Will CXR's results be as good as Scotiabank is predicting?Scotiabank Equity Research Spotlight CXR
2015 Expected Cash earnings per share: $4.79
Cash flow per share: $4.33
Revenues (M): $425
Adjusted EBIT-DA (M): $282
EV/Adj EBIT-DA: 17.3x
Total Debt (M): $3,520
Net Debt/EBIT-DA: 5.6x
2016 Expected Cash earnings per share: $6.74
Cash flow per share: $6.99
Revenues (M): $1,018
Adjusted EBIT-DA (M): $630
EV/Adj EBIT-DA: 7.5x
Total Debt (M): $3,479
Net Debt/EBIT-DA: 4.9x
2017 Expected Cash earnings per share: $7.60
Cash flow per share: $7.66
Revenues (M): $1,081
Adjusted EBIT-DA (M): $676
EV/Adj EBIT-DA: 7.0x
Total Debt (M): $3,325
Net Debt/EBIT-DA: 4.2x
Recommendation: We believe Concordia's shares will likely trade higher as the market becomes more comfortable with the growth potential of AMCo, which should become apparent as the company reports results over the next 3-4 months. As a result, we maintain our $75 price target, Sector Outperform.