SNC.TO - SNC-Lavalin Group Inc.

Toronto - Toronto Delayed Price. Currency in CAD
20.59
+0.52 (+2.59%)
At close: 4:23PM EDT
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Previous Close20.07
Open20.10
Bid20.57 x 0
Ask20.58 x 0
Day's Range19.72 - 20.71
52 Week Range15.47 - 54.11
Volume1,464,023
Avg. Volume1,164,228
Market Cap3.615B
Beta (3Y Monthly)0.43
PE Ratio (TTM)N/A
EPS (TTM)-20.59
Earnings DateOct 30, 2019 - Nov 4, 2019
Forward Dividend & Yield0.08 (0.38%)
Ex-Dividend Date2019-08-14
1y Target Est31.17
  • CNW Group

    Charlene A. Ripley appointed Executive Vice-President and General Counsel

    MONTREAL , Sept. 18, 2019 /CNW Telbec/ - SNC-Lavalin (TSX: SNC) is pleased to announce the appointment of Charlene A. Ripley to the role of Executive Vice-President and General Counsel, effective October ...

  • Why SNC-Lavalin (TSX:SNC) Stock Fell 21% in August
    The Motley Fool

    Why SNC-Lavalin (TSX:SNC) Stock Fell 21% in August

    SNC-Lavalin Group Inc. (TSX:SNC) continued its losing streak last month, but a buying opportunity might be forming. Find out how you should treat this controversial stock.

  • CNW Group

    SNC-Lavalin awarded oil and gas contract from Al Yasat Petroleum, United Arab Emirates

    MONTREAL , Sept. 16, 2019 /CNW Telbec/ - SNC-Lavalin (TSX: SNC) announces that it has been awarded a general engineering, project management and technical support services contract from Al Yasat Petroleum, ...

  • Better Buy: Bombardier (TSX:BBD.B) or SNC-Lavalin (TSX:SNC)?
    The Motley Fool

    Better Buy: Bombardier (TSX:BBD.B) or SNC-Lavalin (TSX:SNC)?

    Both Bombardier, Inc. (TSX:BBD.B) and SNC-Lavalin Group Inc. (TSX:SNC) haven't done all that well lately, but one could be a buy over the other.

  • Investors: 3 “Must-Avoid” Stocks I’d Sell Immediately
    The Motley Fool

    Investors: 3 “Must-Avoid” Stocks I’d Sell Immediately

    It'll be a long time before this analyst buys SNC-Lavalin Group Inc. (TSX:SNC) or Baytex Energy Corp (TSX:BTE)(NYSE:BTE) for his portfolio.

  • The Canadian Press

    Most actively traded companies on the TSX

    TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange:Toronto Stock Exchange (16,611.14, up 73.80 points.)Encana Corp. (TSX:ECA). Energy. Up 10 cents, or 1.62 per cent, to $6.27 on 9.1 million shares.Bombardier Inc. (TSX:BBD.B). Industrials. Up three cents, or 1.6 per cent, to $1.91 on 7.4 million shares.Crescent Point Energy Corp. (TSX:CPG). Energy. Up six cents, or 1.13 per cent, to $5.37 on 6.8 million shares.McCoy Global Inc. (TSX:MCB). Energy. Up 13 cents, or 28.89 per cent, to 58 cents on 6.7 million shares.Aurora Cannabis Inc. (TSX:ACB). Health care. Up 26 cents, or 3.15 per cent, to $8.51 on 6.6 million shares.Baytex Energy Corp. (TSX:BTE). Energy. Up one cent, or 0.54 per cent, to $1.87 on 6.1 million shares. Companies in the news:SNC-Lavalin Group Inc. (TSX:SNC). Up 81 cents or 4.5 per cent to $18.73. SNC-Lavalin Group Inc. shares climbed more than 15 per cent since Monday after a regulatory filing showed Jarislowsky Fraser Ltd. became one of the engineering giant's top three shareholders. The stock price jumped Wednesday to the highest point in six weeks for SNC, which has seen its stock price fall by about 60 per cent since the start of the year. Investment management firm Jarislowsky bought up 17.9 million shares in late August to hit 18.97 million total, boosting its stake in SNC to 10.8 per cent.Roots Corp. (TSX:ROOT). Down 36 cents or 13.1 per cent to $2.38. Roots Corp. shares slipped after the chief executive said lacklustre foot traffic and a challenging move to a new distribution centre weighed on its most recent quarterly results that missed expectations. Some of the traffic slowdown came from weather-related issues in certain markets, Jim Gabel said, noting the conversion rate for consumers making purchases things in store rather than just browsing also dropped in some outlets. The company lost $61.7 million for the quarter, exceeding analyst forecasts and up from nearly $60.2 million a year earlier. The Canadian Press

