Actualités boursières et financières canadiennes

  • Procore Opens First MENA Office in Dubai to Reinforce Industry Commitment

    Procore Opens First MENA Office in Dubai to Reinforce Industry Commitment
    • Regional office opening strengthens Procore’s mission to connect everyone in construction on a global platform
    • The new office will act as in-region hub for construction technology experts to partner with the industry and help local customers on every stage of their journey with Procore

    Procore Technologies, Inc. (NYSE: PCOR), a leading global provider of construction management software, today announced the opening of its first Middle East and North Africa (MENA) office, located in Dubai’s Internet City, following a successful launch in the region last year. This new office reflects Procore’s long-term investment and commitment to the MENA region, and signifies the company’s continued growth and global expansion.

    Ce communiqué de presse comporte des éléments multimédias. Consultez le communiqué complet ici : https://www.businesswire.com/news/home/20220925005027/en/

    (Photo : Business Wire)

    (Photo : Business Wire)

    The new workplace will be led by the company’s Senior Director, Head of MENA, Mohamed Swidan. Since 2021, Swidan has hired a team of over 20 people, all based locally, with the technical knowledge and resources to meet customers’ needs across sales, marketing, implementation, customer success and more.

    This new regional base will help Procore further deliver on its mission of connecting everyone in construction on a single platform, ultimately enabling owners, general contractors and specialty contractors to build smarter across MENA. The power of Procore to accelerate collaboration, streamline communication and provide real-time visibility into project performance is vital given construction has become integral to the region’s growth as outlined in the likes of the Kingdom of Saudi Arabia’s Vision 2030 et le Dubai 2040 Urban Master Plan .

    “I’m delighted we are opening our first Procore office in MENA. Since our launch last year, we’ve demonstrated our commitment to the region and its construction ambitions. The heart of the region’s initiatives are based on pillars such as inclusivity, innovation and sustainability – values we believe in wholeheartedly at Procore. We plan on playing an integral role in enabling construction professionals, businesses and the region to realize their potential. Now, with a team on the ground empowered to meet local needs with global resources, we have an even greater opportunity to do so,” dit Mohamed Swidan, Senior Director, Head of MENA at Procore .

    Tooey Courtemanche, Procore’s founder and CEO , adds: “At Procore, we are committed to being a partner to our customers, not just a software provider. Our new office will enable us to deliver on that partnership promise, and speaks volumes about our dedication to the region and our customers there.”

    We’re always looking for talented new team members from around the globe to help us continue to improve the lives of everyone in construction. Visit Procore.com/jobs to view all of our current openings.

    About Procore

    Procore is a leading global provider of construction management software. Over 1 million projects and more than $1 trillion USD in construction volume have run on Procore’s platform. Our platform connects every project stakeholder to solutions we’ve built specifically for the construction industry—for the owner, the general contractor, and the specialty contractor. Procore’s App Marketplace has a multitude of partner solutions that integrate seamlessly with our platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices in the United States, Canada, and around the globe. Learn more at Procore.com/en-ae .

    PROCORE-IR

    Press contact:
    Elizabeth Locke
    Press@procore.com

    Contact pour les investisseurs :
    Matt Puljiz
    ir@procore.com

  • Introducing Amazon’s Prime Early Access Sale-A New Holiday Shopping Event for Members to Save Big October 11 and October 12

    Introducing Amazon’s Prime Early Access Sale—A New Holiday Shopping Event for Members to Save Big October 11 and October 12

    The new 48-hour event gives Prime members exclusive early access to holiday deals, including on must-have brands like Peloton and New Balance, and Amazon’s lowest prices of the year on select products from brands like Caudalie, Murad, and Philips Sonicare

    Amazon’s first-ever Top 100 list will feature a curated selection of some of the best deals from brands like Hasbro, iRobot, KitchenAid, and Samsung; Prime members can also shop up to 80% off select Fire TV smart TVs, plus score additional savings on Alexa-enabled devices and top products from LEGO, adidas, Furbo, and Ashley Furniture

    Starting today, members can find holiday shopping inspiration from new gift guides across home and toys, plus Amazon’s Toys We Love list

    (NASDAQ: AMZN)—Today, Amazon unveiled Prime Early Access Sale, a new two-day global shopping event exclusive to Prime members. The event begins October 11 at 12 a.m. PDT and runs through October 12 in 15 countries: Austria, Canada, China, France, Germany, Italy, Luxembourg, the Netherlands, Poland, Portugal, Spain, Sweden, Turkey, the UK, and the U.S.

