Stockwatch...Mainstreet Eq J (TSX.MEQ)

Stockwatch...Mainstreet Eq J (TSX.MEQ)

"The most valuable commodity I know of is information."

Gordon Gekko

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Mainstreet Equity Corp. (MEQ) is defined by a management team that is deeply "founder-led." The company’s strategy and culture are heavily influenced by its founder, who has maintained a consistent, long-term vision since the company went public in 2000.

Senior Management

Executive Leadership

The core management team is notably seasoned, with an average tenure of approximately 9 years, while the Board of Directors averages 20 years of experience.

• Navjeet (Bob) Dhillon (Founder, President, & CEO): Dhillon is the driving force behind Mainstreet’s "counter-cyclical" business model. He owns nearly 50% of the company's shares, aligning his interests closely with shareholders. He is known for a disciplined, non-dilutive growth strategy—meaning the company rarely issues new shares to fund acquisitions, instead using internal cash flow and debt refinancing. He was appointed to the Order of Canada in 2021 for his business achievements and philanthropy.

• Trina Cui (Chief Financial Officer): Cui manages the company's complex financial structure, which involves heavy use of CMHC-insured mortgages to maintain low-cost, long-term debt.

• Joseph Amantea (Corporate Secretary & Director): A long-standing member of the executive team and board, providing legal and governance continuity.

• Johnny Lam (Chief Operating Officer): Responsible for the "value-add" operations—the process of rapidly renovating distressed or underperforming mid-market apartment buildings to stabilize them.

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Management Strategy & Philosophy

The senior management team follows a specific "secret sauce" that distinguishes them from typical Canadian REITs:

Feature	Mainstreet Management Approach
Capital Allocation	Reinvests nearly all profits into growth rather than paying a high dividend (the dividend yield is currently minimal at ~0.1%).
Market Timing	Counter-cyclical: They often "hit the brakes" on acquisitions when markets are overvalued (as they did in 2025) and "hit the gas" during downturns (planned for 2026 with ~$900M in liquidity).
Operational Focus	Concentration on Western Canada (Alberta, BC, Saskatchewan, Manitoba), specifically targeting mid-market "fixer-upper" apartments.
Risk Management	Proactive debt management; as of early 2026, they have successfully locked in a significant portion of their debt at low fixed rates.

Recent Developments (2025–2026)

At the most recent Annual General Meeting (March 2025), the board was re-elected with high shareholder approval (averaging over 80%). Management has signaled that 2026 will be a year of accelerated acquisition, moving away from the "strategic pause" taken in 2025. They are currently focused on deploying nearly $1 billion in available liquidity to take advantage of market conditions in Western Canada.

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Business Model

Gemini said

Mainstreet Equity Corp. (MEQ) operates on a highly specific, repeatable business model often described as a "Value-Add Apartment Compounder." Unlike most Canadian real estate entities that operate as REITs (Real Estate Investment Trusts) and pay out most of their cash to shareholders, Mainstreet is a Real Estate Operating Company (REOC). This structure allows them to retain almost all their earnings to fuel a continuous cycle of organic growth without diluting shareholders.

The "Acquire, Renovate, Refinance, Repeat" Cycle

The core of their model is a four-step process designed to manufacture equity where it didn’t previously exist:

1. Acquire (Below Replacement Cost): Management targets "distressed" or underperforming mid-market apartment buildings in Western Canada. They specifically look for assets trading at $100,000–$150,000 per door, which is significantly lower than the current new construction (replacement) cost of ~$400,000 per door.

2. Renovate (The "Mainstreet Spec"): They use an in-house team of contractors and standardized materials bought in bulk to renovate units. By investing roughly $20,000 per unit into kitchens, bathrooms, and flooring, they can often increase the property's appraised value by $30,000 or more.

3. Refinance (The "Secret Sauce"): Once a building is renovated and stabilized with higher-paying tenants, its value increases. Mainstreet then applies for long-term, CMHC-insured mortgages. Because the building is now worth more, they can often pull out their entire initial capital (and sometimes more), essentially "clearing" their original investment.

4. Repeat: That "pulled out" capital is then immediately deployed into the next acquisition, starting the cycle over again.

