1. Being public in Canada
A research analyst’s perspective
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2. Why list in Canada?
• Access to capital
• Analyst coverage
• Trading liquidity
• Valuation
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3. Access to Capital
• Canadian investors (retail / institutional)
• International investors trade ~35% of TSX-
listed stocks
• Comparable financial statements
– (GAAP, IFRS)
• Strong interest in small/mid-cap growth
companies
• Lower costs
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4. Analyst Coverage
4.5
4.0
• Tells your
4.0
story for you
3.5 3.4
3.0
3.1
• Liquidity
2.5
support
2.2
• Marketing
(#)
2.0
1.5
1.0
0.5 0.4
0.0
Average of # Analysts
$100m-1b market cap
404 TSX 62 TSXV 1154 Nasdaq 19 Israel (Nasdaq) 167 AIM
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5. Trading Liquidity
3000.0
2560.4
2500.0
2000.0
(000)
1500.0
1090.1
1000.0
759.8
616.2
500.0 409.2 450.0 423.9
311.8
223.1 177.6
170.9
50.6
0.0
Average of Trading Vol (000) Average of Daily Value ($000)
404 TSX 62 TSXV 1154 Nasdaq 19 Israel (Nasdaq) 167 AIM 197 TASE
$100m-1b market cap
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6. Valuation
35.0
29.6
30.0
25.7
25.0
22.6 23.1
20.8
20.0
17.5
16.8
(x)
15.5
15.0
11.4 12.0 12.4
10.2
10.0
5.0
2.6 3.1
1.8 2.0 2.0
0.8
0.0
Average of TEV/Revenue Average of TEV/EBITDA Average of P/E
$100m-1b market cap
404 TSX 62 TSXV 1154 Nasdaq 19 Israel (Nasdaq) 167 AIM 197 TASE
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7. Size
500.0
453.9
450.0 426.4
400.0
350.0
300.0
254.1
($m)
250.0 233.3
200.0
150.0
94.1
100.0
50.0
20.3
0.0
Average of Revenue
$100m-1b market cap
404 TSX 62 TSXV 1154 Nasdaq 19 Israel (Nasdaq) 167 AIM 197 TASE
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8. What to expect after listing
• Analyst coverage
• Quarterly reporting
– Managing expectations
• Marketing
– Visiting shareholders
• How often
• Where
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9. Case Study – CATCH THE WIND INC. (TSXV:CTW’S)
• Developed and is commercializing the
May 2009
Vindicator®, a wind-speed measurement
device for use on wind turbines
• Engaged RCC to complete a private
$21,800,000 placement and concurrent RTO (CPC).
Private Placement
Co-Manager
• The Company met with approximately 50
institutional investors in Toronto, New
Alternative Energy
York, Boston, Montreal, San Francisco,
Chicago, & Switzerland.
July 2008 • Over 60% of the issue was sold to
European institutional investors
• The company completed a follow on
$15,000,700 round of financing $21.8 MM in May,
RTO
Lead Agent
2009.
Alternative Energy
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10. Mackie Research Capital
• Leading Independent Canadian investment bank
– 350 employees
– Founded 1921
• Focused on growth capital
– Service
– Innovation
– Integrity
• Coverage includes alternative energy, mining, oil &
gas, China, industrials and technology
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11. Our Presence
Employee owned investment dealer with over 80 years of operating history
Over 330 employees; offices in Toronto, Montreal, Calgary, Regina and Vancouver
Investment Banking: Team of 15, with financings worth over $17 billion since 2000, including $2.5 billion acting as lead or
co-lead agent
Sales & Trading: Team of 15, with Institutional distribution to top tier institutional accounts in Canada, the US and across
Europe
Equity Research: Team of 12 covering approximately 100 companies
Private Client Network: Comprised of 150 Investment Advisors managing assets of approximately $4.0 billion
European
Institutional
Clients
London
Canadian
Institutional & retail clients Brussels
China Team
Calgary Israel Team
Regina
Montreal Paris
Vancouver Toronto
Geneva
Boston
U.S. Institutional Zurich
Clients New York
San Francisco
Dallas
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12. Our Investment Banking Services
Underwriting M&A Advisory Services Venture Capital
Connects astute Provides our clients Offer transaction Understands that
investors with leading comprehensive evaluation, structuring, sourcing funding
management teams guidance on strategic financing, optimal poses a particular
to ensure a events including capitalization structures challenge to micro-
successful acquisitions, and deal management cap companies and
transaction. amalgamations, advice to our clients. entrepreneurs.
divestitures and
Taken part in over takeovers. We understand the One of the few
$17 billion in process, we understand North American
financings for Extensive experience our clients. Coupled, investment dealer
Canadian and U.S. with valuations, we provide a unique that helps early-
companies since fairness opinions and service that helps stage companies
2000. shareholder rights maximize shareholder access the public
plans, providing our value while minimizing equity markets to
On an agency and a clients a broad base risk. fuel their growth.
bought-deal basis, of knowledge.
we have raised funds
from Canada, U.S.
and Europe
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13. How to contact me
David Shore
SVP & Head, Technology Group (Equity Research)
Toronto| 416.860.6784 | dshore@mackieresearch.com
twitter.com/dapshore | http://ca.linkedin.com/in/davidshore
• David Shore joined Mackie Research Capital in October 2007 as Head of
Technology
• Prior to joining Mackie Research Capital had been with a number of financial
institutions, including Desjardins, CIBC World Markets, and First Marathon.
• David has also been directly involved in the technology industry, having worked
with a technology start-up as CFO and at Celestica
• David holds a B.A. (Specialized Honours) degree and an MBA from York
University, and also has his CFA designation.
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