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Altus Group Ltd
Symbol AIF
Shares Issued 46,141,615
Close 2024-05-21 C$ 48.37
Market Cap C$ 2,231,869,918
Recent Sedar Documents

Globe says Altus Group maintained at "sector perform"

2024-05-22 09:05 ET - In the News

The Globe and Mail reports in its Wednesday edition that Scotia Capital analyst Kevin Krishnaratne has reaffirmed his "sector perform" recommendation for Altus Group. The Globe's David Leeder writes in the Eye On Equities column that Mr. Krishnaratne gave his share target a $4 boost to $53. Analysts on average target the shares at $55.11. Mr. Krishnaratne says in a note: "We continue to rate shares of Altus 'sector perform' as we await clearer signs of a recovery in the CRE market. Although Friday's announcement that Altus is terminating its acquisition of REVS [Situs Group's CRE valuation and advisory services business] is seen as disappointing by management given how the asset would have strengthened its VMS business, we were more neutral on the deal until we received better clarity on the proposed benefits. Meanwhile, leverage was expected to jump to 3.5 times vs. the current two times upon deal closing, which we viewed as incrementally negative. Although we weren't including REVS in our forecast, we valued the stock on the PF entity. We now move our valuation to Altus core, with our target increasing." The Globe reported on April 19 that National Bank rated Altus "sector perform." It was then worth $51.48.

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