- Descartes Systems Group Inc. (The) (DSG)
- Enghouse Systems Limited (ENGH)
- Nuvei Corporation Subordinate Voting Shares (NVEI)
- Topicus.com Inc. (TOI)
Q: I hold a small position in ENGH. Since peaking on Sept 4th at just over $80, it has been in a long steady decline for 9 months, to the low $50's, a drop of about 1/3 of its value. The results just released Thursday night look very weak to me, especially compared to the previous year, although covid helped their video division significantly last year, and the stock is still trading at pretty high multiples, despite the decline in the stock price. I know you have mentioned many times that you feel ENGH is a good long term steady business. Wondering if you still feel this stock is worth adding to, or is it time to sell and move on to something that offers more growth? Or do you still think there is reason to expect good revenue and income growth from ENGH over the next few years? Would you sell ENGH and add to existing positions in NVEI, TOI or DSG? Thanks.