Medical Facilities Corp T.DR

National Bank unchanged target

[midard]

Maintain Outperform, target to C$11.50 (was C$12.00) Following Q3/21 results, and to capture some expectations of higher labour cost, our 2022e forecasts move ~4% lower implying a target of $11.50 (was $12.00) on an unchanged ~7.5x 2022e EV/EBITDA. Despite the miss, we maintain a positive view on 1) expectation of more normalized volumes in Q4/21; 2) the return of capital to shareholders signalling management confidence; and 3) DR’s valuation discount as the stock trades at 6.7x FY+1 EV/EBITDA vs. peers at 10x.

[auagntungsten]

As I said before, many holding this has been holding dead money. They are happy to get out. Now we are at the bottom of the cup and when whatever the normal is people will want cost effective health improvements. This product for an aging population seems like an investment for me. I've always be woke and put family first. Almost two years or waiting.....Scopes alone have Canadians waiting