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September 2, 202623 min
Government policies 'won’t turn the tide' of the energy transition
In a 40-year career, Francesco Starace has become one of the leading figures in the energy transition – first as CEO at Enel Group, and now as a Partner at specialist investment EQT Group. In a keynote session at RBC Capital Markets’ Energy Transition Conference, Starace shared his views on the progress of the transition, the global challenge posed by soaring electricity demand, and the potential contribution of his first specialism, nuclear.
September 1, 202617 min
The most promising sectors in today’s fast-moving fintech scene
Payments companies were among the first to experience the pressures that hit the fintech scene and the broader software industry over the past couple of years. Now activity is reviving, with several big deals. What’s changed, and which other parts of the sector stand to thrive amid ongoing disruption? Jason Gurandiano, Head of U.S. Technology Banking and Global Head of Fintech Banking, is joined by colleagues Matt Thomas and Asif Ahsan for the second part of their analysis. Key points Payments companies are trading at a discount relative to cashflow and are likely to see strong M&A activity. Agentic commerce and stablecoin are potential game-changers in payments. Strategics are targeting companies with a hardware component alongside proprietary data as moats against AI. Digital assets and trading platforms are among the subverticals with strongly favorable signals. Chapter markers: Introductions [00:06] Joe Coletti introduces the second part of a discussion led by Jason Gurandiano, Head of U.S. Technology Banking and Global Head of Fintech Banking, with Matt Thomas, Managing Director in Technology Investment Banking, and Asif Ahsan, Managing Director in Technology M&A. Payments strength [ 00:46] Activity in the payments sector has picked up meaningfully in the past three months. The space has become more global and less fragmented, as companies seek to own whole steps of the value chain. Many payments companies are trading at a discount and this is an area of likely continuing M&A activity. Impact of agentic commerce and stablecoin [04:34] Agentic commerce is set to transform payments, and will drive transactions to ensure security against fraud. Stablecoin is becoming institutionalized and could prove disruptive to traditional banking when paired with consumers’ digital wallets. Information services outlook [08:13] Information services companies’ success rests on whether their data is truly proprietary or can be easily replicated. A combination of proprietary data and hardware is increasingly valued by companies looking to do M&A. Subvertical verdicts [10:17] Summing up their views, participants are broadly bullish about payments and financial software. Views on market structure, information services, and disruptive financial services are mixed, with some players facing greater risks. Signs are good for digital assets, crypto, and tokenization, with strong innovation and maturing players.
August 31, 202613 min
Investors on the hunt for fintech’s next big winners
Amid the SaaSpocalypse panic, fintech companies remain relatively resilient, protected by the specialized and highly-regulated nature of the financial market. But investors are looking for strong retention and growth, including AI-driven revenues. Jason Gurandiano, Head of U.S. Technology Banking and Global Head of Fintech Banking, is joined by colleagues Matt Thomas and Asif Ahsan to analyze what will set the winners apart from the competition. Key Points Public and private markets in fintech remain robust. While affected by AI disruption, the sector has been more resilient than the broader software market. Investors are looking for high retention and growth, including AI-driven revenues. Wealthtech and Insurtech are attracting most interest and are set to see strong M&A. Opening and introductions [00:06] Jason Gurandiano, Head of U.S. Technology Banking and Global Head of Fintech Banking, summarizes RBC’s 11th annual fintech conference. It attracted the biggest engagement of the past five years: 430 delegates and 740 investor interactions. He introduces Matt Thomas, Managing Director in Technology Investment Banking, and Asif Ahsan, Managing Director in M&A. Hunt for investments [02:15] Fintech innovation is accelerating. Private investors are actively seeking new investments; public investors are striving to understand the impact of AI on current investments. The winners will be companies demonstrating high gross retention as well as growth that is at least partly driven by AI features. Fintech’s resilience [7:37] The specialized and highly-regulated nature of finance is providing fintech with some protection from the disruption affecting software more broadly. But there is a bifurcation, with successful companies achieving robust trading multiples and perceived losers trading near cyclical lows. Embedding offers insulation [9:10] Fintechs that are strongly embedded with their end customers have most protection, and have the opportunity to go on the offense with new products. Areas of opportunity [11:36] Wealthtech and Insurtech are attracting most interest: M&A is likely to remain strong in these subverticals over the next 12 to 18 months. Capital markets software has strong interest, but incumbents face threats from customers with their own AI budgets.
