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B+

Review of Leon's Furniture Limited

JUL 16, 2024 - The recent CEO change does have a positive impact not only on the company’s operating results but also on LNF’s capital allocation policy. Management believes LNF has a valuable hidden asset within the company and is trying to create a vehicle with a
cost-of-capital advantage – the legacy operation and a new REIT with extra debt capacity to put more leverage. LNF’s catalysts are in progress. Although some of that upside is priced in, we think the capital appreciation potential is still there for LNF. However, to remain conservative, we are maintaining our rating at B+.

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5i Recent Questions
Q: My Consumer Cyclical sector is too low; I need to increase it. What are your Canadian recommendations in this sector at the moment? Thank you
Read Answer Asked by Gervais on November 12, 2024
Q: Thoughts on the quarter for Leon's. With a sluggish Canadian economy and curtailed immigration I am concerned about their ability to grow. That being said, management is excellent and they have the upcoming reit spinout. What should shareholders expect in the REIT spinout? Do you see some nice upside due to this or have most of the gains been made around the announcement.
Thanks Rob
Read Answer Asked by Robert on November 12, 2024
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