Written by David Campbell
In Canada’s public markets, particularly within the small-cap and mid-cap universe, valuation is not driven by fundamentals alone. Even strong companies with solid balance sheets, credible management teams, and compelling growth stories can find their share price disconnected from intrinsic value. The reason is often not performance — it is trading quality. Simply put, healthy trading leads to healthy valuation, and without consistent liquidity and balanced market activity, fundamentals struggle to be fully reflected in a company’s share price.
This is where ICP Securities plays a critical role.
