Apotex Health (APTX) is set to start trading next week after launching its $1B IPO that values the equity at ~$5B, or 7-9x last year’s EBITDA - in line with other generics manufacturers…

… who look well-positioned, with industry forecasts calling for an acceleration of growth in the back half of the decade…

… supported by a $300B patent cliff, aging population, and an effort by governments to reduce healthcare expenditures.

The category is steadily gaining share in Canada, making Apotex uniquely positioned - with the largest generic market share in the country…

… supporting long-term margin expansion alongside management’s aim to increase exposure towards brands and biosimilars over the next five years.

While there’s an overhang from SK Capital’s >57% stake, it’s an interesting story - let’s see how it trades.

Robinhood announced its entry into Canada after closing the $250M WonderFi acquisition - which gives the broker 300K users, over $2B in client assets…

… and an Investment Dealer license that paves the way for future expansion into traditional brokerage services.

Without the potential for platform growth, the transaction would be a head scratcher…

… but even with it, Robinhood should have its hands full - with both Questrade and Wealthsimple showing impressive growth in client assets…

… and the latter closing a $750M round to keep the momentum going. That’s benefitted names like Power Corp. and IGM Financial, who’ve seen big upward marks in their Wealthsimple stake…

… which has translated to multiple expansion in the public equity.

WELL Health (WELL) ran over 6% on the back of its $160M acquisition of two clinical platforms in Quebec and Ontario, adding over $20M of margin-accretive EBITDA per year…

… and bringing its Canadian clinic count to ~270. That prompted a guidance bump from management, who now expects to exit 2026 above the top end of its previous $175-185M EBITDA range…

… putting some distance between the company and consensus, which currently sits at $178M. The move higher implies estimates will rise to $189M…

… which could leave more upside depending on what target the company puts out alongside Q2 results in August.

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