# Bullpen Finance

> High quality, trustworthy Canadian market research for finance professionals and retail investors.

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## Posts
- [Net worth hits $19T, Boyd Group sees value](https://www.bullpen.finance/p/net-worth-hits-19t-boyd-group-sees-value): Morning 🤝 we've got a breakdown of the national balance sheet data, Boyd Group's inaugural buyback program, and Tecsys' 7% run on better SaaS growth. Let's get into it.
- [National net worth rose by $1.1T in Q2](https://www.bullpen.finance/p/national-net-worth-rose-by-1-1t-in-q2): Net corporate demand for funds moderated to $7B, reflecting sequentially less borrowing as well as lower buybacks of $14B (from $19B). Corporate core debt to GDP improved by 0.2%.
- [Household net worth goes up by $546B in Q2](https://www.bullpen.finance/p/household-net-worth-goes-up-by-546b-in-q2): Household net worth rose 2.9% in Q2, reaching $19.1T driven by strong equity market performance up $388B sequentially and a $130B increase in pension entitlements and life insurance reserves.
- [Boyd Group Services jumps over 10% on 10% buyback program](https://www.bullpen.finance/p/boyd-group-services-jumps-over-10-on-10-buyback-program): Boyd Group Services (BYD) jumped over 10% Friday after announcing a 10% buyback program, as management looks to take advantage of its near-peak discount following their $1.3B JHCC acquisition - which has come with some temporary integration challenges. While an NCIB doesn’t usually drive that type of bid, it would be the first time the company has repurchased shares - so there’s more of a valuation signal in that versus a program renewal.
- [Tecsys runs 7% on better SaaS growth](https://www.bullpen.finance/p/tecsys-runs-7-on-better-saas-growth): Tecsys (TCS) ran 7% on the back of its Q1, which beat thanks to near-20% Y/Y SaaS growth - prompting management to increase full-year guidance, taking the midpoint of revenue growth from 3.0% to 6.5% and the top end of adj. EBITDA margins up 100 bps to 14%. With a SaaS backlog of nearly ~$260M there’s likely room above that in the future, which could drive a re-rate given its software is mission-critical for healthcare logistics.
- [$619B foreign asset gain, $1B of import bans](https://www.bullpen.finance/p/tmm-9dda694053ac6488): Morning 🤝 we've got a breakdown of Trump's latest trade escalation, the $619B gain in our international investment position, Enbridge's $2.6B deal, and Dynamite's Q2 rebound. Let's get into it.
- [Dynamite runs on solid Q2 results and raised outlook](https://www.bullpen.finance/p/dynamite-runs-on-solid-q2-results-and-raised-outlook): Groupe Dynamite (GRGD) closed up 4% on the back of Q2 results that crushed estimates. Strength was broad-based, with same-store sales growth of 10% translating to sequential improvement on a two-year stack basis and strong EBITDA profitability driven by record margins (GRGD aims to raise prices at 2x inflation). The company also raised its outlook for F2026, noting that Q3 has begun slightly stronger than Q2.
- [US$2.55B acquisition further enhances Enbridge's crude oil business](https://www.bullpen.finance/p/us-2-55b-acquisition-further-enhances-enbridge-s-crude-oil-business): Enbridge announced the acquisition of Tallgrass Energy’s crude oil business for US$2.55B, paying 10x-11x 2027 EBITDA (pre-synergies) and adding on to the slate of deals done in recent weeks. In tandem, the company also announced a $2.6B equity raise, partly offsetting the acquisition cost and protecting its balance sheet flexibility.
- [International investment position jumps $619B in Q2](https://www.bullpen.finance/p/international-investment-position-jumps-619b-in-q2): Canada’s international investment position increased by a record $619B in Q2, driven by strong markets and a weaker loonie - given equities represent ~70% of our international assets and ~50% of our liabilities. That strength was broad-based geographically - with American (up 15%), European (up 14%), and Japanese (up 37%) markets all contributing meaningfully.
- [Recent trade developments won't change the landscape materially](https://www.bullpen.finance/p/recent-trade-developments-won-t-change-the-landscape-materially): The latest US trade escalation has more bark than bite, with items removed from the tariff list offsetting those added - leaving just under $1B of import bans which were primarily concentrated around alcohol. With Peller now private, there’s limited public company exposure - and the economic impact is small at ~0.3% of total US exports.
- [Tamarack's $10B deal, 42K jobs lost](https://www.bullpen.finance/p/tamarack-s-10b-deal-42k-jobs-lost): Morning 🤝 we've got a breakdown of Tamarack & Headwater's $10B merger, Friday's weak jobs print, and the price-driven PMI numbers. Let's get into it.
- [Ivey PMI was strong but new tariffs could subdue future readings](https://www.bullpen.finance/p/ivey-pmi-was-strong-but-new-tariffs-could-subdue-future-readings): The Ivey PMI rose to 64.3, beating expectations and reaching its highest level since May of 2022 though much of that growth in purchasing activity is likely price-driven, with tariffs putting more upward pressure on already elevated input costs. To hedge against higher prices and slower delivery times, purchasing managers are increasing inventories at an accelerated rate which we expect could be consumed in future months by companies hoping to outlast the burgeoning trade war - placing downward pressure on future purchasing behaviour.
- [Unemployment rate holds as job losses are offset by lower participation](https://www.bullpen.finance/p/unemployment-rate-holds-as-job-losses-are-offset-by-lower-participation): After 3 consecutive months of improvement, August’s unemployment rate was flat at 6.4%, in line with consensus expectations thanks to a 0.1% decrease in the participation rate, which offset a 42K decline in employment (mostly full-time jobs).