Key Elements of the Process

Five key elements distinguish Cardinal Capital's investment process:

• Free cash flow generation and reinvestment are the critical determinants of our valuation analysis.
  
  

• High return requirements and conservative forecasts are central to our dynamic buy and sell price targets.
  
  

• We focus on catalysts to exploit market inefficiencies that arise from biases, information flows or business change. Market inefficiencies create investment opportunities.
  
  

• Original proprietary fundamental research underlies our investment decisions.
  
  

• Consistency of style and process has characterized our investment approach for more than a decade.