Inside the Market’s roundup of some of today’s key analyst actions
) as “a logical outcome and indicative of proactive balance sheet management that has provided improved visibility on the de-levering trajectory.”
“Bigger picture, we believe this transaction significantly improves the visibility around BCE’s balance sheet de-levering trajectory through the medium term while benefiting FCF and providing the company added financial flexibility ,” said Mr. McReynolds.” Specifically: net proceeds after-tax of $4.1-billion equate to a 0.4 times turn reduction in leverage with estimated net debt/EBITDA declining to 3.4 times by the end of 2025E ; and simplistically, net proceeds of $4.
“With an eye on our 2025 and 2026 estimated NAVs of $61 per share and $69 per share, respectively, we believe current share price levels continue to represent an attractive entry point reflecting: the full flow-through impact of run-rate Shaw cost synergies alongside what should be improving cable revenue growth and margins and continued wireless outperformance; a steady de-risking of the stock as the Shaw integration winds down, the competitive landscape post-Rogers-Shaw-Quebecor transactions...
“While we noted some large customers already trialing/converted, our conversations with other customers over the past few days had a number taking an optimistically cautious view at this point,” he added. “From what we heard, the areas of caution stem from price to those customers already having an existing process to handoff data/analysis from their existing Argus Enterprise deployments to other analytics/tools like Excel or incumbent applications.
In a research report released Thursday, he initiated coverage of the Toronto-based specialty insurance company with a “buy” recommendation, calling its “stable, high ROE and strong capital generation engine in Canada as well as U.S. Fronting” as TSU’s “key growth story.”
Target Growth Bce Company Rci Transaction Rating First Quantum Minerals Ltd. National Bank Company
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