Inside the Market’s roundup of some of today’s key analyst actions
In a research report titled, he assumed coverage of the Winnipeg-based company following Thursday’s Investor Day event, concluding its “seemingly straightforward and ‘simple’ operational algorithm should yield better returns for shareholders.”
The analyst pointed to four highlights from the event: a potential path to a top line of $3-billion through “product transfers to international markets, organic investments + macro”; margin growth opportunity to beyond a 17-per-cent-plus EBITDA level .” “Based on commentary from AFN’s investor day, we are increasing our 2023 and 2024 Adj. EBITDA by 3.7 per cent and 4.4 per cent, respectively, bringing us more in line with consensus,” he said. As a result, we are raising our target price ... which is based on a combination of an 8.0 times EV/EBITDA multiple, an 8.0 times P/AFFO multiple, and a DCF analysis while continuing to build in provisions for litigation risk.
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