TSX:PRV.DB - Post by User
Post by
incomedreamer11on Sep 18, 2023 1:36pm
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Post# 35641745
TD downgrade again
TD downgrade againWe believe a higher for longer interest rate scenario will focus more attention on balance sheets, and have accordingly adjusted some target prices downward
PROREIT HOLD from $5.50 to $5.00 -9%
We derive our $5.00 target price by using an AFFO multiple of 12.5x-13.0x on our 2024E, representing a 24% discount to our NAV/unit estimate.
Company-specific risks include exposure to smaller business tenants, an elevated payout ratio, geographic concentration, reliance on acquisitions for growth, and ownership of units by Bragg Group (~19%), which gives it significant influence over the REIT