    Ce communiqué de presse comporte des éléments multimédias. Consultez le communiqué complet ici : https://www.businesswire.com/news/home/20220925005058/en/

    (Graphic: Prime Early Access Sale)

    (Graphic: Prime Early Access Sale)

    Prime Early Access Sale gives members a chance to kick off the holiday shopping season early with hundreds of thousands of deals. As part of the new deals event, Amazon is introducing a Top 100 list of some of the season’s most popular and giftable items. New deals from the list will drop throughout the event, offering deep savings across all top categories, including electronics, fashion, home, kitchen, pets, toys, and Amazon devices. Holiday gift guides and Amazon’s Toys We Love list will also make it easier for Prime members to discover, shop, and save on deals this holiday season.

    “We are so excited to help Prime members kick off the holiday season with Amazon’s new Prime Early Access Sale—an exclusive opportunity for members to get deep discounts on top brands we know they are looking for this time of year,” said Jamil Ghani, vice president of Amazon Prime. “And members can start enjoying exclusive Prime benefits and offers now, plus find gift ideas for the family with our holiday gift guides and this year’s Toys We Love list.”

    Start Saving Now

    Members don’t have to wait to take advantage of holiday gift guides, as well as Prime benefits and offers. They can also learn more by visiting amazon.com/earlyaccess . Customers can join Prime or start a free 30-day trial at amazon.com/prime to participate.

    • Explore Holiday Gift Guides: Prime members can find gifting inspiration for the holiday season with gift guides, featuring top items from the toys and home categories. The toys gift guide features the most popular toys and games of the holiday season. It also includes the Toys We Love list of more than 60 items only available at Amazon from top brands, including Hasbro, Disney, Fisher-Price, Bluey, and National Geographic. For more information, visit amazon.com/toyswelove . Le site home gift guide includes must-have products from brands like Amazon Basics, Christopher Knight, De’Longhi, iRobot, Shark, simplehuman, and ZINUS.
    • Try Amazon Music Unlimited: Prime members who haven’t yet tried Amazon Music Unlimited can get four months free—with 90 million songs ad-free and in HD, plus millions of podcast episodes—and non-Prime members are eligible for three months free. Or, Prime members can get an Echo Dot (3 rd gen) for $0.99 with a one-month subscription of Amazon Music Unlimited. Both offers are available starting September 26 and ending October 12.
    • Get a Grubhub+ Membership, Free For a Year : Prime members in the U.S. can get even more delivered to their door with a free, one-year Grubhub+ membership trial valued at $9.99 per month—at no additional cost to their Prime membership for the first 12 months. This offer includes unlimited, $0 delivery fees on orders over $12, along with exclusive offers and rewards for Grubhub+ members, like free food and order discounts from hundreds of thousands of restaurants across the country. To activate this deal, members can visit amazon.com/grubhub .
    • Score Deals on Prime Video: Prime Video is just one of many benefits included with a Prime membership. In addition to a vast collection of movies, series, and sports included with Prime Video, from September 30 through October 7, Prime members can enjoy a selection of new and popular titles to rent or buy at up to 50% off.

    Plan Ahead for Prime Early Access Sale

    Amazon makes it easy to prepare for Prime Early Access Sale, setting up personalized deal notifications and creating shopping lists.

    • Set up Personalized Deal Notifications: Prime members can subscribe to receive deal alert notifications related to their recent Amazon searches and recently viewed items. All they have to do is visit the Prime Early Access Sale event page on the Amazon app between now and the event to create deal alerts. Once Prime Early Access Sale begins, members will receive push notifications on any available deals.
    • Create Deal Lists with Alexa: Busy Prime members who don’t want to miss a deal can add products to their Wish List, Cart, or Save for Later list. Alexa can notify members up to 24 hours before eligible deals go live on items they’ve added to their lists—and even offer to purchase the deal once it’s available.

    Deliveries Backed by Amazon’s Operations Network

    Fast, free delivery of Prime Early Access Sale orders is made possible thanks to Amazon’s global transportation network, which is powered by innovative technology, transportation services, dedicated associates, and partners. Amazon continues to build, innovate, and scale this network around the world—from rail and trucks to planes, vans, and more—while focusing on the safety, well-being, and career advancement of the people and partners who work across the Journey of an Amazon Package . From a veteran loading cargo into the belly of an Amazon Air aircraft to the driver delivering that familiar Amazon box, it’s the people and partners across the operations network who make it all possible.

