Inside the Market’s roundup of some of today’s key analyst actions
“Having already completed its 2023 asset recycling program, management is focusing its efforts for the remainder of the year towards platform integration and asset optimization while preparing to execute its 2024 US$2.0-billion capital recycling program highlighting that its asset base remains positioned to be selective across regions and sectors showcasing its unique intrinsic value while capitalizing on the three Ds ,” he said.
Ahead of the release of its third-quarter financial results, Mr. Kenny is forecasting funds from operations per unit of 72 US cents, which is 3 US cents below the consensus on the Street but up almost 5 per cent from a year ago. He attributed the gains to “partial contributions from capital recycling and optimization efforts, offset by lower contributions within Midstream/Transport and recent divestitures including AusNet, 12.5 per cent of the U.S.
“Despite the GCAN 10-year rate moving up above 4.0 per cent recently, our esteemed colleagues are calling for 100 basis points in rate cuts north of the border through 2024, with the 10- year GCAN rate coming down to 3.65 per cent by Q4/24 and landing at 3.5 per cent by Q3/25,” he said in a note. “As such, we have increased our long-term GCAN 10-year assumption embedded in our cost of capital assumptions across our coverage universe to 3.5 per cent .
On Tuesday after the bell, the Toronto-based company announced a plan to sell 72 cemeteries and 11 funeral homes in Kentucky, Michigan, North Carolina and South Carolina to Everstory Acquisition Portfolio LLC in a deal expected to close by the end of the calendar year. Those assets generated 10-12 per cent of its trailing EBITDA.
While Park Lawn expects to redeploy the proceeds into larger and higher volume businesses which should carry higher profit margins, Mr. Landry lowered his near-term estimates to reflect the divestiture.
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