10thEDITION VIRTUAL - Van Berkom JMSB Small Cap Case ...
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10th EDITION VIRTUAL
1
TABLE OF CONTENTS WELCOME
Message from the Dean 03
Division Breakdown 04
Message
from the Dean
Participants’ Schedule 05
About the Founder 06
Message from the Director 08
Judges 09
On behalf of the John Molson
Judges’ Schedule 10 School of Business at Concordia
University, I welcome you to the
Participating Schools tenth annual Van Berkom JMSB
ALBERTA SCHOOL OF BUSINESS (University of Alberta) 13 Small Cap-Case Competition,
presented virtually for the first time.
DESAUTELS FACULTY OF MANAGEMENT (McGill University) 14 As we continue to adapt to ongoing
and evolving challenges together,
HEC MONTRÉAL 15
I am very proud of the resilience
JOHN MOLSON SCHOOL OF BUSINESS (Concordia University) 16 and courage demonstrated by our
faculty, staff members and students.
McCOMBS SCHOOL OF BUSINESS (The University of Texas at Austin) 17
SMITH SCHOOL OF BUSINESS (Queen’s University) 18 Our school seeks to present opportunities and events, such as this competition
– a one-of-a-kind in Canada with an exclusive focus on small-cap business cases
TELFER SCHOOL OF MANAGEMENT (University of Ottawa) 19 — to inspire curiosity, creativity and optimism in our students, faculty and business
UNIVERSITÉ LAVAL 20 leaders by showcasing business innovation and success in this era of disruptive
social and technological opportunity.
WILLIAMS SCHOOL OF BUSINESS (Bishop’s University) 21
Furthermore, I want to express our deepest appreciation to alumnus and friend
Word from the Organizers 22
Mr. J. Sebastian van Berkom, LL.D.-17 for establishing this unique competition
Thank you to our Sponsors 23 through his foresight and generosity. I wish all of this year’s participants the best of
luck.
Anne-Marie Croteau, PhD, CDir
Dean
John Molson School of Business
3
03
D IVIS I ON B RE AKDOW N PA RTIC IPAN TS ’ S C HED U L E
F R I D AY, M A R C H 2 6 t h , 2 0 2 1
SMITH SCHOOL OF BUSINESS
TEAM A1 QUEEN’S UNIVERSITY
DIVISION Opening Remarks 11:00 am – 11:45 am
A TEAM A2 UNIVERSITÉ LAVAL
WILLIAMS SCHOOL OF BUSINESS
Live Case 11:45 am – 12:45 pm
Break 12:45 pm – 1:00 pm
Case Preparation 1:00 pm – 4:00 pm
TEAM A3 BISHOP’S UNIVERSITY Submission Deadline: 4:00 pm
Break 4:00 pm – 4:15 pm
PRESENTATION A1 - SMITH SCHOOL OF BUSINESS (Queen’s University)
TELFER SCHOOL OF MANAGEMENT GROUP 1
TEAM B1 UNIVERSITY OF OTTAWA 4:15 pm – 5:00 pm
B1 - TELFER SCHOOL OF MANAGEMENT (University of Ottawa)
C1 - HEC MONTRÉAL
DIVISION
B
PRESENTATION A2 - UNIVERSITÉ LAVAL
ALBERTA SCHOOL OF BUSINESS
TEAM B2 UNIVERSITY OF ALBERTA
GROUP 2
5:00 pm – 5:45 pm
B2 - ALBERTA SCHOOL OF BUSINESS (University of Alberta)
C2 - JOHN MOLSON SCHOOL OF BUSINESS (Concordia University)
DESAUTELS FACULTY OF MANAGEMENT PRESENTATION A3 - WILLIAMS SCHOOL OF BUSINESS (Bishop’s University)
TEAM B3 McGILL UNIVERSITY GROUP 3 B3 - DESAUTELS FACULTY OF MANAGEMENT (McGill University)
5:45 pm – 6:30 pm C3 - McCOMBS SCHOOL OF BUSINESS (The University of Texas at Austin)
