Just Energy Group Inc. (Canada) T.JE

CIBC research - $14 target

[HermannHaller]

JUST ENERGY GROUP INC.
Revising Price Target To Account For Share Consolidation
Our Conclusion
Just Energy (JE) has completed its recapitalization (recap), 1-for-33 share
consolidation (shares now trading on a post-consolidation basis) and made
changes to its senior management team. The completed recap is key to
addressing the elevated leverage that hampered JE in recent years and
allows the refreshed management team to focus on delivering operational
improvements. With this note, we revise our per share estimates to account
for the share consolidation, but have made no other changes to our forecast.
After reflecting the share consolidation, our price target based on 6x
EV/EBITDA (unchanged) moves to $14. Steadier execution is needed for us
to become more positive on JE. We reiterate our Neutral rating.