WELL is our Top Pick.TD SECURITIES INC. - CANADA EARNINGS UPDATE November 8, 2024 Price: C$4.93 (11/7/2024)
Price Target: C$8.00 BUY (1) ESG SCORE: 80/100
THE TD COWEN INSIGHT We expect strong near-term deal flow, given its full M&A pipeline. WELL has 17 LOIs representing >C$100mm in revenue that is expected to be at least margin neutral. Accordingly, we expect WELL to continue generating superior growth (incl. organic) with steadily improving margins. With several near-term catalysts (Wisp/Circle/WPS) and its discount valuation (10.6x C25 EBITDA),
WELL is our Top Pick.
Impact: POSITIVE Very active near-term M&A pipeline