Inside the Market’s roundup of some of today’s key analyst actions
) “strong” same-store sales growth in Canada as “consumers continue to trade down to fight inflation.”
“Over the past 3 quarters, Dollarama’s same-store-sales outperformed Walmart’s by an average of 120 basis points,” he said. “Hence, we see limited downside risk to our Q3FY23 SSS estimates of 5 per cent and believe that Dollarama could beat consensus estimates for same-store-sales growth in Q3.” “Following a solid H1/F23 where the company delivered solid results despite navigating a challenging macroeconomic environment with persistent inflationary trends and supply chain issues, we anticipate a strong H2/F23 as additional production capacity starts to come online and supply chain issues begin to alleviate,” he said.
Raising his 2023 and 2024 revenue and earnings forecast, he maintained a “buy” rating for BRP shares with a $136 target. The average on the Street is $129.87. “Mr McManus’s and Mr Pagano’s opening remarks reflected on their experience as CEO and CFO of UNS, indicating that growth has not come easy as a lot needed to be done,” he said. “Their first priority had been to fix the balance sheet. Recall that the company’s funded debt to adjusted EBITDA was 2.9 times in 2Q21. A year and a quarter later, the multiple is down 50 per cent to 1.4 times on the back of strong operating results and efficient working capital management.
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