11th EDITION - Van Berkom John Molson Small-Cap Case ...

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11th EDITION - Van Berkom John Molson Small-Cap Case ...
TABLE OF CONTENTS                                                             WELCOME

Message from the Dean                                   03

Division Breakdown
Participants’ Schedule
                                                        04

                                                        05
                                                             Message
About the Founder                                       06
                                                             from the Dean
Message from the Director                               08

Judges                                                  09
                                                                                                    On behalf of the John Molson
Judges’ Schedule                                        10                                          School of Business, welcome to
Participating Schools                                                                               Montreal and welcome to
                                                                                                    Concordia. I am very proud that
ALBERTA SCHOOL OF BUSINESS (University of Alberta)      13
                                                                                                    for the eleventh year we will be
BABSON COLLEGE                                          14                                          hosting the Van Berkom John
DESAUTELS FACULTY OF MANAGEMENT (McGill University)     15                                          Molson School of Business Small-
DESAUTELS FACULTY OF MANAGEMENT (McGill University)                                                 Cap Case Competition, the only
                                                        16
                                                                                                    case competition in Canada
HEC MONTRÉAL                                            17   focused exclusively on small-cap business cases. At the John Molson
JOHN MOLSON SCHOOL OF BUSINESS (Concordia University)   18   School of Business, we firmly believe that as we prepare students for
                                                             the job market, it is imperative that we expose them to as many
SMITH SCHOOL OF BUSINESS (Queen’s University)           19
                                                             dimensions of business as possible, in addition to what they learn in
UNIVERSITÉ LAVAL                                        20   class. This event is a shining example of that kind of hands-on learning.
WILLIAMS SCHOOL OF BUSINESS (Bishop’s University)       21
                                                             I would like to extend a special thank you to Mr. J. Sebastian van
Word from the Organizers                                22
                                                             Berkom, LLD 17, a great alumnus and friend of the John Molson School
Thank you to our Sponsors                               23   of Business, for his foresight and generosity when he established this
                                                             unique competition. I wish all the participants the best of luck.

                                                             Anne-Marie Croteau, PhD, CDir
                                                             Dean
                                                             John Molson School of Business

                                                                                                                                     03
11th EDITION - Van Berkom John Molson Small-Cap Case ...
DIVISION BREAKDOWN                                                PARTICIPANTS’ SCHEDULE
                                  Prep Rooms
                                                                                        FRIDAY, MARCH 25TH, 2022
                   TEAM A1        6.431     HEC MONTRÉAL

DIVISION                                                                     8:30 - 9:00                Registration
                                            JOHN MOLSON SCHOOL OF BUSINESS

     A             TEAM A2 6.437            CONCORDIA UNIVERSITY
                                                                             9:00 - 9:45       Opening Remarks & Breakfast

                   TEAM A3        5.110     DESAUTELS FACULTY OF MANAGMENT   10:00 - 12:00              Case Prep 1
                                            MCGILL UNIVERSITY (2)

                                                                             12:00 - 13:00               Live Case
                     TEAM B1 6.433          SMITH SCHOOL OF BUSINESS
                                            QUEEN'S UNIVERSITY
                                                                             13:00 - 16:00              Case Prep 2
DIVISION
                    TEAM B2 5.106                                            16:15 - 17:00
     B
                                                                                              Presentation Group 1 (A1, B1, C1)
                                            UNIVERSITÉ LAVAL

                                                                             17:00 - 17:45    Presentation Group 2 (A2, B2, C2)
                    TEAM B3 5.232           ALBERTA SCHOOL OF BUSINESS
                                            UNIVERSITY OF ALBERTA
                                                                             17:45 - 18:30    Presentation Group 3 (A3, B3, C3)
                                            WILLAMS SCHOOL OF BUSINESS
                     TEAM C1       6.435    BISHOP'S UNIVERSITY              19:00 - 20:30       Evening Remarks & Dinner

DIVISION
                                                                                        SATURDAY, MARCH 26TH, 2022
                     TEAM C2 5.107          DESAUTELS FACULTY OF MANAGMENT

     C                                      MCGILL UNIVERSITY (1)