    More Opportunities to Join Prime

    Amazon offers two discounted Prime memberships with the same unparalleled value of all benefits to make everyday selection and savings more accessible.

    • Qualifying recipients of government assistance, including SNAP EBT and Medicaid, can enjoy all of Prime for just $6.99 per month. To learn more or to sign up for a free trial, visit amazon.com/qualifynow .
    • Designed specifically for higher education students, Prime Student is just $7.49 per month or $69 per year. Members also enjoy exclusive perks for college life, like up to 10% off flights and hotels through StudentUniverse. College students who haven’t yet tried Prime Student can sign up for a six-month trial at amazon.com/joinstudent .

    Every Day Made Better with Prime

    Prime delivers value for members through world-class customer service, exclusive savings, expansive selection, convenience, and quality digital entertainment for just $14.99 per month or $139 per year. In the U.S. that includes free, fast delivery—including on groceries and prescription medication, unlimited streaming of movies and series like The Lord of the Rings: The Rings of Power and live sports like Football du jeudi soir with Prime Video, ad-free listening of 2 million songs, thousands of stations and playlists, and thousands of podcasts with Amazon Music, free games with Prime Gaming, more than 3,000 books and magazines with Prime Reading, unlimited photo storage with Amazon Photos, and incredible savings with Prime Day. Members can also enjoy a free, one-year Grubhub+ membership trial valued at $9.99 per month—at no added cost to their Prime membership. Anyone can join Prime or start a free 30-day trial at amazon.com/prime .

    Shop With Confidence

    Customers can shop with peace of mind knowing that we stand behind the products sold in Amazon’s stores with the A-to-z Guarantee. Amazon’s protection applies to products purchased in our stores worldwide, and in the unlikely event that customers experience issues with timely delivery or condition of their purchase, Amazon will make it right by refunding or replacing it. Amazon is committed to a trustworthy shopping experience and backs the products offered in Amazon’s Prime Early Access Sale, as well as the hundreds of millions of products offered every day in our stores. Learn more ici .

    À propos d'Amazon

    Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about et suivre @AmazonNews .

    Amazon.com, Inc.
    Ligne d'assistance aux médias
    Amazon-pr@amazon.com
    www.amazon.com/pr

  • Harsha Engineers Listing: Shares Rise 36% on Debut; Should You Buy, Sell or Hold?

    Harsha Engineers made its D-street debut today.
  • Harsha Engineers shares make strong debut in some cheers from investors

    Harsha Engineers shares made its debut on BSE at ₹444 per equity shares, delivering around 36% listing premium to the allottees
  • How much is enough for retirement

    As persistently high inflation hurts everyone, the size of the retirement corpus also grows.
  • Harsha Engineers IPO share listing today. Experts predict handsome gains

    Harsha Engineers IPO GMP today is ₹150, say market observers
  • Yangarra Resources : Le moins cher des moins chers

    Yangarra Resources : Le moins cher des moins chers

    Résumé

    • The time to invest in a small company is before they gain needed institutional “backing”.
    • Yangarra reported profits in fiscal year 2020.
    • The company avoided impairment charges in fiscal year 2020.
    • Production can grow 20% while significantly reducing the debt.
    • The very low price-earnings multiple and the low enterprise value to cash flow ratio imply a safe entry point for investors.

    (Note: This article appeared in the newsletter on July 28, 2022 and has been updated as needed. This is a Canadian company that reports in Canadian Dollars unless otherwise noted.)

    Small companies like Yangarra Resources (YGRAF) often suffer from less-than-optimal exposure to the market. There are many small companies out there that receive little to no market attention except from small investors. For investors, the “name of the game” is to find one of these small companies that is executing exceptionally well and then hang on until the attraction of institutional attention drives the prices of the stock to a better valuation.

    Yangarra Resources was one of the few companies that reported a profit in fiscal year 2020. Anything close to a profit was an exceptional performance because so many companies lost a lot of money in fiscal year 2020. That also meant this company did not have an impairment charge which was another accomplishment for the fiscal year.

    Now that preliminary above average profitability indication has been followed with some industry leading profits in a considerably more friendly industry environment. Other indicators include the ability to repay the debt along with growing production. Returns to shareholders are not yet a priority as growth to a size that attracts institutional investors should be the first priority.

    In the meantime, investors can invest in a company that is selling for less than two times annualized earnings. That low multiple should provide some downside protection even if oil prices decline as the market fears. The growing production with a very low breakeven point will provide further stock price downside protection. The low breakeven price of the wells means the company can grow production when many competitors cannot (while also generating decent cash flow).