Strategic Advantages in 2026

As of early 2026, several macroeconomic factors have strengthened this specific model:

• Counter-Cyclical Strategy: After "hitting the brakes" in 2025 due to market volatility, management is currently "hitting the gas." They entered 2026 with $818 million in liquidity specifically to buy assets while other investors are sidelined.

• Affordability Moat: Mainstreet focuses on "workforce housing" with average rents around $1,250. Because new purpose-built rentals require rents of $2,700+ to be profitable for developers, Mainstreet has a massive competitive advantage in the affordable mid-market segment.

• Non-Dilutive Growth: Since 2000, Mainstreet has achieved massive growth with less than 5% equity dilution. This is rare in the real estate sector and is the primary reason the share price has historically outperformed many larger REITs.

Geographic & Operational Focus

• Western Focus: They are heavily concentrated in Alberta, BC, and Saskatchewan. They benefit from high inter-provincial migration to the West and lower regulatory hurdles compared to Ontario or Quebec.

• Operational Efficiency: They utilize a "clustering" strategy—owning multiple buildings in the same neighborhood—which allows one manager to oversee several properties, significantly lowering overhead costs.

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Current Status: As of March 2026, about 12% of their portfolio is currently "unstabilized" (undergoing renovation). This represents a significant built-in "runway" for future earnings growth as those units come back online at market rates.

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Valuation

Rating the valuation of Mainstreet Equity Corp. (MEQ) requires looking past standard metrics like P/E ratios, which can be distorted by non-cash fair value adjustments. Instead, seasoned investors typically focus on Net Asset Value (NAV) and Funds From Operations (FFO).

As of late March 2026, here is how the valuation sits:

1. The NAV Discount (The "Intrinsic Value" Gap)

The most compelling part of the MEQ valuation is the gap between its stock price and the estimated value of its real estate.

• Book Value/NAV: Recent filings suggest a Fair Market Value (FMV) of approximately $3.8 billion for the portfolio. With roughly 9.3 million shares outstanding, this implies an IFRS book value near $183–$185 per share.

• The Verdict: The stock is currently trading at a slight discount (~4-5%) to its reported book value. Historically, when Mainstreet trades near or below book value, it has been a strong entry point, as management’s "internal" valuation is often considered conservative compared to private market sales.

2. Cash Flow Multiples (P/FFO)

Mainstreet reported Q1 2026 Funds From Operations (FFO) of $2.65 per share.

• Annualized FFO: If we project this over the year, we get an estimated annual FFO of roughly $10.60–$11.00.

• P/FFO Ratio: At a $175 share price, MEQ is trading at approximately 16x FFO.

• Peer Comparison: This is roughly in line with larger peers like Boardwalk (BEI.UN) and Canadian Apartment REIT (CAR.UN), though Mainstreet’s growth profile is generally more aggressive due to its high retention of capital.

3. Analyst Consensus & Sentiment

Wall Street (and Bay Street) remains highly bullish on the stock’s potential for 2026.

• Price Targets: The average 12-month analyst price target is currently $244.50, suggesting a potential upside of ~38% from current levels.

• Rating: Consensus remains a "Strong Buy" among the analysts covering it

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Valuation Summary Table

Metric	Current Estimate (March 2026)	Significance
P/E Ratio (TTM)	~5.8x to 6.2x	Very low, but heavily influenced by fair value gains.
Price / Book Value	~0.95x to 1.0x	Suggests you are buying the assets at or below their appraised value.
Implied Upside	+38%	Based on analyst targets of $244+.
Dividend Yield	0.18%	Irrelevant for valuation; this is a capital appreciation play.

Strategic Outlook for 2026

The valuation currently reflects a "coiled spring" scenario. Management spent 2025 accumulating $818 million in liquidity. As they deploy this capital into acquisitions throughout 2026, the market expects FFO to jump significantly. The current "sideways" movement in the share price ($175 range) may be seen as the market waiting for the first major acquisition announcement of the year.

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Source

Google Gemini

Investor Outlook: Health-care REIT sharpens infrastructure focus

Investor Outlook: Health-care REIT sharpens infrastructure focus

BNN Bloomberg, March 19, 2026 at 4:32PM EDT

Zach Vaughan, CEO of Vital Infrastructure Property Trust, joins BNN Bloomberg to discuss the company and outlook on the Canadian healthcare sector.