                                                                             9:00 - 9:45       Opening Remarks & Breakfast
                     TEAM C3 5.234          BABSON COLLEGE

                         PRESENTATION ROOMS                                  10:00 - 12:00              Case Prep 1

                             Division A: 9A
                                                                             12:00 - 13:00               Live Case
                             Division B: 9B
                            Division C: 9C+D                                 13:00 - 16:00              Case Prep 2

              EVALUATION CRITERIA                                            16:15 - 17:00    Presentation Group 1 (A3, B3, C3)
     Each day, teams will be evaluated based on the following factors:
        Definition of Key Issues (5 points)                                  17:00 - 17:45    Presentation Group 2 (A2, B2, C2)
        Qualitative Analysis (5 points)
        Quantitative Analysis (5 points)                                     17:45 - 18:30    Presentation Group 3 (A1, B1, C1)
        Recommended Course of Action (5 points)
        Handling of Question Period (5 points)                               19:00 - 21:30             Cocktail & Gala
        Presentation Effectiveness (5 points)

     Maximum score per day = 30 points
     Each team’s total score will be the sum of the daily averages.
04                                                                                                                                05
11th EDITION - Van Berkom John Molson Small-Cap Case ...
“I am very much looking
About                                       forward to the eleventh                      Van Berkom and                          Counselor and Portfolio Manager and
                                                                                                                                 with the Securities and Exchange
                                                                                         Associates Inc.
the Founder                                 year of Canada’s first
                                            small-cap case
                                                                                                                                 Commission (United States) as an
                                                                                                                                 Investment Advisor. VBA is an
                                                                                         VBA concentrates 100% of its            accredited International Financial
                                            competition for business                     activities on Canadian, U.S. and        Centre (IFC). In June 1, 1999, the
                                            students. Since the first                    Asian small- capitalization equities.   company established its small-cap
                                                                                         The company manages small-cap           equity management division in the
                                            year of the Van Berkom                       stock portfolios for large North        U.S.
                                            JMSB Small-Cap Case                           American pension funds,
                                            Competition, the caliber of                  corporations, foundations, and          In 2012, Van Berkom Golden Dragon
                                                                                         endowment funds.                        Limited (VBGD) was incorporated in
                                            participants has continued                                                           Hong Kong to provide an Asian small-
                                            to increase. I’m looking                                                             cap equity product to professional
                                            forward to another fun                       Company                                 investors. The disciplined investment
                                                                                                                                 approach, utilized by J. Sebastian van
                                            event and bringing                           History                                 Berkom, is being applied by all
                                            a new level of challenge                                                             members of the investment team.
                                                                                                                                 While Canadian, U.S. and Asian
                                            to our rising stars in the                   VBA has been in the business of         investment teams work separately, the
                                            investment banking                           managing small-cap portfolios           firm benefits from the cross-
                                                                                         since 1991. The company is              fertilization of ideas that results
                                            world.”                                      registered with the Québec,             from focused in-house research of
                                            J. Sebastian van Berkom, B.Comm.,            Ontario, Alberta, British Columbia      these markets.
                                            LL.D. Chairman, President and Chief          and Manitoba Securities
                                            Executive Officer Van Berkom and             Commissions as an Investment
                                            Associates Inc. and Van Berkom
                                            Golden Dragon Limited
 Mr. J. Sebastian van Berkom founded        In 2005, he became a Founding Director
 Van Berkom and Associates (VBA) in 1991.   of the Institute for Governance of Private
 He is the company’s Chairman, President    and Public Organizations in Canada, and
 and CEO. He is also Chairman, President,   in 2010, he was appointed to the Audit
 CEO and Responsible Officer of Van         and Investment Committees. In 2013,
 Berkom Golden Dragon Limited in Hong       J. Sebastian was appointed President
 Kong that was incorporated on February     of the Investment Committee. In 2011,
 22, 2012. His investment career            he funded the Van Berkom JMSB Small-
 commenced in 1971 at the Bell Canada       Cap Case Competition at Concordia.
 Pension Fund. In 1979, 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. established under the VBIMP at the JMSB

                                                                                                                                                                          © Concordia University
 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.

