RE:Relief Short Lived Rather funny that the part about LIQ was removed from the BNN video and 5i Research had nothing to do with its removal, but would not answer whether Peter had read the morning news report without a one year subscription to their research on the company......
BNS gave a 12 - month $10.50
We estimate $1/share accretion from the acquisition, however we have lowered our
valuation multiple to 9.5x EBITDA (2017E) to account for reduced earning
visibility stemming from the core Alberta operation.
While these acquisition/store openings are accretive and in healthier/growing
markets, we remain cautious on the shares given expectations for continued
pressure in LIQ's core Alberta market. We expect LIQ to scale back capital
deployment to maintain its dividend.