TSX:POW - Post Discussion
Post by
TimeBuilder on May 26, 2022 3:36pm
FYI: Scotiabank Comments ;>O
02:31 PM EDT, 05/24/2022 (MT Newswires) -- Power Financial was up by 1.1% over the last week driven by a ~1% increase in NAV while its NAV discount remained flat, notes Scotiabank's Phil Hardie. POW's NAV was up due to GWO (1.5%) and GBLB (0.6%), partially offset by IGM (-0.7%) and LEV (-0.7%). POW's NAV discount stands at ~21.3%, in line with its 10-year average of ~20% despite management's successful execution of a number of value creation levers. Scotia believes POW's NAV discount should narrow to the mid-teens over the next year and toward the low double digits over the longer term.
Looking at the valuation from another angle, POW stock currently trades at a ~5% discount to its public holding including net debt, with no value being ascribed to its private stub that Hardie values at ~$7.50/sh or the embedded optionality from the expansion of its alternative asset management platform.
Price: 35.68, Change: +0.71, Percent Change: +2.03
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