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Trisura Group is undervalued, National Bank says

Trisura Group

Ahead of the company’s fourth quarter results, National Bank Financial analyst Jaeme Gloyn is feeling bullish about Trisura Group (Trisura Group Stock Quote, Chart, News, Analysts, Financials TSX:TSU).

As reported by the Globe and Mail, Gloyn February 5 reiterated his “Outperform” rating while raising his price target on the stock from $62.00 to $64.00.

The analyst gave an overview of what he expects from the company’s financials, which are due to be released on February 8.

“We expect strong operating performance and clean financials – two keys on the path to rebuilding investor confidence,” he wrote. “In particular, we expect costs tied to the Q4-22 run-off program and industry-related issues with Vesttoo will remain manageable, in line with management’s previous guidance. In addition, we do not foresee any “new risks” emerging with Q4 results. We expect management will reiterate a solid top-and bottom-line growth outlook in 2024. We believe these factors will lead to a favourable AM Best rating outcome sometime in 2024. Lastly, our Q4-23 estimates are below consensus as we build in conservatism for what can be a seasonally weaker quarter. Overall, we see potential for TSU to deliver a solid recovery year in 2024 following a transition year in 2023 (including our softer view of Q4-23). At approximately 14 times 2024 consensus EPS, significant upside remains to specialty insurance peers that trade at an average 21 times.”

At press time, shares of TSU were up 0.9 per cent to $37.72.

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