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ECN Capital Corp T.ECN.DB.A


Primary Symbol: T.ECN Alternate Symbol(s):  ECNNF | T.ECN.DB | T.ECN.DB.B | T.ECN.PR.C | ECNCF

Financial Services
ECN Capital Corp. is a Canada-based provider of business services to North American banks, credit unions, life insurance companies, pension funds and institutional investors (collectively, its Partners). The Company originates, manages and advises on credit assets on behalf of its Partners, specifically consumer (manufactured housing and recreational vehicle and marine) loans and commercial (inventory finance or floorplan) loans. The Company operates through two segments: Manufactured Housing Finance, and Recreational Vehicles and Marine Finance. It operates through three businesses: Triad Financial Services, which manufactures home loans; Source One Financial, which is engaged in nationwide marine and RV lending; and Intercoastal Finance Group, which is engaged in national marine and RV lending. It provides prime credit portfolio solutions: Secured consumer loan portfolios, which manufactures home loans, and Secured consumer loan portfolios, which provides marine and RV loans.


TSX:ECN - Post by User

ECN Capital Corp
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Post by Blueswinon Aug 15, 2023 10:14pm
182 Views
Post# 35590259

ECN Capital Target Lowered to $4.50 at National Bank, Outper

ECN Capital Target Lowered to $4.50 at National Bank, Outper

 ECN Capital reported Q2-23 adj. EPS of $0.00 missing the Street's $0.04 (NBF at $0.05). The company also announced Skyline Champion is investing $138 million in it to acquire a 19.9% interest.

National Bank's Jaeme Gloyn believes that, despite the new strategic partnership, ECN's weak Q2 results and challenging near-term outlook (downgraded 2023 guidance) could impair sustained share price upside. Signs of execution towards strong 2024 guidance and favourable resolution of the ongoing RV & Marine (RVM) strategic review are crucial drivers, he adds.

Gloyn now forecasts ECN-adjusted EPS of $0.05 in 2023 (was $0.15, on weak Q2 and outlook) and $0.23 in 2024 (was $0.19, on upside from strategic partnership). However, higher execution risk, including macro uncertainty, drives NBF's target multiple lower to 12x (was 17x) on the 2024 EPS estimate. Price target moves to $3.50 (was $4.50).

Maintain Outperform.

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