National Bank - Feb. 21st - GLTAMaintain Sector Perform Rating & $6.75/sh Target
As we have previously suggested, really not sweating anything for one of the highest quality businesses in the group, with fourth quarter results reflecting the resilience of its free cash and returns, which are expected to resonate through 2024 and beyond.
TCW trades at 2.7x 2024e EV/EBITDA (vs. peers at 3.0x) on leverage of -0.5x (vs. peers 0.2x)