilprd
oilprd
BNK Petroleum(De15) CA1
(U.S.)-6,569
89
(U.S.)26,144
631
921
632
n/r Canadian Overseas Petroleum(De15) A
B1
(U.S.)-6,685
-18
(U.S.)1,138
633
706
Themac Resources Group(Ju15) B C-8,603
-5
0
634
n/r Maya Gold & Silver(De15) Q
C-8,656
42
1,227
635
720
Reservoir Minerals(No15) BC-8,835
3
758
635
822
975
827
845
-9
11
-100
n/a 18
34 31oilprd
19
12
oilprd
1
n/a pmetals
19
n/a mining
199
n/a mining
-429
19
636
n/r Niocorp Developments(Ju15) BC-8,836
637
571
Tanzanian Royalty Exploration(Au15) BC-8,875
-349
390
638
757
Mega Uranium(Se15) ON-8,882
24
-9,522
639
688
Pilot Gold(De15) BC1
(U.S.)-6,975
-4
(U.S.)423
640
645
Petroshale Inc.(De15) ON5-8,947
-77
24,181
951
870
998
856
680
-93
19
-431
33
163
113
45
23
33
24
9
43
2
16 11
pmetals
pmetals
mining
mining
oilprd
Seabridge Gold(De15) ON-9,066
30
4,305
641
772
642
231
Bonterra Energy(De15) AB-9,080
-123
197,567
643
n/r Axios Mobile Assets(De15) ON-9,083
-193
1,528
644
n/r Western Lithium USA(Se15) BC1
(U.S.)-7,555
-560
(U.S.)80
645
777
Formation Metals(Fe15) BC-9,305
33
555
784
401
821
914
855
-47
-42
142
-98
-41
597
570
36
80
14
n/a 38 n/a 56
7
pmetals
oilprd
indust
mining
mining
Great Panther Silver(De15) BC-9,341
72
77,772
533
646
874
647
648
Sabina Gold & Silver(De15) B C-9,517
-85
-1,580
993
648
n/r TMAC Resources Inc.(De15) ON5-9,565
-1
198
891
649
778
Aberdeen International(Ja16) ON-9,715
30
-5,720
995
650
734
ONEnergy(De15) ON5-9,773
2
23,109
684
41
-371
-54
-106
225
99
146
n/a 11
7
331
18
62
18
n/a pmetals
pmetals
mining
pmetals
oilserv
Still timeless after generations.
The Porsche 911.
Since its introduction, the 911 has challenged what a sports car can be – each
generation establishing a seemingly unbeatable precedent for the next with
unique innovations born on the race track. More than five decades later, the 911
is still the beating heart of the Porsche brand, the central point of reference for
all other Porsche models, and the benchmark for automobiles around the world.
DM161954_Pg42-58_ROB_JUL_2016.indd 51
2016-06-03 10:21 AM
651-750
PROFIT RANK
2015
2014
PROFIT
$000
PROFIT
% CHANGE
REVENUE
$000
REVENUE
RANK
651
665
Birks Group Inc.(Ma15) QC1
(U.S.)-8,632
-49
(U.S.)301,637
652
638
Fission Uranium(Ju15) BC-9,875
-108
4,600
653
424
Mongolia Growth Group(De15) ON-9,931
-339
1,978
654
n/r CHC Student Housing(De15) O
N-9,946
-272
5,197
1
655
728
Entree Gold(De15) BC
(U.S.)-7,831
10
(U.S.)2,801
REVENUE
% CHANGE
MARKET CAP
$MIL
NUMBER OF
EMPLOYEES
317
780
814
774
792
7
-67
0
413
-78
21
382
12
7
43
New Zealand Energy(De15) BC-10,059
88
5,138
775
656
938
657
641
Noble Iron(De15) ON-10,232
-28
26,906
669
658
272
Questfire Energy(De15) AB-10,387
-142
39,951
619
659
222
China Gold Int’l Resources(De15) BC1
(U.S.)-8,188
-121
(U.S.)352,505
276
660
840
Asanko Gold(De15) BC1,5
(U.S.)-8,306
63
(U.S.)1,015
824
-64
27
-45
21
-19
6
19
10
825
400
Boralex Inc.(De15) QC-10,835
8
271,228
355
661
758
662
909
Gravitas Financial(De15) ON-10,910
79
2,940
801
663
310
McCoy Global(De15) AB-10,977
-161
86,345
511
664
227
Wajax Corp.(De15) ON-11,015
-127
1,273,308
162
665
149
Clarke Inc.(De15) NS-11,069
-111
-91
985
40
-39
-28
-12
-100
INDUSTRY
n/aretail
39
mining
n/a dev
n/a dev
18
pmetals
n/a 75
23 1,664
380
oilprd
tech
oilprd
pmetals
pmetals
937
250
util
2
n/a pmetals
59
220
indust
3362,609whole
13
66
mgt
Galane Gold(De15) ON1
(U.S.)-8,693
-563
(U.S.)29,274
666
459
667
612
Strategic Metals(De15) BC-11,233
-214
307
668
689
Africo Resources(De15) BC1
(U.S.)-8,860
-30
(U.S.)465
669
559
Edge Resources(Ma15) AB-11,458
-573
10,853
670
841
Acerus Pharmaceuticals(De15) O
N1
(U.S.)-9,031
60
(U.S.)21,236
626
875
849
748
666
-28
-45
-33
15
243
2
25
35
10
24
168
n/a 12
n/a 16
mining
mining
mining
oilprd
bio
Toro Oil & Gas(De15) AB-11,589
51
16,204
671
836
672
n/r DataWind Inc.(Ma15) ON-11,597
-158
31,667
1
673
812
AgJunction(De15) KS
(U.S.)-9,139
45
(U.S.)40,563
674
716
Colt Resources(De15) QC-11,797
-34
-184
675
743
Novacopper(No15) BC1
(U.S.)-9,532
-14
(U.S.)24
712
646
594
986
938
226
35
-10
27
1,280
17
52
81
34
48
13
500
167
n/a 14
oilprd
other
tech
mining
pmetals
Polymet Mining(Ja16) ON1
(U.S.)-9,346
-28
(U.S.)53
676
704
677
135
Birchcliff Energy(De15) AB-12,160
-111
324,643
678
925
Petrodorado Energy(De15) AB1
(U.S.)-9,527
84
(U.S.)2,339
679
894
Redknee Solutions(Se15) ON1
(U.S.)-10,007
72
(U.S.)222,772
680
754
QMX Gold Corp.(De15) ON-12,512
-9
17,083
923
326
799
353
708
-42
-32
154
-3
-44
289
615
17
420
1
21
162
5
1,896
131 mining
oilprd
oilprd
tech
pmetals
33
2,364
809
681
n/r Oban Mining(De15) ON-13,003
682
680
Inscape Corp.(Ap15) ON-13,076
-84
70,366
553
1
683
673
IC Potash(De15) ON
(U.S.)-10,276
-103
(U.S.)-16
981
684
210
Canaccord Genuity Group(Ma15) BC-13,184
-126
880,763
199
685
745
TheScore Inc.(Au15) ON-13,469
-26
12,688
737
2,454
10
-112
3
60
70
45
10
669
134
5 385
9
1,928
210
mining
indust
mining
fin
bcast
InnVest REIT(De15) ON-13,541
8
560,160
249
686
783
687
315
Fortuna Silver(De15) BC1
(U.S.)-10,608
-168
(U.S.)155,145
400
688
n/r Oncolytics Biotech(De15) AB-13,723
26
198
892
689
344
HNZ Group(De15) QC-13,766
-212
188,798
406
690
744
Rockwell Diamonds(Fe15) S AFRICA-13,980
-32
70,029
554
0
-11
-6
-9
48
686
402
45
151
13
8,100
686
22 628
528
other
pmetals
bio
trans
pmetals
17
-71
-48
-66
-72
167
18
4
48
19
626
1,124 75
13
10
mining
pmetals
tech
mining
mining
-6
-42
-21
-30
1,642
109
1,630
155
31
135
18
707
93
550
28
dev
oilserv
indust
trans
bio
Trevali Mining(De15) BC-14,299
-104
106,942
691
678
692
110
Jaguar Mining(De15) ON1
(U.S.)-11,212
-109
(U.S.)112,418
693
709
Bri-Chem Corp.(De15) AB-14,357
-71
96,822
694
651
Pershimco Resources(Ma15) QC-14,511
-175
101
695
927
Karnalyte Resources(De15) S K-14,536
78
193
480
446
496
912
893
Partners REIT(De15) ON-14,556
46
57,089
579
696
854
697
139
Pason Systems(De15) AB-14,612
-113
290,542
340
698
642
Hydrogenics Corp.(De15) O
N1
(U.S.)-11,442
-153
(U.S.)35,824
608
699
934
Entrec(De15) AB-14,634
81
164,952
430
700
n/r
Trillium Therapeutics(De15) ON-14,734
-14
6,595
765
1963
The first 911.
As the successor of the iconic Porsche 356, the
911 revolutionized the sports car with timeless
design and a six-cylinder boxer engine in the rear.
It won the hearts of driving enthusiasts from the
outset and set the style for all 911 generations
to come. A legend was born.
DM161954_Pg42-58_ROB_JUL_2016.indd 52
2016-06-03 10:21 AM
PROFIT RANK
2015
2014
REVENUE
$000
REVENUE
RANK
REVENUE
% CHANGE
701
469
Aston Hill Financial(De15) ON-14,976
-1,112
43,544
702
803
ViXS Systems Inc.(Ja16) ON1
(U.S.)-11,634
25
(U.S.)26,343
703
766
Orbite Technologies(De15) QC-15,369
-24
462
704
543
Toscana Energy Income(De15) A
B-15,475
-1,000
28,179
1
705
n/r
Alvopetro Energy(De15) AB
(U.S.)-12,424
61
(U.S.)987
613
633
864
660
826
-7
-32
13
-48
-34
Discovery Air(Ja16) ON-16,011
15
185,468
412
706
818
707
n/r
Frankly Inc.(De15) ON1
(U.S.)-12,903
22
(U.S.)6,991
756
708
949
LeadFX Inc.(De15) ON1
(U.S.)-12,917
88
(U.S.)30,278
623
709
617
Gran Colombia Gold(De15) O
N1
(U.S.)-13,020
-293
(U.S.)160,988
394
710
547
Gendis Inc.(Ja16) MB-16,977
-1,046
5,429
772
PROFIT
$000
PROFIT
% CHANGE
NUMBER OF
EMPLOYEES
INDUSTRY
29
21
170
39
22
54
127
59
0 42 fin
dev
mining
oilprd
oilprd
12
4,023
-81
26
-7
22
17
7
3
32
n/a 28
0
2,098
6
trans
other
mining
pmetals
dev
424
518
310
465
458
18
16
1
-2
74
10
156
49
299
157
650
450
560
23
88
oilserv
tech
forest
oilprd
oilprd
Virginia Hills Oil(De15) AB-17,914
90
47,378
603
716
968
717
911
Anderson Energy(De15) AB-17,924
68
57,164
578
718
727
Cargojet Inc.(De15) ON-18,042
-89
295,452
337
719
793
EcoSynthetix Inc.(De15) ON1
(U.S.)-14,420
1
(U.S.)14,878
704
720
965
Aura Minerals(De15) ON1
(U.S.)-14,479
90
(U.S.)175,036
384
-26
6
54
-22
-35
2
3
261
76
24
n/a 26
667
48
1,268
oilprd
oilprd
trans
indust
pmetals
Baylin Technologies(De15) ON1
(U.S.)-14,670
-4
(U.S.)43,576
584
721
n/r
722
n/r
VBI Vaccines(De15) MA1
(U.S.)-14,755
77
(U.S.)999
825
1
723
815
Bear Creek Mining(De15) BC
(U.S.)-14,829
-2
(U.S.)115
902
724
421
Data Group(De15) ON-19,172
-528
304,586
334
725
666
Century Global Commodities(Ma15) O
N-19,343
-212
1,445
823
-5
-13
-29
-3
-39
41
125
54
20
31
801
55
40
1,400
27
indust
bio
pmetals
paper
mining
WesternOne(De15) BC-19,535
-80
275,391
726
748
727
357
Almonty Industries(Se15) O
N-19,545
-288
36,142
728
809
Etrion Corp.(De15) BC1
(U.S.)-15,317
7
(U.S.)57,368
729
567
Redhawk Resources(Ma15) BC-19,649
-926
170
730
801
Crown Point Energy(De15) AB1,5
(U.S.)-15,373
-15
(U.S.)16,123
351
628
546
899
698
-30
22
10
478
34
12
50
107
7
11
487
132
32
n/a
20
mgt
mining
indust
mining
oilprd
Danier Leather(Ju15) ON-19,869
-159
128,784
731
693
732
401
Enterprise Group(De15) AB-20,307
-454
60,978
1
733
620
Jura Energy(De15) A
B
(U.S.)-15,969
-363
(U.S.)11,563
1
734
870
Orvana Minerals(Se15) ON
(U.S.)-16,733
44
(U.S.)121,443
735
649
Petrowest Corp.(De15) AB-20,668
-301
187,218
459
570
725
442
409
-9
-24
259
-16
-31
13
14
9
25
92
1,191
300
45
575
534
retail
oilserv
oilprd
pmetals
oilserv
Resverlogix Corp.(Ap15) AB1
(U.S.)-18,323
-136
(U.S.)2,355
736
n/r
737
827
Scorpio Gold(De15) BC1
(U.S.)-16,604
4
(U.S.)44,732
738
769
Barkerville Gold Mines(Fe15) B C-21,308
-68
31,035
739
887
Alterra Power(De15) BC1
(U.S.)-16,717
54
(U.S.)83,695
740
808
MAG Silver Corp.(De15) BC1
(U.S.)-16,829
-21
(U.S.)-1,077
804
577
649
478
992
29
-2
n/m -3
n/m 226
8
30
216
678
22
120 30 126
8
bio
mining
pmetals
oilprd
pmetals
741
759
Amerigo Resources(De15) B C1
(U.S.)-16,933
-58
(U.S.)80,342
742
599
Dynasty Metals & Mining(De15) B C1
(U.S.)-16,996
-621
(U.S.)21,130
743
n/r Mogo Finance Technology Inc.(De15) BC-21,351
-63
43,532
744
788
Boyd Group Income Fund(De15) M
B-21,962
-43
1,174,077
745
912
Touchstone Exploration(De15) A
B-22,147
61
50,495
484
668
613
170
596
-40
-34
86
39
3
36
10
71
1,110
12
315
513
332
5,922
156
mining
pmetals
trust
other
oilprd
Partners Value Investments(De15) O
N-22,209
-183
70,528
746
262
747
832
Essential Energy Services(De15) AB-22,485
1
183,906
748
780
Mountain China Resorts(De15) -23,355
-66
15,066
749
776
Energold Drilling(De15) BC-23,623
-74
82,215
750
n/r Aurinia Pharmaceuticals Inc.(De15) B
C1
(U.S.)-18,607
-11
(U.S.)444
551
414
723
522
852
13
-48
15
-18
48
2,464
69
2
16
112
0 588
11 550 16
fin
oilserv
dev
mining
bio
Gemini Corp.(De15) AB-17,141
-665
169,160
711
441
712
800
Halogen Software(De15) ON1
(U.S.)-13,475
12
(U.S.)65,773
713
418
Conifex Timber(De15) BC-17,321
-473
356,315
714
842
Tamarack Valley Energy(De15) AB-17,328
31
123,437
1
715
882
Madalena Energy Inc.(De15) AB
(U.S.)-13,705
50
(U.S.)101,427
MARKET CAP
$MIL
1973
The G-Series.