  • SNC-Lavalin shares jump as Jarislowsky stake balloons to nearly 11%
    The Canadian Press

    SNC-Lavalin shares jump as Jarislowsky stake balloons to nearly 11%

    MONTREAL — SNC-Lavalin Group Inc. shares climbed more than 15 per cent since Monday after a regulatory filing showed Jarislowsky Fraser Ltd. became one of the engineering giant's top three shareholders.The stock price jumped 50 cents to $18.42 in mid-afternoon trading Wednesday to mark the highest point in six weeks for SNC, which has seen its stock price fall by about 60 per cent since the start of the year.Investment management firm Jarislowsky bought up 17.9 million shares in late August to hit 18.97 million total, boosting its stake in SNC to 10.8 per cent.Quebec pension fund manager the Caisse and RBC Global Asset Management Inc. are the only two investors with a bigger slice at 19.9 per cent and 16.6 per cent, respectively.Jarislowsky chief executive Maxime Menard said in a statement that the move followed a "disciplined investment process," adding that his clients are "well-diversified."Shares in SNC, which continues to feel heat amid a newly launched federal election campaign that follows a political scandal, hit successive 15-year lows after it reported a second-quarter loss of $2.12 billion and a credit rating downgrade last month.The Quebec company, which is also on the brink of an upcoming criminal trial on corruption and bribery charges, has reported losses for three consecutive quarters and slashed its financial forecast three times since January, when its market capitalization stood at more than twice its current value, now at roughly $3.24 billion. Companies in this story: (TSX:SNC)The Canadian Press

  • Ferrovial appeals decision on SNC-Lavalin's 407 toll highway sale
    The Canadian Press

    Ferrovial appeals decision on SNC-Lavalin's 407 toll highway sale

    TORONTO — Spanish multinational Ferrovial S.A. is appealing an Ontario Superior Court decision that cleared the way for SNC-Lavalin Group Inc. to proceed with the $3.25-billion sale of a stake in the 407 toll highway to the Canada Pension Plan Investment Board.An SNC-Lavalin spokesman said in an email that even if the decision were reversed on appeal, the pension board and Cintra Global S.E. — a Ferrovial subsidiary — have agreed the transaction would not be. In that scenario, Cintra and the investment board would adjust the number of shares between them.The pension board completed its purchase of a 10 per cent stake in 407 International Inc. on Aug. 15 after a judge dismissed a legal challenge from Cintra.Cintra filed a notice to appeal in the Ontario Court of Appeal earlier this week.The Spanish company declined further comment.SNC-Lavalin said the appeal will have "no impact" on the Montreal-based engineering giant, which plans to use the cash to pay off hundreds of millions of dollars in debt.In April, the beleaguered company unveiled a deal to sell part of its 16.8 per cent stake in the 407 highway to the Ontario Municipal Employees Retirement System (OMERS).The announcement spawned a legal battle between Cintra and the pension board, which each claimed a right of first refusal on the OMERS agreement based on their respective ownership stakes of 43.2 per cent and 40 per cent in the toll road.SNC-Lavalin faces an upcoming trial on corruption and bribery charges tied to alleged dealings in Libya.It will also see its name surface over the coming weeks as the federal election campaign kicks off seven months after the eponymous scandal broke, engulfing Ottawa and Prime Minister Justin Trudeau. Companies in this story: (TSX:SNC)The Canadian Press