Day 1 Results + Closing Remarks + Networking 7:00 pm – 8:00 pm
TEAM C1 HEC MONTRÉAL
DIVISION
C
S AT U R D AY, M A R C H 2 7 t h , 2 0 2 1
JOHN MOLSON SCHOOL OF BUSINESS
TEAM C2 CONCORDIA UNIVERSITY
Opening Remarks 11:30 am – 11:45 am
McCOMBS SCHOOL OF BUSINESS Live Case 11:45 am – 12:45 pm
TEAM C3 THE UNIVERSITY OF TEXAS AT AUSTIN Break 12:45 pm – 1:00 pm
Case Preparation 1:00 pm – 4:00 pm
Submission Deadline: 4:00 pm
EVA LUAT I ON CRI T E R I A Break 4:00 pm – 4:15 pm
PRESENTATION A3 - WILLIAMS SCHOOL OF BUSINESS (Bishop’s University)
GROUP 1 B3 - DESAUTELS FACULTY OF MANAGEMENT (McGill University)
Each day, teams will be evaluated based on the following factors: 4:15 pm – 5:00 pm C3 - McCOMBS SCHOOL OF BUSINESS (The University of Texas at Austin)
- Definition of Key Issues (5 points)
- Qualitative Analysis (5 points) PRESENTATION B2 - ALBERTA SCHOOL OF BUSINESS (University of Alberta)
- Quantitative Analysis (5 points) GROUP 2 C2 - JOHN MOLSON SCHOOL OF BUSINESS (Concordia University)
5:00 pm – 5:45 pm A2 - UNIVERSITÉ LAVAL
- Recommended Course of Action (5 points)
- Handling of Question Period (5 points) PRESENTATION C1 - HEC MONTRÉAL
- Presentation Effectiveness (5 points) GROUP 3 A1 - SMITH SCHOOL OF BUSINESS (Queen’s University)
5:45 pm – 6:30 pm B1 - TELFER SCHOOL OF MANAGEMENT (University of Ottawa)
Maximum score per day = 30 points
Each team’s total score will be the sum of the daily averages. Award Ceremony + Closing Remarks 7:00 pm – 8:00 pm
04 05
“I am very much looking Commissions as an Investment
Van Berkom and
About forward to the tenth year
Associates Inc.
Counselor and Portfolio Manager
and with the Securities and Exchange
of Canada’s first small- Commission (United States) as an
the Founder cap case competition for
Investment Advisor. VBA is an accredited
International Financial Centre (IFC). In
business students. Since VBA concentrates 100% of its activities June 1, 1999, the company established its
on Canadian, U.S. and Asian small- small-cap equity management division in
the first year of the Van capitalization equities. The company the U.S.
Berkom JMSB Small-Cap manages small-cap stock portfolios
for large North American pension In 2012, Van Berkom Golden Dragon
Case Competition, the funds, corporations, foundations, and Limited (VBGD) was incorporated in
caliber of participants has endowment funds. Hong Kong to provide an Asian small-cap
equity product to professional investors.
continued to increase. I’m The disciplined investment approach,
looking forward to another Company utilized by J. Sebastian van Berkom,
is being applied by all members of
fun event and bringing
a new level of challenge
History the investment team. While Canadian,
U.S. and Asian investment teams work
separately, the firm benefits from the
to our rising stars in the cross-fertilization of ideas that results
VBA has been in the business of
investment banking world.” managing small-cap portfolios since
from focused in-house research of these
markets.