06                                                                                                                                                                   07
11th EDITION - Van Berkom John Molson Small-Cap Case ...
JUDGES
 Message from
 the Director                                                                                      DAY
                                                                                                         PANEL 1
                                                                                                   1     HEAD: J. Sebastian Van Berkom, Founder & Partner, Chairman, and Chief Executive Officer,
                                                                                                         Van Berkom and Associates and Van Berkom Golden Dragon Limited
                                                                                                         Caroline Montminy, Vice President & Investment Counsellor, Burgundy Asset Management
                                                                                                         Constantine Kostarakis, President, CIO & Portfolio Manager, Summus Investment
                                   As an organizing team, we worked hard to
                                   adapt this year after being used to a virtual                         Management Inc.
                                   environment. We hope that participating                               Derrick Gut, Director & Senior Research Analyst, Jarislowsky Fraser Limited
                                   teams and judges are as excited as we are
                                   to finally return to having this competition                          PANEL 2
                                   in person.
                                                                                                         HEAD: François Watier, Partner & Portfolio Manager, Van Berkom and Associates
                                   In the classroom, students learn portfolio                            Amr Ezzat, Managing Director, Equity Research, Echelon Capital Markets
                                   theory and market efficiency. The Van                                 Philippe Côté, Vice President, Portfolio Manager, and Director of Research, Eterna
                                   Berkom John Molson School of Business                                 Financial Group
                                   Small-Cap Case Competition enables                                    Lorne Steinberg, President, Lorne Steinberg Wealth Management
                                   students to take this in-class learning and
                                   apply it to smallcap investing, which allows
                                   for bottom-up stock picking and the                                   PANEL 3
                                   pursuit of abnormal returns.                                          HEAD: Owen Gibbons, Partner & Senior Portfolio Manager, Van Berkom and
                                                                                                         Associates
 It’s a unique way to approach valuation and a great compliment to the                                   Patrick Lauziere, Senior Analyst, Canadian Equities, Small Cap, Fiera Capital
 classroom theory. At the VBCC, the buy-side meets the sell-side, valuation is                           Peter Barnes, Principal and Risk Management Consultant, Anthemion Capital
 followed up by a pitch and the investment world enters the classroom. It is                             Management LLC
 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 exciting competition.                                           DAY   PANEL 1

 Adjunct Professor at the Finance Department and                                                   2     HEAD: Amr Ezzat, Managing Director, Equity Research, Echelon Capital Markets
                                                                                                         Thomas Horvath, Lead Analyst, Global Equities, StonePine Asset Management
 the Goodman Institute of Investment Management,                                                         Peter Barnes, Principal and Risk Management Consultant, Anthemion Capital
 Director of the Van Berkom Investment Management Program at JMSB,
                                                                                                         Management LLC
 Director of the Van Berkom JMSB Small-Cap Case Competition

                                                                                                         PANEL 2
                                                                                                         HEAD: J. Sebastian Van Berkom, Founder & Partner, Chairman, and Chief Executive
                                                                                                         Officer, Van Berkom and Associates and Van Berkom Golden Dragon Limited
                                                                                                         Sandy Poire, Senior Investment Officer, CN Investment Division
                                                                                                         Patrick Lauziere, Senior Analyst, Canadian Equities, Small Cap, Fiera Capital

                                                                                                         PANEL 3
                                                                                                         HEAD: François Watier, Partner & Portfolio Manager, Van Berkom and Associates
                                                                                                         Balal Rasool, Analyst, Van Berkom & Associates
                                                                                                         Vitalie Crestianov, Equity Analyst, Global Alpha Capital Management Ltd.

                                                                     Photo credit: Allen McInnis

08                                                                                                                                                                                            09
11th EDITION - Van Berkom John Molson Small-Cap Case ...
JUDGES’ SCHEDULE
                                                                                        Alice Sany
                 FRIDAY, MARCH 25TH, 2022                                               MBA’19
                                                                                        Global Investment
                                                                                        Banking Analyst
                                                                                        Royal Bank

     15:30 - 15:55            Judges Briefing                                           of Canada

     16:15 - 17:00    Presentation Group 1 (A1, B1, C1)

     17:00 - 17:45    Presentation Group 2 (A2, B2, C2)