Ten years after its premiere, the 911 was given its
first thorough makeover, featuring an unmistakably
robust body, impact absorbing bumpers, and best
in class safety and innovations.
DM161954_Pg42-58_ROB_JUL_2016.indd 53
2016-06-03 10:21 AM
751-850
PROFIT RANK
2015
2014
REVENUE
RANK
REVENUE
% CHANGE
751
957
Luna Gold(De15) BC1
(U.S.)-18,710
85
(U.S.)60,687
752
n/r Shopify Inc.(De15) ON1
(U.S.)-18,790
16
(U.S.)205,433
1
753
881
DragonWave Inc.(Fe15) ON
(U.S.)-21,520
37
(U.S.)158,612
754
568
Pine Cliff Energy(De15) AB-24,257
-1,149
79,250
755
121
Manitoba Telecom Services(De15) M
B-24,400
-119
999,200
536
359
417
528
185
-28
96
76
0
1
Rooster Energy(De15) TX1
(U.S.)-19,185
-128
(U.S.)73,291
756
747
757
550
Patient Home Monitoring(Se15) BC-24,600
-1,473
71,848
758
331
Reitmans (Canada)(Ja16) QC-24,703
-284
945,153
759
939
Americas Silver Corp.(De15) O
N1
(U.S.)-19,386
71
(U.S.)54,330
760
960
Eastern Platinum Ltd.(De15) BC1
(U.S.)-19,615
84
(U.S.)6,662
501
548
192
555
758
Corus Entertainment(Au15) ON-25,154
-117
830,466
761
108
762
425
AG Growth International(De15) MB-25,229
-715
449,446
1
763
n/r Delavaco Residential Properties(De15) ON
(U.S.)-20,001
-150
(U.S.)8,188
764
871
GLG Life Tech(De15) BC-25,709
27
30,400
765
702
Mitel Networks(De15) ON1,5
(U.S.)-20,700
-184
(U.S.)1,178,600
Aveda Transportation & Energy(De15) A
B-26,541
-1,175
101,734
766
452
767
n/r Kaminak Gold(De15) BC4-26,885
-19
175
768
613
Manitok Energy(De15) A
B-27,195
-658
79,171
769
805
Feronia Inc.(De15) ON1
(U.S.)-21,383
-37
(U.S.)10,936
770n/r Terrace Energy(Ja15) B
C1
(U.S.)-24,514
-300
(U.S.)6,082
PROFIT
$000
PROFIT
% CHANGE
REVENUE
$000
NUMBER OF
EMPLOYEES
INDUSTRY
13
2,851
84
284
2,360
174
1,395
268
91
2,803
pmetals
tech
tech
oilprd
tele
-12
239
0
99
35
8
205
253
35
78
14 450 8,800 503
1,805 oilprd
other
retail
pmetals
pmetals
204
278
750
650
144
-13
12
-2
52
6
1,246
485
16
7
1,289
1,900
1,667
n/a 299
4,500
ent
indust
other
food
tech
486
898
529
728
764
-35
-33
-40
1
3
14
147
22
9
32
433
13 45
3,853
9 oilserv
mining
oilprd
other
oilprd
Cervus Equipment(De15) A
B-27,421
-249
1,137,591
175
771
306
772
n/r
Cynapsus Therapeutics(De15) O
N-27,470
-154
12,808
736
773
797
Neptune Tech. & Bioressources(Fe15) Q
C-27,961
-68
27,595
663
774
324
GMP Capital(De15) ON-28,064
-288
235,177
377
775
796
Striker Exploration(De15) AB-28,471
-74
35,712
629
15
1,632
-27
-11
303
207
264
176
319
39
1,646
28
123
313
15
consumer
bio
bio
fin
oilprd
94
-44
6
57
16
44
34
808
143
162
23
366
1,754
23
213
oilprd
oilserv
indust
bio
mgt
-20
43
6
-49
17
27
412
1,178
61
983
182 15
145
139
1,162
fin
pmetals
util
oilserv
forest
-792
0
-34
-30
-138
11
10
13
224
104
n/a 12 22
85
2,500
pmetals
mining
mining
bio
consumer
687
850
707
1,000
648
1,059
-97
-48
95
-54
990
125
40
8
106
520 77
12
4
6
pmetals
mining
oilprd
mgt
oilprd
991
842
145
874
464
-108
1,688
5
-38
-34
17
17
25
93
122
77
63 1,598
50 648
mining
oilprd
whole
pmetals
oilserv
Ikkuma Resources(De15) AB-28,770
-222
47,305
776
719
777
775
CWC Energy Services(De15) AB-29,106
-116
81,045
778
327
SunOpta Inc.(Ja16) ON1
(U.S.)-22,471
-275
(U.S.)1,146,854
779
633
QLT Inc.(De15) BC1
(U.S.)-23,009
-465
(U.S.)358
780
334
Street Capital Group(De15) O
N-30,035
-332
169,136
604
525
147
865
425
Cerf(De15) AB-30,052
-692
46,484
607
781
411
782
831
Altius Minerals(Ap15) NL-30,211
-34
-9,407
997
783
908
Innergex Renewable Energy(De15) Q
C-30,301
45
249,441
366
784
281
Strad Energy Services(De15) AB-30,361
-232
111,802
475
785
229
Interfor Corp.(De15) BC-30,386
-175
1,688,132
133
Aurcana Corp.(De15) BC1
(U.S.)-23,765
-13
(U.S.)-18
982
786
833
787
729
Santacruz Silver Mining(De15) BC1
(U.S.)-24,232
-178
(U.S.)11,595
724
788
746
New Millennium Iron(De15) QC-31,273
-192
559
854
789
822
Cardiome Pharma(De15) BC1
(U.S.)-24,462
-34
(U.S.)20,953
671
790
591
KP Tissue(De15) ON5-31,344
-1,145
-5,410
994
Torex Gold Resources(De15) O
N1,5
(U.S.)-24,574
-8
(U.S.)17,604
791
859
792
787
Nautilus Minerals(De15) ON1
(U.S.)-24,882
-81
(U.S.)460
793
807
Corridor Resources(De15) NS-31,879
-80
17,606
794
931
Pinetree Capital(De15) ON-32,215
54
-22,084
1
795
387
Epsilon Energy(De15) O
N
(U.S.)-25,524
-486
(U.S.)24,331
Goldgroup Mining(De15) BC1
(U.S.)-26,130
54
(U.S.)-472
796
920
797
903
CGX Energy(De15) O
N1
(U.S.)-26,277
42
(U.S.)637
798
929
Colabor Group(De15) QC5-33,764
50
1,506,280
799
866
Northern Dynasty Minerals(De15) BC-33,829
-8
313
800
291
Akita Drilling(De15) AB-33,965
-261
123,687
1988
MARKET CAP
$MIL
The 964.
After 15 years, the 964 came with a completely
redesigned chassis and unprecedented technology
engineered to captivate Porsche enthusiasts, not
only with sportier performance, but also enhanced
driving comfort.
DM161954_Pg42-58_ROB_JUL_2016.indd 54
2016-06-03 10:21 AM
PROFIT RANK
2015
2014
REVENUE
RANK
REVENUE
% CHANGE
801
n/r Neovasc Inc.(De15) BC1
(U.S.)-26,730
-80
(U.S.)12,128
718
802
922
Fortress Paper(De15) BC-34,314
46
310,237
330
803
662
UrtheCast(De15) BC-34,900
-502
41,299
615
804
358
Cathedral Energy Services(De15) AB-35,342
-444
139,898
450
1
805
884
Estrella Int’l Energy Services(De15) ON
(U.S.)-27,721
19
(U.S.)145,942
410
-3
8
242
-50
-43
LGX Oil + Gas(De15) AB-35,655
17
11,171
745
806
893
807
886
Le Château(Ja16) QC-35,745
6
236,886
375
808
597
Clearwater Seafoods(De15) N
S-37,608
-1,195
508,200
259
809
n/r Boulder Energy(De15) AB-37,611
-180
127,210
460
810
851
Novadaq Technologies(De15) O
N1
(U.S.)-30,830
-27
(U.S.)64,062
523
PROFIT
$000
PROFIT
% CHANGE
REVENUE
$000
NUMBER OF
EMPLOYEES
INDUSTRY
417
74
155
17
1
206
585
225
356
n/a bio
paper
other
oilserv
oilserv
-52
-4
13
-35
37
2
8
719
78
998
1 2,418
1,400
24
215
oilprd
retail
food
oilprd
other
Sprott Inc.(De15) ON-39,631
-304
126,007
462
811
301
812
750
Fortune Minerals(De15) ON-39,812
-261
466
863
1
813
896
NovaGold Resources(No15) B C
(U.S.)-31,952
9
(U.S.)-5,897
996
1
814
336
Concordia Healthcare(De15) O
N
(U.S.)-31,568
-416
(U.S.)394,224
261
815
906
Americas Petrogas(De15) AB-40,451
23
25,242
678
1
-16
40
335
-20
581
5
1,596
2,883
49
194
7
13
476
n/a fin
pmetals
pmetals
bio
oilprd
Connacher Oil and Gas(De15) A
B-42,295
80
222,896
816
972
817
288
PHX Energy Services(De15) A
B-42,489
-293
283,183
818
683
Delphi Energy(De15) AB-42,525
-486
116,898
819
359
Sierra Metals(De15) ON1
(U.S.)-33,302
-515
(U.S.)136,168
820
n/r OneRoof Energy Group(De15) ON1
(U.S.)-33,337
-21
(U.S.)4,952
385
347
471
420
766
-48
-46
-28
-9
-46
4
98
138
168
5
124
906
24
1,026
n/a oilprd
oilserv
oilprd
mining
other
Logan International(De15) AB1
(U.S.)-33,349
n/m (U.S.)77,958
490
821
499
822
402
Asian Mineral Resources(De15) ON-42,827
-1726
74,817
542
823
630
Mountain Province Diamonds(De15) ON-43,169
-882
1,220
829
824
829
Ovivo Inc.(Ma15) QC-43,678
-95
315,230
329
825
264
Arsenal Energy(De15) A
B-43,980
-272
62,772
566
-47
-15
122
-4
-48
54
19
632
65
24
361
406
187 800 25
oilserv
mining
pmetals
indust
oilprd
Dominion Diamond(Ja16) ON1
(U.S.)-33,956
-151
(U.S.)720,724
826
173
827
261
BlackPearl Resources(De15) AB-46,793
-274
122,389
828
n/r Sleep Country Canada Holdings(De15) O
N-46,879
-67
456,185
829
293
Chemtrade Logistics Income Fund(De15) ON-47,590
-326
1,364,902
830
846
MDC Partners(De15) ON1
(U.S.)-37,357
-55
(U.S.)1,333,961
194
467
274
156
131
-22
-51
15
13
9
1,275
258
648
1,234
1,086
1,631
35
1,169
1,200 5,690
pmetals
oilprd
homefurn
chem
other
Polaris Infrastructure(De15) O
N1
(U.S.)-37,494
-52
(U.S.)50,831
831
845
832
933
Catalyst Paper(De15) BC5-49,400
32
2,028,300
833
910
Major Drilling Group Int’l(Ap15) N
B-49,565
10
307,458
834
624
Adriana Resources(De15) O
N-49,796
-1,146
438
835
398
ProMetic Life Sciences(De15) QC-50,961
-958
27,398
562
118
331
866
665
-7
83
-13
-32
-28
125
35
518
17
1,955
118
2,625
n/a 3
276
pmetals
paper
mining
mining
bio
Transition Therapeutics(Ju15) ON-51,340
-136
3,450
836
826
837
199
Uni-Select Inc.(De15) QC1
(U.S.)-40,221
-193
(U.S.)1,355,379
838
753
Tesla Exploration(De15) A
B-51,676
-351
90,683
839
154
TMX Group Ltd.(De15) ON-52,300
-152
768,900
840
770
Marquee Energy(De15) AB-53,419
-317
63,251
795
130
504
212
564
595
-12
-31
-4
-16
99
1,478
12
1,947
47
18
2,700
200
1,187 38 bio
whole
oilserv
other
oilprd
Dream Office REIT(De15) ON-55,039
-135
750,163
214
841
106
842
339
Sandstorm Gold(De15) BC1
(U.S.)-43,056
-474
(U.S.)60,771
534
843
890
TVA Group(De15) QC-55,226
-34
589,890
241
844
987
Crew Energy(De15) AB-55,355
84
162,274
434
845
697
Temple Hotels(De15) ON-55,456
-608
188,229
407
17
-3
34
-64
-1
1,874
464
173
571
78
602
18
1,793
70
n/a dev
mining
bcast
oilprd
dev
Parex Resources(De15) AB1
(U.S.)-44,621
59
(U.S.)530,390
846
951
847
529
Lundin Gold(De15) BC1
(U.S.)-45,324
-6,916
(U.S.)5,300
848
924
Dundee Precious Metals(De15) O
N1
(U.S.)-46,989
20
(U.S.)305,716
849
768
Marlin Gold Mining(De15) BC5-60,948
-383
22,870
850
212
Canyon Services Group(De15) AB-62,063
-226
404,956
-31
34
-16
702
-32
1,539
385
180
21
281
279
173 2,694
148
990
oilprd
mining
pmetals
pmetals
oilserv
233
763
294
685
285
MARKET CAP
$MIL
1993
The 993.