J. Sebastian van Berkom, B.Comm., LL.D. 1991. The company is registered with
Chairman, President and Chief Executive the Québec, Ontario, Alberta, British
Officer Van Berkom and Associates Inc. Columbia and Manitoba Securities
and Van Berkom Golden Dragon Limited
Mr. J. Sebastian van Berkom founded Van he became a Founding Director of the
Berkom and Associates (VBA) in 1991. He Institute for Governance of Private and
is the company’s Chairman, President and Public Organizations in Canada, and in
CEO. He is also Chairman, President, CEO 2010, he was appointed to the Audit and
and Responsible Officer of Van Berkom Investment Committees. In 2013,
Golden Dragon Limited in Hong Kong that J. Sebastian was appointed President
was incorporated on February 22, 2012. of the Investment Committee. In 2011,
His investment career commenced in 1971 he funded the Van Berkom JMSB Small-
at the Bell Canada Pension Fund. In 1979, Cap Case Competition at Concordia.
he became a Partner of LRM Investment In 2013, J. Sebastian was appointed
Management, and in 1984 co-founded to the Investment Committee of the
Montrusco Bolton Investments Inc. Montreal Children’s Hospital Foundation.
In 2014, he founded the Van Berkom
He has won the Small-Cap Manager Small-Cap Investment Management
of the Year Award in 1997 and was a Program at the JMSB. Since 2015, the
finalist at the Annual Ernst & Young Stephen A. Jarislowsky Fellowship was
Entrepreneur of the Year Awards in 1998.
© Concordia University
established under the VBIMP at the JMSB
In 2003, he funded the Van Berkom at Concordia. In 2017, he received an
Endowed Chair in Small-Cap Equities Honorary Doctor of Laws Degree from
at the John Molson School of Business Concordia University.
(JMSB) at Concordia University. In 2005,
06 07
JU D GES
Message from
the Director DAY
1
PANEL 1
HEAD: J. Sebastian Van Berkom, Founder & Partner, Chairman and Chief Executive Officer,
Van Berkom and Associates and Van Berkom Golden Dragon Limited
Amr Addas, Adjunct Professor at the Finance Department and the Goodman Institute of
Investment Management, Director of the Van Berkom Investment Management Program at John
As an organizing team, we worked hard Molson School of Business, Director of the Van Berkom-JMSB Small-Cap Case Competition /
Philippe Côté, Vice President and Portfolio Manager, Eterna Financial Group / Amr Ezzat, Equity
to adapt this year’s competition to a
Research Analyst, Special Situations, Echelon Partners / Derrick Gut, Director & Senior Analyst,
virtual environment. Our objective is
Jarislowsky Fraser
to make the experience as seamless
and enjoyable as it can be for the PANEL 2
participating teams and the judges while
HEAD: Charles Timmons, Partner & Portfolio Manager, Van Berkom and Associates
maintaining the event’s high standards
and rigour. Reena Atanasiadis, Dean, Williams School of Business (Bishop’s University) / Peter C. Barnes,
Director & Head, Americas, Controls Assurance, Chief Controls Office, Barclays Investment Bank
/ Gabriela Clivio, University Professor and Director at Capital Trade / Thomas Horvath, Assistant
In the classroom, students learn portfolio Vice President, Global Equities, Fiera Capital
theory and market efficiency. The
Van Berkom JMSB Small-Cap Case PANEL 3
Competition enables students to take
HEAD: Owen Gibbons, Partner & Senior Portfolio Manager, Van Berkom and Associates
this inclass learning and apply it to small-
cap investing, which allows for bottom-up Stephen Hui, Partner & Portfolio Manager, Pembroke Management / Constantine Kostarakis,
President, CIO & Portfolio Manager, Summus Investment Management / Marie-Josée Privyk,
stock picking and the pursuit of abnormal
Head of ESG Innovation and Customer Success, Novisto / Lorne Steinberg, President, Lorne
returns. Steinberg Wealth Management
It’s a unique way to approach valuation and a great compliment to the classroom
theory. At the VBCC, the buy-side meets the sell-side, valuation is followed up by
DAY PANEL 1
a pitch and the investment world enters the classroom. It is through the generous
monetary and in kind donations from our sponsors that this competition is possible.