    Since the article was originally written, recession fears have climbed considerably. But a company that can report a profit in a challenging year like fiscal year 2020 is likely to breeze through the current challenge. This is that rare company that can repay debt to the satisfaction of the lender while growing production. That growth will likewise provide more downside protection.

    (Canadian Dollars Unless Otherwise Noted)

    Yangarra Resources Corporate Snapshot

    Yangarra Resources Corporate Snapshot (Yangarra Resources July 2022, Investor Presentation)

    Notice that the debt level has declined to a far more comfortable level of the bank-line. A lot of the small companies that committed to a production model from the initial lease acquisition and drilling optimization model have a very tight ratio of actual debt to bank commitments. This is that rare company that can actually repay its debt without having to do “deals” involving stock to climb out of what was once considered a conservative level of debt before fiscal year 2020 changed the debt market ideas about conservative.

    The other thing to note is that the assumptions are fairly conservative given the current price levels. That puts management in a position to continue to grow the company while reducing debt (probably) below guidance levels.

    The company is not just growing production. But it is growing production at a fairly high level. A company this size can maintain that growth rate for some time. But an investor would never know that when looking at the key valuation ratios.

    (Canadian Dollars Unless Otherwise Stated)

    Yangarra Resources Operational Summary

    Yangarra Resources Operational Summary (Yangarra Resources July 2022, Corporate Presentation)

    Some of the costs will vary with prices (like Royalty Costs). But the key to the company profitability is the very low Production Costs combined with the low Depreciation costs. The costs shown above are far more typical of a natural gas producer than a company like this that produces oil, natural gas, and liquids. The result is the extra value of the production stream when compared to a natural gas producer is heading straight to the bottom line (with a very large profit percentage of revenue as a result).

    The hedging activities have been a relatively small part of company operations because production costs are so low. The result is that this company often achieves a net selling price that is far closer to the actual commodity price than is the case for many companies I follow. Earnings of course are much more volatile. But then again, the company reported earnings in fiscal year 2020 when much of the industry lost a lot of money. Therefore, the extra risk of more exposure to volatile commodity prices is made up by the low production costs.

    (Canadian Dollars Unless Otherwise Stated)

    Yangarra Resources Three Year Cash Flow Outlook

    Yangarra Resources Three Year Cash Flow Outlook (Yangarra Resources July 2022, Corporate Presentation)

    The one worry I constantly see is that “prices are going to decline”. A slide like this should help investors to see that if the company makes the C$85 million cash flow estimated when WTI averages $90, then even if WTI slides to $70 million, the free cash flow is practically right back there within about two years.

    That assumption does not take into account continuing technology improvements that keep lowering costs (which would increase cash flow) and increasing well productivity (which also increases cash flow). Chances are very good that as long as technology continues to improve that 2024 free cash flow projection will prove to be conservative.

    In the meantime, this is one company that is rapidly growing production at a time when many others can only repair the company balance sheet while maintaining production. That production growth when combined with the continuing advance of industry technology provides considerable downside protection.

    The market concerns about the debt will likely fade as the pace of debt payment continues at an accelerated rate. There were a lot of debt market fears about industry debt at the beginning of this fiscal year. It is likely that the debt market will be a little less conservative as fiscal year 2020 fades. But that also depends upon economic management that can easily prevent the disasters of both fiscal years 2008 and 2020 in the future. Another year like either of those two years would result in a far more conservative debt market that is very counterproductive to growing companies.

    Yangarra Resources Reserve Value Per Share

    Yangarra Resources Reserve Value Per Share (Yangarra Resources July 2022, Investor Presentation)

    In the meantime, there is a generous amount of (likely) highly profitable reserves behind each of the outstanding shares. The above average cash flow makes these reserves a far more viable proposition than is the case where the cash flow is really insufficient for the production level. The active drilling program will likely revise this slide upwards as the year continues.

    Note that management announced a fair number of wells beginning at the end of the second quarter and the beginning of the third quarter. That likely means the lull in activity caused by the Canadian Spring Breakup is over. There appears to be a lot of production coming online in time for the important heating season (this company produces a fair amount of natural gas). Therefore, the next two quarters are likely to report significant sequential improvement over the current quarter because of the new wells that begin production in the second half of the fiscal year.

