We think so. The stock is very cheap both historically and compared to the market. As rates decline it should have more opportunities to acquire assets or monetize existing holdings. Management has historically been given a premium valuation, so the change may take some time to be fully appreciated by investors, but we think it is cheap enough and with enough potential to stay quite interesting. The company has had a slump recently with the disastrous deals of Gluskin and Westjet, though the latter was really a timing error, having been bought just weeks before the world closed for covid. But we think it can get its mojo back, and market conditions are right for it, we believe. It has not exactly been a wallflower, though, being up 36% YTD.
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