August 10, 202616 min
How AI infrastructure and M&A are reshaping corporate finance
AI infrastructure investment, M&A activity and evolving treasury demands are reshaping how companies access capital and manage liquidity. Vito Sperduto, Head, RBC Capital Markets U.S., Raja Khanna, Head of U.S. Corporate Banking, and Kartik Kaushik, Head of U.S. Cash Management, discuss what's driving capital deployment, how financing strategies are evolving and why treasury is becoming an increasingly strategic function. Key points: Corporate borrowers continue to navigate elevated rates, growing lender competition and an evolving private credit landscape. AI infrastructure investment and M&A activity are driving demand for financing and reshaping capital structure decisions. Treasury is moving from a cost-centre view to becoming an increasingly important part of strategic planning, capital allocation and transaction readiness. As companies manage cash across multiple markets and currencies, visibility, transparency and control remain key priorities. For borrowers, flexibility in capital structure and financing options remains a priority, while treasury teams continue to focus on liquidity visibility and working capital control. Listen and subscribe to Strategic Alternatives on Apple Podcasts, Spotify or wherever you get your podcasts. To learn more about corporate banking, treasury management, liquidity solutions or capital markets strategy, please contact your RBC Capital Markets representative or visit rbccm.com.
July 17, 20269 min
China’s EV makers are already reshaping global auto markets
China’s electric vehicle leadership is reshaping the global audio industry. In this episode, host Joe Coletti speaks with Tom Narayan, Lead Equity Analyst in Global Autos at RBC Capital Markets, to explore how China built its EV advantage, why its OEMs are expanding into Europe and eyeing the U.S., and what this means for Western automakers, suppliers, and consumers. Key points: China’s EV advantage is rooted in battery supply chains, subsidies, labor costs and domestic market scale. Chinese OEMs are expanding beyond their home market through exports and localization in Europe. European OEMs may lose share, but Western suppliers could benefit if Chinese OEMs rely on them abroad. Chinese OEMs are technically ready for the U.S. market, but policy volatility and tariffs remain major barriers. Chinese consumers are shaping the next phase of electric vehicle technology through demand for autonomy and tech-forward features. Listen and subscribe to Strategic Alternatives on Apple, Spotify, or wherever you get your podcasts. If you enjoyed this episode, please leave us a review and share the podcast with others. To learn more about RBC Imagine, access the flagship report, or continue the conversation, contact your RBC representative or visit rbccm.com/imagine.
July 7, 202611 min
APA Corporation is poised for an oil market shift
Amid soaring power demand and energy security concerns, will the market start to place more value on conventional oil and gas production again? Ben Rodgers believes that it will, and that APA Corporation is well placed to benefit when the moment comes. In this episode of Innovators and Ideas, he sets out the company’s strategy across diverse territories and commodities. Key Points • Oil and gas group APA Corporation has continued to explore as well as produce. • Producing oil and gas, and working across continents, offers diversified exposure. • The company has brought in Total for a joint venture in Suriname. • A major restructuring was designed to advance APA’s objective of being a cost leader.
July 1, 202616 min
Seizing opportunity across power, utilities and infrastructure
Global power demand is rising sharply, and geopolitical instability is accelerating the need for secure, affordable, and diversified energy systems. In this episode, host Joe Colletti speaks with Robert Kwan, Head of Global Power, Utilities & Infrastructure Research, and Maurice Choy, Canadian Energy Infrastructure Analyst, to explore how RBC Imagine themes—energy security, affordability, crisis capitalism, synthetic technologies, and shifting superpowers—are reshaping the sector. The conversation highlights how utilities, midstream operators, and infrastructure investors are navigating a world where energy transition, digital demand, and geopolitical conflict collide. As Robert notes, “this current environment is hammering home to a broad population how important energy is to everybody’s daily lives” . Key Points Geopolitical conflict is reinforcing a global “all of the above” approach to energy supply. Rising energy prices are intensifying affordability pressures across households and industries. Hyperscalers and digital platforms are rapidly becoming dominant global electricity consumers. Utilities are investing heavily in resilience to manage climate, cyber, and grid instability risks. Synthetic technologies are improving efficiency and reducing supply‑chain vulnerabilities. Canada is increasingly well‑positioned to expand global energy exports across fuels and electricity. Massive infrastructure investment is required to deliver diversified, secure global energy systems.
June 26, 20268 min
Which software companies can avoid the AI ‘SaaSpocalypse’?