    It is always hard to tell when a small company like this will attract that necessary institutional attention that leads to a higher valuation. But for those who are patient buy and hold investors, the current price is likely to provide a rewarding entry level for a long-term investor. Management experience clearly showed when the company reported a profit in fiscal year 2020. That experience continues to show given the very low breakeven price of the wells.

    Pour plus de détails, voir :

    Yangarra Resources : Le moins cher des moins chers
  • Huile de tourmaline : Un revers temporaire sur la voie d'une très forte croissance en 2023

    Huile de tourmaline : Un revers temporaire sur la voie d'une très forte croissance en 2023

    Résumé

    • Tourmaline produces in excess of half a million barrels of oil-equivalent per day, and almost 80% consists of natural gas.
    • The company has a realistic plan to gradually grow its production rate by 40% by 2028, using internal cash flows to fund the capex.
    • If you believe in natural gas, Tourmaline is an obvious choice.

    Introduction

    Tourmaline Oil ( TOU:CA ) ( OTCPK:TRMLF ) is one of Canada’s largest natural gas producers. Although the total output exceeds in excess of half a million barrels of oil-equivalent per day and despite having “oil” in its company name, almost 80% of its oil-equivalent output actually consists of natural gas so we should really look at Tourmaline from the natural gas angle.

    Graphique
    Données de YCharts

    Although its US listing is relatively liquid with an average volume of almost 50,000 shares per day (for a monetary value of US$2.5M per day), the Canadian listing is obviously the most liquid one as the average daily volume in Canada exceeds 2.3 million shares . As Tourmaline reports its financial results and has its most liquid listing in CAD, I will use the Canadian Dollar as base currency throughout this article. The current market capitalization is approximately C$23B.

    The first half of the year was strong thanks to the high natural gas price

    During the second quarter of this year, Tourmaline produced just over 500,000 barrels of oil-equivalent per day. That’s a small decrease compared to the production rate in the first quarter of the year, but a substantial 23% increase vs. the production rate in the same quarter last year as newly acquired assets and properties started to contribute.

    Production Rate

    Tourmaline Oil Investor Relations

    The total revenue in the second quarter came in at C$2.6B, and after taking care of the royalty payments and the hedging losses, the net revenue was C$1.82B. Tourmaline has a very low operating cost as the total amount spent on actually operating the assets was just over C$730M. Approximately 40% of the operating expenses consisted of depletion and depreciation expenses.

    Compte de résultat

    Tourmaline Oil Investor Relations

    Despite the almost C$300M in hedging losses, Tourmaline was still able to report a pre-tax income of C$1.07B and a net income of C$823M which resulted in an EPS of C$2.46.

    Looking at the cash flow statements, Tourmaline added about C$10M in unrealized gains on the hedge book back to the operating cash flow. Additionally, the company won’t have to pay any taxes in the near-term future as it is using the tax pools available to Tourmaline. This caused the reported operating cash flow to jump to C$1.35B.

    Cash Flow Statement

    Tourmaline Oil Investor Relations

    The total capex during the quarter was just C$242M, which means Tourmaline generated about C$1.1B in free cash flow. The total free cash flow in the entire first semester was approximately C$1.7B thanks to the ability to defer taxes. If Tourmaline would have to pay taxes, the adjusted free cash flow would have been approximately C$1.35B. The cash flow statement clearly shows Tourmaline is generating more than enough cash flow to cover its anticipated annual capex which should push the production rate to 700,000 barrels of oil-equivalent per day by 2028 .

    Long-Term Plan

    Tourmaline Oil Investor Relations

    While we still have an entire quarter to go in 2022, Tourmaline already provided a 2023 guidance

    Earlier this month, Tourmaline already provided an update for 2023 . The company expects to end 2023 with a total export of 925 mmcf per day including 140 mmcf per day expose to the JKM pricing (LNG prices in Asia) starting on Jan. 1, 2023. For the entire financial year, Tourmaline expects to produce 545,000 barrels of oil-equivalent per day which would be an increase of approximately 7% compared to the guidance of 507,000 barrels of oil-equivalent per day Tourmaline expects to produce this year.

    The company also started hedging its output for 2023 and although I know a lot of oil and gas investors don’t like hedges, I think it’s a smart move to hedge a portion of the expected production to protect the cash flows. Tourmaline already hedged about 26% of its anticipated natural gas production at a fixed price of C$5.26 per mcf. A solid move as this will help the company to increase the visibility on its cash flows for 2023. Additionally, a portion of the production that will be correlated to the JKM price was hedged as well, at a price of US$50.46 per mmbtu.

