Q: What do you make of the pullback in IFC? Just part of a general market pullback, thus would look at this as a definite buy level in and around $280...or was there something post earnings that should be of concern?
5i Research Answer:
The quarter was decent, with a 14% beat on earnings. The stock is mainly down because its largest shareholder, CDPQ, sold 3.6M shares, of its 18M shares, in a 'regular portfolio re-balancing'. This put some short term pressure on the shares and we think the decline makes them more attractive. The stock is still up 5% YTD and 25% for a year, and the outlook remains good in our view.