Stantec

Stantec is a Canadian multinational engineering, architecture and environmental consultancy with significant exposure to infrastructure, water, transport, energy, buildings and public projects. Its business is primarily professional services, with revenue linked to public and private investment in major projects and a broad international presence.

M1 review · 24 September 2026 · 9.1/10. The 23 September close was $70.68 on the NYSE and C$99.84 on the TSX. Reference performance is −4.71% from the 24 August NYSE opening price ($74.17), separate from the canonical Day 0 close. The original 9.3/10 Signal Score is unchanged. Buying by the incoming CEO reinforces the thesis, while the technical trend still constrains the score.

Initial signal purchase

On 18 August 2026, Jonathan “Jon” Sylvie, Senior Vice-President, bought 13,265 shares at $75.60, approximately $1.003 million.

Subsequent purchase / reinforcement

On 24 August 2026, Susan Reisbord, COO North America and incoming CEO, bought 2,068 shares at a $72.73 reference, approximately $150,406. The CAD transaction was approximately C$212,000 at C$102.59 per share; the two currencies are presented separately. She becomes President & CEO on 1 October 2026. The review identifies no material new open-market purchases in September.

The share price fell, but Susan Reisbord’s purchase provided additional confirmation of the thesis. At $70.68 it trades approximately 6.5% below Sylvie’s $75.60 and 2.8% below the incoming CEO’s $72.73 reference. Valuation has become more attractive, without a confirmed technical recovery.

Q2 net revenue grew 11.5%, adjusted EBITDA 17.1% and adjusted EPS 18.4%, with an 18.7% EBITDA margin. Record backlog was C$9.2 billion, up 17.5%. Net debt/adjusted EBITDA of 1.3x was within the internal 1–2x range. The review records approximately $472 million of TTM FCF.

Expected 2026 adjusted EPS growth remains 15–18%. The EBITDA margin outlook was raised to 17.8–18.3%. Backlog and expansion in Water and Global support visibility, with a contribution from Page integration.

At the review reference price: approximately 22.7x P/E, 15.2x forward P/E, 16.9x P/FCF, 13.3x EV/EBITDA and a 5.9% FCF yield. The assessment weighs these multiples against expected EPS growth of 15–18%, backlog growth of 17.5% and expanding margins.

Earlier purchases documented in the review: 22 June 2026, Kenna Houncaren, 411 shares; 24 June, Matthew Travers, 1,500; 26 June, Clayton Bock, 1,485; 2 July, Douglas Ammerman, 681; 2 July, Shelley Brown, 375; and 2 July, Marie-Lucie Morin, 198. The Sylvie and Reisbord purchases add to this favourable context.

High backlog, Page integration, Water and Global growth, expansion of high-value centres and structural public investment. Susan Reisbord becomes President & CEO on 1 October 2026; her personal purchase in August adds alignment during the transition.

Project and backlog execution, Page integration, the leadership transition and exposure to public-investment schedules remain relevant risks. The balance sheet is relatively controlled, but technical deterioration remains a weakness. Risk: 8.4/10, on a scale where 10 represents lower relative risk.

The $70.68 NYSE close is below the 50-day average (~$71.82) and the 200-day average (~$83.27). RSI is near 46.5, neutral/weak rather than oversold. There is some stabilisation from $69.05 on 18 September, without a confirmed break of the downtrend.

The share is down approximately 36.7% over 52 weeks and remains well below the 200-day average. The long-term trend is negative. The chart is the main constraint on the M1 assessment despite operating quality and insider purchases.

STN · Toronto Stock Exchange (TSX), CAD; New York Stock Exchange (NYSE), USD. Common shares. This research uses the NYSE/STN USD instrument.

M1: INSIDER9+ maintained — 9.1/10. Supplied weighted base: 9.05; qualitative adjustment: 0.00. This is not the arithmetic average of the ten axes. The incoming CEO reinforced the insider thesis, supported by robust fundamentals, backlog, margins and guidance. The long-term chart prevents a higher score. Original Signal Score: 9.3/10, preserved.