    Based on all these elements, in combination with strip pricing for the remaining output, Tourmaline now expects to generate about C$6.6B in operating cash flow in 2023. That’s a 28% increase compared to the previous guidance of C$5.14B. Considering the company plans to spend about C$1.6B in capex next year, Tourmaline is implicitly guiding for a C$5B free cash flow result.

    Thèse d'investissement

    The third quarter may be a slightly disappointing for Tourmaline as the production will be lower than expected as the company voluntarily reduced its output while the Alberta/BC pipeline was down for maintenance. This shutdown had an immediate and substantial impact on the natural gas price in Canada as the AECO natural gas price was actually negative for several days in August. The lower production rate and lower spot prices likely means we shouldn’t expect too much from Tourmaline in Q3 but the cash flow will obviously remain very strong.

    2023 already is shaping up to be very strong as the company is making the wise decision to hedge a portion of its production. Add the 7% production increase and Tourmaline remains one of the more important names on the North American natural gas sector.

    Pour plus de détails, voir :

    Huile de tourmaline : Un revers temporaire sur la voie d'une très forte croissance en 2023
  • Les meilleures actions à acheter maintenant ? 2 actions du Dow Jones à surveiller cette semaine

    2 top dow jones industrial average stocks to check out this week.
  • Reitmans : Payez 1,0x P/E pour l'activité opérationnelle et la pile de liquidités

    Reitmans : Payez 1,0x P/E pour l'activité opérationnelle et la pile de liquidités

    Résumé

    • Reitmans demonstrated that it’s a profitable apparel retailer with a strong financial release.
    • Reitmans est sans filet et détient $38 millions de liquidités au bilan.
    • ~50% de la capitalisation boursière est en cash et l'investisseur obtient l'activité de détail pour 0,8x les bénéfices normalisés LTM.
    • Sans tenir compte de l'actif opérationnel, l'action se négocie à 0,4x la valeur comptable ajustée par action.
    • L'investissement en valeur profonde manque souvent de catalyseur, mais la famille fondatrice commettrait une erreur stratégique en ne rachetant pas ses actions.

    Reitmans Canada ( RET:CA ) est doublement cotée (Canada et États-Unis). . Tous les chiffres de l'article sont en CAD, sauf indication contraire.

    Mise à jour de la situation

    J'ai introduit cette idée au début des années 2022. À l'époque, la thèse était que les actions de Reitmans allaient survivre à la restructuration de la faillite, et le titre était incroyablement bon marché. Reitmans a récemment publié son deuxième trimestre fiscal 2023 (se terminant en juillet 2022) et les résultats sont plutôt bons. Le niveau des ventes se normalise pour les bonnes raisons : augmentation de la fréquentation des clients, augmentation de la valeur des billets et diminution des démarques. Expansion de la marge brute malgré l'augmentation des coûts de la chaîne d'approvisionnement. Ceci a été partiellement compensé par une augmentation des frais généraux (due à l'augmentation du niveau des ventes), mais a tout de même entraîné une augmentation de l'EBITDA et de la marge EBITDA. En outre, le commerce électronique a représenté 25% du total des ventes au deuxième trimestre.

    Évaluation

    Même si l'action a augmenté de +20% après la publication des résultats, Reitmans reste incroyablement bon marché, quelle que soit la manière dont on l'envisage. La valeur comptable GAAP est d'environ $4,50/action. Même après un ajustement prudent de certains éléments comme le solde de trésorerie minimum, la dépréciation des bâtiments et des centres de distribution, la valeur comptable ajustée par action est deux fois plus élevée que le cours actuel de l'action.

    Adjusted Book Value

    Company Financials & Author’s Adjustments

    L'action est encore moins chère du point de vue des bénéfices. Si nous normalisons pour tenir compte de certains éléments ponctuels (LACC, coûts de restructuration et subventions publiques), Reitmans a gagné environ $67 millions sur une base LTM ou $1,36/action BPA normalisé. Cela se traduit par un ratio C/B de 0,8 (en supposant un solde de trésorerie minimum de 1 PTA20 millions, c'est-à-dire en excluant 1 PTA28,2 millions de liquidités). Cela signifie théoriquement que Reitmans peut verser un dividende spécial de $18,2 millions (~25% de la capitalisation boursière actuelle) et que la période de récupération est toujours inférieure à un an.

