Canada has spent a generation underinvesting in the infrastructure and resources that underpin its economy, and that may be starting to change. Canadian small cap equity analyst Dominic Drzazga examines the Build Canada theme: what it actually means beyond the headlines, and what has shifted since the federal election. He walks through the legislative groundwork, from the Building Canada Act to a fast-tracked pipeline of named projects, and explains why the clearest near-term opportunities potentially sit in the middle of the value chain rather than with the eventual asset owners. Above all, he frames Build Canada as a long-horizon shift, one where the discipline is separating the projects that break ground from those that stay on the press release.

Key Takeaways

  • What the Build Canada theme really means, beyond physical infrastructure to Canada's untapped resources and human capital.
  • The legislative changes since the election: the Building Canada Act, faster approvals, and the new Major Projects Office.
  • The project pipeline taking shape, from LNG Canada's Kitimat expansion to Ontario Power Generation's small modular reactors.
  • Why the near-term beneficiaries are in the middle of the value chain, not the eventual asset owners.
  • How the portfolio is positioned: Bird Construction, Dexterra Group, and Black Diamond.
  • The key risks: projects that stall, and cost and schedule overruns, and how the team manages them.

Companies Mentioned: Bird Construction, Dexterra Group, Black Diamond Group, Aecon, Dow

Host: Kevin Minas, CFA, CAIA, Mawer Institutional Portfolio Manager
Guest: Dominic Drzazga, CFA, Mawer Equity Analyst

 

This episode is available for download anywhere you get your podcasts.

 

Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore. 

 

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