TSX:AD.DB.A - Post by User
Post by
retiredcfon Oct 18, 2022 7:14am
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Post# 35030743
Desjardins
Desjardins Pointing to multiple compression across the capital markets industry, Desjardins Securities’ Gary Ho cut his Alaris Equity Partners Income Trust target to $20.50 from $22.50 with a “buy” rating following the recent redemption of FNC Title Services (FNC). The average is $21.38.
“Our investment thesis is based on: (1) AD’s diverse portfolio is well-positioned to perform, even with an uncertain U.S. macro outlook; (2) a fortified balance sheet from the Kimco and FNC redemptions and recent debt financing; (3) a healthy 60–65-per-cent payout ratio; and (4) it is attractively valued at 0.85 times P/BV [price-to-book value], with an 8.6-per-cent distribution yield,” said Mr. Ho.