     17:45 - 18:30    Presentation Group 3 (A3, B3, C3)

     19:00 - 20:30       Evening Remarks & Dinner

               SATURDAY, MARCH 26TH, 2022

     15:30 - 15:55            Judges Briefing                                           Ze Han Shen
                                                                                        MBA’20
                                                                                        Investment Analyst –
                                                                                        Global Research
     16:15 - 17:00    Presentation Group 1 (A3, B3, C3)                                 Caisse de Dépot et
                                                                                        Placement du Québec
                                                                                        (CDPQ)

     17:00 - 17:45    Presentation Group 2 (A2, B2, C2)

     17:45 - 18:30    Presentation Group 3 (A1, B1, C1)

     19:00 - 21:30             Cocktail & Gala

                                                                                        Ange-Marie D’Amizero
                                                                                        MBA’22
                                                                                        Private Banking Associate
                                                                                        TD

                                                          Photo credit: Allen McInnis

10                                                                                                                  11
11th EDITION - Van Berkom John Molson Small-Cap Case ...
ALBERTA SCHOOL
Together, let’s make                                                           OF BUSINESS
the world of finance as diverse                                                UNIVERSITY OF ALBERTA

as the one we live in.
                                                                                The Alberta School of Business is one of the world’s leading institutions of business
                                                                                education and research. It consistently ranks as a top 10 University Business
                                                                                Program in Canada, and as a top 150 University globally. As Canada’s first and
                                                                                longest continually accredited business school, the Alberta School of Business
                                                                                embodies the spirit of risk taking and hard work that defines the province. The
                                                                                innovation, entrepreneurialism and leadership of the School’s alumni have
                                                                                strengthened businesses and communities across the globe for over a century.

                                                                              PARTICIPANTS

                                                                                                    Giovanni is a full-time                        Jianyu Feng is a
                                                                                                    MBA Student                                    full-time MBA
                                                                                                    specializing in                                student at the
                                                                                                    Finance. He was most                           University of
                                                                                                    recently an Equity                             Alberta and holds
                                                                                                    Investment Analyst                             a Bachelor of
                                                                                                    for a Toronto-based                            Commerce degree
                                                                                                    asset management                               in Finance. He is
                                                                                                    firm where he would                            currently a CFA
                                                                                                    research, analyze,                             level II Candidate
                                                                              value, and pitch investment                   and interested in financial valuation and
                                                                              recommendations for small and mid             global investment. He is assisting a CDL –
                                                                              capitalization North American equities.       Rockies Venture to achieve needed
                                                                                                                            objectives.

                                                            JIMMY JEAN, CFA
                                                              Desjardins                             Raghav (Roger)                                  Darcy Stevens is a
        JEAN-PIERRE KHLOT, CFA                                                                       Agarwal, EIT is a full-                         Part-time MBA
Caisse de dépôt et placement du Québec                                                               time MBA Finance                                student and a
                                                                                                     candidate from the                              Materials Engineering
                                                                                                     University of Alberta                           Grad from the
                                    CANDICE BANGSUND, CFA                                            and recently passed                             University of Alberta.
                                        Fiera Capital                                                CFA level I. He has 3                           Employed at Capital
                                                                                                     years of experience                             Power as a Senior
                                                                                                     as a field engineer                             Corporate Strategy
                                                                                                     for oil and gas                                 Analyst, Darcy is a
                                                                              companies and is currently working for           subject matter expert in all things
                                                                              Imperial Oil as a Crude Trading Analyst          electricity, from power technology to policy
                                                  Discover the CFA® Charter   Intern. He aspired to apply his finance and      and renewable finance, specializing in
                                                                              industry experience to analyze                   Renewable energy optimization.
                                          cfamontreal.org/CFAdesignation      investments for his future employer.

