National Bank Maintains Cautious, Positive Stance on 20232022-10-21 11:25:18 AM ET (MT Newswires)
11:25 AM EDT, 10/21/2022 (MT Newswires) -- National Bank said Friday that it has maintained a relatively conservative, but positive stance looking out to 2023 for Mullen Group Ltd. (MTL.TO), reiterating expectations for $300 million in EBITDA.
Mullen Group reported a third-quarter adjusted net income of $47 million, or $0.51 per share, as compared with $17.8 million, or $0.19 per share, a year earlier.
Revenue for the quarter ended Sept. 30 rose to $518.4 million from $432.5 million.
"While rising macroeconomic headwinds dampen sentiment and cloud 2023 EBITDA visibility, we maintain our positive bias as we expect MTL's diversified business model and top-tier management team to fare relatively well in the event of a broad economic slowdown, with a stable balance sheet footing and significant dry powder for tuck-ins offering a potential offset to a moderation in organic growth opportunities," the analysts said.
The analysts reiterated its outperform rating with an $18 price target.
The company's shares fell 3% on last look on Friday.