Veritas Investment Research
Veritas Investment Research Corp.
Veritas Investment Research is a Toronto-based, employee-owned independent equity research firm with no investment banking or trading revenue. It is known for forensic accounting-based research on Canadian companies and for early warnings on Nortel, Yellow Pages and Valeant.
Company history
Anthony Scilipoti and Michael Palmer co-founded the firm in Toronto in 2000, initially as Private Financial Research Corp.; forensic accountant Al Rosen chaired the early firm. It built its reputation on critical reports on companies including Nortel, Royal Group Technologies, Biovail and Valeant. In 2016 Scilipoti launched affiliate Veritas Asset Management; both firms belong to the 100% employee-owned Veritas Group of Companies.
- 2000Founded in Toronto as Private Financial Research Corp.
- 2004Launched V-List model portfolio
- 2016Launched affiliate Veritas Asset Management
Research
Its analysts, many of them chartered professional accountants, cover Canadian and selected US companies and score each out of 25 on five risk metrics in the Veritas Quality Ratings. Recommendations are Buy, Reduce or Sell over 12 months, with no Hold, and are roughly balanced between Buy and Reduce/Sell. Its V-List model portfolio, started in October 2004, had outperformed the S&P/TSX Composite by 275 basis points as of August 2026.
Coverage12M
- Stocks
- 1
- Ratings
- 0
- Price targets
- 1
- Median upside
- +15.3%
- Upgrades
- 0
- Downgrades
- 0
- Initiations
- 0
- Reiterations
- 0
Sectors
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 MGAMagna International Inc. | — | $68 |
 SHOPShopify Inc. | — | $80 |
Analysts24M
- Desmond LauSHOP1
Recent actions
| Stock | Rating action | Target | Date |
|---|---|---|---|
| Magna International Inc.MGA | Target | $68 | May 4 |
| Shopify Inc.SHOP | Target | $80 | Oct 23, 2024 |
 Sunrun Inc.RUN | Target | $20 | Dec 23, 2021 |
References
- VERITAS Investment Research – Homeveritascorp.com
- VERITAS Investment Research – Our Approachveritascorp.com
- VERITAS Investment Research – Our Teamveritascorp.com
- Veritas CEO Anthony Scilipoti's lonely quest for financial truth – The Globe and Mail (2015)theglobeandmail.com
- A Rare Breed (Canadian Business, 2002)veritascorp.com
- About Us | Veritas Asset Managementveritasfunds.com