Ahead of first-quarter earnings season for Canadian diversified financial companies, National Bank Financial analyst Jaeme Gloyn reaffirmed his “favourable” outlook for the Property and Casualty insurance sector, citing “persistent hard market conditions across most business lines and higher interest rates driving sustainably higher investment income.”
“As 2024 progresses, we expect accelerating earnings growth driven by a gradual improvement in the operating environments and easier year-over-year comps. Valuation-wise, we continue to believe most FTM EV/EBITDA valuations provide attractive entry points assuming an economic hard landing is avoided. Our best ideas are VerticalScope, Cineplex and Transcontinental.”
After updating his forecasts for the group, Mr. McReynolds made a pair of target price adjustments to stocks in his coverage universe:“At current valuation , we believe the bar to deliver consolidated organic revenue growth in excess of 6 per cent has risen with the organic revenue growth trajectory over the 2024-2026 period now taking centre stage,” he said.
Analyst: “Although cyclical headwinds continue to negatively impact both Packaging and Printing volumes, we expect ongoing cost efficiencies and an easing in destocking pressures to translate to renewed year-over-year EBITDA growth in F2024/F2025. In addition, we see a strengthening FCF outlook bolstered by EBITDA growth, declining capex and further working capital improvements. With the stock trading at 4.8 times FTM EV/EBITDA versus an average of 7.
Analyst: “BEP is likely to communicate a positive outlook and that it continues to see strong opportunities to deploy capital at attractive risk-adjusted returns.” Analyst: “We expect updates on construction progress , some comments on recent leadership changes and possibly future growth opportunities.”) on April 9, its shares have dropped almost 14 per cent, however he continues to see a “long runway for growth” and thinks the Guelph, Ont.-based manufacturing company should “be favoured as a good way for investors to play re-shoring, electrification and accelerating data centre demand.
“HPS previously announced production investments to take it to $900-million of revenue capacity by year-end . With Q1 results, HPS highlighted strong demand driving small incremental plans for further equipment spending and its first price increase since 2022. The price increase should take hold in Q2E and support margins. To keep up with market growth at over 10 per cent per annum beyond 2025, we believe that HPS needs to invest about $40-million to $50-million per year.
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