OTCPK:ITPOF - Post by User
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retiredcfon May 12, 2022 1:39pm
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CIBC 2
CIBC 2Final post from me. GLTA
EQUITY RESEARCH
May 11, 2022 Earnings Update
INTERTAPE POLYMER GROUP INC.
Shareholders Approve Clearlake Bid To Take Intertape Private
Our Conclusion
We are maintaining our Tender rating on Intertape and C$40.50 price target.
While consensus estimates are somewhat irrelevant with the company in the
process of being acquired by Clearlake Capital, we have moderately
increased our forecast for 2022. Earlier today, the $2.6 billion transaction
was overwhelmingly approved by shareholders at the special meeting. The
transaction is expected to close in early Q3/22, following completion of the
remaining regulatory and court approvals.
Key Points
Raising Q2 Estimates: With Q1 EBITDA coming in 7% higher than we were
forecasting, and the company pointing to continued strong demand into Q2,
we have increased our second quarter forecast by $4MM to $66MM (while
leaving our H2/22 and 2023 forecasts largely unchanged)