The 911 with the internal design number 993 remains
the one true love of many a Porsche driver thanks
to its strikingly minimalist silhouette and a distinct
reputation for exceptional dependability.
DM161954_Pg42-58_ROB_JUL_2016.indd 55
2016-06-03 10:21 AM
851-950
PROFIT RANK
2015
2014
PROFIT
$000
PROFIT
% CHANGE
REVENUE
$000
REVENUE
RANK
REVENUE
% CHANGE
MARKET CAP
$MIL
NUMBER OF
EMPLOYEES
INDUSTRY
851
907
Taseko Mines(De15) BC-62,352
-16
339,427
852
224
Yoho Resources(Se15) A
B-62,564
-245
15,868
1
853
877
Serinus Energy(De15) AB
(U.S.)-49,104
-61
(U.S.)25,914
1
854
406
Orosur Mining(My15) CHILE
(U.S.)-54,376
-1,161
(U.S.)66,759
855
811
AEterna Zentaris(De15) SC1
(U.S.)-50,143
-203
(U.S.)688
318
715
636
538
836
-8
-80
-45
-18
-49
108
21
35
15
3,048
172
10
27
426
48
pmetals
oilprd
oilprd
pmetals
bio
Teranga Gold(De15) ON1
(U.S.)-50,543
-384
(U.S.)229,875
856
298
857
963
Cascades Inc.(De15) QC-65,000
56
3,881,000
858
879
Denison Mines(De15) ON1
(U.S.)-51,560
-63
(U.S.)12,608
859
984
Sears Canada(Ja16) ON-67,900
80
3,215,200
860
492
Xtreme Drilling and Coil Services(De15) A
B-68,344
n/m 220,693
338
70
713
84
387
-12
9
19
-7
-16
192
1,211
363
627
142
1,194
10,700
93 n/a 269
mining
paper
mining
retail
oilserv
TAG Oil(Ma15) BC-68,907
-995
55,336
586
861
380
862
n/r
Petrus Resources(De15) A
B-69,031
-45
111,291
476
1
863
256
Norbord Inc.(De15) O
N
(U.S.)-56,000
-44
(U.S.)1,513,000
125
864
889
Questerre Energy(De15) AB-73,534
-100
22,483
688
865
124
Uranium Participation(Fe16) ON-75,072
-158
1,715
819
-6
-15
-5
-16
379
83
n/a 2,302
48
586
21
27 2,600
13
n/a oilprd
oilserv
forest
oilprd
indust
Eagle Energy(De15) A
B-76,046
-58
91,384
503
866
898
867
721
Maxim Power(De15) AB-77,418
-750
138,903
451
868
275
Spartan Energy(De15) A
B-77,778
-420
154,686
439
869
619
Aureus Mining(De15) ON1
(U.S.)-61,338
-1,686
(U.S.)1,368
817
870
810
Copper Mountain Mining(De15) B C-78,451
-331
289,025
342
-21
-4
-14
-43
-5
40
160
626
70
53
40
94
51
108
425
oilprd
util
oilprd
mining
mining
Alloycorp Mining(De15) ON-78,931
-1
22
871
872
872
971
Atlantic Power Corp.(De15) MA1
(U.S.)-62,400
65
(U.S.)537,700
873
646
Levon Resources(Ma15) B C-83,578
-1,546
387
874
885
Chinook Energy(De15) AB-83,606
-118
80,879
875
216
RMP Energy(De15) AB-84,795
-277
161,633
948
230
871
526
435
-53
-6
-50
-49
-39
10
335
107
125
194
n/a 285
n/a 55
24
mining
util
pmetals
oilprd
oilprd
Golden Star Resources(De15) ON1
(U.S.)-67,681
7
(U.S.)263,391
876
936
877
128
Russel Metals(De15) ON-87,600
-171
3,138,300
878
434
Perpetual Energy(De15) AB-89,274
-2,752
292,445
879
155
Tahoe Resources(De15) N
V1
(U.S.)-71,911
-179
(U.S.)519,721
880
185
Canadian Energy Services & Tech.(De15) A
B-92,276
-236
768,901
319
85
339
235
211
-21
-19
-6
48
-21
61
992
382
2,722
855
1,257
3,000
210
2,025
1,417
pmetals
metals
oilprd
mining
oilserv
Banro Corp.(De15) ON1
(U.S.)-73,543
n/m (U.S.)151,883
881
494
882
975
Carpathian Gold(De15) ON1
(U.S.)-73,630
66
(U.S.)13,278
883
774
Gear Energy(De15) AB-96,519
-638
91,480
884
883
Imperial Metals(De15) BC-96,961
-160
166,512
885
828
Lanesborough REIT(De15) M
B-98,766
-344
30,202
403
709
502
429
653
21
97
-49
14
-23
71
7
224
545
3
1,496
4 22
733
n/a pmetals
pmetals
oilprd
mining
dev
Liquor Stores N.A.(De15) AB-99,587
-883
746,384
886
337
887
133
Senvest Capital(De15) QC-99,826
-185
51,369
888
940
Mood Media(De15) ON1
(U.S.)-80,022
3
(U.S.)475,116
889
178
Ensign Energy Services(De15) A
B-104,049
-246
1,391,398
890
900
Energy Fuels(De15) ON1,5
(U.S.)-82,217
-10
(U.S.)60,938
217
595
240
154
532
8
-17
-5
-40
48
230
437
24
1,124
191
2,250
28
2,000
4,404
194
retail
mgt
other
oilserv
mining
Zargon Oil & Gas(De15) AB-106,140
-1,884
85,927
891
397
892
954
Strategic Oil & Gas(De15) AB-110,115
15
38,475
893
n/r
Journey Energy(De15) AB-111,337
-23
131,540
894
950
Africa Oil(De15) BC1
(U.S.)-87,190
18
(U.S.)415
1
895
895
Silvercorp Metals(Ma15) BC
(U.S.)-103,109
-151
(U.S.)135,340
513
624
457
858
440
-45
-56
-41
-67
24
26
46
61
917
253
39
30
74
n/a 826
oilprd
oilprd
oilprd
oilprd
pmetals
Sprott Resource(De15) ON-119,494
12
402
896
958
897
355
Canacol Energy(Ju15) AB1
(U.S.)-106,022
-1,264
(U.S.)176,328
898
583
Northern Blizzard Resources(De15) AB-124,171
-5,191
527,834
899
346
5N Plus Inc.(De15) QC1
(U.S.)-97,198
-999
(U.S.)314,972
900
804
Tuckamore Capital Management(De15) ON-124,887
-624
409,235
869
395
255
286
283
-97
-12
-31
-39
-27
45
350
446
102
16
10
246
260
691
75
indust
oilprd
oilprd
indust
mgt
1998
The 996.
The introduction of a water-cooled engine in the
996 marked a significant change in 911 history.
And though it ended a classic era of air-cooled
engines, it ushered forth new elements of Porsche
design and performance.
DM161954_Pg42-58_ROB_JUL_2016.indd 56
2016-06-03 10:21 AM
PROFIT RANK
2015
2014
REVENUE
$000
REVENUE
RANK
REVENUE
% CHANGE
901
967
Westport Innovations(De15) B C1
(U.S.)-98,388
34
(U.S.)133,414
902
236
Western Energy Services(De15) AB-129,417
-458
229,748
903
905
Largo Resources(De15) ON-129,960
-147
7,916
1
904
340
TransGlobe Energy(De15) A
B
(U.S.)-105,600
-1,020
(U.S.)192,406
1
905
977
Primero Mining(De15) ON
(U.S.)-106,910
52
(U.S.)305,828
423
381
759
368
293
-10
-55
n/a -64
10
Trilogy Energy(De15) AB-137,658
-126
380,837
906
919
907
928
First Majestic Silver(De15) BC1
(U.S.)-108,424
-76
(U.S.)251,883
908
354
Kelt Exploration(De15) AB-140,175
-1,419
183,080
909
367
Tembec Inc.(Se15) QC-150,000
-1,767
1,428,000
910
867
MBAC Fertilizer(De15) ON1
(U.S.)-117,617
-312
(U.S.)-45
298
327
416
153
983
Glacier Media(De15) BC-152,813
n/m 231,931
911
512
912
853
Ithaca Energy(De15) O
N1
(U.S.)-121,005
-393
(U.S.)388,975
5
913
91
Choice Properties REIT(De15) O
N -155,276
-178
745,222
914
961
Silver Standard Resources(De15) B C1
(U.S.)-124,302
2
(U.S.)360,035
915
524
GVIC Communications(De15) BC-159,213
n/m 231,931
Secure Energy Services(De15) AB-159,870
-622
1,358,705
916
249
917
70
Finning International(De15) B C-161,000
-151
6,203,000
918
839
Atlatsa Resources(De15) BC-167,069
-579
205,948
919
277
Tesco Corp.(De15) T X1
(U.S.)-133,754
-724
(U.S.)280,471
920
978
Savanna Energy Services(De15) AB-171,836
31
452,897
PROFIT
$000
PROFIT
% CHANGE
MARKET CAP
$MIL
NUMBER OF
EMPLOYEES
INDUSTRY
179
286
60
181
512
725
632
309 81
1,817
indust
oilserv
mining
oilprd
mining
-40
-9
-17
-7
-101
461
702
715
149
8
220
3,738
64
3,250
48
oilprd
pmetals
oilprd
forest
other
379
264
219
273
379
-10
-31
9
21
-10
66
234
1,073
579
60
479
36
115
1,139
479
pub
oilprd
trust
pmetals
pub
158
52
393
309
275
-40
-11
-13
-48
-43
1,151
3,139
16
284
111
1,250
13,000
15
1,594
1,433
oilserv
whole
mining
oilserv
oilserv
Thompson Creek Metals(De15) C
O1
(U.S.)-134,900
-9
(U.S.)499,200
239
921
959
922
394
TORC Oil & Gas(De15) AB-172,655
-2,859
263,955
358
923
916
NuVista Energy(De15) AB-172,925
-194
265,484
357
924
93
Artis REIT(De15) MB-175,699
-189
533,646
254
1
925
918
Corsa Coal(De15) ON
(U.S.)-139,589
-226
(U.S.)131,406
428
-39
-24
-13
9
-9
63
830
624
1,777
34
700
80 75
n/a 418
mining
oilprd
oilprd
dev
mining
Newalta Corp.(De15) AB-183,056
-28
327,192
926
962
927
111
Seven Generations Energy(De15) A
B-187,296
-230
737,209
928
937
Endeavour Silver(De15) BC1
(U.S.)-149,941
-101
(U.S.)184,109
929
993
B2Gold Corp.(De15) BC1
(U.S.)-149,946
77
(U.S.)527,817
930
86
Silver Wheaton(De15) BC1
(U.S.)-162,042
-181
(U.S.)650,311
324
220
376
234
202
-32
5
-6
8
5
196
3,430
203
1,298
6,949
900
48
1,697 2,719 35 env
oilprd
pmetals
pmetals
pmetals
Detour Gold(De15) ON1
(U.S.)-163,596
-9
(U.S.)563,724
222
931
966
932
875
Surge Energy(De15) AB-213,891
-545
238,984
373
933
926
North American Palladium(De15) O
N-216,400
-224
193,800
404
934
76
Vermilion Energy(De15) AB-217,302
-181
998,624
186
935
979
Canexus(De15) AB-217,312
13
551,246
251
8
-58
-11
-31
3
2,465
466
233
4,212
252
830
65
447
516
405
pmetals
oilprd
pmetals
oilprd
chem
Trinidad Drilling(De15) AB-218,350
-3,410
551,940
936
390
937
187
Calfrac Well Services(De15) A
B-221,594
-431
1,497,462
938
844
Intertain Group Ltd.(De15) O
N-226,873
-770
393,752
939
948
SouthGobi Resources(De15) BC1
(U.S.)-186,765
-80
(U.S.)17,176
940
360
Timmins Gold(De15) BC1
(U.S.)-190,311
-2,172
(U.S.)111,954
250
146
290
691
447
-42
-40
862
-29
-27
481
265
702
100
60
1,599
2,600
182
354
96 oilserv
oilserv
tech
pmetals
pmetals
Cequence Energy(De15) AB-250,072
-415
82,478
941
165
942
989
New Gold Inc.(De15) BC1
(U.S.)-201,400
58
(U.S.)729,100
1
943
834
Capstone Mining(De15) BC
(U.S.)-202,653
-858
(U.S.)510,232
944
637
Argonaut Gold(De15) ON1
(U.S.)-202,713
-4,738
(U.S.)159,424
945
944
Postmedia Network Canada(Au15) ON-263,405
-145
733,051
521
195
237
398
221
-67
0
-31
-4
8
63
1,640
168
185
103
32
1,623 1,658
638
4,733
oilprd
pmetals
pmetals
pmetals
pub
Sterling Resources(De15) AB1
(U.S.)-206,909
-316
(U.S.)70,115
946
130
947
985
BlackBerry(Fe16) ON1
(U.S.)-208,000
32
(U.S.)2,531,000
948
160
Gibson Energy(De15) AB-280,656
-405
5,614,566
949
991
Pan American Silver(De15) BC1
(U.S.)-226,650
58
(U.S.)677,636
950
856
WesternZagros Resources(De15) A
B1
(U.S.)-236,145
-830
(U.S.)34,541
506
81
57
200
612
18
-23
-35
-11
547
13
5,504
1,743
1,368
49
40
4,534
2,700
4,100
147
oilprd
tech
oilserv
pmetals
oilprd
2004
The 997.
The 997 offered more than just style with a visual
return to older 911 models, it offered a substantially
reworked chassis and high performance. Along with
extensive customization to suit drivers’ individual needs,
the 911 family grew to include 24 model variations.
