Section1: Company Overview and Fundamental Insights:

1.1 Company Overview:

Caldwell Partners International Inc (TSX: CWL) is a provider of executive search that specializes in the recruitment of executives for full-time and advisory roles. The company contracts with its clients, on an assignment basis providing advice on the identification, evaluation, assessment, and recommendation of qualified candidates for filling of senior executive positions. It recruits employees for various positions that include Board Services, Human Resources, Information Security, Legal, Marketing, Supply Chain Management for Consumer/Retail, etc.

1.2 The Key Positives, Negatives, Investment Highlights and Risks

1.3 Top 10 Shareholders:

The top 10 shareholders together form ~41.18% of the total shareholding. Ewing Morris & Co. Investment Partners Ltd. and Caldwell (C Douglas) holds a maximum stake in the company at ~­­­14.69% and ~10.66%, respectively.

1.4 Key Metrics:

The company reported robust growth in its financials on a sequential basis as well as in Q3 2022, along elevated Average Number of Active Clients and Average Fees Billed per Business Day, which is a key positive. The company is also improving its KPI’s demonstrating its strength and adaptability.

Section 2: Business Updates and Financial Highlights

2.1 Recent Updates: The below picture gives an overview of its recent activities, such as announcement regarding its integrating services and expanding partnership.

2.2 Insights of Q3 2022 Financial Performance:

Section 3: Key Risks and Company Outlook

Section 4: Stock Recommendation Summary:

4.1 Price Performance and Technical Summary:

4.2 Fundamental Valuation

Valuation Methodology: EV to Sales Multiple Based Relative Valuation (Illustrative)

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is August 30, 2022. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.

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