The Globe and Mail reports in its Wednesday, Nov. 16, edition that Scotia Capital analyst Phil Hardie continues to rate Guardian Capital Group "sector perform." The Globe's David Leeder writes that Mr. Hardie boosted his share target by $2 to $42. Analysts on average target the shares at $41. Mr. Hardie sees Guardian Capital as an "attractive small cap value play." Mr. Hardie says in a note: "Guardian remains our top small-cap value pick, and we believe its valuation discount is too hard to ignore. Guardian benefits from a solid balance sheet and despite near-term industry headwinds, it continues to invest in strategic initiatives that we believe will position it for accelerated growth in the future. These include investments in the development of its retail platform in addition to developing 'next generation' offerings. ... We estimate that shares of Guardian trade at $1.14 per share above the estimated NAV of its corporate investment portfolio of $25.11 per share. Consequently, this implies that the market is ascribing a value of $1.14 per share for the company's investment and wealth management platforms, which implies a value of approximately 0.4 times 2024 estimated operating EBITDA (ex-BMO dividend)."
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