12                                                                                                                                                                      13
11th EDITION - Van Berkom John Molson Small-Cap Case ...
BABSON                                                                                     DESAUTELS FACULTY
 COLLEGE                                                                                    OF MANAGEMENT
                                                                                            McGILL UNIVERSITY

     Babson College is a private business school in Wellesley, Massachusetts.
     Established in 1919, its central focus is on entrepreneurship education and the          Founded in 1906, the Desautels Faculty of Management at McGill University is
     undergraduate college has been ranked #1 for entrepreneurship in the United              ranked as one of the world’s top international business schools. The Faculty’s
     States for the past 25 years. At Babson, we believe that entrepreneurship can            innovative programs and historic reputation for excellence continue to attract
     be a powerful force within organizations of all types and sizes, in established          the finest students and the most prominent professors from around the globe to
     businesses as well as new ventures. In any industry, in any position, it takes           its downtown campus located in the vibrant metropolis of Montreal.
     Entrepreneurial Thought & Action® to solve problems and make an impact.

 PARTICIPANTS                                                                              PARTICIPANTS

                      Ryan is a Junior at                            Nathan is Junior at                         Born in                                    In a modern fairy
                      Babson College in                              Babson College in                           Sherbrooke,                                tale, Leo’s interest
                      the Honors                                     the Honors                                  Quebec, Marc-                              in finance began
                      Program pursuing                               Program pursuing                            Antoine was always                         when his godfather
                      a concentration in                             a concentration in                          passionate about                           gifted him 1 share
                      Finance and                                    Finance and                                 hockey and                                 of Disney for his
                      Economics. Ryan is                             Economics. He is                            business news. He                          8th birthday. His
                      currently an                                   currently an                                joined McGill                              growing curiosity
                      analyst in the                                 analyst in the                              where he got                               for markets led him
                      Babson College                                 Babson College                              involved in various                        to study investme-
Fund covering the Energy & Materials            Fund covering the Industrials Sector.      finance clubs and quickly developed a      -nt management at McGill University and
sector. Outside of school, Ryan enjoys         Outside of school, Nathan enjoys reading,   passion for finance due to its sport-like  intern in investment banking, a career he
playing the french horn, piano, and            running, and playing hockey.                team environment, competitiveness, and now plans to pursue upon graduation.
hockey.                                                                                    impact on the business world. Outside of
                                                                                           his studies, Marc-Antoine enjoys skiing,
                                                                                           playing the saxophone, and criticizing the
                                                                                           latest Montreal Canadiens performances.

                     Tyson Corner is a                                                                            Anthony was born                              After watching the
                     graduating senior                                                                            in the Caribbean                              movie “The Big
                     at Babson College                                                                            and raised in                                 Short”, Idir started
                     where he is                                                                                  Montreal. Growing                             being passionate
                     concentrating in                                                                             up a citizen of the                           about finance and
                     Computational and                                                                            world, he traveled                            investing which led
                     Mathematical                                                                                 extensively which                             him to join McGill
                     Finance, Data                                                                                allowed him to                                University where
                     Analytics, and                                                                               discover many                                 he is involved in
                     Finance. He has                                                                              interests ranging                             multiple case com-
focused on creating impact, creating a                                                     from oceanography to finance. Anthony        -petitions and clubs. After his internships in
program known as SPEAR IB on campus to                                                     has experience in investment banking and     fixed income risk and asset management,
improve Babson students’ chances at                                                        intends to join the industry after           Idir will be working in investment banking
receiving investment banking internships.                                                  graduation.-                                 while being an aspiring music producer
                                                                                                                                        and photographer.

14                                                                                                                                                                              15
11th EDITION - Van Berkom John Molson Small-Cap Case ...
DESAUTELS FACULTY                                                                           HEC
 OF MANAGEMENT                                                                               MONTRÉAL
 McGILL UNIVERSITY

     Founded in 1906, the Desautels Faculty of Management at McGill University is            Founded in 1907, HEC Montreal 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          internationally. The Montreal based institution is open to the world and solidly
     the finest students and the most prominent professors from around the globe to          rooted in Quebec society. It trains management leaders who make responsible
     its downtown campus located in the vibrant metropolis of Montreal.                      contributions to the success of organizations and to sustainable development.

