OTCPK:NNVUF - Post by User
Post by
DanielDarden123on May 12, 2019 11:13am
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Post# 29739062
CIBC
CIBC Indeed, our investment thesis remains well intact. At current unit prices, NVU trades at ~10x FFO turns below its broader domestic residential peer group, a valuation discount that we believe is overly punitive given the substantial progress the REIT has made over the past few years (i.e., improving growth outlook, declining leverage, and reduced exposure to resource-based markets), while offering a sector-leading yield. We maintain our Outperformer rating, and increase our NAV to $30 (from $29). Our price target increases to $31 (from $30), based on a slight premium to NAV.