DM161954_Pg42-58_ROB_JUL_2016.indd 57
2016-06-03 10:21 AM
951-1000
PROFIT RANK
2015
2014
REVENUE
RANK
REVENUE
% CHANGE
951
69
InterOil Corp.(De15) NY1
(U.S.)-241,956
-184
(U.S.)50,100
952
694
ShaMaran Petroleum(De15) BC1
(U.S.)-252,883
-3,513
(U.S.)681
953
913
Twin Butte Energy(De15) AB-336,932
-488
254,644
954
62
ARC Resources(De15) AB-342,700
-190
1,562,900
955
752
Rubicon Minerals(De15) ON-355,816
-3,090
0
563
837
364
140
976
107
531
-61
-32
-100
Precision Drilling(De15) AB-363,436
-1,196
1,606,736
956
240
957
30
Valeant Pharmaceuticals Int’l(De15) QC1
(U.S.)-291,700
-133 (U.S.)10,449,800
958
127
Lundin Mining(De15) ON1
(U.S.)-294,084
-361
(U.S.)1,751,714
959
102
Torstar Corp.(De15) ON-403,966
-334
745,856
960
175
HudBay Minerals(De15) ON1
(U.S.)-331,428
-688
(U.S.)893,272
138
30
109
218
173
Bellatrix Exploration(De15) AB-444,208
-372
353,443
961
104
962
118
Just Energy Group(Ma15) O
N-446,785
-429
3,895,940
963
983
Dundee Corp.(De15) ON-459,118
-44
348,000
964
484
MFC Bancorp Ltd.(De15) BC-487,630
n/m 1,584,778
965
51
Whitecap Resources(De15) AB-500,713
-210
564,295
PROFIT
$000
PROFIT
% CHANGE
REVENUE
$000
NUMBER OF
EMPLOYEES
INDUSTRY
1,558
87
32
5,796
47
220
9
91
560
25
oil
oilprd
oilprd
oilprd
pmetals
-32
19
64
-13
84
1,602
48,202
2,735
224
1,249
4,337
22,000
7,900
4,600 1,797
oilserv
bio
mining
pub
mining
311
69
314
139
246
-38
10
9
22
-51
315
868
267
123
2,727
188
1,220
108
651
107
oilprd
util
fin
mining
oilprd
Oryx Petroleum Corp.(De15) AB1
(U.S.)-415,235
-2,199
(U.S.)20,486
966
820
967
198
Gastar Exploration(De15) TX1
(U.S.)-459,507
-1,002
(U.S.)107,307
968
672
Gabriel Resources(De15) U
K-627,832
-9,831
207
969
31
First Quantum Minerals(De15) B C1
(U.S.)-496,000
-159
(U.S.)2,771,000
970
5
Canadian Natural Resources(De15) A
B-637,000
-116
14,378,000
674
452
889
78
27
-2
-37
-43
-24
-35
73
105
54
3,571
33,081
169
22
40
14,600
7,568
oilprd
oilprd
pmetals
mining
oilprd
Long Run Exploration(De15) A
B-645,032
-239
349,242
971
970
972
582
Alamos Gold(De15) ON1
(U.S.)-508,900
-200
(U.S.)362,000
973
973
Athabasca Oil Corp.(De15) AB-696,771
-206
96,684
974
952
Onex Corp.(De15) ON1
(U.S.)-573,000
-398 (U.S.)19,945,000
975
415
Bonavista Energy(De15) AB-751,545
n/m 710,262
313
270
497
16
226
-49
19
-6
17
-45
70
1,170
623
8,990
398
227
37 167
144,000
296 oilprd
mining
oilprd
mgt
oilprd
Niko Resources(Ma15) AB1
(U.S.)-672,914
-2
(U.S.)210,352
976
992
977
644
Trican Well Service(De15) AB-822,414
n/m 1,227,285
978
47
Crescent Point Energy(De15) A
B-870,200
-271
3,678,800
979
932
Paramount Resources(De15) A
B-901,301
-1,157
400,878
980
988
Lightstream Resources(De15) A
B-946,015
-112
499,464
372
165
75
287
262
31
-49
-26
-11
-58
47
95
8,140
650
52
128
2,454
491
196
301
oilprd
oilserv
oilprd
oilprd
oilprd
Iamgold Corp.(De15) ON1
(U.S.)-755,300
-265
(U.S.)929,400
981
974
982
990
Pengrowth Energy(De15) A
B-1,093,100
-89
1,103,000
983
956
Baytex Energy(De15) A
B-1,133,651
-754
1,271,082
984
19
TransCanada Corp.(De15) AB-1,146,000
-162
11,778,000
985
942
MEG Energy(De15) AB-1,169,671
-1,008
2,012,093
168
178
163
38
119
1
-43
-43
8
-32
775
554
943
31,751
1,804
4,900
449
270 5,512
627
pmetals
oilprd
oilprd
mgt
oilprd
986
994
Kinross Gold(De15) ON1
(U.S.)-984,500
16
(U.S.)3,081,600
987
73
Enerplus Corp.(De15) AB-1,523,403
-609
1,195,106
988
138
Eldorado Gold(De15) BC1
(U.S.)-1,540,895
-1,602
(U.S.)868,794
989
12
Suncor Energy(De15) AB-1,995,000
-174
30,171,000
990
980
Sherritt International(De15) ON-2,076,700
-616
432,000
67
167
177
13
279
-11
-43
-19
-29
-20
2,878
981
2,938
51,652
215
9,170 588
7,300
13,190
6,372 pmetals
oilprd
pmetals
oil
mining
Teck Resources(De15) B C-2,474,000
-783
8,369,000
991
65
992
998
Penn West Petroleum(De15) AB-2,646,000
-53
1,478,000
1
993
997
Yamana Gold(De15) ON
(U.S.)-2,114,800
-53
(U.S.)1,835,400
1
994
1000
Barrick Gold(De15) ON
(U.S.)-2,838,000
2
(U.S.)9,272,000
995
29
Husky Energy(De15) A
B-3,850,000
-406
17,183,000
42
149
107
37
24
-3
-36
-2
-9
-32
4,772
588
2,434
11,930
14,086
10,000
718
6,845
21,135
5,552
mining
oilprd
pmetals
pmetals
oil
Ultra Petroleum(De15) TX1
996
44
997
999
Goldcorp Inc.(De15) BC1
998
7
Encana Corp.(De15) AB1
999
995
Bombardier Inc.(De15) QC1
1000996
Pacific Exploration & Production(De15) ON1
174
54
55
19
73
-33
32
-61
-9
-39
383
13,277
5,974
2,975
539
167
10,652
2,726
70,900
2,525
oilprd
pmetals
oilprd
indust
oilprd
,
(U.S.)-3,207,220
(U.S.)-4,158,000
(U.S.)-5,165,000
(U.S.)-5,347,000
(U.S.)-5,461,859
2011
-691
-92
-252
-324
-317
(U.S.)892,275
(U.S.)4,734,000
(U.S.)4,436,000
(U.S.)18,364,000
(U.S.)2,996,427
MARKET CAP
$MIL
The 991.
The 991 represented the greatest technical
leap in the evolution of the 911, raising
performance and efficiency to new levels, while
staying true to Porsche design DNA with its
flat, stretched silhouette, precise details, and
exciting contours.
DM161954_Pg42-58_ROB_JUL_2016.indd 58
2016-06-03 10:21 AM
© 2016 Porsche Cars Canada. Porsche recommends seatbelt usage and observance of traffic laws at all times.
porsche.ca/911
If history is any indication, you’re looking at
the future of sports cars.
The new 911.
A new 911 has arrived. And, along with a legacy full of tradition, it brings with it a new
generation of twin-turbo boxer engines, meaning more power, increased efficiency,
and more Porsche than ever before. It’s the fastest and most innovative 911 ever –
the product of a never-ending desire to upend the status quo and continually challenge
what a sports car can be. You could say it’s like every 911 that has come before it.
In other words, unlike anything else in the world.
16-06-03 11:01 AM
50 BIGGEST
PRIVATE COMPANIES
Companies that do not issue publicly traded shares in Canada are a huge part
of the economy. Many are subsidiaries of multinationals, or are family-owned or co-ops.
We rank them by revenue, the one significant financial measure they all disclose
REVENUE
RANK
COMPANY & YEAR-END
GROUP
REVENUE
$000
RETURN ON
CAPITAL %
1
2
3
4
5
Wal-Mart Canada(Ja16)1 retail
(U.S.)25,400,000
n/a
Costco Wholesale Canada(Au15)1retail
(U.S.)17,341,000
n/a
Direct Energy Marketing Ltd.(De15) util
20,687,000
n/a
Desjardins Group(De15)fin
17,080,000
n/a
Honda Canada(Ma15) auto
15,990,000
n/a
6
7
8
9
10
FCA Canada Inc.(De15)1 Ultramar Ltd.(De15)1 McKesson Canada(Ma15)1 James Richardson & Sons(De15)
Rio Tinto Alcan Inc.(De15)1 11
12
13
14
15
auto
(U.S.)11,845,000
n/a
oil
(U.S.)11,232,000
n/a
whole
(U.S.)12,425,000
n/a
whole10,417,279
n/a
mining
(U.S.)10,117,000
n/a
PROFIT
$000
n/a
n/a
n/a
1,674,000
n/a
ASSETS
$000
n/a
(U.S.)3,608,000
n/a
248,128,000
n/a
MAJOR SHAREHOLDER(S)
Wal-Mart Stores (U.S.) 100%
Costco Wholesale (U.S.) 100%
Centrica PLC (U.K.) 100%
Members 100%
Honda Motor Co. Ltd. (U.S.) 100%
n/a
n/a
n/a
n/a
(U.S.)1,118,000
n/a
n/a
n/a
n/a
(U.S.)14,396,000
Ford Motor Co. of Canada(De15)1 auto
(U.S.)8,978,000
n/a
General Motors of Canada(De15) auto
9,271,000
n/a
Federated Co-operatives(Oc15)food
9,122,000
n/a
Jim Pattison Group(De15)mgt
9,100,000
n/a
Home Depot of Canada(Ja16)1 retail
(U.S.)6,800,000
n/a
n/a
n/a
539,000
n/a
n/a
n/a
n/a
6,687,000
n/a
n/a
Ford Motor (U.S.) 100%
General Motors (U.S.) 100%
Retail co-operatives in Western Canada 100%
Jim Pattison 100%
Home Depot (U.S.) 100%
16
17
18
19
20
PCL Construction Holdings(Oc15) eng
8,365,040
n/a
McCain Foods(Ju15)food
7,787,000
n/a
Apple Canada(Se15)tech
6,729,822
n/a
IBM Canada(De15)tech
6,432,000
n/a
La Coop fédérée de Québec(Oc15)food
6,033,003
n/a
n/a
n/a
n/a
n/a
44,489
920,315
n/a
n/a
n/a
2,298,308
Employees 100%
McCain family 100%
Apple Inc. (U.S.) 100%
IBM (U.S.) 100%
Members 100%
21
22
23
24
25
Vale Canada(De15)mining
5,991,000
n/a
Agropur Cooperative(Oc15) food5,870,985
n/a
Home Hardware Stores(De15) retail5,800,000
n/a
Nova Chemicals(De15)1 chem
(U.S.)3,580,000
13.3
Dow Chemical Canada(De15)chem
4,221,000
n/a
n/a
47,500
n/a
(U.S.)532,000
n/a
29,513,000
4,085,200
n/a
(U.S.)6,387,000
n/a
26
27
28
29
30
Quebecor Media(De15)bcast
3,992,900
8.5
Aviva Canada(De15)p&c
3,975,254
20.3
Hyundai Auto Canada(De15) auto
3,888,000
n/a
The Co-operators(De15)fin
3,595,801
n/a
1,5
Best Buy Canada(Ja16) retail
(U.S.)2,917,000
n/a
207,600
227,984
n/a
n/a
n/a
9,229,900
9,305,511
n/a
n/a
n/a
31
32
33
34
35
ArcelorMittal Dofasco(De15)1 steel
(U.S.)2,913,000
n/a
Siemens Canada(Se15)tech
3,605,000
n/a
EllisDon Inc.(Fe16)eng
3,375,889
n/a
Lloyd's Underwriters (Canada)(De15)p&c
3,265,942
36.0
Randstad Canada(De15)other
3,238,597
n/a
n/a
n/a
n/a
842,525
n/a
36
37
38
39
40
Fluor Canada(De15)1 eng
(U.S.)2,459,300
n/a
Wawanesa Mutual Insurance Co.(De15)p&c
3,098,519
13.6
Ledcor Group of Cos.(Au15)eng
3,000,000
n/a
Ivanhoe Cambridge(De15)dev
2,900,000
n/a
Royal & Sun Alliance Canada Group(De15)p&c
2,881,621
11.1
n/a
287,383
n/a
n/a
173,434
(U.S.)800,900
41
42
43
44
45
Gaz Métro Inc.(Se15)util
2,836,493
6.8
Parmalat Canada(De15)
food2,719,438
n/a
John Deere Ltd.(Oc15)1
whole
(U.S.)2,077,000
n/a
3M Canada(De15)
consumer2,565,000
n/a
Nestlé Canada(De15)
food2,454,000
n/a
80,760
n/a
n/a
n/a
n/a
7,717,033
n/a
n/a
n/a
n/a
46
47
48
49
50
Masonite Canada Corp.(Ja16)1
consumer
(U.S.)1,873,722
0.0
Garda World Security(Ja16)
services2,135,563
-7.5
Economical Mutual Insurance(De15)p&c
2,117,553
13.3
SSQ Life Insurance Co.(De15)insur
2,073,200
9.8
Capitale Civil Service Mutual(De15)insur
2,024,973
4.5
(U.S.)-47,111
-142,789
175,954
64,800
31,126
(U.S.)5,274,000
n/a
1,610,327
8,943,285
n/a
7,775,300
n/a
55,000,000
7,913,097
(U.S.)1,499,149
1,982,603
5,353,026
11,183,300
5,839,844
FCA US LLC (U.S.) 100%
CST Brands Inc. (U.S.) 100%
McKesson Corp. (U.S.) 100%
Richardson family 100%
Rio Tinto Group (U.K., Australia) 100%
Vale SA (Brazil) 100%
Members 100%
Dealer owned 100%
Int'l Petroleum Investment Co. (UAE) 100%
The Dow Chemical Co. (U.S.) 100%
Quebecor Inc. 81.1%, CDPQ 18.9%
Aviva Insurance Ltd. (U.K.) 100%
Hyundai Motor America (U.S.) 100%
Members 100%
Best Buy Co. Inc. (U.S.) 100%
ArcelorMittal SA (Luxembourg) 100%
Siemens AG (Germany) 100%
Employees 100%
Lloyd's underwriters (U.K.) 100%
Randstad Holding (Netherlands) 100%
Fluor Corp. (U.S.) 100%
Policyholders 100%
Employees 100%
CDPQ (QC) 93.7%
RSA Insurance Group PLC (U.K.) 100%
Noverco (QC) 100%
Parmalat S.P.A. (Italy) 100%
Deere & Co. (U.S.) 100%
3M Co. (U.S.) 100%
Nestlé SA (Switzerland) 100%
Masonite International Corp. (U.S.) 100%
Crepax Acquisition Corp. (QC) 100%
Policyholders 100%
Fonds de solidarité FTQ
Policyholders 100%