Software valuations remain squeezed amid dire predictions of ‘SaaSpocalypse’. But the real future of the sector is likely to be more complex, as RBC’s recent Canadian Private Tech Conference underlined. In this episode, Software Analysts Paul Treiber (Canada) and Rishi Jaluria (U.S.) reflect on the competing visions presented at the event, and consider how AI’s impact on the sector – and other industries – is playing out. Key Points • Innovation will be the key differentiator for software companies’ survival as AI disruption continues. • AI is targeting companies’ labor budgets rather than IT spend. • Software M&A remains subdued, pending a recovery in valuations. • Power constraints are limiting the scaling of AI. Introductions [00:06] Paul Treiber introduces colleague Rishi Jaluria for a discussion about the RBC Canadian Private Tech Conference, which featured 25 differentiated tech companies. Software’s future [00:40] The conference presented competing views of AI’s impact on software. Some foresee the ‘SaaSpocalypse’, with software headcount shrinking as AI self-compounds. Others are harnessing AI to move faster and say their customers are expanding software use. Vertical software firms in regulated, workflow-dense environments are better insulated from disruption. Labor impact [03:09] Rather than eating into IT budgets, AI is cannibalizing labor. Beyond software, entire industries are being disrupted. Some believe financial intermediation may disappear. Constraints on AI [04:43] AI processing is accelerating, but memory is growing more slowly and interconnect failing to keep pace, acting as a constraint. M&A [05:15] M&A activity is subdued and will only revive with a recovery in valuations. Sovereign clouds [05:52] Sovereign clouds are seen by some as a tailwind for Canadian companies. Others believe local hosting will prove unnecessary.
June 22, 202614 min
Why TC Energy sees renewed opportunity in Canada
With a 75-year track record under its belt, TC Energy is poised to enter a new phase of growth, thanks to a presence across North America and the growing demand for energy at home and abroad. In conversation at RBC’s Global Energy, Power and Infrastructure Conference, President and CEO François Poirier outlines the company’s current tailwinds, and why he sees particular LNG growth opportunities for Canada. Key Points • Canada has new opportunities to meet growing global demand for LNG. • TC Energy is lifting self-imposed capital allocation limits as it seeks to grow its assets across North America. • Safety, profitability and asset reliability are closely entwined in the success of the business.
June 18, 202615 min
Canada’s national ambitions give hope to industrials
RBC's Canadian Industrials Conference in Toronto wrapped with more reasons for optimism than many expected. In this conference takeaway, Walter Spracklin, Director of Canadian Research and Co-Head of Global Industrials Research, debriefs with analysts Sabahat Khan, James McGarragle, and Matthew McKellar on the key themes that emerged. Steel producers are finding ways to mitigate U.S. tariffs, the freight recession is easing, and the most significant buzz centred on the government's nation-building infrastructure and defence plans. Key Points • Canada’s nation-building plans are boosting industrial confidence, while its defense strategy creates a tailwind for the country’s aerospace sector. • Tighter supply has helped to ease the long-running freight recession. • Steel suppliers are diversifying from U.S. exposure to mitigate trade tariffs. • Tariffs have also hit lumber hard, with supply tightening in response. • AI deployment is positioning the transport sector for operational efficiencies. Introductions [00:06] Host Walter Spracklin refers to RBC’s recent Canadian industrials conference in Toronto, which heard from 38 participating companies. He introduces three colleagues – Sabahat Khan, James McGarragle, and Matthew McKellar – to discuss the key themes that emerged. Freight recession eases [00:47] The freight recession dominated last year’s conference, but tighter supply driven by regulatory changes has lifted pricing, with positive impacts on rail too. Tariff impacts on industrials [02:05] Section 232 tariffs are creating direct impacts across steel-exposed industrials, while broader tariff uncertainty is delaying some large capital project decisions. Government plans inject confidence [04:30] The Canadian government’s new strategies on nation-building infrastructure are lifting confidence in the market. Its plans to increase defense spending and prioritize Canadian producers are seen as a potentially lasting tailwind for aerospace companies. Paper and forest production [9:36] Demand is poor and the lumber sector has been hit hard by tariffs. However, tighter supply has set up the industry for better conditions at lower levels of demand in future. AI and capital allocation [13:01] Other common themes at the conference were the deployment of AI to achieve efficiencies, especially in transport; and the disciplined allocation of capital, balancing organic growth with strategic M&A.
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