07:05 PM EST, 11/05/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

WSP net revenues increased 15.6% to CAD3.46B, predominantly due to inorganic (10.1%) versus organic (3.7%) growth, with EPS of CAD2.82 beating estimates of CAD2.64. Adjusted EBITDA grew 19.6% to CAD700.4M, while margins expanded 70 bps to 20.2%, supported by disciplined cost management and the POWER acquisition exceeding expectations with mid-teens organic growth. The company's strong cash generation enabled net debt reduction to 1.4x EBITDA from 1.8x, creating capacity for continued acquisitions. Management raised 2025 net revenue and adjusted EBITDA guidance by ~2%, incorporating the October Ricardo acquisition. However, we remain concerned about flat Q/Q backlog at CAD16.4B and continued reliance on M&A as the primary growth driver given low-to-mid single-digit organic growth. Management's "measured optimism" about 2026 leaves us wanting more clarity on growth prospects and potential share buyback programs.