PARTICIPANTS                                                                                 PARTICIPANTS

                     Born and raised in                             Julia was born and                               Élizabeth Laroche                             Maxime Amyot: is a
                     Montreal, Julien's                             raised in Waterloo,                              is a full-time                                third-year student
                     taste for finance                              Ontario. A strong                                student at HEC                                in finance at HEC
                     started at an early                            believer in the                                  Montréal                                      Montreal and is a
                     age, thanks to the                             benefits of                                      specializing in                               CFA level 1
                     dedication and                                 experiential                                     Finance. She is                               candidate. He is a
                     mentorship of his                              learning, she was                                currently part of                             member of HEC’s
                     father. He is a very                           drawn to the                                     the school’s                                  trading club and
                     curious young                                  hands-on learning                                student                                       economics
                     man, who likes to                              opportunity offered                              investment fund                               association
read and learn about history and               by case competitions. In her free time, she   (FPHEC) as well as the student economics       (HEConomie). Maxime enjoys high
geography as well as politics and travel the   enjoys re-watching her favourite shows,       association (HECOnomie). Previously,           pressure environments and hopes to
world to discover new cultures.                and discovering unique restaurants in the     Elizabeth has completed an AEC in              pursue a career in investment banking. In
                                               city.                                         residential real estate and has hopes of       his free time, he enjoys soccer and sailing.
                                                                                             following a career path in private equity
                                                                                             and/or wealth management.

                       Philippe                                     Nicholas was born                               Patrick Ismael                                  Mark-Andrew
                       discovered his                               and raised in                                   Bamba is a third-                               Zarow-Robin is a
                       passion for finance                          Montreal, and                                   year student in                                 student at HEC
                       after interning in a                         became interested                               quantitative                                    Montreal
                       fintech during high                          in finance when he                              finance at HEC                                  specializing in
                       school. He has                               opened his TFSA                                 Montreal and Vice                               finance and
                       investing                                    account at the age                              President of                                    member of the
                       experience in                                of 18. He is active in                          External Affairs of                             HEC Student
                       venture capital at                           the various case                                HEC’s economics                                 Investment Fund
                       Front Row Ventur-                            competitions and                                association. Born                               (FPHEC). Prior to
-es and will be interning in Investment        investment clubs on campus and enjoys         and raised in Côte d’Ivoire, he chose to        joining HEC, he completed a year of
Banking this summer. In his spare time,        spending time with friends outside of         pursue studies in finance because of his       studies in actuarial sciences. He transferred
Philippe enjoys playing soccer with friends    school exploring new cocktail clubs.          passion for the financial services industry.   programs to pursue professional goals in
or reading French literature.                                                                Patrick plans to complete a Master of          investment banking. Mark Andrew is
                                                                                             Science in finance and become a quant.         competitive with much experience in
                                                                                                                                            sports as an athlete/coach in sailing.

16                                                                                                                                                                                17
11th EDITION - Van Berkom John Molson Small-Cap Case ...
JOHN MOLSON SCHOOL                                                                          SMITH SCHOOL
 OF BUSINESS                                                                                 OF BUSINESS
 CONCORDIA UNIVERSITY                                                                        QUEEN’S UNIVERSITY

                                                                                              Smith School of Business at Queen’s University is renowned for its excellence,
                                                                                              innovation, and leadership in business education. From establishing the first
     The John Molson School of Business, commonly known as John Molson, is a                  undergraduate business degree over a century ago to creating ground-breaking
     business school located in Montreal, Quebec, Canada. The John Molson School of           programs and courses in emerging areas including artificial intelligence, fintech,
     Business was established in 1974 by Concordia University. The John Molson School         analytics, cultural diversity, entrepreneurship, team dynamics, social impact, and
     of Business has a very large community of student-run clubs and events.                  more, Smith is at the forefront of preparing students for the business marketplace.
                                                                                              In addition to its rich tradition of academic and teaching excellence, Smith is
                                                                                              known for delivering an outstanding learning and development experience.

