RE:Stifel More details. GLTA
Top names in order remain 1) TCW [”buy” and $5.50 target] 2) EFX [”buy” and 16.50 target] and 3) PD, while CET remains our top small-cap pick,” he said.
“TCW remains a best-in-class OFS name given its strong management team, 100-per-cent Canadian exposure and significant shareholder returns focus with its 5.0-per-cent dividend yield and having reduced its share count by 11 per cent since the end of 2021 (2.7 times 2024 estimated EV/EBITDAS). EFX continues to screen as a differentiated investment given its earnings profile has minimal exposure to North American drilling and completions activity, with line of sight for material debt reduction and an increase in shareholder returns as the year progresses (4.0 times 2024E EV/EBITDAS). PD’s shares have declined 42 per cent year-to-date while our 2023 EBITDAS forecast is only down 2 per cent, as a softer U.S. outlook has been largely offset by the strength of its Canadian business, with the stock our favourite name for a trade on U.S. activity being oversold (3.1 times 2024E EV/EBITDAS).”