A Canadian health-care real estate investment trust is rebranding and narrowing its strategy to focus on infrastructure-style assets tied to essential medical services. The shift comes as the company simplifies its global footprint and leans into long-term, stable income streams.

BNN Bloomberg spoke with Zach Vaughan, CEO of Vital Infrastructure Property Trust, about the company’s push toward North American growth, portfolio simplification and positioning as a hybrid real estate and infrastructure investment platform.

Key Takeaways

• The rebrand reflects a strategic shift toward health-care infrastructure assets with long-term leases and non-discretionary demand.
• The company is simplifying its global portfolio, with plans to exit Europe and New Zealand over time.
• Growth is being refocused on North America, particularly Canada, supported by aging demographics and rising health care demand.
• Investment is shifting toward outpatient and transitional care facilities as health-care delivery moves away from large hospitals.
• Stable, government-backed or insurance-supported cash flows are attracting increasing interest from institutional and infrastructure investors.

Read the full transcript below:

ROGER: Northwest Healthcare Properties has completed its name change to Vital Infrastructure Property Trust, in what it calls an evolution into a focused health-care infrastructure platform. It is now the only Canadian pure-play health-care REIT. Here to tell us more is Zach Vaughan, CEO of Vital Infrastructure Property Trust. Zach, thanks very much for joining us.

ZACH: Thank you. Thank you for having me, and good morning.

ROGER: A busy first nine months for you. Are you settling in? What led to this point?

ZACH: Yeah, it’s been a very busy nine months. Our rebrand is really a reflection of what our business is, which is a health-care infrastructure investment platform. The services performed in our facilities — hospitals, outpatient buildings, surgery centres, imaging clinics — are critical to people’s everyday lives.

We felt the name “Vital” captured that, and including “infrastructure” made sense because our assets tend to be very long-leased, with cash flows supported by highly rated government credit or private insurance. We’re also seeing increased interest from infrastructure-focused capital, so we can attract both infrastructure and real estate investors.

ROGER: And with that, are you worried about capital disappearing given everything unfolding in markets right now?

ZACH: You mean in terms of the broader market?

ROGER: Markets and the turmoil, yeah.

ZACH: I think it could actually send more capital our way. What we do is non-discretionary — hospitals, outpatient clinics, surgery centres. People don’t defer those decisions.

We’re seeing more institutional capital looking at our sector, which historically was more niche. While there’s heightened volatility in public markets, larger investors are looking through that, and something like us is well positioned.

ROGER: So it sounds like you’re looking at more acquisitions. Where are you focusing geographically or within health care?

ZACH: One of the challenges historically was complexity — operating globally with different ownership structures. A key goal is to simplify the business, both geographically and structurally.

Looking ahead, we’re focusing growth in North America, particularly Canada. Demographic trends are very supportive — in the next decade, about a quarter of Canadians will be over 65, and we already spend about $400 billion a year on health care.

What we’re seeing is a shift from inpatient hospital care to outpatient settings. These facilities are smaller, highly specialized and more efficient. That’s a meaningful growth path for us.

For example, we developed an ambulatory surgery centre with Lakeridge Health in Pickering — about 60,000 square feet across four floors with four operating rooms. That facility has helped increase surgical output by more than 10,000 cases.

We’ve also announced a commitment to build a roughly $120-million facility with Royal Victoria Regional Health Centre in Barrie.

ROGER: If you’re refocusing on Canada and North America, what happens to your international portfolio? You have more than 100 properties globally.

ZACH: Over time, we’ll continue simplifying. In New Zealand, we’ve already streamlined our structure and will likely exit that market.

In Europe, we announced a €400-million transaction to sell a substantial portion of our holdings as we plan to exit that region.

Over time, you’ll see us focused on Australia and North America, although these transitions take time.

ROGER: On the financial side, your monthly distribution is three cents per unit. Are you satisfied with that? Where do you see it going?

ZACH: Given the repositioning underway, we think we’re in a good place right now. As we redeploy capital into North America, we expect to see growth over time and will review the distribution accordingly.

ROGER: Zach, we’re out of time, but thank you very much for joining us.

ZACH: Thank you.

ROGER: Zach Vaughan, CEO of Vital Infrastructure Property Trust.

This BNN Bloomberg summary and transcript of the March 19, 2026 interview with Zach Vaughan are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.

