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Thursday’s TSX breakouts: Recently hitting a record high, this industrial company is touting ‘strong’ market fundamentals and demand

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Long-term investors have been rewarded with this stock

On today’s Breakouts report, there are 20 stocks on the positive breakouts list , and 39 stocks are on the negative breakouts list .Long-term investors have been rewarded with the share price closing at a record high of $91.74 in September. Since then, the share price has retreated 5 per cent. However, given management’s bullish outlook this stock may soon resurface on the positive breakouts list.

In terms of its net revenue breakdown, in 2022, 29 per cent of revenue stemmed from infrastructure, 20 per cent from environmental services, 20 per cent from water, 18 per cent from buildings and 13 per cent from energy and resources. On June 30, backlog, a reflection of future revenue, stood at a record $6.6-billion, representing roughly 13 months of work. The company’s balance sheet is healthy. At quarter-end, the net debt-to-adjusted EBITDA ratio stood at 1.8 times.

After the market closes on Thurs. Nov. 9, the company will be releasing its third-quarter 2023 financial results. The consensus EBITDA and earnings per share estimates are $218-million and 98 cents, respectively.The company pays its shareholders a quarterly dividend of 19.5 cents per share or 76 cents per share yearly, equating to a current dividend yield of 0.9 per cent.

Earnings estimates have been relatively stable in recent months. Three months ago, the Street was expecting EBITDA of $809-million in 2023 and $890-million in 2024. The consensus earnings per share estimates were $3.54 in 2023 and $4.07 in 2024.According to Bloomberg, the stock is trading at an enterprise value-to-EBITDA multiple of 12.9 times the 2024 consensus estimate, above its five-year historical average of 10.

 

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