Inside the Market’s roundup of some of today’s key analyst actions
“presents a more attractive entry point,” according to Canaccord Genuity analyst Mark Rothschild.
“InterRent REIT reported robust operating results in Q1/23, as higher rental rates and improvements in occupancy drove internal growth of 11.4 per cent,” he said. “However, cash flow growth in the quarter was offset by higher interest costs, given an increase in the REIT’s weighted average interest rate and a modest uptick in leverage.
“We see significant potential for value creation if SNC can successfully demonstrate the FCF generation potential of its Engineering Services business,” he said. With increases to his forecast for the next two years, Mr. Poirier raised his target for SNC shares to $42 from $38. The average is $39.* ATB Capital Markets’ Chris Murray to $44 from $38 with an “outperform” rating.
Mr. Gloyn called the result a “solid” beat, pointing to a 19-per-cent year-over-year gain in free cash flow per share to 37 cents and revenue growth across all its business lines. After increasing his EPS and FCF estimates through 2024, Mr. Gloyn raised his target for Element Fleet shares by $2 to $30, reiterating an “outperform” rating. The average target is $24.
“EFN remains our top pick heading into mid-2023. The higher guidance is positive. Aging fleets are also helping to bolster Service revenue to new highs. The new CEO was present on the call and was participating in the Q&A.”* BMO’s Tom Mackinnon to $24 from $23 with an “outperform” rating.
“At the same time, the longer-term thesis is unchanged as previously questionable capital allocation strategy is now fully channeled into de-leveraging which accrues directly to equity holders, without much risk,” he said. “Assuming the company hits the 17-per-cent EBITDA margin target in 2023, when combined with working capital optimization, our confidence in getting the balance sheet to 3 times net debt to EBITDA remains high.
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