Inside the Market’s roundup of some of today’s key analyst actions
) “rapid pace of dispositions completed at prices consistent with or above net asset value,” Ventum Capital Markets analyst David Chrystal said he has “enhanced confidence” in management’s ability to narrow the net asset value discount over the next few quarters.a trio of “strategic” dispositions worth approximately €748-million and encompassing 3,179 residential suites, representing approximately half of its portfolio, and one office property.
“MEG has materially underperformed its Integrated/oil sands peers since the XEG last peaked in April , partially driven by investor capex concerns as it grows CL capacity to 125mbbl/d and wider-than-expected heavy differentials post-TMX,” he said in a research note. “However, consensus now captures the top-end of management’s 2025/2026 capex range, and with MEG trading at a multiple discount to peers, it is now our top pick.
“SPNOI growth turned positive in Q4/22 and has accelerated to 20-per-cent-plus levels as occupancy has recovered to pre-pandemic levels,” he said. “We see further gains driving near-term AFFO growth with favourable industry supply/demand fundamentals driving earnings/NAV growth in 2026+. We do not believe this growth is fully reflected in the current valuation.”
“We are forecasting Q3/F24 mutual fund outflows of $71-million , compared to net redemptions of $112-million last quarter and $151 million from Q3/F23,” he said. “However, the strong market performance in June led to a higher average AUM balance during the quarter which bodes well for management fees. We anticipate 2024 full-year mutual fund net outflows of $370-million, with a strong rebound to net sales of $575-million in 2025.
Maintaining a “sector perform” recommendation for AGF shares, Mr. Hardie increased his target to $11.25 from $10.75. The average is $11.21.
Growth Discount Aum Value Rating Begin Agf IFRS Scotiabank AGF
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