We sincerely appreciate your support and look forward to another successful and
2 HEAD: Amr Ezzat, Equity Research Analyst, Special Situations, Echelon Partners
Reena Atanasiadis, Dean, Williams School of Business (Bishop’s University) / Philippe Côté,
exciting competition. Vice President & Portfolio Manager, Eterna Financial Group / Caroline Montminy, Vice President
& Investment Counsellor, Burgundy Asset Management / Marie-Josée Privyk, Head of ESG
Innovation and Customer Success, Novisto
Adjunct Professor at the Finance Department and PANEL 2
the Goodman Institute of Investment Management,
HEAD: Charles Timmons, Partner & Portfolio Manager, Van Berkom and Associates
Director of the Van Berkom Investment Management Program at JMSB,
Director of the Van Berkom JMSB Small-Cap Case Competition Inder Arya, Vice President & Portfolio Manager, RBC Dominion Securities / Gabriela Clivio,
University Professor and Director at Capital Trade / Sain Godil, Portfolio Manager, Global Alpha
Capital Management / Stephen Hui, Partner & Portfolio Manager, Pembroke Management
PANEL 3
HEAD: J. Sebastian Van Berkom, Founder & Partner, Chairman and Chief Executive Office,
Van Berkom and Associates and Van Berkom Golden Dragon Limited
Amr Addas, Adjunct Professor at the Finance Department and the Goodman Institute of
Investment Management, Director of the Van Berkom Investment Management Program at John
Molson School of Business, Director of the Van Berkom-JMSB Small-Cap Case Competition /
Peter C. Barnes, Director & Head, Americas, Controls Assurance, Chief Controls Office, Barclays
Investment Bank / Constantine Kostarakis, President, CIO & Portfolio Manager, Summus
Investment Management / Sandy Poiré, Senior Investment Officer, CN Investment
Photo credit: Allen McInnis
08 09
JUDGE S’ SCH E D UL E
Alice Sany
MBA’19
Global Investment
F R I D AY, M A R C H 2 6 t h , 2 0 2 1 Banking Analyst
Royal Bank
of Canada
3:00 pm
Judges briefing 3:30 pm – 3:55 pm
4:00 pm Judges are assigned to their respective breakout rooms 3:55 pm
5:00 pm Presentations
4:15 pm – 6:30 pm
6:00 pm
7:00 pm Day 1 Results + Closing Remarks + Networking
7:00 pm – 8:00 pm
8:00 pm
S AT U R D AY, M A R C H 2 7 t h , 2 0 2 1
Ze Han Shen
MBA’20
3:00 pm Investment Analyst –
Judges briefing 3:30 pm – 3:55 pm Global Research
Caisse de Dépot et
4:00 pm Judges are assigned to their respective breakout rooms 3:55 pm Placement du Québec
(CDPQ)
5:00 pm Presentations
4:15 pm – 6:30 pm
6:00 pm
7:00 pm Award Ceremony + Closing Remarks
7:00 pm – 8:00 pm
8:00 pm
Ange-Marie D’Amizero
MBA’22
Private Banking Associate
TD
Photo credit: Allen McInnis
10 11
ALBERTA SCHOOL
Together, let’s make OF BUSINESS
the world of finance as diverse UNIVERSITY OF ALBERTA
as the one we live in. Established in 1916, the University of Alberta’s School of Business is Canada’s first
and longest accredited business school, recognized for its research excellence,
academic program quality, graduate career success, and economic impact
within Alberta and Canada. The School offers undergraduate, Master’s, and PhD
business degrees as well as continued business learning through its professional
development programs. Renowned for innovation, entrepreneurialism and
leadership, the School’s faculty, staff, students and alumni have strengthened
businesses and communities worldwide.
PARTICIPANTS
Angelina Dyck Murali Pai
is a part-time is an MBA candidate
MBA student at at the University of
the University Alberta, focusing on
of Alberta and Analytics, Finance, and
holds a Bachelors Managing Innovation.
of Commerce He has a background
in Finance. With in engineering and
experience in experience in product
infrastructure and agricultural data and business development in the technology
analytics, she is currently employed in sector. He aspires to be a high-impact
Emergency and Disaster Management and leader within the technology and investment
intends to continue working there in a more ecosystem in Canada.
advanced capacity.