 PARTICIPANTS                                                                                PARTICIPANTS

                       Bernard is an MBA                          Manat is an MBA                                  Matt Quist is a                              Cyprian Yande is
                       candidate at                               student, with a                                  Master of Finance                            a member of
                       Concordia                                  bachelor’s degree                                student at Queen's                           Chartered
                       University. He holds                       in Finance. He has                               University. He is                            Professional
                       a bachelor’s degree                        experience in                                    currently Manager,                           Accountants of
                       in Mechanical                              accounting and                                   Canada                                       Canada (CPA) and
                       Engineering. He                            investment                                       Warehouses at TC                             a member of the
                       has a 7-year                               advisory. He is also                             Energy in Calgary,                           Association of
                       experience in the                          the President for                                Alberta. Prior to                            Certified
                       oil and gas industry                       John Molson Grad-                                joining TC Energy,                           Chartered
in the gulf in technical as well as           -uate Investment Club at Concordia              Matt was an Army Logistics Officer in the     Accountants-UK with 10+ years’
managerial positions.                         University.                                    Canadian Armed Forces. He retired at the      experience, performing due diligence,
                                                                                             rank of Captain after holding various         financial statement analysis, financial
                                                                                             command and staff roles. Matt is              modeling, valuations, auditing, and IFRS
                                                                                             pursuing the CFA Charter starting in 2022     Projects. He is a Master of Finance
                                                                                             and is planning a transition into Finance.    student at Smith School of Business.

                     Anuj is an MBA                                   Pratik is currently                           Nikhil is a                                   Gopal Vaid is a
                     student at John                                  pursuing his MBA                              Chartered                                     Master of Finance
                     Molson School of                                 from the John                                 Accountant. He has                            student at Smith
                     Business,                                        Molson School of                              also completed all                            School of Business
                     Concordia                                        Business. He holds                            3 levels of the CFA.                          -Queen's
                     University. He                                   a bachelor’s in                               Nikhil is working as                          University. He is an
                     holds a bachelor’s                               chemical                                      an investment                                 investment
                     degree in                                        engineering and                               analyst in a                                  banking analyst
                     Computer Science                                 has four years of                             portfolio                                     intern at Beacon
                     and Engineering.                                 work experience in                            management firm.                              Mergers and
He has over nine years of work experience       techno-commercial Sales in the Food &        Previously, he has worked in asset            Acquisitions. Prior to this role he has
in the software and banking industries          Beverage industry. His area of expertise     management industry for 10+ years and         worked as research analyst at Discidium
                                                includes Sales, Strategy & Operations, and   led financial reporting, budgeting,           Internet labs (renamed as flobiz India)
                                                Finance. He plans to seek the position of    valuation, industry analysis and vendor       and also worked as junior investment
                                                an ESG Associate post his MBA.               management.                                   analyst for a family office proprietary
                                                                                                                                           investment firm called Corporate
                                                                                                                                           database.
18                                                                                                                                                                                19
UNIVERSITÉ                                                                                 WILLIAMS SCHOOL
 LAVAL                                                                                      OF BUSINESS
                                                                                            BISHOP’S UNIVERSITY

                                                                                             Nestled in the beautiful Eastern Townships on 550 acres of greenery and through
      Located in one of North America’s most vibrant and historic French-speaking            its over 175-year history, Bishop’s University has prided itself on its community
      cities, FSA ULaval is leading the way towards a new concept for business               atmosphere. The Williams School of Business brings real-world experiences into
      administration, as Québec’s unique position combines international flair with          the classroom, and where professors know students by name. Studying in the
      proximity to major centers of innovation. FSA ULaval's large and experienced           WSB provides students with a practical, experiential, interactive business
      faculty will also give you the skills to drive the expansion of ethical and            education. Students learn to solve real-life dilemmas, devise innovative solutions
      sustainable businesses around the globe with courses taught in both French and         for local companies and start building their own business network. We believe that
      English. From the diversity, history, and dynamism of Québec City to new               teaching must be enriched by hands-on experience to develop important future-
      frontiers abroad, the world of business is yours to discover.                          ready competencies.

