Core Insights - Canada's economy is stabilizing, supported by easing inflation and interest rate cuts, leading to increased business confidence and investment [1] - Average business debt has risen by 19.6% year-over-year to $30,855, with a notable 83% increase in balances for newly established firms [1] - The Canadian Small Business Health Index increased by 2.83% from the previous quarter, reflecting improved business sentiment [2] Business Credit Trends - The manufacturing sector has driven a surge in business credit demand, with a 1.6% month-over-month rise in the Raw Materials Price Index (RMPI) and an 8.83% year-over-year increase in credit demand inquiries [4] - Businesses are prioritizing supplier payments over financial debts, resulting in a 3.5% delinquency rate for financial trades, up 7% year-over-year [5] - The financial trade delinquency rate in Ontario reached 3.86%, a 10.5% increase year-over-year, indicating significant economic strain in the region [6] Regional Performance - Ontario's financial and insurance industry has seen a 17.5% year-over-year increase in 60+ day delinquency rates, highlighting the challenges faced by small businesses in the province [6] - The Canadian Small Business Health Index for the manufacturing sector stands at 80.2%, down 11.2% compared to last year, reflecting declining business sentiment [6] - Overall, Canada’s delinquency rate for financial trades is 3.53%, with a 7% increase year-over-year, while industrial trades have improved by 18.74% [8]

Core Viewpoint - Enerflex Ltd. has announced a private offering of $400 million in senior notes, which will be used to redeem existing higher-interest notes, indicating a strategic move to optimize its debt structure and reduce interest expenses [1][2]. Group 1: Offering Details - Enerflex Inc., a wholly owned subsidiary, priced the offering of $400 million in 6.875% senior notes due 2031, which will be issued at par [1]. - The offering is expected to close on December 11, 2025, subject to customary closing conditions [1]. - The net proceeds from the offering, along with borrowings from the secured revolving credit facility, will be used to fully redeem the outstanding 9.000% Senior Secured Notes due 2027 at a redemption price of 102.25% of the principal amount [2]. Group 2: Regulatory and Compliance Information - The notes are being offered in a private offering relying on exemptions from the registration requirements of the Securities Act of 1933 and applicable Canadian securities laws [3]. - The notes and guarantees have not been registered under the Securities Act or any state securities laws, and Enerflex does not intend to register them [4]. Group 3: Forward-Looking Information - The news release contains forward-looking information regarding the completion of the offering and the intended use of proceeds for redeeming the 2027 Notes [6][7]. - Management's expectations are based on various assumptions, including the satisfaction of customary closing conditions and the timely receipt of net proceeds [8].

Group 1 - Equifax will participate in two investor conferences in December 2025, with CEO Mark W. Begor and CFO John Gamble attending the Goldman Sachs U.S. Financial Services Conference on December 9 [1] - A live webcast of the Fireside Chat event will be available, and a replay will be accessible within 24 hours on the company's Investor Relations website [2] - Trevor Burns, Senior Vice President of Corporate Investor Relations, will attend the UBS Global Technology and AI Conference on December 2, 2025 [2] Group 2 - Equifax is a global data, analytics, and technology company that supports financial institutions, companies, employers, and government agencies in making informed decisions [3] - The company operates or has investments in 24 countries across North America, Central and South America, Europe, and the Asia Pacific region, employing nearly 15,000 people worldwide [3]