  • Investing Legend Throws Lifeline to Scandal-Battered SNC Lavalin
    Bloomberg

    Investing Legend Throws Lifeline to Scandal-Battered SNC Lavalin

    (Bloomberg) -- SNC-Lavalin Group Inc., the embattled Canadian engineering firm that has seen its stock spiral this year, just got some good news: Jarislowsky Fraser Ltd. purchased shares in the company, taking its stake to 11%.The C$38 billion ($29 billion) asset manager, now owned by the Bank of Nova Scotia, holds almost 19 million shares of SNC-Lavalin as of Aug. 31, according to an Aug. 10 filing. This is the first time the fund has purchased shares in the company since 2013.SNC-Lavalin climbed as much as 11% in early trading Wednesday, extending its rally for a second day.Earlier this year, Stephen Jarislowsky, founder of the Montreal-based investment firm, called on SNC-Lavalin to allow shareholders to vote on SNC’s proposed sale of a stake in a Toronto toll road to Canada Pension Plan Investment Board. The 10.01% stake sale for as much as C$3.25 billion ($2.47 billion) was completed last month.SNC-Lavalin’s shares have climbed about 14% in two days after CIBC analyst Jacob Bout said the company is trading close to the value of its concessions segment alone and resumed coverage with an outperform rating and a 12-month average share price target of C$25. The shares traded at C$18.35 in Toronto Wednesday.Prior to the two-day surge, the stock had slumped more than 65% this year after the company issued three profit warnings, wrote down the value of its Middle East energy business and lost a contract in Chile valued at $260 million. It also found itself at the center of a political crisis after Prime Minister Justin Trudeau and his staff were accused of trying to help the company avoid a criminal trial over its dealings in Libya. Trudeau, facing an election next month, says he’s done nothing wrong.The firm’s largest shareholder, Caisse de Depot et Placement du Quebec, has also been calling for change. Last month, the pension fund said that SNC must build a culture of execution and take a “major step up in discipline” to implement its new strategy.\--With assistance from Sandrine Rastello.To contact the reporter on this story: Divya Balji in Toronto at dbalji1@bloomberg.netTo contact the editors responsible for this story: Madeleine Lim at mlim131@bloomberg.net, Jacqueline Thorpe, David ScanlanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Ferrovial unit appeals Canadian court decision over SNC Lavalin highway sale
    Reuters

    Ferrovial unit appeals Canadian court decision over SNC Lavalin highway sale

    A unit of Spain's Ferrovial S.A. is appealing a Canadian court decision over SNC Lavalin Group Inc's former 10.01% stake in a toll highway, a source and the Montreal-based company told Reuters on Tuesday. Montreal-based SNC completed the sale of the stake in August to Canada Pension Plan Investment Board (CPPIB) for C$3.25 billion ($2.47 billion), in a deal that cannot be reversed on appeal, the construction and engineering firm said. Cintra Global S.E. has given notice to the Court of Appeal for the Canadian province of Ontario that it will appeal the August ruling, the source said on condition of anonymity, in an effort to acquire shares from CPPIB.

  • Why You Shouldn’t Invest in Dividend Stocks
    The Motley Fool

    Why You Shouldn’t Invest in Dividend Stocks

    The case of SNC-Lavalin Group Inc. (TSX:SNC) is one example why you should exercise caution when choosing dividend stocks.

  • Health Check: How Prudently Does SNC-Lavalin Group (TSE:SNC) Use Debt?
    Simply Wall St.

    Health Check: How Prudently Does SNC-Lavalin Group (TSE:SNC) Use Debt?

    Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...

  • CNW Group

    US Department of Energy contract extension for Atkins Nuclear Secured at Hanford

    MONTREAL , Aug. 30, 2019 /CNW Telbec/ - Atkins Nuclear Secured Holdings Corporation, a member of the SNC-Lavalin Group (TSX: SNC), is pleased to announce the U.S. Department of Energy's (DOE's) Office ...

  • CNW Group

    SNC-Lavalin appointed on major PMO contract on Australia's largest rail programme

    MONTREAL, Aug. 28, 2019 /CNW Telbec/ - SNC-Lavalin (TSX:SNC.TO - News) is pleased to announce that it has secured a significant contract to provide Programme Management Office (PMO) services on the Inland Rail Programme, supporting global professional services company Turner & Townsend. SNC-Lavalin and Turner & Townsend, will undertake the PMO function for the entire duration of the Inland Rail Programme, covering all 13 of its packages of work including multiple Design & Construction contracts and a major Public-Private-Partnership. Supporting Turner & Townsend, SNC-Lavalin's role is to act as a trusted challenge partner to drive programme value through services that include assurance, controls, project support and systems provision/management/integration.

