Investors are parsing new earnings from Power Corp., Bird Construction and Disney after mixed results and shifting guidance weighed on sentiment. Markets remain focused on margin trends, pricing power and execution risks across key sectors.
BNN Bloomberg spoke with Grant White, portfolio manager and investment advisor at Endeavour Wealth Management, who said he remains constructive heading into early 2026. He highlighted opportunities in well-managed Canadian names and downplayed concerns around short-term volatility and sector-specific pressure.
Key Takeaways
- Power Corp. continues to deliver steady results and still trades at a meaningful discount to net asset value.
- Wealthsimple’s rising valuation adds upside to Power Corp.’s long-term asset base.
- Bird Construction’s large backlog supports growth, but margin execution will be crucial in the coming quarters.
- Disney’s parks and streaming units remain strong, though legacy TV and pricing limit near-term upside.
- White remains constructive into early 2026, expecting volatility but favouring staying invested and buying selectively on dips.
Read the full transcript below:
ANDREW: Investors have yet more earnings results to digest. Power Corp. reported a third-quarter beat, and Bird Construction delivered a weak outlook for the current quarter. Let’s get more from Grant White, portfolio manager and investment advisor at Endeavour Wealth Management. Grant, great to see you. Thanks for joining us. Give us your take on the Power Corp. earnings, please.
GRANT: Yeah, great to see you, Andy. Power Corp. delivered an all-right report, for sure. I think Power Corp. continues to do what it’s always done — it chugs along. This is a really good core holding, and we’ve owned it for a long time. The report looks strong.
I’m optimistic about Power Corp. going forward because it still trades at a discount to net asset value. The share price is roughly 12 per cent below what we value the assets at, so we still feel we’re getting a discount. You’ve also got a nice dividend yield, around three-and-a-half per cent, and if you add in share buybacks, maybe slightly above four per cent on a yield basis.
All in, it’s a nice report. We still like Power Corp. as a buy. I think it’s a strong core holding. Nothing overly exciting — it just keeps chugging along, and that’s what Power Corp. tends to do.
ANDREW: It’s interesting. Power Corp. has a piece of Wealthsimple, the online financial services platform, and that has now been valued at something like $10 billion. That’s obviously great for Power Corp., increasing the value of that investment.
GRANT: Absolutely. Credit to the Desmarais family, credit to Power Corp. in general. They’ve been in Wealthsimple for some time — well before Wealthsimple was ever popular. They’ve been on the innovative side of fintech for decades.
Power Corp. has made strong investments that complement their core businesses like Canada Life and Great-West. They’ve done a good job finding innovative solutions like Wealthsimple, and that should bode well for the future.
You can like Power Corp. for its execution and management — they’ve been solid for decades. We’re still seeing a discount to NAV. It typically ranges from 10 to 30 per cent, and we’re at about 12 per cent now. Not the biggest discount, but still attractive. And as you pointed out, Wealthsimple adds to that NAV.
ANDREW: What about Bird Construction? Investors weren’t thrilled by the outlook for the current quarter.
GRANT: Yeah, I think Bird is still an interesting company. One thing we like is their ability to execute over many years. They have a huge backlog — well over $10 billion in projects.
The real question right now is whether they can maintain margins. One thing we didn’t like in the latest report was the margin dip — down to about 8.9 per cent. If that continues due to cost overruns, that’s a problem.
We’re also watching their ability to execute that backlog. It’s nice to have projects, but if you can’t execute, the money won’t come in. Bird is in a good spot overall — we have it as a buy and have owned it for clients for some time. Pricing isn’t bad right now either.
I’d be buying on dips, but execution is key. We’ll be watching management closely over the next few quarters to ensure they stay on track.
ANDREW: We saw some selling in Disney. The forecast didn’t delight investors.
GRANT: Yeah, we have Disney as a hold. If anyone is surprised TV is struggling, I’m not sure why. We should be happy with where streaming is heading — profitability is improving — and parks have done well. Those are two major cores of the business.
The challenge is the legacy side — TV and monetizing existing brands and content. Execution will be important, but it’s more about cost management over the next few years on the legacy side. The growth engines are there; they just need to control costs.
My issue with Disney isn’t the business — it’s the price. They’re trading at about 20 times earnings, which is fair, but not cheap. Disney is a great company with a strong long-term outlook, but I’d be cautious on price. If we get a good buying opportunity, I’d add to our position.
ANDREW: And they’re in a faceoff with YouTube. They want to get their channels on YouTube TV. YouTube is a growing presence in TV viewing — it’s not just cat videos — and Google and Disney aren’t agreeing on terms. How do you see that?
GRANT: Yeah, well, don’t tell my daughters it’s not about cat videos. But I completely agree. YouTube is the biggest streaming service in the world, even if people don’t think of it that way — and it’s not close.
I think it’s critical for Disney to get content onto as many platforms as possible. It’s a shift from when Disney+ launched — when they thought they could distribute content on their own. I think it’s wise to have their content widely distributed.
Given YouTube’s strength, I think it’s wise to figure out a deal, but it has to be a good deal. Disney does have distribution options. There’s a potential win-win if they can get it done.
ANDREW: Grant, thank you very much indeed.
GRANT: Always a pleasure, Andy. Thanks so much.
ANDREW: Grant White, portfolio manager. There’s a look at Grant’s calls: buy Power Corp., buy Bird, but he’s wary of Walt Disney. There’s a case for buying it, but he’s inclined to hold it for now. Grant White is a portfolio manager and investment advisor at Endeavour Wealth Management.
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This BNN Bloomberg summary and transcript of the Nov. 13, 2025 interview with Grant White are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.
