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Converge Technology Solutions Corp
Symbol CTS
Shares Issued 214,896,369
Close 2022-06-16 C$ 5.72
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Globe says Converge maintained at "speculative buy"

2022-06-17 08:41 ET - In the News

The Globe and Mail reports in its Friday, June 17, edition that Echelon Partners analyst Rob Goff has reaffirmed his "speculative buy" recommendation for Converge Technology Solutions. The Globe's David Leeder writes in the Eye On Equities column that Mr. Goff cut his share target back by $2.50 to $12. Analysts on average target the shares at $12.06. Mr. Goff calls Converge's acquisition strategy a "master class" following its deal for three German-based organizations. Mr. Goff says in a note: "Converge Technology continues to execute on-strategy, accretive acquisitions as it builds scale. Our copy/paste/accrete/repeat description continues to apply. With scale, we could see the company secure debt financing in excess of $400-million with a comfortable debt: EBITDA of approximately two times Q422 annualized EBITDA. We look for further acquisitions including a UK platform acquisition prior to Q422 when it will likely narrow its focus to on deal integrations and organic growth. We believe completion of the next round of acquisitions will confirm CTS's ability to establish a scaled European franchise on an accretive basis using internal financing."

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