  • SNC-Lavalin stock takes a new tumble after credit downgrade, political flare-up
    The Canadian Press

    SNC-Lavalin stock takes a new tumble after credit downgrade, political flare-up

    MONTREAL — SNC-Lavalin Group Inc.'s stock fell again after Standard & Poor's downgraded its credit rating to junk status.Shares in the engineering giant closed down 24 cents or 1.4 per cent to $16.90 in trading on the Toronto Stock Exchange, after falling as low as $16.62 in initial trading.Standard & Poor's cut SNC-Lavalin's rating to double-B-plus from triple-B-minus on Monday, which could make it costlier for the firm to borrow money. The bond-rating agency pointed to "significant losses" on fixed-price contracts and "uncertainty in the company's ability to recover earnings and cash flow."The downgrade comes with the company already in the crosshairs of a political controversy and on the brink of a criminal trial on corruption charges connected to business dealings in Libya.Earlier this summer, SNC moved to a pared-down strategy focused on engineering work rather than large, lump-sum construction contracts in which it has to eat any additional costs. Standard & Poor's wondered if the change would affect SNC's engineering business.The agency also highlighted a slowing global economy and "unresolved legal issues" as potential risks.Shares in SNC, which also remains in the eye of a political storm in Ottawa that escalated with last week's ethics commissioner report, have hit successive 15-year-lows since it reported losses of $2.12 billion on Aug. 1.The Quebec company has reported losses for three quarters straight and slashed its financial forecast three times since January, when its market capitalization stood at roughly three times its current value, now at roughly $2.93 billion. Companies in this story: (TSX:SNC)The Canadian Press

  • CNW Group

    SNC-Lavalin completes sale of 10.01% stake of Highway 407 ETR

    MONTREAL, Aug. 15, 2019 /CNW Telbec/ - SNC-Lavalin (TSX:SNC.TO - News) is pleased to announce that it has completed the sale of the 10.01% stake of 407 International Inc. ("Highway 407 ETR") to a company controlled by Canada Pension Plan Investment Board ("CPPIB"). Based on the terms of the agreement, SNC-Lavalin received on closing the base purchase price proceeds of $3.0 billion, with up to an additional $250 million contingently payable over a period of 10 years, conditional on the attainment of certain financial thresholds related to the ongoing performance of Highway 407 ETR. "The closing of the sale is an important milestone for SNC-Lavalin that contributes to a strengthening of our capital structure.

  • SNC-Lavalin faces renewed questions over future following bombshell report
    The Canadian Press

    SNC-Lavalin faces renewed questions over future following bombshell report

    MONTREAL — SNC-Lavalin's sudden return to the spotlight brings renewed focus on the beleaguered engineering firm's health, along with the potential economic consequences if it continues its path of decline.SNC-Lavalin Group Inc.'s bidding prospects, reputation and stock price have been causes for concern in a year that has seen its own financial woes conflated with its role in a political scandal that continues to dog Prime Minister Justin Trudeau.Canada's ethics commissioner said Wednesday that the prime minister improperly pressured the attorney general to overrule federal prosecutors to grant the construction giant a sweetheart deal on corruption charges, bringing SNC's pending criminal trial back into the headlines.But it remains unclear whether a conviction for the company, which employs some 8,700 people in Canada, would result in the dire economic fallout the government has feared.The engineering giant is facing criminal prosecution over alleged bribes to Libyan government officials while pursuing business in that country. Under the current rules, a conviction includes a ban on federal contracts for up to 10 years.About 29 per cent of SNC-Lavalin's $10.06 billion in revenues in 2018 came from Canada, down from roughly 60 per cent of revenue in 2014. Analysts estimate that up to one-half of home-turf revenues stem from federal contracts.Neil Bruce, who stepped down as CEO in June, repeatedly said the company lost out on between $5 billion and $6 billion in contracts over the past five to seven years as competitors sought to persuade customers the company is too hot to handle — an impression only heightened in the glare of the Ottawa firestorm.“At IBM we called this 'FUD' — fear, uncertainty and doubt," said Karl Moore, an associate professor at McGill University's business school."Your key competitors go, ‘Where there’s smoke, there’s fire’ — cliche, but it makes governments, which is one of their big, big customers, nervous about whether they’re going to be around.”SNC-Lavalin, which has seen its market value fall by more than 60 per cent since January, began to claw its way back from a 15-year-low in its stock price last week before shares slumped again Wednesday.Its shares closed down 57 cents, or 3.21 per cent, at $17.21 on the Toronto Stock Exchange.Trudeau and his aides had argued that a criminal trial could trigger the company's exit from Canada and the loss of thousands of jobs — a claim that was later underscored in an internal SNC-Lavalin document obtained by The Canadian Press. It outlined a "Plan B'' that the company presented to federal prosecutors last fall in which, absent a remediation agreement, it would split the company in two, move its offices south of the border and chop its Canadian workforce to 3,500 from 8,700 before eventually shuttering its domestic operations.While an exit from Canada may not be on the schedule, SNC-Lavalin is already on track to slim down its domestic labour force after interim chief executive Ian Edwards announced the company will quit the field of fixed-price construction projects — where the bid winner eats any cost overruns — and pivot to a more stable business model that revolves around engineering services."Their withdrawal from the business certainly leaves a bit of a void in the Canadian marketplace," said analyst Chris Murray of AltaCorp Capital."Our expectation is that others will come forward, including maybe international companies, to maybe fill those voids. But at the same time expect that the cost of that competition is likely going higher," he said.Though rivals such as Aecon Group Inc. and WSP Global Inc. are poised to gain from a retreating SNC, the group of companies compliment each other on ground that might otherwise be ceded to foreign competitors.Aecon is currently partnered with SNC-Lavalin on four major projects: Montreal's REM light-rail project, Toronto's Eglinton Crosstown LRT and the refurbishment of the Darlington and Bruce nuclear plants.SNC-Lavalin’s exit from construction opens the door to Aecon and other builders. And as SNC begins to scale down operations amid a freshly withdrawn financial guidance — already slashed three times since January — WSP Global continues to scoop up engineering firms and forecast double-digit revenue growth through 2021, when it expects to generate up to $9 billion and overtake SNC’s workforce with close to 65,000 employees. Companies in this story: (TSX:SNC)Christopher Reynolds, The Canadian Press