Industry groups auto = automotive, banks = banks, bcast = broadcasting, bevg = beverages, bio = biotech & pharmaceuticals, cement = cement, chem = chemicals, consumer = consumer products,
dev = real estate developers, eng = engineering & construction, ent = entertainment, env = environmental services, fin = financial services, food = food production or distribution, forest = forest
products, homefurn = home furniture & appliances, indust = industrial products, insur = life insurance, media = media, metal = metal fabrication, mgt = management companies, mining = mining,
oil = integrated oils, oilprd = oil & gas production, oilserv = oil & gas field services, other = other, p&c = property & casualty insurance, paper = paper products & packaging, pipe = pipelines,
pmetals = precious metals, pub = publishing & printing, retail = retailers, serv = services, steel = steel, tech = technology, tele = telephone utilities, textile = textiles & apparel, trans = transportation,
DM161954_Pg60-61_ROB_JUL_2016.indd 60
2016-06-03 10:26 AM
100 BIGGEST BY
REVENUE
Which companies are really the largest ones in Canada? If you want to compare every
breed of corporation—publicly traded, privately owned, government owned, subsidiaries
of multinationals and more—start by looking at the top line of the income statement
REVENUE
RANK
2015 REVENUE
$000
REVENUE
1-YR%
CHANGE
REVENUE
RANK
2015 REVENUE
$000
REVENUE
1-YR%
CHANGE
1
2
3
4
5
George Weston Ltd.(De15)46,931,000
8.8
51
Ford Motor Co. of Canada(De15)1
(U.S.)8,978,000-4.6
Loblaw Cos.(Ja16)45,424,000
8.6
52
Saputo Inc.(Ma15)10,706,036
15.9
Royal Bank of Canada(Oc15)43,279,000
3.0
53
James Richardson & Sons(De15)10,417,279
n/a
Magna International(De15)1
(U.S.)32,545,000-6.0
54
CGI Group(Se15)10,287,814
-2.0
Alimentation Couche-Tard(Ap15)1
(U.S.)34,550,000-9.1
55
SNC-Lavalin Group(De15)9,836,150
18.5
6
7
8
9
10
Power Corp. of Canada(De15)38,478,000
-10.2
Canada Mortgage and Housing(De15)9,442,000
-18.7
56
Toronto-Dominion Bank(Oc15)37,532,000
3.4
57
General Motors of Canada(De15)9,271,000
5.4
Power Financial(De15)36,736,000
-12.5
58
Federated Co-operatives(Oc15)9,122,000
-16.4
2
Manulife Financial(De15) 35,063,000
-35.7
59
Jim Pattison Group(De15)9,100,000
8.3
1
Enbridge Inc.(De15)34,451,000
-9.7
60
Home Depot of Canada(Ja16)
(U.S.)6,800,000-5.9
11
12
13
14
15
Great-West Lifeco(De15)234,030,000
-13.6
Teck Resources(De15)8,369,000
-2.6
61
Wal-Mart Canada(Ja16)1
(U.S.)25,400,0003.3
62
PCL Construction Holdings(Oc15)8,365,040
4.0
Bank of Nova Scotia(Oc15)31,244,000
1.3
63
Potash Corp. of Saskatchewan(De15)1
(U.S.)6,500,000-11.7
Suncor Energy(De15)30,171,000
-28.6
64
Industrial Alliance Insurance(De15)28,300,000
10.4
Brookfield Asset Management(De15)1
(U.S.)21,753,0008.0
65
Intact Financial(De15)8,118,000
1.7
16
17
18
19
20
Imperial Oil(De15)26,888,000
-27.3
Canada Post(De15)8,023,000
0.2
66
Onex Corp.(De15)1
(U.S.)19,945,00017.2
67
McCain Foods(Ju15)7,787,000
2.6
Empire Co.(My15)24,115,400
14.5
68
National Bank of Canada(Oc15)7,645,000
1.7
1
Bank of Montreal(Oc15)23,784,000
4.3
69
Celestica Inc.(De15)
(U.S.)5,639,2000.1
Bombardier Inc.(De15)1
(U.S.)18,364,000-9.2
70
Fortis Inc.(De15)6,963,000
27.5
21
22
23
24
25
BCE Inc.(De15)21,569,000
1.7
Canadian Pacific Railway Ltd.(De15)6,805,000
2.7
71
Caisse de dépôt et placement (De15)21,132,000
-15.2
72
Apple Canada(Se15)1
(U.S.)6,729,82217.2
Costco Wholesale Canada(Au15)1
(U.S.)17,341,0008.7
73
Hydro One(De15)6,534,000
-0.5
Direct Energy Marketing Ltd.(De15)20,687,000
-3.7
74
IBM Canada(De15)6,432,000
-14.6
Sun Life Financial(De15)219,719,000
-3.7
75
Parkland Fuel(De15)6,304,498
-16.4
26
27
28
29
30
Agrium Inc.(De15)1
(U.S.)14,914,000-8.3
Ontario Power Generation(De15)6,216,000
7.1
76
Cdn. Imperial Bank of Commerce(Oc15)17,424,000
0.3
77
Finning International(De15)6,203,000
-10.5
Husky Energy(De15)17,183,000
-32.0
78
WSP Global(De15)6,077,600
108.3
Desjardins Group(De15)17,080,000
-0.3
79
Goldcorp Inc.(De15)1
(U.S.)4,734,00032.0
Cenovus Energy(De15)16,088,000
-23.3
80
La Coop fédérée de Québec(Oc15)6,033,003
11.6
31
32
33
34
35
Honda Canada(Ma15)15,990,000
9.4
Vale Canada(De15)5,991,000
-13.1
81
Thomson Reuters Corp.(De15)1
(U.S.)12,226,000-10.0
82
Agropur Cooperative(Oc15)5,870,985
26.3
FCA Canada Inc.(De15)1
(U.S.)11,845,00054.7
83
BC Hydro & Power(Ma15)5,812,000
6.1
Canadian Natural Resources(De15)14,378,000
-35.4
84
Home Hardware Stores(De15)5,800,000
1.8
Ultramar Ltd.(De15)1
(U.S.)11,232,00025.1
85
Encana Corp.(De15)1
(U.S.)4,436,000-61.2
McKesson Canada(Ma15)1
(U.S.)12,425,00016.0
36
Shaw Communications(Au15)5,621,000
4.8
86
37
Air Canada(De15)13,914,000
4.5
87
Gibson Energy(De15)5,614,566
-34.5
38
Hydro-Québec(De15)
13,851,000
1.0
88
Linamar Corp.(De15)5,182,926
24.1
39
Rogers Communications(De15)13,446,000
4.7
89
Restaurant Brands Int'l(De15)1
(U.S.)4,032,100244.2
1
40
Valeant Pharmaceuticals Int'l(De15)
(U.S.)10,449,80019.1
90
Pembina Pipeline Corp.(De15)4,670,000
-23.5
41
42
43
44
45
Rio Tinto Alcan Inc.(De15)1
(U.S.)10,117,000-16.6
Nova Chemicals(De15)1
(U.S.)3,580,000-30.6
91
Canadian National Railway Co.(De15)12,663,000
3.3
92
Rona Inc.(De15)4,250,427
3.1
Telus Corp.(De15)12,552,000
4.5
93
Dow Chemical Canada(De15)4,221,000
-12.5
Canadian Tire Corp.(Ja16)12,348,600
0.8
94
Atco Ltd.(De15)4,201,000
-11.7
Metro Inc.(Se15)12,290,300
5.6
95
West Fraser Timber Co.(De15)4,073,000
5.5
46
47
48
49
50
Fairfax Financial Holdings(De15)1
(U.S.)9,580,400-4.4
TransForce Inc.(De15)4,059,244
18.8
96
Telus Communications(De15)12,082,000
3.0
97
WestJet Airlines(De15)4,043,761
2.5
Hudson's Bay Co.(Ja16)11,910,000
40.5
98
Quebecor Inc.(De15)3,996,400
10.6
1
Barrick Gold(De15)
(U.S.)9,272,000-8.7
99
Aviva Canada(De15)3,975,254
-0.9
TransCanada Corp.(De15)11,778,000
7.9
100
Kinross Gold(De15)3,081,600
-11.05
trust = trust company, util = gas & electrical utilities, whole = wholesaler Notes For ranking purposes, figures from companies that report in foreign currencies have been converted to Canadian dollars and partial-year results have been annualized. Foreign currencies are converted at the end of the relevant fiscal period for balance sheet items and at the average exchange rate for the relevant
period for earnings items. Returns have been rounded to one decimal place. Footnotes 1. Company reports in U.S. dollars. 2. Revenue includes unrealized gains and losses on bonds and other assets,
as required by international accounting standards. These gains and losses are often substantial for insurers, and can vary widely from year to year. 5. Figures have been annualized in previous three
through five years. Abbreviations n/a = not available
DM161954_Pg60-61_ROB_JUL_2016.indd 61
2016-06-03 10:26 AM
100 BIGGEST BY
RETURN ON EQUITY
Return on common equity (ROCE) tells you how much profit a company is generating for each
dollar that shareholders have invested in the business. The average of annual returns over five
years reduces the impact of a stellar year or a lousy one
ROCE
RANK
ROCE
1 YEAR %
ROCE
5 YR AVG %
ROCE
RANK
ROCE
1 YEAR %
ROCE
5 YR AVG %
1
2
3
4
5
49 North Resources(De15) Sigma Industries(My15) Extendicare Inc.(De15) DMD Digital Health Connections(De15) Founders Advantage Capital Corp.(Se15) 438.9
295.9
273.6
232.5
202.3
2.4
13.3
52.3
n/m
8.1
51
52
53
54
55
Savaria Corp.(De15) CCL Industries(De15) BCE Inc.(De15) Pure Multi-Family REIT(De15) North West Co.(Ja16) 20.9
20.8
20.6
20.4
20.3
17.6
14.6
20.3
n/a
20.6
6
7
8
9
10
Abitibi Royalties(De15) Ivanhoe Mines(De15) Alberta Oilsands(De15) Spin Master(De15) Dollarama Inc.(Ja16) 167.8
118.6
97.7
95.9
63.8
n/a
-36.4
-12.7
n/a
34.7
56
57
58
59
60
Toromont Industries(De15) Jean Coutu Group (PJC)(Fe16) WestJet Airlines(De15) Atlanta Gold(De15) Ritchie Bros. Auctioneers(De15) 20.2
19.9
19.7
19.6
19.5
24.6
36.9
16.5
3.3
14.4
11
12
13
14
15
Chartwell Retirement Residence(De15) Constellation Software(De15) Imperial Ginseng Products(Ju15) Firan Technology Group(No15) Computer Modelling Group(Ma15) 62.3
59.4
55.6
53.3
51.6
5.8
49.5
n/m
17.2
52.0
61
62
63
64
65
BMTC Group(De15) Changfeng Energy(De15) Pollard Banknote Ltd.(De15) Pivot Technology Solutions(De15) Great Canadian Gaming(De15) 19.4
19.4
19.3
19.2
19.1
25.1
15.5
19.7
n/a
12.3
16
17
18
19
20
Nobilis Health(De15) Gluskin Sheff + Associates(Ju15) Evergreen Gaming(De15) Granite Oil(De15) Golden Valley Mines(De15) 50.2
48.3
47.9
44.5
38.9
8.1
61.0
11.4
12.7
-15.6
66
67
68
69
70
Canadian Western Bank(Oc15) Metro Inc.(Se15) Evertz Technologies(Ap15) Saputo Inc.(Ma15) Home Capital Group(De15) 19.1
19.0
18.9
18.8
18.7
15.1
19.3
18.1
20.3
23.8
21
22
23
24
25
Photon Control(De15) Immunotec Inc.(Oc15) Lucara Diamond(De15) Tree Island Steel(De15) Trimac Transportation(De15) 34.6
32.7
32.1
31.7
30.4
36.4
2.1
14.9
4.4
32.6
71
72
73
74
75
Dream Unlimited(De15) African Gold Group(De15) Cdn. Imperial Bank of Commerce(Oc15) Information Services(De15) Wall Financial(Ja16) 18.6
18.5
18.4
18.4
18.4
n/a
-8.4
20.1
76.5
16.7
26
27
28
29
30
Westshore Terminals Investment(De15) CI Financial(De15) Transcontinental Inc.(Oc15) First National Financial(De15) Rifco Inc.(Ma15) 29.4
29.1
29.0
28.7
27.6
25.5
25.3
6.3
37.6
39.6
76
77
78
79
80
Telus Corp.(De15) Exco Technologies(Se15) Cineplex Inc.(De15) Equitable Group(De15) Royal Bank of Canada(Oc15) 18.3
18.2
17.9
17.9
17.8
17.0
15.7
13.0
17.7
18.1
31
32
33
34
35
Milestone Apartments(De15) Norsat International(De15) Canadian Pacific Railway Ltd.(De15) Baja Mining Corp.(De15) Intertape Polymer Group(De15) 27.5
26.6
26.0
25.8
25.5
n/a
16.5
17.1
-53.0
19.2
81
82
83
84
85
Quebecor Inc.(De15) CGI Group(Se15) Stella-Jones Inc.(De15) TerraVest Capital(Se15) RDM Corp.(Se15) 17.7
17.7
17.6
17.6
17.4
2.1
14.6
17.7
9.0
6.5
36
37
38
39
40
Lions Gate Entertainment(Ma15) Canadian National Railway Co.(De15) Rogers Communications(De15) Carmanah Technologies(De15) Alimentation Couche-Tard(Ap15) 25.5
24.9
24.6
24.2
23.7
19.2
23.6
35.9
-26.1
21.9
86
87
88
89
90
Richelieu Hardware(No15) Western Forest Products(De15) Terra Firma Capital(De15) Shaw Communications(Au15) CanaDream Corp.(Ap15) 17.3
17.1
16.9
16.9
16.6
16.6
16.7
12.0
18.0
9.6
41
42
43
44
45
Supremex Inc.(De15) Medical Facilities(De15) Magna International(De15) Kinaxis Inc.(De15) Sandvine Corp.(No15) 23.4
22.7
22.6
22.6
22.5
7.3
8.6
17.7
n/a
8.7
91
93
92
94
95
GWR Global Water Resources(De15) IGM Financial(De15) Northern Vertex Mining(Ju15) MTY Food Group(No15) Firm Capital Property Trust(De15) 16.6
16.4
