TSX:FORA - Post Discussion
Post by
retiredcf on Sep 03, 2021 8:13am
TD Notes
The last target I have for them is $35.00 so not sure what the new one is. GLTA
Chasing Momentum
We are increasing our target multiples and target prices (no estimate changes) today on four high-momentum names within our coverage universe (Exhibit 1 shows new versus old target prices for Thomson Reuters, Charter, Liberty Broadband, and VerticalScope). With interest rates remaining near historical lows, and with investor fund flows continuing to be favourable (especially for names with a technology angle to them), we have decided to be more generous with our target multiples for names that are experiencing above-average growth and share-price momentum.
As shown in Exhibit 2, TRI, CHTR, LBRDK, and FORA have been among the best performers in our universe YTD (or since its IPO for VerticalScope), especially if one excludes deal stocks. We note that these names were also strong performers in 2020, with TRI up 12% and CHTR up 36%. So valuation multiples for both have been reaching all-time highs (10-year valuation summaries for both are shown in exhibits 3 and 4).
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