Inside the Market’s roundup of some of today’s key analyst actions
National Bank Financial analyst Jaeme Gloyn has “strengthening confidence” in the growth prospects for“We estimate pro forma available capital now stands at a solid $125-million to $135-million ,” said Mr. Gloyn, resuming coverage after coming off a research restriction.
“While less tangible than the former two points, but equally important given recent industry events and TSU’s isolated issue with a struggling program, we believe the equity raise enhances the Trisura narrative with key stakeholders, e.g., MGAs, reinsurers and rating agencies,” said Mr. Gloyn. “Moreover, we believe the raise further strengthens TSU’s competitive position relative to U.S. Fronting peers, given the company’s larger balance sheet and greater operational diversification .
“Our adjusted diluted EPS of $2.19 in 2023 , and $2.47 in 2024 reflect the modest 3.5-per-cent share count dilution, partially offset by attractive investment returns on the capital raised ,” he said. Elsewhere, TD Securities’ Marcel McLean resumed coverage with a “buy” rating and $57 target, while BMO’s Tom MacKinnon trimmed his target by $1 to $49 with an “outperform” recommendation.Following the second-quarter earnings season in Canada’s energy sector, Desjardins Securities analyst Chris MacCulloch thinks valuations are “becoming increasingly stretched,” however he still sees “upside from accelerated capital returns and strategic M&A.
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