2023年6月28日,

周三的分析師升級和降級在今天的一些關鍵的市場綜述分析行動加拿大豐業銀行說加拿大電信股票應該不再有減持位置組合由於估值更具吸引力。股市明顯表現大盤自今年年初以來,許多股票交易接近52周低點。雖然加拿大豐業銀行說主要的買入機會尚未到達,該行業不貴,和分析過去的利率周期指向一個有利的估值背景。現在說加拿大電信股票值得市場重的位置。“我們認為在過去的6個月的體重在行業中的位置,由於債券利率上升,競爭強度,和監管風險。不是熊市,我們認為它總是好的檢查當前的價格是否考慮到未來的預期,"加拿大豐業銀行分析師馬赫Yaghi在給客戶的報告中解釋道。”,而該行業的多個緊縮開支自今年1月以來,我們的分析表明,我們已經基本上從公允價值的估值過高的情況,因此我們認為是時候去市場的體重從減持在行業的地位。我們的結論來自於對比利率和息稅前利潤增長預期在之前的利率周期,”他說。長期利率的主要因素電信行業的估值,鑒於公司使用重要的杠杆融資長期的基礎設施投資。利率越高,成本越高的債務,以及最近的利率飆升一大不利因素。 “While the overall Canadian telecom sector’s valuation has come down since the beginning of the year, dropping from 7.9x to 7.4x, it is now trading at fair value (based on its historical record),” the analyst said. Of the five telecom stocks he covers, Mr. Yaghi sees the greater potential in shares of Rogers Communications Inc. ( RCI-B-T ). “Rogers is trading at a significant discount to fair value Enterprise Value/EBITDA multiple given expected EBITDA growth. Since the beginning of this year, the company’s multiple has come down from 7.5x to 6.7x, and given the current valuation discount, we believe there is a significant valuation upside to the stock. Given growth expectations for the company, the stock should be trading closer to 9x. However, given the company’s high leverage, we have been using a more conservative 8.5x multiple to derive our target price,” he said. He also thinks investors should do well with Telus Corp. ( T-T ) in the long run. Both it and Rogers are rated “sector outperform”. BCE Inc. ( BCE-T ), Cogeco Communications Inc. ( CCA-T ), and Quebecor Inc. ( QBR-B-T ) are rated by Scotiabank as “sector perform” His price target on Rogers is $72.75. It’s $29.50 on Telus, $63 on BCE, $86 on Cogeco, and $38 on Quebecor. *** Scotiabank analyst Alfonso Salazar downgraded Vale Inc. ( VALE-N ) to “sector perform” from “sector outperform” on concerns about Chinese steel demand. He also dropped his price target to US$16 from US$20. “We fail to see conditions for a re-rating amid the challenging situation that we expect China’s steel industry to face,” Mr. Salazar said in a note to clients. “We think the company’s valuation remains attractive and we like Vale’s ability to pay high dividends and continue with its buyback program. Moreover, we believe the company is taking the rights steps regarding its strategy for both business units: Iron Solutions and Transition Metals. However, China’s real estate and infrastructure situation is a problem hard to ignore that should result in negative market sentiment in the near to medium term. We think it’s becoming increasingly difficult that new stimulus (if implemented) should have any meaningful impact – and in any case it may only deteriorate China’s steel demand outlook longer term.” “While we recommend investors to stay on the sidelines for now, we anticipate an attractive entry point ahead once uncertainty related to China’s steel demand recedes, the iron ore seaborne market finds a new equilibrium level and Vale’s Transition Metals division (Ni and Cu) IPO gets closer,” he added. ***