    Normalized EPS

    Company Financials & Author’s Adjustments

    Risques

    As a reminder, Reitmans has a dual-share class structure, so nobody other than the founding family has a say in the strategic direction of the company. However, it’s difficult for me to think how the founding family will take advantage of the minority shareholders. Maybe a creeping takeover via a series of rights offering, but the company doesn’t require any additional financing. A take private transaction where the non-voting shares stays public? Repeated, generous option grants? In any case, the focus right now is on getting the pie bigger, and the pie is indeed growing bigger.

    Another major risk is that we are more likely than not entering into a recession, which is typically not a great environment to own a special apparel retailer. Another headwind is the strength of US dollar (Reitmans purchase inventories in USD). I’d make an exception for Reitmans purely based on valuation – how much lower could it rerate? Besides, the quality of the business (both from a profitability and a leverage standpoint) improved dramatically through the CCAA cleansing.

    Catalyseurs

    En ce qui concerne les points positifs potentiels, compte tenu des flux de trésorerie excédentaires et de la valorisation, je ne vois rien de plus rentable que de réduire l'action au fil du temps, soit par le biais d'une offre publique de rachat dans le cours normal des affaires, soit par le biais d'une offre publique de rachat d'actions (la version canadienne d'un programme de rachat d'actions ou d'une enchère hollandaise).

    A take private transaction is also not outside of the realm of possibility, although the founding family has control without taking the company private, so this is probably a little bit of wishful thinking, but the back-of-the-envelope math looks compelling: at $3.00/share, the implied equity value is ~$155 million and the founding family only needs to buy out 75% of total shares (i.e., the non-voting shares). Assuming 10% fees and expenses, the founding need to raise ~$125 million to buy out the public shareholders – $25 million can come from cash on hand and $100 million from debt financing (Reitmans already has a $115 million RCF that they were able to pay off completely within one year out of CCAA). Importantly, $3.00/share is a take-out PE multiple of ~4.2x – a substantial discount to public comps.

    Valuation Comp Table

    Seeking Alpha

    Enfin, je crois qu'une autre bonne option pour Reitmans est de demander à passer du TSXV à la bourse principale TSX. J'espère qu'un peu plus de couverture institutionnelle et d'efforts en matière de relations internationales permettront d'attirer l'attention sur l'histoire et d'obtenir une réévaluation.

    Conclusion

    Reitmans is a much higher quality business compared to its recent past, but the market is not giving it full credit yet. Although an apparel retailer is not a typical holding into a recession, Reitmans stock valuation is so inexpensive that it should not rerate lower much lower even if the macroeconomic condition further deteriorates. I can’t promise there won’t be any marking-to-market volatility along the way, but Reitmans is one of the few ways to get a double ( mon cas de base ) avec un risque très faible de dépréciation permanente du capital.

    Pour plus de détails, voir :

    Reitmans : Payez 1,0x P/E pour l'activité opérationnelle et la pile de liquidités
  • 2 actions de pot qui pourraient vous rendre plus riche @themotleyfool #stocks $TLRY $CGC $ACB $HEXO $CURLF

    Dark clouds loom over this high-growth industry, but there sont still a lot of scopes.
  • Harsha Engineers fera ses débuts le 26 septembre : Découvrez ce que les dernières BPF disent de la cotation

    Qualified institutional buyers showed a strong appetite for the IPO, while retail and high net-worth investors also tapped the issue robustly. The IPO received a massive 74.70 oversubscription overall.
  • L'introduction en bourse de Harsha Engineers aura lieu demain : GMP, ce que disent les experts

    Harsha Engineers IPO: The company’s unlisted shares are trading at a premium of Rs 162. Alors, its grey market premium (GMP) is Rs 162
  • CENTR Brands Corp. Résultats de l'exercice 2022 Croissance des ventes nettes de plus de 240%

    CENTR Brands Corp. Résultats de l'exercice 2022 Croissance des ventes nettes de plus de 240%

    Vancouver, British Columbia–(Newsfile Corp. – September 24, 2022) – CENTR Brands Corp. (CSE: CNTR) (FSE: 303) (OTCQB: CNTRF) (the “Company”) (CENTR®, or CENTR Instant), one of the fastest-growing premium functional wellness drink brands in North America, today announced its audited financial results for the year ended May 31, 2022. Selected comparative financial information is set forth below with the full financial statements for the year and the related management’s discussion and analysis available under the Company’s SEDAR profile at www.sedar.com. Tous les montants sont exprimés en dollars des États-Unis, sauf indication contraire :

