Element Fleet Management Corp T.EFN

RBC

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The RBC global equity team published the 40-page Canadian Equity Chart Book included the following highlights,

“In Canada, RBC Economics views the economy as being stuck in excess supply, with per-capita GDP declining and unemployment trending higher. Inflation is set to moderate further following slower growth in mortgage and rent costs. RBC expects three more cuts from the Bank of Canada this year, to an overnight rate of 4 % by December … Energy & Utilities: We believe energy producers remain well positioned to continue to improve their financial resiliency and boost shareholder returns amid stern capital discipline and balance sheet deleveraging. .. We remain generally constructive on the oilfield services sector, primarily in international jurisdictions. Within Canadian Energy Infrastructure, our theme of favouring Midstream stocks with leverage to growing natural gas and natural gas liquids production has become even more pronounced, and we note recent market interest in Utilities related to datacenter -related load growth and company -specific updates. We still see a constructive setup for Renewables in 2024 … Within Diversified Financials, in this report we highlight trends in share price performance and note that Element Fleet remains our # 1 high -conviction best idea … Real Estate: It was a tough H1/24 for the TSX REIT Index amid persistent macro headwinds. From our lens, fundamentals are in good shape across most subsectors, liquidity ratios remain above trend, floating rate debt exposure is low, debt maturities are well -balanced, earnings growth outlook remains healthy, and valuations look more attractive”