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April’s trade surplus of $2.7B edged past estimates, growing over last month…

… on the back of a 1.6% lift in exports, driven mainly by energy products - which were up 10% sequentially…

… thanks to another month of elevated crude oil prices.

That led to a third straight gain in exports south of the border, which are now on par with pre-tariff levels - offsetting a near-20% decline in Europe and the UK…

… with help from China, which has increased its purchasing activity since the canola truce and drove the 31% M/M rise in wheat exports.

While movement in imports was muted (up 0.3%), there were a couple of items worth noting - including a near-50% increase in refinery products…

… and continued momentum in computers and peripherals, where data center demand has driven a 25% YTD gain versus 2025.

A month after confirmation of its strategic review, Kneat.com (KSI) is selling for $650M to Thoma Bravo - who’s happy to step in at a 40% premium…

… which pegs the purchase price to KSI’s long-term average valuation, following the AI-selloff that’s put a dent in Canadian software multiples.

As we highlighted after Thoma’s $12B Dayforce deal, it’s got $35B of capital to deploy - and with Canadian tech in the toilet bowl despite solid FCF…

… this might not be the last take-private we see this year.

Polaris (PIF) ran over 12% on the back of three solar wins in Mexico totalling 250 MW, which it has the balance sheet to advance - with modest leverage and $92M in cash.

Given the company operates 182 MW today, getting these projects to production would transform the portfolio - with the proposed 25-year contracts increasing cash flow duration…

… and reducing reliance on Nicaragua, which has been the driver of the company’s production historically.

It’s also been the driver of PIF’s discount, given the outsized contribution to results introduces both concentration and geopolitical risk…

… making growth in Mexico valuable beyond the fundamentals, with the market likely to assign a higher multiple to the future cash flow coming out of the region.

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