Inside the Market’s roundup of some of today’s key analyst actions
) Analytics business set to surpass its Consulting segment for the first time in 2023, Eight Capital analyst Christian Sgro expects “execution on growth and margin expansion will be rewarded with potential valuation upside.”
“Based on our research, Altus’ Argus Enterprise platform is the de facto standard software application for the CRE industry, with significant large-logo penetration,” he said. “Revenues are not transaction-based but are rather nearly 90 per cent recurring, with recent bookings’ strength driving visibility. We provide context on a dynamic outlook for the CRE industry, which we think will stabilize through the year with limited impact on Altus’ expansion targets.
“The company generates approximately 20-per-cent adj. EBITDA margins, has a 1-per-cent dividend yield, and recently reported a fully funded leverage ratio of 2.29 times. We see the potential for tuck-ins of adjacent Analytics technologies or attractively priced tax assets given challenging cyclical dynamics. We calculate $350-milllion-plus in dry powder but we believe the integration of recent M&A and operational alignment will be the top priorities in the short term,” said Mr.
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