16.4
16.3
16.3
4.6
17.7
-22.3
19.7
7.2
46
47
48
49
50
Melcor REIT(De15) Linamar Corp.(De15) Claude Resources(De15) Canfor Pulp Products(De15) Chorus Aviation(De15) 22.5
22.2
22.0
22.0
21.2
n/a
17.8
-2.3
13.3
43.7
96
97
98
99
100
Avcorp Industries(De15) Gamehost Inc.(De15) Newfoundland Capital Corp.(De15) Winpak Ltd.(De15) Hardwoods Distribution(De15) 16.2
16.2
16.2
16.2
16.0
-0.5
17.7
15.6
14.2
n/m
Notes Returns have been rounded to one decimal place. For ranking purposes, partial-year results have been annualized. Abbreviations n/a = not available, n/m = not meaningful
DM161954_Pg62-63_ROB_JUL_2016.indd 62
2016-06-03 10:29 AM
100 BIGGEST BY
MARKET CAP
The total value of a publicly traded company’s shares is a sign of investors’ enthusiasm
about its prospects. But remember that Valeant Pharmaceuticals was No. 3 on our
list last year. A bloated market cap can be a sign of trouble
Co. YearEnd 2014
($mil)
MARKET
CAP
RANK
Royal Bank of Canada(Oc15) 114,518 107,964
115,464
Toronto-Dominion Bank(Oc15)104,005
99,582 102,320
Bank of Nova Scotia(Oc15)75,725
73,969
83,997
Canadian National Railway Co.(De15)60,430
60,998
64,768
Bank of Montreal(Oc15)52,670
53,585
53,047
51
52
53
54
55
Silver Wheaton(De15)9,814
6,949
8,620
Gildan Activewear(Ja16)9,309
9,582
9,608
RioCan REIT(De15)9,113
7,640
8,352
IGM Financial(De15)8,949
8,651
11,646
Open Text Corp.(Ju15)8,686
6,204
6,195
BCE Inc.(De15)51,729
46,276
44,773
6
56
7
57
Suncor Energy(De15)49,324
51,652
53,288
8
58
Enbridge Inc.(De15)44,867
39,928
50,898
9
59
Brookfield Asset Management(De15)41,730
41,960
36,027
10
60
Canadian Natural Resources(De15)40,984
33,081
39,219
Inter Pipeline(De15)8,561
7,471
11,724
Onex Corp.(De15)8,496
8,990
7,350
Teck Resources(De15)8,362
4,772
10,606
CCL Industries(De15)7,774
7,875
4,367
SNC-Lavalin Group(De15)7,725
6,159
6,756
11
12
13
14
15
Thomson Reuters Corp.(De15)40,646
40,072
37,309
Cdn. Imperial Bank of Commerce(Oc15)39,905
39,840
40,850
TransCanada Corp.(De15)36,381
31,751
40,465
Manulife Financial(De15)35,989
40,899
41,344
Great-West Lifeco(De15)34,708
34,300
33,469
61
62
63
64
65
CI Financial(De15)7,508
8,446
9,096
Kinross Gold(De15)7,487
2,878
3,731
Encana Corp.(De15)7,453
5,974
11,985
Turquoise Hill Resources(De15)7,305
7,063
7,224
ARC Resources(De15)7,049
5,796
8,037
16
17
18
19
20
Imperial Oil(De15)34,090
38,210
42,422
Alimentation Couche-Tard(Ap15)30,591
27,438
17,165
Loblaw Cos.(Ja16)28,482
26,788
25,811
Barrick Gold(De15)27,115
11,930
14,582
Canadian Pacific Railway Ltd.(De15)26,975
27,040
37,165
66
67
68
69
70
Emera Inc.(De15)6,929
6,364
5,556
Tourmaline Oil(De15)6,881
4,947
7,862
Keyera Corp.(De15)6,377
6,913
6,838
Seven Generations Energy(De15)6,203
3,430
4,289
H&R REIT(De15)6,171
5,606
5,971
21
22
23
24
25
Sun Life Financial(De15)26,666
26,421
25,697
71
72
Rogers Communications(De15)25,506
24,564
23,251
73
Telus Corp.(De15)24,224
22,738
25,512
74
Power Financial(De15)22,303
22,688
25,750
75
Magna International(De15)20,954
22,575
25,828
First Quantum Minerals(De15)6,025
3,571
9,914
Cameco Corp.(De15)5,957
6,756
7,540
Empire Co.(My15)5,874
8,075
6,344
Element Financial(De15)5,854
6,448
3,734
Yamana Gold(De15)5,758
2,434
4,118
26
27
28
29
30
Goldcorp Inc.(De15)19,222
13,277
17,495
76
77
CGI Group(Se15)17,803
14,942
11,828
78
Potash Corp. of Saskatchewan(De15)17,015
19,826
34,098
79
Saputo Inc.(Ma15)16,323
13,653
10,863
80
Cenovus Energy(De15)15,874
14,583
18,122
PrairieSky Royalty(De15)5,552
5,002
4,569
Peyto Exploration & Development(De15)5,047
3,953
5,144
Detour Gold(De15)5,025
2,465
1,498
Atco Ltd.(De15)4,858
4,106
5,488
First Capital Realty(De15)4,797
4,139
4,038
31
32
33
34
35
Agrium Inc.(De15)15,492
17,066
15,840
Husky Energy(De15)15,434
14,086
27,053
Fairfax Financial Holdings(De15)14,726
14,593
12,892
National Bank of Canada(Oc15)14,288
14,606
17,413
George Weston Ltd.(De15)14,212
13,679
12,806
81
82
83
84
85
Vermilion Energy(De15)4,737
4,212
6,116
Progressive Waste Solutions(De15)4,649
3,531
3,902
Bombardier Inc.(De15)4,507
2,975
7,220
Smart REIT(De15)4,455
3,885
3,713
Quebecor Inc.(De15)4,422
4,149
3,925
36
37
38
39
40
Pembina Pipeline Corp.(De15)13,823
11,246
14,311
Franco-Nevada Corp.(De15)13,812
10,005
8,952
Power Corp. of Canada(De15)13,443
13,406
14,657
Agnico Eagle Mines(De15)12,783
7,916
6,196
Restaurant Brands Int’l(De15)11,820
11,680
9,193
4,420
BlackBerry(Fe16)
5,504
7,160
86
87
Ritchie Bros. Auctioneers(De15)4,381
3,574
3,362
88
Eldorado Gold(De15)4,357
2,938
5,073
89
AltaGas Ltd.(De15)4,332
4,521
5,805
90
Industrial Alliance Insurance(De15)4,298
4,520
4,477
41
42
43
44
45
Intact Financial(De15)11,786
11,665
11,030
91
92
Shaw Communications(Au15)11,727
12,525
12,655
93
Fortis Inc.(De15)11,550
10,533
10,753
94
Dollarama Inc.(Ja16)11,160
9,188
7,833
95
Valeant Pharmaceuticals Int’l(De15)10,953
48,202
55,621
CAE Inc.(Ma15)4,240
3,945
3,838
WSP Global(De15)4,104
4,219
3,088
Maple Leaf Foods(De15)4,012
3,207
2,783
CAP REIT(De15)4,011
3,478
2,767
Lions Gate Entertainment(Ma15)1
(U.S.)3,043 (U.S.)4,936
(U.S.)3,769
46
47
48
49
50
Constellation Software(De15)10,809
12,225
7,320
96
97
Crescent Point Energy(De15)10,785
8,140
12,016
98
Canadian Tire Corp.(Ja16)10,766
8,751
9,466
99
Metro Inc.(Se15)10,162
8,520
6,240
100
Canadian Utilities(De15)9,827
8,525
10,796
Tahoe Resources(De15)3,859
2,722
2,385
Northland Power(De15)3,771
3,166
2,284
DH Corp.(De15)3,712
3,366
3,168
Finning International(De15)3,671
3,139
4,340
Jean Coutu Group (PJC)(Fe16)3,559
3,811
5,049
MARKET
CAP
RANK
1
2
3
4
5
May 12,
2016
($mil)
Co. YearEnd 2015
($mil)
May 12,
2016
($mil)
Co. YearEnd 2015
($mil)
Co. YearEnd 2014
($mil)
Note Market-cap totals for 2014 and 2015 are based on the closing share price on the final day of each company’s fiscal year. Footnote 1. Company does not trade in Canada. Market cap is in U.S. dollars.
DM161954_Pg62-63_ROB_JUL_2016.indd 63
2016-06-03 10:29 AM
INDEX
3M Canada 5N Plus Inc. 49 North Resources 60
56
46, 62
A
Abacus Mining & Exploration 50
Aberdeen International 51
Abitibi Royalties 45, 62
Absolute Software 47
Acadian Timber 46
Acasti Pharma 49
Accord Financial 46
Acerus Pharmaceuticals 52
ADF Group 47
Adriana Resources 55
Advantaged Preferred Share Trust 49
Advantage Oil & Gas 45
Aecon Group 44
AEterna Zentaris 56
African Gold Group 47, 62
Africa Oil 56
Africo Resources 52
Agellan Commercial REIT 46
AGF Management 44
AG Growth International 54
AgJunction 52
Agnico Eagle Mines 45, 63
Agrium Inc. 42, 61, 63
Agropur Cooperative 60, 61
AGT Food and Ingredients 46
Aimia 48
Airboss of America 45
Air Canada 43, 61
Akita Drilling 54
Alacer Gold 44
Alamos Gold 58
Alaris Royalty 44
AlarmForce Industries 47
Alberta Oilsands 45, 62
Alderon Iron Ore 50
Aldridge Minerals 50
Alexandria Minerals 48
Alexco Resource 50
Algoma Central 45
Algonquin Power & Utilities 43
Alimentation Couche-Tard 42, 61, 62, 63
Allbanc Split Corp. II 47
Allied Properties REIT 43
Alloycorp Mining 56
Almaden Minerals 48
Almonty Industries 53
Alphamin Resources 51
AltaGas Ltd. 44, 63
A&W Revenue Royalties
Income Fund Axia NetMedia Axios Mobile Assets Azarga Uranium Alterra Power 53
Altius Minerals 54
Altura Energy 50
Altus Group 46
Alvopetro Energy 53
Amarillo Gold 49
Amaya Inc. 43
American Hotel Income Pro REIT 46
Americas Petrogas 55
Americas Silver Corp. 54
Amerigo Resources 53
Anaconda Mining 49
Anderson Energy 53
Andrew Peller Ltd. 46
Apple Canada 60, 61
AQM Copper 47
Aquila Resources 51
ArcelorMittal Dofasco 60
Archon Minerals 48
ARC Resources 58, 63
Argonaut Gold 57
Arianne Phosphate 50
Arizona Mining 49
Arsenal Energy 55
Artis REIT 57
Asanko Gold 52
Ascot Resources 49
Asian Mineral Resources 55
Aston Hill Financial 53
Atacama Pacific Gold 46
ATAC Resources 49
Atco Ltd. 43, 61, 63
Athabasca Minerals 51
Athabasca Oil Corp. 58
Atico Mining 48
Atlanta Gold 46, 62
Atlantic Gold 49
Atlantic Power Corp. 56
Atlatsa Resources 57
Atrium Mortgage Investment 45
ATS Automation Tooling Systems 44
Aura Minerals 53
Aurcana Corp. 54
Aureus Mining 56
Aurico Metals Inc. 50
Aurinia Pharmaceuticals Inc. 53
AutoCanada Inc. 45
Avalon Advanced Materials 49
Avcorp Industries 47, 62
Aveda Transportation & Energy 54
Avigilon 45
Avino Silver & Gold Mines 48
Aviva Canada 60, 61
45
47
51
50
BRP Inc. BSM Technologies Inc. BTB REIT Buhler Industries Builders Capital Mortgage 44
48
46
50
47
B
C
B2Gold Corp. 57
Bacanora Minerals 49
Badger Daylighting 44
Baja Mining Corp. 47, 62
Ballard Power Systems 51
Balmoral Resources 48
Bankers Petroleum 50
Bank of Montreal 42, 61, 63
Bank of Nova Scotia 42, 61, 63
Banro Corp. 56
Barkerville Gold Mines 53
Barrick Gold 58, 61, 63
Baylin Technologies 53
Baytex Energy 58
BCE Inc. 42, 61, 62, 63
BC Hydro & Power 61
Bear Creek Mining 53
Becker Milk Co. 47
Bellatrix Exploration 58
Bellhaven Copper & Gold 48
Bengal Energy 49
Best Buy Canada 60
Bevo Agro 47
Big Rock Brewery 48
BioNeutra Global 48
BIOX Corp. 49
Birchcliff Energy 52
Bird Construction 45
Birks Group Inc. 52
BlackBerry 57, 63
Blackbird Energy 51
Black Diamond Group 46
BlackPearl Resources 55
BMTC Group 44, 62
BNK Petroleum 51
Boardwalk REIT 45
Bombardier Inc. 58, 61, 63
Bonavista Energy 58
Bonterra Energy 51
Boralex Inc. 52
Boston Pizza Royalties
Income Fund 45
Boulder Energy 55
Boyd Group Income Fund 53
Boyuan Construction Group 46
Brampton Brick 47
Bri-Chem Corp. 52
Brick Brewing Co. 47
Brightpath Early Learning 47
Brookfield Asset Management 42, 61, 63
Brookfield Canada Office Properties 44
Brookfield Real Estate Services 47
Cabo Drilling 50
CAE Inc. 43, 63
Caisse de dépôt et placement 61
Caldwell Partners Int’l 47
Calfrac Well Services 57
Calian Group 46
Callidus Capital 44
Cameco Corp. 44, 63
Canaccord Genuity Group 52
Canacol Energy 56
Canada Mortgage and Housing 61
Canada Post 61
Canada Zinc Metals 49
Canadian Energy Services & Tech. 56
Canadian Imperial
Bank of Commerce 42, 61, 62, 63
Canadian National Railway Co. 42, 61, 62, 63
Canadian Natural Resources 58, 61, 63
Canadian Overseas Petroleum 51
Canadian Pacific Railway Ltd. 42, 61, 62, 63
Canadian REIT 43
Canadian Spirit Resources 49
Canadian Tire Corp. 42, 61, 63
Canadian Utilities 42, 63
Canadian Western Bank 43, 62
CanaDream Corp. 47, 62
Canam Group 44
Candente Copper 49
Canexus 57
Canfor Corp. 45
Canfor Pulp Products 44, 62
Canlan Ice Sports 49
Canopy Growth 51
CanWel Building Materials Group 46
Canyon Services Group 55
Capitale Civil Service Mutual 60
Capital Power 44
CAP REIT 43, 63
Capstone Infrastructure 48
