TSX:NXR.UN - Post Discussion
Post by
DanielDarden on Jan 17, 2024 3:07pm
CIBC- New Coverageu
Valuation: Our $10.50 price target is in line with our NAV of $10.50, based on a 6.50% cap rate. Nexus is trading at ~10.3x 2024E FFO and a ~22% discount to NAV, while peers are trading at ~10% below NAV. Units offer a ~7.8% yield, which is ~300bps above peers, at a ~90% payout ratio. Our price target implies a total return including yield of ~36%.
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