GREY:XEBEQ - Post by User
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tamaracktopon Jan 28, 2022 7:26am
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Post# 34370127
Toronto Dominion on Xebec a year ago
Toronto Dominion on Xebec a year agoTo be fair January 14, 2021:
Rating and Target Price Changes Our rating and target price changes are summarized in Exhibit 2, and we note the following: Ballard (BLDP-Q, HOLD, US$40.00 TP): We are increasing our target price to US$40.00 from US$27.00 previously. Our revised target price contemplates a 25.0x terminal multiple (15.0x previously) for both its core operations and its Weichai joint venture and inconsequential changes to our WACC calculation. The current share price implies a 9.4% return to target and, as a result, we are downgrading the stock to HOLD (from Speculative Buy previously). See Exhibit 3 for details.
Xebec (XBC-T, BUY, $17.50 TP): We are increasing our target price to $17.50 from $12.50 previously. Our revised target price contemplates a 25.0x terminal multiple (15.0x previously) for its Cleantech Systems segment, with our Industrial Service and Support (10.0x) and Infrastructure (15.0x) segment multiples remaining unchanged. See Exhibit 4 for details.