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Source

https://www.bnnbloomberg.ca/investing/investor-outlook/2026/03/19/investor-outlook-health-care-reit-sharpens-infrastructure-focus/

Stockwatch...Stella-Jones Inc. (TSX: SJ)

Stockwatch...Stella-Jones Inc. (TSX: SJ)

"The most valuable commodity I know of is information."

Gordon Gekko

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Stella-Jones Inc. (TSX: SJ), a major North American manufacturer of industrial pressure-treated wood products, is led by a seasoned management team primarily based in Saint-Laurent, Quebec.

The leadership structure is designed to manage its vast continental network of production facilities, which supply critical infrastructure like utility poles and railway ties.

Key Executive Officers

As of early 2026, the senior leadership is anchored by several long-tenured executives:

Name	Role	Background Notes
Éric Vachon	President & CEO	A veteran of the company since 2007. He previously served as CFO before taking the helm in 2019. He is credited with the company's recent strategic pivot toward higher-margin utility products.
Silvana Travaglini	SVP & Chief Financial Officer	Joined in 2020. She has a strong background in financial reporting and capital markets, often representing the company at major institutional investor conferences.
Wesley Bourland	SVP & Chief Operating Officer	Appointed in April 2025. A former U.S. Navy officer with extensive experience in industrial manufacturing and process optimization.
James P. Kenner	SVP & Chief Legal Officer	Oversees legal affairs, risk management, and regulatory compliance across the North American operations.

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Segment-Specific Leadership

Because Stella-Jones operates distinct business units (Utility Poles, Railway Ties, and Residential Lumber), the management team includes several Vice Presidents focused on these specific supply chains:

• Kevin Comerford: Senior Vice-President, Utility Poles and U.S. Residential Lumber.

• Sylvain Couture: Vice-President and General Manager, Railway Ties.

• Andy Morgan: Vice-President, Utility Pole Operations (Western Species).

• David Whitted: Vice-President, Railway Tie Operations and Production Planning.

Corporate Governance & Strategy

The management team currently operates under a 2026–2028 Financial Objective framework. This strategy, unveiled in late 2025, focuses on:

1. Organic Growth: Maintaining a 4–5% CAGR.

2. Strategic Acquisitions: Using a strong balance sheet to acquire smaller, regional wood-treating facilities.

3. Capital Allocation: Prioritizing an investment-grade credit rating while returning 20–30% of earnings to shareholders through dividends.

The team is overseen by a Board of Directors chaired by Katherine A. Lehman, ensuring a separation between executive operations and board-level oversight.

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In their most recent earnings report for the fourth quarter and full year 2025 (released February 26, 2026), senior management presented a narrative of resilience. While the headline numbers (EPS and Revenue) technically missed analyst estimates, CEO Éric Vachon and CFO Silvana Travaglini emphasized that the company met its long-term strategic goals despite a challenging macroeconomic environment.

Here is a breakdown of what management had to say about their performance:

1. "Pivotal Year" and Margin Strength

CEO Éric Vachon characterized 2025 as a "pivotal year," noting that even though demand was softer across all three main product categories, the company delivered EBITDA margins over 18%, which was ahead of their own guidance.

• Management's Take: They attributed this to "disciplined execution" and a shift toward higher-margin products like utility poles.

2. Segment Performance: The Good and the Bad

Management provided specific context for the uneven performance across their business lines:

• Utility Products (The Growth Engine): Sales in this segment rose 16% in Q4. Vachon credited this to "robust volume momentum" from new contractual commitments and the successful integration of recent acquisitions (Locweld and Brooks). He noted that 75% of this business is now under contract, which protected them from lower pricing in the spot market.

• Railway Ties (The Headwind): This segment saw a 10% decrease in annual sales. Management explained that this was a "year of transition" caused by a major Class 1 railroad shifting its wood treatment in-house and increased competitive pressure.

• Residential Lumber: Performance was described as "solid," where higher pricing managed to offset softer consumer demand.

3. Strategic Expansion into Steel

A major highlight from management was the announcement of a US$50 million investment to build a new greenfield steel lattice structure facility in the Southeastern United States.

• Management's Take: This move is intended to "broaden the total addressable market" and capitalize on accelerating U.S. infrastructure spending. They expect this facility to add 20,000 tons of production capacity by late 2027.

