Rogers, Loblaw and Inovalis are among stocks featured
National Bank Financial has dropped its price target on) to C$67 from C$77 after making accounting updates to its model to account for the structured equity financing and MLSE deals. It still rates Rogers as an “outperform.”
“We initially assumed annual distributions of $400M, but we’ve now opted to more conservatively use a 7% return for a $490M distribution in 2025 that should scale steadily higher. We’re using a $7B entry to Minority Interest amid the related proceeds. We await more clarity around the accounting when the deal closes in coming weeks,” National Bank analyst Adam Shine said in a note to clients.
“A significant decrease in operating cost recoveries from reduced occupancy led to a more than three-cent shortfall in net operating income vs our estimate as well as negative funds from operations,” Mr. Leon commented. She reiterated an “outperform” rating on Loblaw while noting that her “highly constructive thesis is playing out as Loblaw delivers consistent, predictable earnings growth.”
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