Capstone Mining 57
Cara Operations 44
Cardiome Pharma 54
Cargojet Inc. 53
Carmanah Technologies 46, 62
Carpathian Gold 56
Cascades Inc. 56
Castle Resources 48
Catalyst Paper 55
Cathedral Energy Services 55
Caza Oil & Gas 50
CCL Industries 43, 62, 63
Ceiba Energy Services 49
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DM161954_Pg64-67_ROB_JUL_2016.indd 64
2016-06-08 10:37 AM
Celestica Inc. 44, 61
Cenovus Energy 42, 61, 63
Centerra Gold 44
Centric Health 44
Century Global Commodities 53
Cequence Energy 57
Ceres Global Ag 48
Cerf 54
Cervus Equipment 54
CGI Group 42, 61, 62, 63
CGX Energy 54
Changfeng Energy 46, 62
Chartwell Retirement Residence 42, 62
CHC Student Housing 52
Chemtrade Logistics Income Fund 55
Chesapeake Gold 50
Chesswood Group 45
Chieftain Metals 50
China Gold Int’l Resources 52
China Keli Electric Co. 51
Chinook Energy 56
Choice Properties REIT 57
Chorus Aviation 45, 62
CIBT Education Group 47
CI Financial 42, 62, 63
Cineplex Inc. 43, 62
Cipher Pharmaceuticals 47
Clairvest Group 44
Clarke Inc. 52
Claude Resources 45, 62
Clearwater Seafoods 55
Cogeco Communications 43
Cogeco Inc. 44
Colabor Group 54
Colliers International 45
Colt Resources 52
Columbus Gold 50
Cominar REIT 43
Commerce Resources 49
Computer Modelling Group 45, 62
Concordia Healthcare 55
Condor Petroleum 49
Conifex Timber 53
Connacher Oil and Gas 55
Consolidated HCI Holdings 47
Constellation Software 43, 62, 63
Co-operators General Insurance 43
Copper Fox Metals 48
Copper Mountain Mining 56
Corby Spirit and Wine 45
Cordoba Minerals 50
Corridor Resources 54
Corsa Coal 57
Corus Entertainment 54
Costco Wholesale Canada 60, 61
Cott Corp. 45
Crescent Point Energy 58, 63
Crew Energy 55
CRH Medical 47
Critical Control Energy Services 49
Crombie REIT 44
Crosswinds Holdings 49
Crown Point Energy 53
Crystal Peak Minerals Inc. 49
Cub Energy 50
CU Inc. 43
CWC Energy Services 54
Cynapsus Therapeutics 54
D
Dalmac Energy Dalradian Resources Danier Leather Data Group DataWind Inc. D-Box Technologies DealNet Capital Delavaco Residential Properties Delphi Energy Denison Mines Descartes Systems Group Desjardins Group Detour Gold DH Corp. DHX Media Diamond Estates Wines & Spirit 48
51
53
53
52
48
50
54
55
56
45
60, 61
57, 63
44, 63
45
48
Difference Capital Financial 47
DirectCash Payments 51
Direct Energy Marketing Ltd. 60, 61
Dirtt Environmental Solutions 45
Discovery Air 53
Diversified Royalty Corp. 46
Divestco Inc. 50
DMD Digital Health Connections 46, 62
Dollarama Inc. 42, 62, 63
Dominion Diamond 55
Dorel Industries 45
Dow Chemical Canada 60, 61
DragonWave Inc. 54
Dream Global REIT 43
Dream Industrial REIT 45
Dream Office REIT 55
Dream Unlimited 43, 62
Dundee Corp. 58
Dundee Energy 51
Dundee Precious Metals 55
DXI Energy 50
Dynacor Gold Mines 47
Dynasty Metals & Mining 53
E
Eagle Energy 56
East Africa Metals 51
Eastern Platinum Ltd. 54
Eastmain Resources 48
Echelon Financial Holdings 46
Economical Mutual Insurance 60
Eco Oro Minerals 50
EcoSynthetix Inc. 53
Ecuador Gold and Copper 48
Edgefront REIT 47
Edge Resources 52
Eldorado Gold 58, 63
Electrovaya Inc. 50
Element Financial 43, 63
E-L Financial Corp. 42
EllisDon Inc. 60
Emera Inc. 42, 63
Empire Co. 42, 61, 63
Empire Industries 47
Enbridge Inc. 43, 61, 63
Enbridge Income Fund Holdings 43
Encana Corp. 58, 61, 63
Encanto Potash 51
Endeavour Silver 57
EnerCare Inc. 44
Enerflex 44
Energold Drilling 53
Energy Fuels 56
Enerplus Corp. 58
Enghouse Systems 45
Enhanced Oil Resources 50
Ensign Energy Services 56
Enterprise Group 53
Entrec 52
Entree Gold 52
Epsilon Energy 54
Equitable Group 43, 62
Equity Financial Holdings 49
Ergoresearch Ltd. 50
Espial Group 47
Essential Energy Services 53
Estrella Int’l Energy Services 55
Etrion Corp. 53
Eurasian Minerals 50
Evergreen Gaming 47, 62
Evertz Technologies 44, 62
ExactEarth Ltd. 48
Excellon Resources 50
Excelsior Mining 48
Exchange Income 44
Exco Technologies 44, 62
EXFO Inc. 46
Explor Resources 50
Extendicare Inc. 43, 62
F
Fairfax Financial Holdings Falcon Oil & Gas FCA Canada Inc. Federated Co-operatives Feronia Inc. Fiera Capital 45
Finning International 57, 61, 63
Firan Technology Group 46, 62
Firm Capital Mortgage Invest. 45
Firm Capital Property Trust 46, 62
First Capital Realty 43, 63
First Majestic Silver 57
First National Financial 43, 62
First Quantum Minerals 58, 63
FirstService Corp. 45
Fission Uranium 52
Fluor Canada 60
Focus Graphite 50
Foran Mining 49
Ford Motor Co. of Canada 60, 61
Formation Metals 51
Forsys Metals 48
Fortis Inc. 42, 61, 63
Fortress Paper 55
Fortuna Silver 52
Fortune Minerals 55
Founders Advantage Capital Corp. 45, 62
Franco-Nevada Corp. 45, 63
Frankly Inc. 53
Freegold Ventures 48
Freehold Royalties 50
Fronsac REIT 47
G
Gabriel Resources Galane Gold Gamehost Inc. Garda World Security Gastar Exploration Gaz Métro Inc. GB Minerals Gear Energy Gemini Corp. Gendis Inc. General Motors of Canada Genesis Land Development Genworth MI Canada Geologix Explorations George Weston Ltd. Gibson Energy Gildan Activewear Glacier Media GLG Life Tech Gluskin Sheff + Associates GMP Capital GobiMin Inc. Goeasy Ltd. GoGold Resources Goldcorp Inc. Golden Queen Mining Co. Golden Reign Resources Golden Star Resources Golden Valley Mines Goldgroup Mining Gold Mountain Mining Goldrock Mines Gold Standard Ventures Goodfellow Inc. Gordon Creek Energy Goviex Uranium Gran Colombia Gold Grand Power Logistics Group Granite Oil Granite REIT Gravitas Financial Great Canadian Gaming Great Panther Silver Great-West Lifeco Grenville Strategic Royalty Guardian Capital Group Gulf & Pacific Equities Guyana Goldfields GVIC Communications GWR Global Water Resources 58
52
45, 62
60
58
60
51
56
53
53
60, 61
46
42
48
42, 61, 63
57, 61
43, 63
57
54
44, 62
54
48
45
51
58, 61, 63
50
48
56
46, 62
54
49
48
50
46
49
50
53
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43, 62
43
52
44, 62
51
42, 61, 63
47
44
48
45
57
46, 62
H
42, 61, 63
48
60, 61
60, 61
54
H2O Innovation Halmont Properties Halogen Software Hammond Manufacturing Co. Hammond Power Solutions 48
47
53
47
46
Hanwei Energy Services Hardwoods Distribution Harte Gold Hawk Exploration Hemisphere Energy Héroux-Devtek High Arctic Energy Services Highland Copper Co. High Liner Foods HNZ Group Holloway Lodging Home Capital Group Home Depot of Canada Home Hardware Stores Honda Canada Horizon North Logistics H&R REIT HSBC Bank Canada HTC Purenergy HudBay Minerals Hudson’s Bay Co. Hudson’s Bay Co. Husky Energy Hydrogenics Corp. Hydro One Hydro-Québec Hyduke Energy Services Hyundai Auto Canada 50
45, 62
49
51
51
47
45
49
44
52
50
43, 62
60, 61
60, 61
60, 61
48
43, 63
42
49
58
61
42
58, 61, 63
52
42, 61
61
50
60
I
Iamgold Corp. IBI Group IBM Canada IC Potash IGM Financial Ikkuma Resources Imaflex Inc. Immunotec Inc. Impact Silver Imperial Equities Imperial Ginseng Products Imperial Metals Imperial Oil Imvescor Restaurant Group Indigo Books & Music Industrial Alliance Insurance Information Services Innergex Renewable Energy Innova Gaming Group InnVest REIT Input Capital Inscape Corp. Intact Financial Integra Gold Interfor Corp. International Road Dynamics International Tower Hill Mines InterOil Corp. Inter Pipeline InterRent REIT Intertain Group Ltd. Intertape Polymer Group INV Metals IOU Financial Ithaca Energy Ivanhoe Cambridge Ivanhoe Mines 58
46
60, 61
52
42, 62, 63
54
47
47, 62
48
46
47, 62
56
42, 61, 63
46
49
42, 61, 63
46, 62
54
48
52
48
52
42, 61, 63
50
54
47
50
58
42, 63
44
57
44, 62
50
49
57
60
42, 62
J
Jaguar Mining James Richardson & Sons Jean Coutu Group Jim Pattison Group John Deere Ltd. Journey Energy Junex Inc. Jura Energy Just Energy Group 52
60, 61
43, 62, 63
60, 61
60
56
48
53
58
K
Kaminak Gold Karnalyte Resources Kazax Minerals K-Bro Linen Keg Royalties Income Fund Kelt Exploration 54
52
50
46
46
57
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2016-06-08 10:37 AM
Keyera Corp. Killam Apartment REIT Kinaxis Inc. Kincora Copper King George Financial Kingsway Financial Services Kinross Gold Kirkland Lake Gold Kivalliq Energy Klondex Mines Kobex Capital Kootenay Silver KP Tissue KWG Resources 43, 63
45
46, 62
48
49
47
58, 61, 63
46
48
45
49
49
54
51
L
Labrador Iron Ore Royalty La Coop fédérée de Québec Lakeview Hotel Investment Lanesborough REIT Laramide Resources Largo Resources Lassonde Industries Laurentian Bank of Canada LeadFX Inc. Le Château Ledcor Group of Cos. Leon’s Furniture Leucrotta Exploration Inc. Levon Resources Lexam VG Gold LGX Oil + Gas Lightstream Resources Linamar Corp. Lion One Metals Ltd. Lions Gate Entertainment Liquor Stores N.A. Lloyd’s Underwriters Loblaw Cos. Logan International Logistec Corp. 44
60, 61
50
56
50
57
44
44
53
55
60
44
46
56
48
55
58
42, 61, 62
49
43, 62, 63
56
60
42, 61, 63
55
45
Loncor Resources Lonestar West Long Run Exploration Los Andes Copper Lucara Diamond Lumenpulse Inc. Luna Gold Lundin Gold Lundin Mining Lupaka Gold Lynden Energy 49
50
58
49
44, 62
48
54
55
58
50
48
M
Macro Enterprises 46
Madalena Energy Inc. 53
Madison Pacific Properties 45
Magellan Aerospace 44
Magna International 42, 61, 62, 63
MAG Silver Corp. 53
Mainstreet Equity 44
Majestic Gold 50
Major Drilling Group Int’l 55
Mandalay Resources 45
Manitoba Telecom Services 54
Manitok Energy 54
Manulife Financial 42, 61, 63
Maple Leaf Foods 44, 63
Marathon Gold 49
Marlin Gold Mining 55
Marquee Energy 55
Martinrea International 44
Mason Graphite 49
Masonite Canada Corp. 60
Maxim Power 56
Maya Gold & Silver 51
MBAC Fertilizer 57
MCAN Mortgage 45
McCain Foods 60, 61
McCoy Global 52
McKesson Canada 60, 61
MDA Ltd. 43
MDC Partners 55
Meadow Bay Gold 49
Mediagrif Interactive Technologies 46
Medical Facilities 44, 62
Mega Uranium 51
MEG Energy 58
Melcor Developments 44
Melcor REIT 44, 62
Melior Resources 49
Merrex Gold 48
Merus Labs International 48
Metanor Resources 50
Methanex Corp. 43
Metro Inc. 42, 61, 62, 63
MFC Bancorp Ltd. 58
Midas Gold 49
Midland Exploration 48
Migao Corp. 46
Milestone Apartments 43, 62
Minco Silver 46
Mirasol Resources 51
Mitel Networks 54
Mogo Finance Technology Inc. 53
Mongolia Growth Group 52
Monument Mining 46
Mood Media 56
Morguard Corp. 44
Morguard North American REIT 44
Morguard REIT 45
Morneau Shepell 45
Mosaic Capital 47
Mountain China Resorts 53
Mountain Province Diamonds 55
MTY Food Group 45, 62
Mullen Group 46
Muskrat Minerals Inc. 49
Mustang Minerals 49
N
Nanotech Security NAPEC Inc. The Globe Real Estate Hub.
Your edge on the market.
