RE:RE:RE:Investor day packageCanaccord downgraded to $3.25 from $4 with a hold rating which is quite bearish with the below comments. I discount this one a bit as it appears to be overly harsh.
CIBC wrote a really good report - it's like 5 pages though and quite detailed, but quite bullish overall. They came away from that investor day quite happy with understanding how the next few years will roll out. They mentionned a few times about how CHR is well aware of the share price weakness and they even mentionned that we might be seeing a SIB (Substantial issuer bid) if this continues.
“Chorus hosted its first investor day [Wednesday], with key highlights including additional color around the asset-light leasing model and updates on the Fund 3 raise,” said Mr. Lee. “Management provided an in-depth case study on fund-based leasing, which included a view on how Falko’s funds deliver solid returns to both the firm and its limited partners. Chorus also offered insights into its aircraft sale opportunities, noting that it could dispose of up to US$700-million of aircraft over the next 3-5 years, substantially accelerating the firm’s de-leveraging efforts. The company reiterated its earlier guidance and expects to wind down Fund 1 by the end of F25. In our view, CHR will continue to be an execution story as it shifts its revenue mix over the next several years. In the nearer term, we have reduced our F24 and F25 estimates to reflect a more rapid reduction in leasing revenue associated with aircraft sales, together with slightly higher interest and depreciation.”