Q: Thanks for your response re: First Service. You did not comment on TMX who reported yesterday. Your thoughts please. Market seemed to like the results. What do you think and is it a buy.
5i Research Answer:
X EPS of 48c beat estimates of 44c. Revenue of $393M beat estimates of $373M. EBITDA of $223M beat estimates by 7%. The dividend was raised 5.2%. Three brokers raised target prices on the news. Revenue rose ~30%, earnings nearly doubled. Despite comments elsewhere, the company noted the IPO market is starting to look better. Net finance income and f/x gains on currency did help the results. Capital markets, of course, have been strong. We would remain a buy here.
Note to others reading this: FSV comments were posted yesterday.