Inside the Market’s roundup of some of today’s key analyst actions
The downgrade came after Mr. Tse hosted a session between customers, partners and executives of the Markham, Ont.-based company, which specializes in mortgage appraisal and title services, at the annual Mortgage Bankers Association Conference in Philadelphia earlier this week.
“Given the 36-per-cent increase in REAL’s stock price year-to-date, largely from an expansion in valuation care of moderating rate expectations, the name is looking reasonably valued against that elongated turn,” he added. “As such, we’re downgrading the name.” “Recall, PKI raised its 2023 EBITDA guidance to $1.800-$1.850-billion. given ongoing business momentum .”
“2023 will be a tough comp year versus 2022, and especially 2021, on an underwriting basis as economies continue to reopen, inflationary pressures persist and the frequency of CAT events increases,” said Mr. Young. “However, we expect higher investment income to be an offset through 2023 and into 2024/25.
He added: “Macro items impacting results. Movements in interest rates and equity markets negatively impacted book values by our math. Could there be any noise from their direct CRE holdings? Or credit impacts for fixed income investments classified as FVTOCI? For IFC, FX movements had a positive impact on a year-over-year basis and should be a tailwind going forward.”
“In addition to substantial operations in the U.S., RAY’s products also have material penetration globally including Latin America and Europe,” he added. “In fact, this is reflected in the BCM geographic revenue mix of 30 per cent Canada, 44 per cent U.S. and 26 per cent other countries, a rare trait among Canadian Media companies.
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