4. Capital Allocation & Shareholder Returns

CFO Silvana Travaglini highlighted the company's strong cash generation (operating cash flow of $557 million for the year).

• Management's Take: They proudly confirmed that they met their three-year commitment to return $500 million to shareholders (2023–2025) and signaled continued confidence by raising the quarterly dividend by 10% to $0.34 per share.

Summary of Results (Q4 2025)

Metric	Result	vs. Forecast
Revenue	$727 Million	Miss (Expected $761M)
EPS	$0.91	Miss (Expected $1.02)
EBITDA Margin	16.8%	Beat (Up from 15.8% in Q4 2024)

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Senior management at Stella-Jones recently unveiled their 2026–2028 Financial Objective Framework (at their November 2025 Investor Day), which outlines a shift from being just a "wood-treating company" to becoming a broader "infrastructure solutions provider."

Here are the key strategic initiatives they are pursuing over the next few years:

1. Expansion into Steel Infrastructure

The most significant shift in strategy is the move into the steel market to complement their wood utility pole business.

• Greenfield U.S. Facility: Management has authorized a US$50 million investment to build a new steel lattice tower manufacturing facility in the Southeastern U.S. This facility is expected to be fully operational by late 2027 and will add 20,000 tons of capacity.

• Recent Acquisitions: They are integrating Locweld Inc. and Brooks Manufacturing Co. to provide steel transmission towers and crossarms, allowing them to capture more of the "grid hardening" spend from major utilities.

2. Securing the Supply Chain (Fiber Strategy)

To mitigate the rising costs of raw timber, management is moving "upstream."

• Strategic Partnerships: In January 2026, they acquired a one-third interest in Lizzie Bay Logging in British Columbia. This partnership with local First Nations is designed to secure a dependable, long-term supply of transmission-grade utility pole fiber.

• Fiber Procurement: They are increasingly focusing on "western species" (like Douglas Fir and Western Red Cedar) which command higher margins and are in high demand for massive infrastructure projects.

3. Digital & Operational Transformation

Management is currently finalizing a major multi-year technological overhaul.

• ERP Implementation: A new company-wide Enterprise Resource Planning (ERP) system is being rolled out to improve data-driven decision-making and operational efficiency across their 40+ North American plants.

• Automation: They are investing in automated treating processes and AI-driven logistics to maintain their industry-leading EBITDA margins (targeted at 17.5%–18.5% through 2028).

4. Financial Targets (2026–2028)

The executive team has committed to the following benchmarks for the next three years:

• Revenue Growth: Target of $4 billion in annual sales by 2028.

• Organic Growth: Maintaining a 4–5% CAGR.

• EPS Growth: A new priority on growing Earnings Per Share by >10% annually, signaling a focus on profitability over pure volume.

• Capital Allocation: A commitment to return 20–30% of earnings to shareholders via dividends while keeping leverage (Net Debt/EBITDA) between 2.0x and 2.5x.

5. Sustainability & ESG Integration

Management has set a target to reduce Scope 1 and 2 greenhouse gas emissions by 32% by 2030. They are also working toward ensuring that at least 80% of their lumber purchases are third-party sustainability certified.

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By acquiring Locweld and Brooks Manufacturing in 2025, Stella-Jones has entered a highly specialized and capital-intensive market. Unlike the wood pole market, where they are a dominant leader, the steel tower market is currently led by established industrial giants with massive fabrication capacities.

Here is a breakdown of their primary competition in the North American steel transmission market:

1. The Dominant Market Leaders

These companies currently hold the vast majority of market share for high-voltage transmission structures:

• Valmont Industries (VMI): The "Goliath" of the industry. Valmont is the global leader in engineered steel structures, holding an estimated 30% to 45% market share in North American high-voltage transmission. They compete on sheer scale, proprietary advanced coatings (galvanizing), and deep engineering relationships with almost every major U.S. utility.

• Meyer Utility Structures (Arcosa): A massive player in the tubular steel pole and lattice tower market. Meyer is known for providing the heavy-duty structures used in 500kV and 765kV lines. They are often the primary alternative to Valmont for large-scale grid hardening projects.

• Sabre Industries: A top-tier competitor that provides a "turnkey" solution. Sabre has some of the largest galvanizing kettles in the world and specializes in highly-engineered tubular structures and lattice towers. They are a direct threat because they offer the same "one-stop-shop" service Stella-Jones is trying to build.