  • SNC-Lavalin supports conservation efforts with donation to the Canadian Wildlife Federation
    CNW Group

    SNC-Lavalin supports conservation efforts with donation to the Canadian Wildlife Federation

    MONTREAL , Aug. 12, 2019 /CNW Telbec/ - SNC-Lavalin (TSX: SNC) is proud to announce a donation of $20,000 in support of the Canadian Wildlife Federation's (CFW) Lakes & Rivers Program. CWF's mission is ...

  • Why SNC-Lavalin (TSX:SNC) Stock Fell 21% in July
    The Motley Fool

    Why SNC-Lavalin (TSX:SNC) Stock Fell 21% in July

    SNC-Lavalin Inc.’s (TSX:SNC) restructuring strategy to turn around the company wasn’t enough to stop SNC stock from falling 21% in July. Here’s why.

  • Court clears path for SNC-Lavalin to close $3.25B sale of stake in Hwy. 407
    The Canadian Press

    Court clears path for SNC-Lavalin to close $3.25B sale of stake in Hwy. 407

    MONTREAL — A judge has cleared SNC-Lavalin Group Inc. to proceed with the $3.25-billion sale of a stake in Ontario's 407 toll highway to the Canada Pension Plan Investment Board (CPPIB), paving the way for the beleaguered company to pay off hundreds of millions in debt.The ruling jumpstarted SNC-Lavalin shares Wednesday, which rose 99 cents, or six per cent, to close at $17.35, halting a week-long slide that brought the stock to 15-year lows following a year that saw the firm's market value fall by more than two-thirds to $2.87 billion.In a decision Friday, the Ontario Superior Court greenlighted the pension board's purchase of a 10-per-cent stake in 407 International Inc., dismissing a legal challenge from Cintra Global S.E., one of the toll roads current owners.SNC-Lavalin said that even if the decision were reversed on appeal, Cintra and the pension board have agreed the transaction would not. In that scenario, Cintra and the CPPIB would adjust the number of shares between them.SNC-Lavalin management confirmed last week it plans to put the proceeds toward debt repayment, including a $600-million payment on a loan from the Caisse, Quebec's pension fund manager. SNC-Lavalin will retain a 6.8 per cent slice of the toll road, which yields consistent dividends and carries long-term potential in the traffic-clogged Greater Toronto Area.About $3 billion from the sale is payable at the closing date and $250 million over the next 10 years, according to SNC-Lavalin. It expects the deal to close within the month.In April, the Montreal-based company unveiled a deal to sell part of its 16.8 per cent stake in Ontario's 407 highway to the Ontario Municipal Employees Retirement System (OMERS). The announcement spawned a legal battle between Cintra and the CPPIB, which each claimed a right of first refusal on the OMERS agreement based on their respective ownership stakes of 43.2 per cent and 40 per cent in the toll road.SNC cancelled that deal in May, paying an $81-million break fee to OMERS and stating that the CPPIB was entitled to match the bid.On Friday, Justice Glenn Hainey wrote that OMERS' proposed purchase of SNC shares was "solely as a financial investor," citing an agreement Cintra signed in 2002 to waive its right of first refusal in deals involving purchasers that do not have competing interests — except as financial investors — in areas such as construction or road projects.Cintra — a subsidiary of Spanish multinational Ferrovial S.A. — had claimed OMERS is a competitor and does not fall within the waiver's exception for financial investors. The Ontario pension fund company holds a 65 per cent interest in the corporation that manages the Confederation Bridge toll road and made up part of the consortia on various road projects including B.C.'s Sea to Sky Highway.Analyst Derek Spronck of RBC Dominion Securities framed the pending sale to the CPPIB "positively...as it improves visibility around the timeliness of the company's deleveraging plans."Highway 407 was privatized under former premier Mike Harris's Progressive Conservative government in 1998, when SNC-Lavalin scooped up an initial 22.6 per cent stake. Companies in this story: (TSX:SNC)Christopher Reynolds, The Canadian Press

