RE:RE:RE:RE:OHHHH DEAR.... TD JUST CUT TO HOLD FROM BUYI agree. The way they justified the target was kind of funny though. 6.5X 2017 EBITDA. Like really??? PRGO trades at 13X. Like WTF. Even if we lost all Nilandron & Donnatal income we would still only be trading at 7.8x. You could justify any target this way. Beckysboss wrote:
Fundamentals changed very little in the TD report, they are just reacting to the share price changes in the market ... moved EBITDA from $678m to $645m in 2017- sales to $1024m from $1055m . Net change of about 5%, think most are expecting that with the move in currency regarding Brexit. With a U.S $14+ share price probably thought the old number was inappropriate , they will run it up just as quick, target prices are meaningless, just a sentiment indicator.
From TD...
Estimates (US$)
Year 2014A 2015A 2016E 2017E
Sales ($mm) 104.9 394.2 975.1 1,024.5
Sales ($mm) (old) – – 997.1 1,055.0
EBITDA ($mm) 59.5 265.7 592.9 645.4
EBITDA ($mm) (old) – – 603.6 678.4