TSX:GSY - Post Discussion
Post by
extremerisk on Apr 06, 2022 5:52pm
Very strong buy now at this price
With GSY down 30% YTD — versus the TSX at +1.1% — and now trading at a discount to historical averages, we see little change in the narrative and once again remind investors to take advantage of what we view as a very attractive entry point for the stock. Despite the recent bout of market volatility, our outlook for the fundamentals of this business remain largely unchanged. Management recently reiterated its 3-year guidance and expects to deliver 20% CAGR loan growth (at the midpoint) through 2024. We believe
the business is well insolated from concerns regarding interest rate increases and any deterioration in credit conditions. We are upgrading the stock to Strong Buy on the back of the recent price weakness and maintain our $207.00 target price.
Adj. EPS: 2022E C$12.76 2023E C$14.71 | MC(M): C$2,170 | Debt: C$1,516 | Yield: 2.9%
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