Core Insights - The article discusses the Zacks Style Scores, which are designed to help investors select stocks with the highest potential to outperform the market over the next 30 days [2] Zacks Style Scores Overview - Zacks Style Scores consist of four categories: Value Score, Growth Score, Momentum Score, and VGM Score, each focusing on different investment strategies [3][4][5][6] Value Score - The Value Style Score identifies stocks that are undervalued based on various financial ratios such as P/E, PEG, Price/Sales, and Price/Cash Flow [3] Growth Score - The Growth Style Score emphasizes a company's financial health and future growth potential, analyzing projected and historical earnings, sales, and cash flow [4] Momentum Score - The Momentum Style Score helps investors capitalize on price trends, using metrics like one-week price changes and monthly earnings estimate changes [5] VGM Score - The VGM Score combines the three Style Scores to identify stocks with attractive value, strong growth forecasts, and promising momentum, serving as a useful tool alongside the Zacks Rank [6] Zacks Rank Integration - The Zacks Rank is a proprietary model that utilizes earnings estimate revisions to assist investors in building successful portfolios [7] - Stocks rated 1 (Strong Buy) have historically produced an average annual return of +23.93% since 1988, significantly outperforming the S&P 500 [8] Stock Selection Strategy - To maximize returns, investors should focus on stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B, while also considering the direction of earnings estimate revisions [10][11] Company Spotlight: Equifax (EFX) - Equifax Inc. is a global data and analytics company providing information solutions and HR outsourcing services, leveraging extensive consumer and business data [12] - EFX holds a Zacks Rank of 3 (Hold) and a VGM Score of B, with a Growth Style Score of B indicating a forecasted year-over-year earnings growth of 4.3% for the current fiscal year [13] - The Zacks Consensus Estimate for EFX's earnings has increased by $0.03 to $7.60 per share, with an average earnings surprise of +5% [13][14]

Core Viewpoint - Enerflex Ltd. announced a private offering of $400 million in senior notes due 2031 to redeem its outstanding 9.000% Senior Secured Notes due 2027, contingent upon the completion of the offering [1][2]. Offering Details - The offering consists of $400 million in aggregate principal amount of senior notes due 2031 [1]. - The net proceeds from the offering, along with borrowings from the secured revolving credit facility, will be used to fully redeem the 2027 Notes [2]. - The redemption of the 2027 Notes is set for December 11, 2025, at a price of 102.25% of the principal amount plus accrued interest [2]. Regulatory Compliance - The notes will be offered in a private offering relying on exemptions from registration requirements under the Securities Act of 1933 and applicable Canadian securities laws [3][4]. - The offering is limited to qualified institutional buyers and non-U.S. persons outside the United States [3]. Forward-Looking Information - The news release contains forward-looking information regarding market conditions and the completion of the offering [6][7]. - Management's expectations are based on various assumptions, including the supportiveness of market conditions for the offering [8].

Core Thesis - Equifax Inc. is positioned as a diversified analytics and verification powerhouse, evolving from a traditional credit bureau, with over half of its total sales now coming from recurring revenue sources [2][3] Financial Performance - Equifax's stock has declined 20% over the past year, underperforming the S&P 500, which gained 21%, primarily due to cyclical weakness in mortgage originations affecting its Workforce Solutions segment, contributing around 43% of total revenue [3] - Revenue has grown at a 9% CAGR over the past decade, with projected annualized growth of 7-9% through 2027 [5] Valuation Metrics - The company's trailing and forward P/E ratios are 45.38 and 25.77 respectively, with an intrinsic value estimated at $270 per share, indicating a potential upside of approximately 22% [1][5] - Return on invested capital is improving but remains below the cost of capital, with a 10-year median of roughly 8% [4] Competitive Advantages - Equifax's proprietary employment and income databases provide a competitive edge for verification processes across U.S. lenders and government agencies, creating strong network effects [4] - The company has deep integration into financial and HR systems, enhancing its market position [4] Management Outlook - Management's guidance indicates confidence in low-double-digit EPS growth into FY2025, reflecting expectations of operating leverage, normalization of credit cycles, and pricing strength [3]