JIMMY JEAN, CFA
Desjardins Hillary Flesher
JEAN-PIERRE KHLOT, CFA is a part-time MBA
Caisse de dépôt et placement du Québec student at the
University of Alberta
specializing in
CANDICE BANGSUND, CFA Finance. Currently
Fiera Capital employed as
a professional
engineer, she applies
her skill set to major infrastructure projects
across North America. During her final year,
she is enjoying assisting a CDL - Rockies
Discover the CFA Charter
®
Venture and exploring venture capital
finance.
cfamontreal.org/CFAdesignation
12 13
DESAUTELS FACULTY HEC
OF MANAGEMENT MONTRÉAL
McGILL UNIVERSITY
Founded in 1906, the Desautels Faculty of Management at McGill University is Founded in 1907, HEC Montréal is the first university-level business school in
ranked as one of the world’s top international business schools. The Faculty’s Canada and it has been recognized for the excellence of its programs locally and
innovative programs and historic reputation for excellence continue to attract the internationally. The Montréal based institution is open to the world and solidly
finest students and the most prominent professors from around the globe to its rooted in Quebec society. It trains management leaders who make a responsible
downtown campus located in the vibrant metropolis of Montreal. contribution to the success of organizations and to sustainable social development.
The HEC Montréal team is made up of MBA students from the full-time and part-
time francophone and anglophone cohorts with a diversity of academic and
PARTICIPANTS professional experience.
Conor Jung Born and raised in
gained his passion Montreal, Gabriel
PARTICIPANTS
for finance after Salonichios comes
joining investment from Israeli/Moroccan Munish Garg momentum and swing trading of stocks,
clubs at McGill. descent. Gabriel was is currently pursuing ETFs and options which he is practicing
He has investing always interested in MBA from HEC regularly since 2018.
experience with the economics, politics Montréal and
Private Capital team and current events. is a CFA Level I Gregory Lynch
at Ontario Teachers’ He began managing Candidate. He is has spent the last
Pension Plan and the Private Equity team at his own portfolio at 16 years old, igniting his a Chemical Engineer, 10 years working
Caisse de dépôt et placement du Québec. passion for finance and the stock market. In having 7+ years in the field of
In his spare time, he enjoys playing rugby, his spare time, Gabriel enjoys watching the of professional sustainability focused
traveling and browsing wallstreetbets. Habs win, memorizing Chamath Palihapitiya experience in energy sector working for on community based
one-pagers and playing outdoor hockey with Honeywell in Europe, North America, renewable energy
friends. Middle East and South East Asia. He loves and sustainable
David Drouin team activities and playing sports. agriculture. He is
grew up in the currently an MBA student at HEC Montréal
Laurentians. He first Born and raised with an interest in the role the financial
became interested a Montrealer, Serge Mohamed Amine industry should play in the fight against
in business after Krikorian comes Khalf climate change.
reading Alain from an Armenian/ holds a bachelor and
Bouchard’s Lebanese descent. master’s degree in
biography in high Prior to joining Electrical Engineering After earning his
school and he started Desautels, Serge and is a certified master’s degree
investing at 18. He pursued his studies in completed his CEGEP Project Management in Aerospace
finance at McGill to develop his English. studies in Science Professional (PMP). Engineering from
Outside of school, David enjoys football, where he was drawn towards the business He has 8+ years Polytechnique
cars, and snowmobiling. world after developing extracurricular of engineering project management Montréal, Eric Sing
interests for politics and the stock market. experience holding positions in the started working
Outside of McGill, Serge spends his time metallurgy and transport industries. He for CAE pursuing
supporting Arsenal, exploring hiking trails is currently working for Alstom as a Test his passion in this
and reading memes on twitter. Integration Manager in the rolling stock challenging industry. Currently working
vehicle validation group while pursuing as a Project Technical Leader, he tailors
a part time MBA at HEC Montréal. He has customized upgrade solutions for CAE’s
a personal interest in quantitative trading, clients around the globe in an engineer-to-
mainly focusing on short and mid-term order business segment.