  • CNW Group

    SNC-Lavalin to proceed with closing of sale of 10.01% stake of Highway 407 ETR

    MONTREAL, Aug. 7, 2019 /CNW Telbec/ - SNC-Lavalin (TSX:SNC.TO - News) is pleased to announce that it will be proceeding with closing the sale of the 10.01% stake in 407 International Inc. ("Highway 407 ETR") with Canada Pension Plan Investment Board ("CPPIB") following the dismissal by the Ontario Superior Court, Commercial List (the "Court") of the application by Cintra Global S.E. ("Cintra"). The Court agreed with SNC-Lavalin and CPPIB that Cintra had waived, through an agreement with SNC-Lavalin in 2002, its right of first refusal ("ROFR") with respect to the original sale transaction concluded with OMERS in April 2019.

  • SNC-Lavalin shares fall to near 15-year low after warning from Caisse de depot
    The Canadian Press

    SNC-Lavalin shares fall to near 15-year low after warning from Caisse de depot

    MONTREAL — Shares of SNC-Lavalin Inc. plummeted to the lowest level in nearly 15 years Tuesday in reaction to its largest shareholder, the Caisse de depot et placement du Quebec, warning that the embattled engineering firm had to move to emergency mode to improve its project execution.The Montreal-based company's shares fell to a low of $16.10 in early trading on the Toronto Stock Exchange and closed down more than eight per cent to $16.36. The TSX was closed Monday because of the Civic Holiday in Ontario and several other provinces.Caisse CEO Michael Sabia shone the spotlight on SNC-Lavalin Monday during a discussion about the Quebec pension fund manager's results for the first half of 2019. It posted a modest return of 6.1 per cent, well below that of 7.5 per cent of its reference portfolio. Nevertheless, its annualized return of 8.3 per cent over five years exceeds the 7.2 per cent return for the same reference.The Caisse booked a $700-million loss from its SNC investment during the first six months of the year and Sabia's impatience was clearly evident.Although Sabia has said a few times that the Caisse is and will remain "a long-term investor in SNC-Lavalin during this turbulent period," he said that the engineering giant "must move quickly and must focus on execution."Unwilling to comment on the risk of a hostile takeover bid of SNC by foreign investors, Sabia acknowledged that the Caisse remains watchful and that SNC is important to Quebec and to Canada and "the engineering ecosystem in Canada."Paraphrasing famed inventor Thomas Edison, Sabia said: "A plan without execution is a hallucination.""That's why we insist so much on the execution, on the daily discipline (...) It is a change of culture, a higher level — significantly higher — of discipline."The Caisse's assets increased $18 billion in the last six months to $326.7 billion.Sabia said that markets have been less responsive to the economic reality over several months as they have been more concerned about U.S. Federal Reserve action on interest rate cuts than about the real economy.The Caisse's results were weighed down by sluggish performance in the real estate and infrastructure sectors.Sabia defended the pension fund manager's "green shift" that aims to increase carbon-neutral investments by 80 per cent between 2017 and 2020 and lower its carbon footprint by 25 per cent by 2025.Despite purchasing a gas transmission network in Brazil, he said the Caisse is gradually reducing its investments in the oil sector."That being said, we believe that gas is a vital source of transition energy," he said."We are now probably the most important institutional investor in North America to make investments in renewable energy — solar, wind turbines — around the world ... but the world is not going to change instantly and gas is a very important source of transition energy. That's why, very selectively, we make investments in the gas sector." Companies in this story: (TSX:SNC)The Canadian Press