Core Insights - The Q3 Market Pulse report from Equifax Canada indicates a rise in missed payments, with 1.45 million consumers missing a credit payment, an increase of over 46,000 from Q2 [1][3] - The national 90+ non-mortgage delinquency rate reached 1.63%, marking a 14% year-over-year increase, while total consumer debt rose to $2.62 trillion, a 3.4% increase from the previous year [2][12] - Financial stress is particularly pronounced among younger consumers, with significant delinquency rates observed in urban centers [4][6] Consumer Debt Trends - Average non-mortgage debt per consumer increased to $22,321, up $511 from the previous year [2][12] - Younger consumers (aged 18-35) are experiencing the highest levels of financial stress, with 1 in 20 missing a credit payment in Q3 [4][5] - The delinquency rate for 26-35-year-olds reached 2.45%, a 20.51% increase year-over-year, while the rate for 18-25-year-olds was 2.11%, up 16.58% [4][5] Urban Center Analysis - Major urban centers like Toronto, Vancouver, and Ottawa reported significant increases in non-mortgage delinquency rates, with Toronto at 2.27% (+19.58% year-over-year) and Vancouver at 1.27% (+18.18%) [6][8] - Smaller cities also saw increases, but to a lesser extent, with Edmonton and Halifax showing increases of 11.23% and 12.51%, respectively [6] Missed Payments and Credit Behavior - Of the 1.45 million consumers who missed a payment, 84% (approximately 1.21 million) did not hold a mortgage [7] - The report highlights a trend of increased credit card spending during the holiday season, typically rising by $300–$500 per consumer, which may lead to a further increase in missed payments in January [3][9] - Despite a modest improvement in overall card payment health, younger consumers are increasingly paying only the minimum on their credit cards [8][9] Auto Industry Insights - The auto industry is facing challenges with rising vehicle prices and high interest rates, although new auto loan volumes increased by 4.8% year-over-year [10] - Synthetic ID fraud is becoming a significant issue, contributing to an estimated $450 million loss for auto lenders annually [11]

Core Insights - Equifax has completed the acquisition of Vault Verify, enhancing its HR services and verification capabilities [1][2] - The acquisition aims to streamline decision-making for verifiers and expand options for Equifax's employer clients [1][2] - Vault Verify's services will complement The Work Number database, aiding consumers in various financial applications [1][2] Company Overview - Equifax's CEO, Mark Begor, emphasized the company's mission to help individuals achieve their "financial best" through this acquisition [2] - Vault Verify, established in 2012, specializes in real-time employment and income verification services, particularly in the healthcare sector [2] - The integration of Vault Verify into Equifax's operations is facilitated by the Equifax Cloud transformation [2] Service Enhancement - The combined capabilities of Vault Verify and Equifax are expected to provide an enhanced set of knowledge for efficient verifications [2] - Consumers will benefit from quicker decision-making processes when applying for jobs, mortgages, and social services [2] - Vault Verify is now part of the Equifax Workforce Solutions business unit, with its team integrated into this unit [2] Product Development - Equifax has announced the integration of Optimal Path, an interactive score planner, into the Kikoff platform [3] - This integration will allow Kikoff members to receive personalized credit score plans based on their Equifax credit profiles [3] - The plans will include actionable tasks to help members achieve their target VantageScore 3.0 score [3]

Core Insights - Enerflex Ltd. has appointed Ms. Céline Gerson to its Board of Directors, effective immediately [1] - Ms. Gerson brings 25 years of experience from Fortune 500 companies, enhancing the Board's skillset as Enerflex pursues its strategic goals [2] - Ms. Gerson expressed her enthusiasm for joining Enerflex at a pivotal time, emphasizing the company's commitment to sustainable shareholder value [3] About Céline Gerson - Ms. Gerson has a strong background in international business, strategy development, and commercial positioning, currently serving as President and Group Director for Fugro Americas [3][4] - She holds a B.B.A in International Finance and Marketing and a J.D., along with an Executive Leadership Development program from Harvard Business School [4] About Enerflex - Enerflex is a global provider of energy infrastructure and transition solutions, focusing on natural gas and sustainability [5] - The company employs over 4,400 professionals dedicated to transforming energy for a sustainable future [5] - Enerflex's shares are traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbols "EFX" and "EFXT," respectively [6]

Core Insights - Equifax Canada has joined the Canadian Anti-Scam Coalition, collaborating with over 40 leading businesses and government agencies to combat financial crime [1][3] - The estimated loss to Canadians from fraud last year was $645 million, which may represent only 5-10% of the actual total due to underreporting [2] - The coalition aims to enhance consumer protection through coordinated education, awareness, and prevention initiatives across various sectors [3] Company Initiatives - Equifax Canada is committed to preventing fraud losses exceeding $3 billion annually through its fraud and identity services [4] - The organization is leveraging its global Equifax Cloud™ transformation to develop solutions that provide real-time insights for combating identity and fraud threats [4] Consumer Protection Tips - The Canadian Anti-Scam Coalition advises Canadians to avoid sharing personal information through unencrypted channels and to verify suspicious communications using official contact information [6] - Recommendations include updating antivirus software, considering fraud subscription services, and reporting suspected scams to relevant authorities [6]