Q: Can I get your take on boardwalks quarter and compared to consensus? How is the valuation and compared to peers thanks
5i Research Answer:
Cash flow per unit was $1.04, matching estimates. Cash flow increased 17%.Occupancy remains solid at 98.7%. Payout ratio is very low at 34.6%. Rental revenue of $149.1M also matched estimates. Cash flow guidance was raised, fairly slightly but an impressive development considering the sector. TD raised its target price to $95 from $90. It was a solid quarter. At 19X cash flow, it is premium priced versus nearly all peers.