Trump signed an executive order yesterday to investigate potential tariffs on copper with a 270-day deadline, citing national security concerns as the country becomes more reliant on imports. The metal was up over 3% in after hours trading on the news.

Like the potential steel and aluminum tariffs, a tax on American copper imports would negatively impact Canada, as the U.S. is the dominant end market for our exports.

The downstream impacts of a copper tariff would be broad-based, as the metal is critical to almost all industrial activity, and is a key ingredient to the electrification theme.

As we get more, we’ll keep you in the know.

We’ve been talking about Innergex a fair bit following its strong earnings results and subsequent >15% move higher, highlighting there’s been a lot of negative sentiment on the name and it could have more room to go.

Well, the stock ripped another 50% yesterday on the news it would be taken private by the CDPQ in a transaction valuing the company at $10B, or ~12x the mid-point of INE’s 2025 EBITDA guidance.

With the sector still trading at a sizeable discount to its historical average, investors should be thinking about where capital from INE shareholders is going next.

Boralex (BLX) looks the most like INE, with similar geographic exposure and a wind-heavy portfolio. For investors looking for something familiar it’s the obvious choice, though it doesn’t trade at as big of a discount as the rest of the group.

Northland (NPI) has similar deep value characteristics to INE, despite a completely different portfolio mix. With a number of potential catalysts coming, we think NPI is the most interesting choice for institutional capital.

Polaris (PIF) isn’t large or liquid enough for most funds, but if we had to pick a future takeout candidate, this would be it.

Low leverage, expanding cash flow, a healthy pipeline of growth opportunities, and nearly 50% of its current valuation in cash.

What’s not to like? Its small size (~$250M market cap) and concentration to LatAm keeps it trading at a discount to peers. For a larger renewable power platform this concentration risk is easily absorbed, and the discount only helps the prospect of a take-private.

If the above link won’t work, try this: https://www.bullpen.finance/content/44

The CDPQ ruined our TFII meme from the last one, so we’re back with part two!

Maple Leaf Foods (MFI) gained >10% thanks to a stellar quarter, with adj. EPS of $0.38 beating estimates of $0.24 and management reiterating its full year EBITDA guide of $634M. The company continues to progress the spin-out of its pork segment, targeting mid-year in a move that’s expected to reduce complexity and unlock value.

Stantec (STN) was up 10% on a big beat as well, with adj. EPS of $1.11 coming in 12% above the street’s $0.99 estimate. The company issued strong guidance supported by its record backlog, expecting Y/Y growth in revenue and adj. EPS of 7-10% and 16-19%, respectively.

Spin Master (TOY) shed >10% on the back of a weak earnings print, with adj. EPS of $0.55 falling nearly 20% shy of the street’s $0.68, driven by Y/Y declines in its digital games and entertainment segments. The outlook was muted, with TOY guiding to flat margins and 4-5% Y/Y growth in product sales as management highlighted a price-sensitive consumer.

The banks have started reporting on a high note, with both BMO and BNS topping estimates by a wide margin. Some read-throughs for the rest of the banks yet to report:

Given their importance to the Canadian market, we’ll come back with more next week after the full group reports.

Flagging NVDA’s results after the close today - could get volatile!