Post by
midard on Nov 06, 2021 2:43pm
National Bank upgrade...
IBG (OP; bumping target to $15.00 from $14.00) – robust macro combined with M&A optionality and underappreciated Intelligence angle Backlog pipeline continues to be strong with near- and medium-term tailwinds from infrastructure stimulus and long-term opportunity from immigration inflows into the GTA. Net leverage at 0.6x enables the flexibility for capital deployment. In addition, internal execution continues to be impressive with 6.5% organic growth in the quarter (above larger E&A peers), higher levels of internal collaboration vs. historical run-rate and a lower DSO watermark (currently at 57 days, 8 lower than Q3/20). We view IBI as one of our top small cap names; we are increasing price target to $15.00 from $14.00 on higher EBITDA forecasts