14 15
JOHN MOLSON SCHOOL McCOMBS SCHOOL
OF BUSINESS OF BUSINESS
CONCORDIA UNIVERSITY THE UNIVERSITY OF TEXAS AT AUSTIN
Concordia University’s John Molson School of Business is one of the leading The Texas Real Estate Center is a programming office in the McCombs School
business schools in the country and one of the largest in the world, with a total of Business at The University of Texas at Austin. Undergraduate and graduate
student population of over 9,000. Located in the heart of downtown Montreal, students are offered interdisciplinary and practical education in real estate
the AACSB-accredited school offers programs at the undergraduate, graduate through the available services. The Center brings together exceptional faculty
and doctoral levels. The school’s internationally renowned faculty members are and top industry professionals to facilitate cutting-edge research and curricula for
constantly pushing the boundaries of business research and many of them have undergraduate and graduate students. This comprehensive program combines
been recognized for their exceptional teaching and scholarship. The school’s vision the disciplines of finance, real estate, law, design and planning, and is designed to
is to be one of the world’s most relevant, responsible and respected business place graduates with the nation’s leading real estate firms.
schools. With a mission to provide an engaging learning and research environment
that empowers its community to achieve its greatest potential for the betterment
of business and society, the John Molson School of Business works tirelessly to PARTICIPANTS
provide a constantly evolving curriculum that reflects current business trends and
climates. Mauricio Robina Originally from
is an MBA candidate Wyoming, Chris
pursuing a career Sundberg is currently
PARTICIPANTS in Real Estate an MBA candidate
Finance. Originally at Texas McCombs
Thuy Trang Cao: Alexandra Jaruc: from Mexico City, pursuing a degree in
I am a second-year I am a fourth-year Mauricio graduated Private Equity Finance.
Accounting student year student at John from Universidad Prior to his MBA,
from John Molson Molson School of Iberoamericana he worked as a Tax
School of Business Business majoring in with a Bachelor’s degree in Industrial Consultant to family offices and managed
and I am aspiring Finance with a minor Engineering. Prior to McCombs, he was an a commercial insurance surety department.
to become a CPA. in Real Estate. With Investment Associate at CCLA, a real estate He currently manages a family investment
Besides Accounting, years of banking private equity firm, and was an Investment portfolio of start-up and real estate
I have a special love experience under Banker at Credit Suisse. investments.
for Finance, particularly financial analysis. my belt, I am a natural problem-solver and
I am happy to have the chance to collaborate an expert in multitasking. I am passionate
with my teammates to compete on behalf of about promoting financial literacy education Zachary Routh
JMSB. amongst students. is a second-year
Finance student at
the University of
Marie Hudon: Texas. He is currently
I am a third-year involved in several
finance student. Austin based start-
I have a passion ups and an active
for numbers and member of student
am looking forward organizations. In his free time, he enjoys
to applying my photography and spending time outdoors.
knowledge to the
industry. I am a hard
worker and always like to be involved in
many projects. I am excited to have the
opportunity to participate in this competition.
16 17
SMITH SCHOOL TELFER SCHOOL
OF BUSINESS OF MANAGEMENT
QUEEN’S UNIVERSITY UNIVERSITY OF OTTAWA
The Master of Finance program at Queen’s University enables working The Telfer School of Management is a leading business school located at the
professionals to advance their careers in banking and finance through an intensive University of Ottawa, in the heart of Canada’s capital. The school is named in
10-month period. Its curriculum focuses on practical applications to essential honour of university alumnus Ian Telfer, who made a significant contribution to the
concepts within capital markets and valuations. Beyond traditional topics, this University of Ottawa. Students are fully immersed in a learning experience that
program allows students to expand their knowledge on emerging domains such as goes beyond the classroom and takes them out into the practical world, where they
fintech and sustainable finance. While the degree can be earned without leaving benefit from working with partners to make a real impact in society. This exposure
one’s job, it is considered a full-time program. prepares students to become a new generation of leaders driven to building a
greener, healthier, happier, and wealthier tomorrow.
