Inside the Market’s roundup of some of today’s key analyst actions
Glenn Chamandy following a highly publicized proxy fight as well as its recent operational performance and a “favorable” outlook, Stifel analyst Martin Landry raised his recommendation for
“For the last 12 months, Gildan has been coping with soft demand in its end markets. Industry sales in the U.S. printwear market have decreased by 5-10 per cent in the last twelve months while Gildan’s sales in this channel have increased,” he said. “The company has been gaining share with new product innovation as well as from a weakening competitive landscape.
“While we believe the change in strategy towards organic growth is admirable, an aspirational organic growth target of 2-4 per cent in F27 makes it challenging to see a material valuation re-rating,” he said. “Our view is that a 2.9 times leverage ratio is fuelling this strategy shift, and it’s our expectation that once the Company de-levers enough, it will tack back towards acquisitions.
“Despite the challenging backdrop for mortgage originations, we continue to believe Real Matters is executing on the variables in its control ,” he said. “On that, the Company gained share with 4 of its top U.S. Appraisal clients and 2 of its top clients in Canada all on a year-over-year basis. Beyond that, Real Matters launched 1 new client in T&C while concurrently adding 2 new U.S. channels.
“The operational performance of RemainCo was better than expected largely due to the strength in the Diversified segment, a portion of which was one-time in nature,” said Mr. Miehm. “Management reiterated that the full separation of BLCO continues to be a strategic priority, with the objective of ensuring that any transaction results in two appropriately capitalized companies.
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