TSX:HOM.DB.U - Post by User
Post by
DanielDardenon Mar 13, 2024 6:04pm
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Post# 35931510
CIBC- Post Q4 Results
CIBC- Post Q4 Results BSR provides affordable housing in some of the most favorable US geographies (the “Texas Triangle”), where net migration and job creation continue to pose positive tailwinds for long- term growth. We remain Outperformer rated, and reduce our NAV (from US$18.00) and price target (from US$16.50) slightly to US$17.50 and US$16.00, respectively, on an unchanged 5.5% cap rate.
My Take: Still trading at a huge discount historically (30% vs 10% avg.) given that that cap rate is stable and likely improving as rates drop. P/AFFO is also 30% below its’ peers with a likely distribution bump forthcoming. Others are perceiving risks that are actually very low here.