2. Specialized & Regional Rivals

In the specific niche of lattice towers (which Stella-Jones' Locweld division specializes in), they face competition from firms that have been in the space for decades:

• Fabrimet (Canada): A direct Quebec-based rival to Locweld. They have been manufacturing galvanized steel lattice structures since 1960 and are a primary supplier to Hydro-Québec and several Northeastern U.S. utilities.

• Pelco Structural: Known for custom steel pole designs. While smaller than Valmont, they compete aggressively on lead times and customer service for mid-sized utility projects.

• TAPP: A significant player in the tubular steel pole market with a strong presence in the U.S., often competing on price for large-scale distribution projects.

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How Stella-Jones Plans to Compete

Management is not trying to beat Valmont on sheer volume yet. Instead, they are using a "Cross-Selling Strategy":

Strategic Advantage	How They Use It
Existing Relationships	Stella-Jones already sells wood poles to nearly every major utility in North America. Their sales team can now bid on the steel portions of those same projects.
Asset Synergy	By bundling wood poles (for distribution) and steel towers (for transmission), they can offer a complete "grid-in-a-box" supply chain that pure steel or pure wood players can't match.
Niche Focus	They are focusing heavily on the US$5 billion annual grid-hardening market, where utilities are replacing older structures with more resilient materials.

The Competitive Risk

The main challenge identified by management is raw material volatility. Unlike wood (which they can manage through timberland partnerships), steel prices are subject to global commodity swings. Their competitors (like Valmont and Sabre) have much larger buying power and in-house galvanizing facilities that may give them a slight edge on margins during price spikes.

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Based on current market data as of March 5, 2026, Stella-Jones (TSX: SJ) is generally considered fairly priced to slightly undervalued, depending on which metric you prioritize.

It is no longer the "deep value" bargain it was a few years ago, but it hasn't reached "expensive" territory yet, especially given its shift toward high-margin utility infrastructure.

The Case for "Fairly Priced"

Most analysts and quantitative models suggest the stock is trading right where it should be given its current growth rate.

• DCF Fair Value: Discounted Cash Flow models currently estimate the intrinsic value between $97.17 and $102.13 CAD. With the stock trading around $95.20, it is sitting just a few dollars below its "theoretical" fair price.

• P/E Ratio: At 15.4x earnings, it is trading slightly above its own 5-year average (13.0x). This "premium" is seen as fair by the market because the company has successfully de-risked its revenue by locking in long-term utility contracts.

• Analyst Consensus: The average 12-month price target is $101.44. This implies a total return of about 8% (including dividends)—a steady, "fair" return for a defensive infrastructure stock, but not a massive breakout signal.

The Case for "Cheap" (Relative Value)

If you look at the broader industry, Stella-Jones looks like a better deal than its peers:

• Industry Comparison: The Global Forestry and Materials industry average P/E is roughly 19.5x. At 15.4x, Stella-Jones is significantly cheaper than the broader sector.

• The "Grid-Hardening" Tailwinds: Some analysts (like those at TD Cowen and Desjardins) argue the stock is cheap relative to its future potential. They have targets as high as $107.00, believing the market is underestimating the long-term cash flow from the new steel tower division.

The Case for "Expensive" (Historical & Debt)

There are a few reasons a conservative investor might call it expensive:

• Price-to-Book: At 2.5x, it is at the high end of its historical range (which usually sits under 2.0x). You are paying a high premium for the company’s physical assets.

• Debt Load: Critics point out that while the company is growing, it has taken on debt to fund acquisitions (Locweld, Brooks). If interest rates stay high or the steel expansion faces delays, the current 15x multiple might feel a bit rich.

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Summary Table

Perspective	Verdict	Key Reason
Quantitative (DCF)	Fairly Priced	Trading at ~3% discount to $98–$102 intrinsic value.
Historical	Slightly Expensive	P/E of 15.4x is higher than its 10-year median.
Peer Comparison	Cheap	Much lower multiple than the 19.5x industry average.

Final Verdict: If you are a long-term "buy and hold" investor, it is fairly priced for a high-quality company. If you are a value hunter looking for a 20% discount, you likely missed that window in late 2024.

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Source

Google Gemini