PARTICIPANTS
PARTICIPANTS
Charlie Digalakis Songmian (Simon) Li
is a Research is a Master of Finance Firas Anani Oyeniyi (Boye) Olaoye
Associate for student at Queen’s is a driven is a Project Manager
Evolve ETFs where University and he is professional with with over 5 years of
he conducts also pursuing an MBA 10 years of experience in the
macroeconomic degree. He is currently experience in the energy industry. He
research and working as a Portfolio banking is currently in his
security selection/ Analyst at Queen’s and consulting first of two-year MBA
analysis as part of University Alternative industries. His program at Telfer.
the portfolio management team. Prior to Asset Funds and has five-year working experience Outside of work, Boye
joining Evolve, Charlie was an Associate at experience in the banking industry. Simon’s includes working in the Risk Management, is an avid sports fan, serves in his church
Vanguard Investments. He is a CFA Level hobbies include playing soccer and traveling Compliance and Corporate Governance community and enjoys spending time with
III Candidate and is finishing his MFin at around the world. functions. Outside of work, he enjoys his spouse and 3-month-old.
Queen’s University. spending time with his kids, reading and
cooking, along with the occasional tennis
Xin (Ryan) Wang match. Andrew Raftus
Yanyu (Stefan) Jiang is currently a Master is a JD/MBA candidate
graduated from of Finance student with foundational
University of Toronto at Smith School of Soha El Saka experience in banking,
with a bachelor’s Business at Queen’s is a CIPD Associate government policy,
degree in Finance. University. He is specialized in corporate/commercial
Stefan started his a person pursuing to learning and and real estate law. He
self-employment bring value-added development. She is interested in finance
career in retail work, automate the is currently working and capital markets
focusing on workflow, and communicate effectively. On as a Knowledge and has worked briefly for public, private,
consumer products. From there, he moved his off time, he likes to analyze industries Services Consultant and institutional organizations. Outside of
onto RBC and TD, both on the retail side. and companies as well as trade stocks. and pursuing an work, Andrew enjoys playing guitar, piano,
With a curiosity to learn more in the capital EMBA to expand her business acumen golf, and hockey.
market, he is currently taking the MFin and professional network. In doing so,
program and working as a Portfolio Analyst she intends to bridge the gap between
at Queen’s University Alternative Assets vocational and academic learning.
Funds and pursuing his CFA Level II exam.
18 19UNIVERSITÉ WILLIAMS SCHOOL
LAVAL OF BUSINESS
BISHOP’S UNIVERSITY
Located in one of North America’s most vibrant and historic French-speaking Nestled in the beautiful Eastern Townships on 550 acres of greenery and through
cities, FSA ULaval is leading the way towards a new concept for business its over 175-year history, Bishop’s University has prided itself on its community
administration, as Québec’s unique position combines international flair with atmosphere. The Williams School of Business brings real-world experiences into
proximity to major centres of innovation. FSA ULaval’s large and experienced the classroom, and where professors know students by name. Studying in the WSB
faculty will also give you the skills to drive the expansion of ethical and provides students with a practical, experiential, interactive business education.
sustainable businesses around the globe with courses taught in both French and Students learn to solve real-life dilemmas, devise innovative solutions for local
English. From the diversity, history, and dynamism of Québec city to new frontiers companies and start building their own business network. We believe that teaching
abroad, the world of business is yours to discover. must be enriched by hands-on experience to develop important future-ready
competencies.
