I have pulled out a quote:
Although 2023 started with uncertain headwinds, we are very pleased with full year results and the improvement over the previous fiscal year with assets under management ending $6.4 billion higher than the previous quarter and $3.2 billion higher year-on-year. Impressively, 98% of our Public Market assets exceeded their 5-year performance benchmarks, and we wrapped up the year by being recognized as a Top Performer, at the 2023 Global Manager Research Awards." said Jean-Guy Desjardins, Chairman of the Board and Global Chief Executive Officer. We have already started 2024 with a solid plan for growth and increased sales and distribution resources in each of our four key regions as we look to develop new business opportunities including opening additional offices as we enter new markets."
"The strength in financial markets in the fourth quarter combined with outperformance in several of our investment strategies resulted in a year-over-year increase in total revenues. Driven in part by strong performance fees during the quarter, we saw an improvement in our adjusted EBITDA margin to 30% for the year. The significant increase in our adjusted EBITDA and adjusted net earnings also enabled us to further reduce our net debt in the fourth quarter and to generate a last twelve-month free cash flow which covered our dividend payments for 2023." said Lucas Pontillo, Executive Director and Global Chief Financial Officer. "With that, I am pleased to report that the Board of Directors has approved a dividend of 21.5 cents per share, payableon April 11, 2024."
They have a solid plan to increase distributions in existing and new markets.
Total assets are up.
Performance on their funds are exceptional.
Revenues are up. Expenses are down.
Earnings are up.
Free cash flow is way up and over the last 12 months covered the dividend everyone was worried about.
Dividend confirmed at a rate that exceeds 11 percent yield.
Expect analysts to cautiously start raising their price targets but.not raise them too much because that would force them to admit they were wrong when they all dropped their targets just a few months ago.
The sky never was falling!!!
Likely some whipsaw action on this but I see 9.00 or 10.00 by mid-year with larger players taking another look at buying Fiera out now that they are back on track.
GLTA