Trending >

CGY stock keeps “Outperform” rating at RBC

Claire Fan

Following the company’s fourth quarter results, RBC analyst Maxim Matushansky has retained his “Outperform” rating on Calian Group (Calian Group Stock Quote, Chart, News, Analysts, Financials TSX:CGY), though he has lowered his expectation slightly.

On November 27, CGY reported its Q4, 2023 results. The company posted Adjusted EBITDA of $20-million on revenue of $176-million, a topline that was up ten per cent over the same period a year prior.

“We finished the year with a record quarter as revenues, gross margin and adjusted EBITDA reached new historical highs,” CEO Kevin Ford said. “In FY23 we generated double-digit revenue growth with all four segments contributing. Our adjusted EBITDA remained flat. With two recent acquisitions and adjustments in our operating costs, we are poised to see continued increase in our profitability. Given the ongoing robust demand for our products and services, the contribution from recent acquisitions and the benefits from our restructuring plan, we are confident in our ability to post another record year. At the midpoint of our guidance range this translates into revenue and adjusted EBITDA growth of 15 per cent and 32 per cent, respectively, over FY23.”

As reported in the Globe and Mail, Matushansky has lowered his price target on Calian Group from $70.00 to $65.00. The stock closed November 28 at $52.08.

We Hate Paywalls Too!

At Cantech Letter we prize independent journalism like you do. And we don't care for paywalls and popups and all that noise That's why we need your support. If you value getting your daily information from the experts, won't you help us? No donation is too small.

Make a one-time or recurring donation

About The Author /

insta twitter facebook