PARTICIPANTS
PARTICIPANTS
Philippe Brisson Youssef Cheniour
is currently is always looking for Vivianne Courte- Patrick Thompson
completing his his next challenge. Rathwell is an is a third-year business
Finance and Whether he’s Honors Economics student from Underhill,
Business Valuation pitching a brand student who is also Vermont, pursuing
undergraduate idea to a crowd pursuing minors a concentration in
degree. He of 300 people, or in Business and Finance with a minor
is a person building a DCF Psychology. She in Economics. He has
with order and from scratch, he holds the Head an active role in his
method, structured and determined enjoys high-pressure environments, where Strategist position for school’s investment
to face challenges. Furthermore, he is performance is expected and required. Bishop’s student investment portfolio and portfolio as a Research Assistant for the
patient, attentive and understanding of He’s about to graduate in Business actively participates in case competitions. financial sector. In his free time, he enjoys
everyone he meets. Passionate about Administration, with a major in Finance. Her primary work experience is in event snowboarding and playing guitar.
finance, Philippe loves the high-pressure management and she plans to start
environment and hopes to pursue a graduate degree in Behavioral Economics
a career in private equity. Nicolas Gauthier this fall. Max Toguri-Laurin
is a third-year is a third-year student
student majoring from Montreal double
Pier-Olivier in Finance. He has From Ottawa, Justin majoring in Finance
Bouchard proudly represented Brant is a fourth-year and Accounting.
is currently Laval University in Finance student also Currently serving
a third-year student various international pursuing a minor in as President of the
in Accounting at and local case Business Technology Finance Society,
Laval University. competitions. & Analytics. He Portfolio Manager in
He currently Furthermore, he has experience as is highly involved the student investment fund. Max has also
works for RGP a financial analyst in the North American’s on campus and proudly represented BU at several case
investments in the equity market. His desire to succeed and manages the school competitions. Upon graduation, he hopes to
accounting department. He participated perform always pushes him to try and be newspaper. Justin is currently working as pursue a career in equity research.
in various business case competitions the best version of himself. a Policy Analyst at The Assembly of First
in finance and strategy such as McGill Nations and seeking a career in strategic
International Portfolio Challenge and Jeux finance.
du commerce.
20 21WORD FROM THE ORGANIZERS THANK YOU TO OUR SPONSORS
Photo credit (Amr Addas): Allen McInnis
From left to right: Amr Addas, Guy Barbeau, Anza Khan, Shreya Rugle, Catherine Zemelka
It is a great honour to be a part of the We extend hearty thanks to Mr. Amr
10th annual Van Berkom JMSB Small- Addas, VBCC’s Director and our
Cap Case Competition! Now, more than preeminent advisor, for his leadership,
ever, this synergistic, instructive event encouragement and assistance
underscores the value and importance whenever we have needed him. We
of informing and inspiring the next also thank JMSB Dean, Mrs. Anne-Marie
generation. Our only regret? This year’s Croteau, for her unfailing support of our
virtual competition doesn’t allow our team and the competition.
team to provide the complete in-person
experience. And finally, special thanks go to Mr. Guy
Barbeau, JMSB Director of Student Life
We acknowledge with thanks the and Special Projects, who has made our
competition’s founder, Mr. J. Sebastian experience so much easier!
van Berkom, Founder & Partner,
Chairman and CEO of Van Berkom and We hope that this 2021 edition of VBCC
Associates, a highly respected small-cap will bring indelible learning experiences
investment firm. As a dedicated alumnus and lasting memories to all participants.
of the John Molson School of Business,
Mr. Van Berkom provides perennial Sincerely,
support to the school for opportunities
such as this event that contribute to the The 2021 VBCC Organizing Team
creation of a comprehensive academic
experience.
© Concordia University
22 2310th EDITION VIRTUAL
Ten years already
for Canada’s first
small-cap case
competition
intended for Finance
Photo credit: Allen McInnis
and Business students
24 2510th EDITION VIRTUAL
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