NYSEAM:ITP - Post by User
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retiredcfon Mar 02, 2022 8:24am
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TD Notes
TD Notes Q4/21 Previews & Estimate/Target Revisions TD Investment Conclusion
We are providing company specific outlooks for Q4/21 results and updating estimates for several of our special situations names under coverage (ITP, NFI, BDGI, and DNTL). We have not made any rating changes in this note; our BUY recommendations on Intertape Polymer Group and dentalcorp remain unchanged, as do our HOLD recommendations for each of NFI Group and Badger Infrastructure Solutions.
Changes to our Q4/21 and longer-term estimates largely reflect company and industry specific factors based on insights gained from recently reported Q4/21 results and 2022 outlooks by competitors, suppliers, and end-customers to our companies under coverage. Although unique to each company, we have noted a larger-than-anticipated impact from Omicron in terms of labour availability and cost impacts (overtime, sick pay, and broader scheduling inefficiencies) across the imperfect peers. Additionally, the impacts of supply chain challenges appear to be more severe and protracted into 2022 than we had initially assumed in our forecasting. We have also adjusted our currency assumptions.