TSX:IBG.DB.E - Post by User
Post by
Calgaryrideron May 11, 2017 1:10pm
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Post# 26232225
Conference Call notes.
Conference Call notes.I'll be brief because there wasn't a tone of new information on the call this morning , but the main new comments were
1) They had no known reason for the volume uptick in April in traded shares, but management said that they have been spending time on the roadshows and certainly institutional interest in IBi was coming back as confidence increased.
2) They were asked about any M&A and they said that they were sticking to their plan target of 2 to 2.5 x Ebitda for debt and figured they'd be there by "mid-2018" and they said by then that "all options for capital allocation, incl. select strategic acquisitions" would be on the table for that time by then. So, they didn't use the word "dividend", but they did infer it as an option. This is in line with what I was expecting to hear - I said that last week. (Sorry, optimism for 2017 dividends didn't appear to get a tone of support).
3) In the interim, theyre interested in getting "smarter, not bigger (through acquisition"
4) Regarding the U.K., they said they were encouraged by recent progress there and felt that they "track to plan" for the year.
5) they said Us office were supporting bid work up in Ontario, which doubled as an effective use of resources AND great training and growth opportunities for personnel.
Thats it.
WSP just reported lower 9% Ebitda margins and is valued at a 42% premium to IBi. Just saying.....