GREY:ALARF - Post by User
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anon314on Nov 11, 2015 7:31am
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Canaccord Genuity Summary by Scott Chan on 2015.11.11
Canaccord Genuity Summary by Scott Chan on 2015.11.11 Investment recommendation
We maintain our BUY rating and are lowering target price to C$34.00/sh (from C$38.00). Using our DCF model, we have slightly increased our equity market risk premium to 5.5% (from 5%) that reflects headwinds on some of AD’s investments (i.e., KMH, SCR, SMi). This is partially offset by lower rates on its new credit facility.
YTD, AD stock has faced downward pressure on concerns over specific investments. We believe the near-term catalysts for the stock could include (1) resolution at KMH; (2) positive partner updates from Agility, SMi and Kimco; and (3) higher investments YoY.