50
47
National Bank of Canada 42, 61, 63
Nautilus Minerals 54
Nemaska Lithium 49
Neovasc Inc. 55
Neptune Tech. & Bioressources 54
Nestlé Canada 60
Nevada Copper 50
Nevsun Resources 45
Newalta Corp. 57
New Flyer Industries Inc. 44
Newfoundland Capital Corp. 45, 62
New Gold Inc. 57
New Look Vision Group 46
Newmarket Gold 49
New Millennium Iron 54
New Pacific Metals 47
New Zealand Energy 52
Nexgen Energy 50
NexJ Systems 51
Nighthawk Gold 48
Nightingale Informatix 49
Niko Resources 58
Niocorp Developments 51
Nobilis Health 44, 62
Noble Iron 52
Noranda Income Fund 45
Norbord Inc. 56
Norsat International 46, 62
North American Energy Partners 51
North American Nickel 49
North American Palladium 57
Northcliff Resources 49
North Country Gold 48
Northern Blizzard Resources 56
Northern Dynasty Minerals 54
Northern Vertex Mining 47, 62
Northfield Capital 49
Northland Power 47, 63
Northview Apartment REIT 45
North West Co. 44, 62
Nova Chemicals 60, 61
Novacopper 52
Novadaq Technologies 55
NovaGold Resources 55
Novanta Inc. 44
NuVista Energy 57
Nuvo Pharmaceuticals 50
O
Oando Energy Resources Oban Mining OceanaGold Corp. Oceanic Iron Ore Omni-Lite Industries Canada Oncolytics Biotech ONEnergy OneREIT OneRoof Energy Group Onex Corp. Ontario Power Generation Open Text Corp. Orbite Technologies Orbit Garant Drilling Orosur Mining Orvana Minerals Oryx Petroleum Corp. Osisko Gold Royalties Ovivo Inc. 45
52
44
49
47
52
51
45
55
58, 61, 63
61
43, 63
53
51
56
53
58
45
55
P
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DM161954_Pg66AEFG_ROB_JUL_2016.indd 66
Pacific Booker Minerals Pacific Exploration & Production Pacific Insight Electronics Painted Pony Petroleum Pan American Silver Pan Orient Energy Panoro Minerals Paramount Resources Parex Resources Parkland Fuel Park Lawn Parmalat Canada Partners REIT Partners Value Investments Pason Systems Patient Home Monitoring 49
58
47
50
57
45
50
58
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47
60
52
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2016-06-08 10:49 AM
PCL Construction Holdings Pearl River Holdings Pembina Pipeline Corp. Pengrowth Energy Penn West Petroleum People Corp. Performance Sports Group Perpetual Energy Pershimco Resources Petrocapita Income Trust Petrodorado Energy Petrolia Inc. Petroshale Inc. Petrowest Corp. Petrus Resources Peyto Exploration & Development
PFB Corp. Photon Control PHX Energy Services Pilot Gold Pine Cliff Energy Pinetree Capital Pivot Technology Solutions Pizza Pizza Royalty Plateau Uranium Platinum Group Metals Plaza Retail REIT Points International Polaris Infrastructure Polaris Materials Pollard Banknote Ltd. Polymet Mining Postmedia Network Canada Potash Corp. of Saskatchewan Potash Ridge Power Corp. of Canada Power Financial Poydras Gaming Finance PrairieSky Royalty Precision Drilling Premier Gold Mines Premium Brands Holdings Pretium Resources Primero Mining PrimeWest Mortgage Investment
Prism Medical Progressive Waste Solutions ProMetic Life Sciences Prophecy Development Pro REIT Pulse Seismic Pure Gold Mining Pure Industrial REIT Pure Multi-Family REIT Pure Technologies P&W Bank of Canada PWC Capital 60, 61
47
42, 61, 63
58
58
47
47
56
52
49
52
49
51
53
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43, 63
47
46, 62
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47, 62
45
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50
44
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46, 62
52
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42, 61, 63
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42, 61, 63
42, 61, 63
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44, 63
58
45
46
48
57
47
48
43, 63
55
51
47
50
51
43
44, 62
48
46
49
Q
QHR Corp. QLT Inc. QMX Gold Corp. Quaterra Resources Quebecor Inc. Quebecor Media Questerre Energy Questfire Energy 50
54
52
50
43, 61, 62, 63
60
56
52
R
Raging River Exploration Rainmaker Entertainment Randstad Canada Range Energy Resources RDM Corp. Redhawk Resources Redknee Solutions Redline Communications Group Regulus Resources Reitmans Reko International Group Renaissance Oil Reservoir Minerals Restaurant Brands Int’l Restaurant Brands Int’l Resverlogix Corp. Richards Packaging Income Fund 45
49
60
48
46, 62
53
52
49
49
54
47
51
51
61
42, 63
53
46
Richelieu Hardware 44, 62
Richmont Mines 46
Rifco Inc. 46, 62
RioCan REIT 43, 63
Rio Tinto Alcan Inc. 60, 61
Ritchie Bros. Auctioneers 43, 62, 63
RMP Energy 56
Robex Resources 47
Rock Energy 50
Rockwell Diamonds 52
Rocky Mountain Dealerships 46
Rogers Communications 42, 61, 62, 63
Rogers Sugar 45
Rona Inc. 44, 61
Rooster Energy 54
Roxgold Inc. 51
Royal Bank of Canada 42, 61, 62, 63
Royal Nickel 50
Royal & Sun Alliance Canada Group 60
Rubicon Minerals 58
Russel Metals 56
S
Sabina Gold & Silver 51
Sandspring Resources 51
Sandstorm Gold 55
Sandvine Corp. 44, 62
Sangoma Technologies 48
Santacruz Silver Mining 54
Saputo Inc. 42, 61, 62, 63
Sarama Resources 51
Savanna Energy Services 57
Savaria Corp. 46, 62
Scorpio Gold 53
Seabridge Gold 51
Sears Canada 56
Second Cup 48
Secure Energy Services 57
Semafo Inc. 45
Senvest Capital 56
Serinus Energy 56
Seven Generations Energy 57, 63
ShaMaran Petroleum 58
Shaw Communications 42, 61, 62, 63
ShawCor Ltd. 44
Sherritt International 58
Shopify Inc. 54
Siemens Canada 60
Sienna Senior Living 46
Sierra Metals 55
Sierra Wireless 49
Sigma Industries 47, 62
Silvercorp Metals 56
Silver Standard Resources 57
Silver Wheaton 57, 63
Sirius XM Canada Holdings 50
SIR Royalty Income Fund 46
Slate Retail REIT 48
Sleep Country Canada Holdings 55
Smart REIT 43, 63
Smart Technologies 45
SNC-Lavalin Group 42, 61, 63
Solium Capital 46
Sonor Investments 47
SouthGobi Resources 57
Spanish Mountain Gold 48
Spartan Energy 56
Spin Master 44, 62
Sportscene Group 49
Sprott Inc. 55
Sprott Resource 56
SSQ Life Insurance 60
Stantec Inc. 43
Starcore International Mines 48
Stella-Jones Inc. 43, 62
Sterling Resources 57
Stonegate Agricom 48
StorageVault Canada 50
Storm Resources 50
Stornoway Diamond 50
Strad Energy Services 54
Strategic Metals 52
Strategic Oil & Gas 56
Street Capital Group 54
Striker Exploration 54
Strongco Corp. 51
Stuart Olson 46
Student Transportation 47
Summit Industrial Income REIT 45
Suncor Energy 58, 61, 63
Sun Life Financial 42, 61, 63
SunOpta Inc. 54
Superior Plus 45
Supremex Inc. 46, 62
Surge Energy 57
Sutter Gold Mining 50
Sylogist Inc. 47
Symbility Solutions 50
Synex International 48
T
TAG Oil 56
Tahoe Resources 56, 63
Taiga Building Products 46
Tamarack Valley Energy 53
Tanzanian Royalty Exploration 51
Taseko Mines 56
Teck Resources 58, 61, 63
Tecsys Inc. 47
Tellza Communications 48
Telus Communications 61
Telus Corp. 42, 61, 62, 63
Tembec Inc. 57
Temple Hotels 55
Ten Peaks Coffee Co. 47
TeraGo Inc. 49
Teranga Gold 56
Teras Resources 48
Terrace Energy 54
Terraco Gold 49
Terra Firma Capital 46, 62
TerraVest Capital 46, 62
Tesco Corp. 57
Tesla Exploration 55
The Co-operators 60
Themac Resources Group 51
Theratechnologies Inc. 47
TheScore Inc. 52
Thompson Creek Metals 57
Thomson Reuters Corp. 42, 61, 63
Timbercreek Senior Mortgage Invest. 45
Timmins Gold 57
Tinka Resoures 49
Tio Networks 48
Titanium Transportation Group 47
TMAC Resources Inc. 51
TMX Group Ltd. 55
TORC Oil & Gas 57
Torex Gold Resources 54
Toromont Industries 43, 62
Toronto-Dominion Bank 42, 61, 63
Toro Oil & Gas 52
Torstar Corp. 58
Toscana Energy Income 53
Total Energy Services 46
Touchstone Exploration 53
Tourmaline Oil 44, 63
TransAlta Corp. 45
TransAlta Renewables 43
Transat A.T. 44
TransCanada Corp. 58, 61, 63
Transcontinental Inc. 43, 62
TransForce Inc. 43, 61
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Transition Therapeutics 55
Traverse Energy 49
Treasury Metals 49
Tree Island Steel 46, 62
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Trican Well Service 58
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Trillium Therapeutics 52
Trilogy Energy 57
Trimac Transportation 45, 62
TriMetals Mining Inc. 47
Trinidad Drilling 57
True North Commercial REIT 45
True North Gems 49
TSO3 Inc. 51
Tuckamore Capital Management 56
Turquoise Hill Resources 42, 63
Tuscany Energy 50
TVA Group TWC Enterprises Twin Butte Energy 55
47
58
U
Ucore Rare Metals UEX Corp. Ultramar Ltd. Ultra Petroleum Unigold Inc. Union Gas Uni-Select Inc. Unisync Corp. Uranium Participation Urbanfund Corp. Ur-Energy Inc. UrtheCast US Oil Sands Inc. 50
49
60, 61
58
48
43
55
48
56
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48
V
Valeant Pharmaceuticals Int’l Valeant Pharmaceuticals Int’l Vale Canada Valener Inc. Valeura Energy VBI Vaccines Vecima Networks Velan Inc. Veresen Inc. Vermilion Energy Victoria Gold Victory Nickel Village Farms International Virginia Energy Resources Virginia Hills Oil Vista Gold ViXS Systems Inc. 61
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60, 61
44
48
53
46
45
44
57, 63
51
50
47
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47
53
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Wajax Corp. 52
Wall Financial 45, 62
Wal-Mart Canada 60, 61
Wawanesa Mutual Insurance Co. 60
Wellgreen Platinum 50
Wesdome Gold Mines 50
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Westcoast Energy 43
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Western Forest Products 44, 62
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WesternOne 53
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Whistler Blackcomb Holdings 45
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Wi-LAN Inc. 46
Wilmington Capital Management 48
Winpak Ltd. 43, 62
WPT Industrial REIT 45
WSP Global 43, 61, 63
X
Xtreme Drilling and Coil Services 56
Y
Yamana Gold Yangarra Resources Yellow Pages Yoho Resources 58, 63
50
44
56
Z
Zargon Oil & Gas 56
ZCL Composites 46
ZoomerMedia Ltd. 48
DM161954_Pg64-67_ROB_JUL_2016.indd 67
2016-06-08 10:37 AM
People think that in this job,
if someone were to mark you
in school, you’d score 90%.
I think you’re doing okay if
you score 60%. It’s a fastmoving world and you make
mistakes all of the time. In
retrospect, it doesn’t matter
if something is a mistake;
it’s how you react to it.
What are your thoughts
today about Ottawa blocking
the Alliant takeover?
Eye on the sky
It took two tries for Daniel Friedmann to put himself out of a job at
Richmond, B.C.-based MacDonald, Dettwiler and Associates Ltd. (MDA),
the company where he worked for 37 years, the last 20 of them as CEO.
Each time, he says, it was to keep the satellite company from nose-diving.
The first attempt was in 2008, when Friedmann reluctantly staged the
sale of MDA’s dominant division to U.S.-based Alliant Techsystems Inc.
for $1.3 billion. The federal government blocked the deal, saying
MDA’s Radarsat-2 satellite, which keeps an eye on the Arctic, ought
to stay in Canadian hands. Now, Friedmann has handed over the reins
to Howard Lance so MDA can go American in a different way.
Why are you leaving?
It boils down to the
company’s strategy of trying
to access the U.S. market
and trying to get more
development for all of its
commercial products. The
best and perhaps the only
viable solution is to have an
American in charge, based
in the U.S., who has the
security clearance needed.
What was the best thing
about your job?
It’s an amazing business.
You get to communicate, to
explore the universe, go to
Mars. We’ve done so many
projects. They all give you
goosebumps when you win
them, when you launch
them, like the Canadarm and
Radarsat—the ones people
are familiar with in Canada.
What was the most
challenging part of the job?
Building a big, successful
high-tech company in
Canada is unbelievably hard
and frustrating because we
just don’t have the industrial
policy and political
understanding of what it
takes to do those things and
to keep those companies
going. I was trying to build
a lasting, multibillion-dollar
company in Canada. It’s like
farming in bad soil; you need
to have some help in terms
of policies and environment.
What was your biggest
accomplishment?
Ever since I’ve been CEO,
every quarter has been
profitable. I guess it’s about
80 quarters over 20 years.
Having a steady, profitable,
diversified business is an
amazing challenge, and
I think that’s the biggest
accomplishment.
What was your biggest
mistake?
What do you plan to do next?
I’m not retiring. That’s not
a word in my vocabulary.
Being an engineer, I’m going
to sit down and go through
the process of what to do
next. I love learning. I’m
going to catch up on my
quantum mechanics and
artificial intelligence and
some cosmology stuff I
haven’t been able to keep up
with, and a pile of religious
texts that I haven’t had a
chance to read. That’s where
my spare time is going to go,
at least in the short term.
What will you take from your
office on the way out?
Pictures of my daughter.
Also my calculator, because
I really like it. /Brenda Bouw
This interview has been condensed
and edited.
PHOTOGRAPH ANDREY POPOV
Exit Interview
I didn’t want to do it.
I would’ve been out of
a job. We had to do it. I
was actually physically ill
for about a week before
I went to the board to
suggest [a sale]. It was
the first time I believed
that some sicknesses are
psychologically induced. I
went through with it because
I just didn’t think we could
survive. When it got turned
down, it was a good thing
for me personally. I kept my
job. The government then
proceeded to put $1 billion
of work into MDA and it all
worked out. I personally
don’t think the $1 billion
would’ve come otherwise.
I don’t have any regrets. It
was the right thing to do at
the time for the company.
2016-06-02 11:27 AM
UCAN AHCI KIZ 7.875x10.750 inc ING.indd 1
DM161954_PgIBC_ROB_JUL_2016.indd 1
30.05.2016 18:18
16-06-03 11:15 AM
BDC is where you need us to be: right there with you.
There are a lot of different ways to grow a business. As the only
bank devoted exclusively to entrepreneurs, we’re there to give you
the financing and advice you need to create yours from scratch.
See how we can help at bdc.ca
DM161954_PgOBC_ROB_JUL_2016.indd 1
financing.
advising.
dedication.
16-06-03 10:36 AM

guide to investing - The Globe and Mail

Transcription

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