Review of Altus Group Limited
The company’s capital-light business model has generated tremendous free cash flow, which management uses to repurchase shares aggressively in recent quarters, along with proceeds from the company’s recent divestiture. The business’s growth has been quite challenging amid the downturn in the commercial real estate market. With that said, the recurring revenue business model does protect earnings from significant volatility. AIF could potentially benefit as the headwind in the real estate market turns into a tailwind amid an interest rate easing cycle. For now, we are maintaining our rating at “B”.




