Which Stocks Does Brian Madden Recommend for July 2024?

Exploring the Strategic Investments of Brian Madden: Insights and Top Picks for 2024

Editorial Team (ET)May 7, 2025

Canadian stocks have recently surged to all-time highs, joining their U.S. counterparts. This rise has been marked by a thematic rotation away from the leading stocks of the past 18 months, dubbed the "Magnificent Seven," towards previously lagging sectors and stocks. This broadening of market strength is a positive development for active managers and benefits those who favor income and dividend growth mandates over a pure "growth at any cost" approach.

We are bullish on select commodities, including gold, and have been cautiously building exposure to housing-related sectors and durable goods. Despite the early stage of these investments, we believe in the potential of high-quality businesses acquired at attractive valuations.

Looking ahead, the market faces numerous macroeconomic, policy, and geopolitical risks and opportunities. These include potential interest rate cuts in Canada and the U.S., the upcoming U.S. elections, and regular monthly inflation and jobs reports. Our team remains focused on scrutinizing second-quarter earnings results from both current holdings and potential acquisitions. While the early results are promising, active management is crucial, as any stock in our portfolio could become a sell candidate, and any stock, owned or not, could present a buying opportunity.

Brian Madden's Top Picks

Cameco (CCO TSX)

Cameco is one of the world’s largest uranium producers and stands out as one of the few public companies dedicated solely to uranium production. The global uranium market is dominated by state-owned enterprises, with seven of the ten largest producers collectively controlling 70% of output. Cameco’s significant reserves, totaling 485 million pounds across its operations in Saskatchewan and Kazakhstan, position it well to meet the strong demand for secure uranium supplies from safe jurisdictions.

Cameco’s recent resumption of production at the McArthur River mine resulted in a 76% increase in production volumes and a 16% boost in realized pricing, driving a 136% growth in earnings. Analysts predict further earnings growth of 36% this year and 91% next year, supported by tight uranium markets. The expansion of nuclear reactors in India and China primarily drives this demand, while other major countries, including Japan, Canada, the U.S., and various European nations, are also investing in new reactor builds and life extensions to meet their energy needs and ESG commitments.

Cameco’s $8 billion acquisition of Westinghouse Electric, in partnership with Brookfield Renewable Partners, enhances its position by integrating downstream into the design, construction, and maintenance of nuclear reactors.

Roper Technologies (ROP NASD)

Roper Technologies is a seasoned consolidator in the U.S. vertical market software space. Over the past decade, the company’s dividend has grown at a compound rate of 14%, underpinned by a series of 40 acquisitions totaling $18.3 billion. These acquisitions typically involve companies with recurring revenue, strong cash flows, and mission-critical offerings in niche markets, leading to retention rates exceeding 95%.

Roper’s decentralized business units operate in various sectors, including water metering, freight matching, enterprise solutions for law firms, media and entertainment post-production tools, and daycare enterprise software. The management team’s exemplary capital allocation has delivered compounded total shareholder returns of 17% over three decades, demonstrating remarkable consistency.

Canadian National Railway (CNR TSX)

Canadian National Railway (CN) is a Class I rail company with operations spanning from the Atlantic to the Pacific and the Gulf of Mexico. Rail infrastructure is a critical, long-lasting component of the economy that is difficult to disrupt technologically. The North American railway industry has consolidated into an oligopoly, enabling rational pricing practices. CN has consistently grown its dividend at a 13% annual rate over the past decade, and its shares have generated a compound total shareholder return of 19% since its IPO. Trading at 20 times expected earnings, CN offers a compelling blend of value and growth.

Conclusion

Brian Madden’s top picks—Cameco, Roper Technologies, and Canadian National Railway—reflect his strategic focus on diversified North American equities. Cameco’s strong position in the uranium market and strategic acquisitions, Roper Technologies’ consistent financial performance and niche market dominance, and Canadian National Railway’s robust infrastructure and steady growth, all present solid investment opportunities. As the market evolves, Madden’s commitment to active management and thorough earnings analysis will continue to benefit investors.

Bloomberg

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