     PARTICIPANTS                                                                            PARTICIPANTS

                        Vincent Boutin                             Currently in                                   Max Toguri-Laurin                         Maya Lauzon is a
                        studies at FSA                             exchange at UofT,                              is a final-year                           fourth year double
                        Ulaval and is an                           Eloi Bernier studies                           student from                              major in Business
                        accounting major                           financial                                      Montreal majoring                         and International
                        as well as a finance                       economics.                                     in Finance.                               Studies. She holds
                        minor. He has                              Graduating in                                  Currently serving                         the Head Strategist
                        acquired                                   December 2022                                  as President of the                       position for
                        knowledge in                               from Laval                                     Finance Society                           Bishop’s student
                        valuation during                           University with                                and Portfolio                             investment
                        the last year as an                        honor distinction in                           Manager in the                            portfolio and
 analyst in business valuation at Deloitte. financial economics. Eloi secured an             SEED Portfolio Management Program,                             actively participat-
 Vincent will take the CPA exam in 2023.     internship at Sagard Holding, a private         Max has also proudly represented BU at -es in finance case competitions. She plans
                                             alternative asset management firm as an         several business case competitions. Upon to start a graduate degree in International
                                             analyst in corporate development.               graduation, he hopes to pursue a career Business this upcoming fall.
                                             Previously, Eloi worked in business strategy    in capital markets.
                                             at Desjardins Business.
                                                                                                                    Hank Wulder is a                           Justin Brant is a
                       Bertrand Leduc is                        Hubert Peyrefitte                                   third-year student                         fourth-year
                       completing his                           is a second-year                                    pursuing an                                Finance student
                       Accounting                               student m                                           honours degree in                          who has been
                       undergraduate                            ajoring in                                          Economics with a                           heavily involved in
                       degree from Laval                        Actuarial Science.                                  minor in finance.                          case competitions,
                       University and an                        He aspires to                                       Born and raised in                         most recently
                       aspiring CPA.                            become an                                           Victoria British                           winning JDCC. He
                       Besides                                  actuary, to work                                    Columbia, Hendrik                          has previously
                       accounting,                              in Data Analytics                                   is highly involved                         worked in asset-
                       Bertrand participa- and Modeling in private equity. Lately,            on campus as an assistant strategist for   liability management at RBC, as well as
-ted in many competitions such as the JDC Hubert has been working on rental
                                                                                              the SEED Student Investment Fund. In       indigenous economic policy at the AFN. He
in Sustainability and Financial Open in    pricing and real estate valuation.                 his free time, he enjoys playing sports    plans to pursue a career in strategy
Financial Accounting. Also VP of the CPA
                                                                                              and spending time outdoors. Hendrik        consulting.
Committee at Laval University, Bertrand is
                                                                                              hopes to pursue a career in equity
currently working at EY as a junior
                                                                                              research.
accountant in assurance services.
20                                                                                                                                                                            21
WORD FROM THE ORGANIZERS                                                                                                                                               THANK YOU TO OUR SPONSORS

                                                                                                         Photo credit (Amr Addas): Allen McInnis
From left to right: Amr Addas, Prathamesh Wanare, Amy Nguyen, Anza Khan, Phil Wei, Guy Barbeau

 It is a great honour to be a part of the                        We extend hearty thanks to Mr. Amr
 11th annual Van Berkom John Molson                              Addas, VBCC’s Director and our
 School of Business Small-Cap Case                               preeminent advisor, for his
 Competition! Now, more than ever,                               leadership, encouragement and
 this synergistic, instructive event                             assistance whenever we have
 underscores the value and                                       needed him. We also thank JMSB
 importance of informing and                                     Dean, Mrs. Anne-Marie Croteau, for
 inspiring the next generation. After                            her unfailing support of our team
 these last few tough years, we are so                           and the competition.
 excited to finally be back in person.
                                                                 And finally, special thanks go to Mr.
 We acknowledge with thanks the                                  Guy Barbeau, JMSB Director of
 competition’s founder, Mr. J.                                   Student Life and Special Projects,
 Sebastian van Berkom, Founder &                                 who has made our experience so
 Partner, Chairman and CEO of Van                                much easier!
 Berkom and Associates, a highly
 respected small-cap investment firm.                            We hope that this 2022 edition of
 As a dedicated alumnus of the John                              VBCC will bring indelible learning
 Molson School of Business, Mr. Van                              experiences and lasting memories to
 Berkom provides perennial support to                            all participants.
 the school for opportunities such as
 this event that contribute to the                               Sincerely,
 creation of a comprehensive                                     The 2022 VBCC Organizing Team
 academic experience.
                                                                                                                                                   © Concordia University

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Photo credit: Allen McInnis
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11th EDITION

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