    DescriptionExercice clos le 31 mai 2022
    ($)
    Exercice clos le 31 mai 2021
    ($)
    Ventes nettes1,853,902762,547
    Revenu net (perte) et
    comprehensive income (loss) (1)(2)
    484,939(14,257,039)
    Bénéfice (perte) par action de base et dilué(e)0.01(0.22)

     
    (1) Pour l'exercice clos le 31 mai 2022, le bénéfice net et le résultat global comprennent un gain hors caisse de $5 879 278 pour la réévaluation des bons de souscription en tant que passif à des fins comptables.
    (2) Pour l'exercice clos le 31 mai 2021, la perte nette et la perte globale comprennent des pertes hors caisse de $8 014 811 pour la réévaluation des bons de souscription en tant que passif à des fins comptables et de $2 240 873 pour l'acquisition d'unités d'actions restreintes.

    “We continue to be excited about CENTR’s leadership in the high-growth sparkling CBD beverage category. We expect to continue to deliver solid results and best-in-class performance as this category continues to evolve and activate in additional markets throughout the U.S,” said Company CEO, Arjan Chima. “We look forward to CENTR’s continued growth within the CBD sparkling water category. Additionally, we are excited at the tremendous growth prospects with the launch of CENTR Enhanced, the Company’s first non-CBD product meeting consumer demand in the high-growth, multi-billion-dollar functional beverage market, which will be available to consumers throughout North America later this calendar year. “We continue to be pleased with the strong, triple-digit, growth rates CENTR has been achieving year-over-year and look forward to similar growth as CENTR evolves beyond CBD into a leading supplier in the life-style oriented functional wellness market,” said Company President & CFO, David Young.

    À propos de CENTR Brands Corp.

    CENTR Brands Corp. is one of North America’s leading functional wellness beverage companies, and maker of the #1 selling CBD beverage brand in the United States, according to Brightfield Research. The Company develops and markets non-alcoholic, functional ingestibles for the global market. The Company produces CENTR, CENTR Sugar Free, both sparkling, low-calorie CBD beverages and CENTR Instant, a family of on-the-go, adaptogen-based CBD powders.

    Pour plus d'informations sur les marques CENTR, visitez findyourcentr.com ou contactez-nous à l'adresse suivante media@findyourcentr.com. N'oubliez pas de nous suivre sur les médias sociaux : @findyourcentr. Les consommateurs qui n'ont pas encore de détaillant CENTR Brands local peuvent visiter notre magasin en ligne à l'adresse suivante : findyourcentr.com/shop.

    Au nom du conseil d'administration,

    CENTR BRANDS CORP.
    /s/ Arjan Chima
    Arjan Chima, directeur général

    This press release may contain “Forward-Looking Statements” within the meaning of applicable Canadian securities laws. Forward-looking statements are not comprised of historical facts. Forward- looking statements include estimates ​and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the ​Company or management expects a stated condition or result to occur. Forward-looking statements may be ​identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or ​​”plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by ​their very nature they involve inherent risks and uncertainties. Although these statements are based on information ​currently available to the Company, the Company provides no assurance that actual results will meet management’s ​expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual ​events, results, performance, prospects and opportunities to differ materially from those expressed or implied by ​such forward-looking information​. Forward-looking information in this news release includes, but is not limited to, the Company’s intentions regarding ​its objectives, goals or future plans and statements, including with respect to the value proposition the Company offers to consumers, the Company’s ability to capitalize on global health & wellness trends, its ability to grow revenue opportunities and improve returns to its shareholders, the Company’s positioning in the emerging health beverage market and the Company’s ability to drive sustainable, industry-leading growth.​ Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

    Pour consulter la version source de ce communiqué de presse, veuillez vous rendre sur le site suivant https://www.newsfilecorp.com/release/138371

  • HSBC conseille aux investisseurs d'éviter les actions européennes

    I would caution against buying Europe because of the cheaper valuations and interest rate movements,” said Willem Sels from HSBC Private Banking.
  • DocuSign engage Allan Thygesen comme PDG

    DocuSign announced that the Company’s Board of Directors has hired Allan Thygesen as Chief Executive Officer.
  • Une plongée plus profonde dans la performance énergétique

    Une plongée plus profonde dans la performance énergétique

    Résumé

    • Le marché de l'énergie a certainement connu une année très positive jusqu'à présent. Le FTSE All World Oil, Gas & Coal est en hausse de 20% depuis le début de l'année (jusqu'à fin août), soit 39% de plus que l'indice plus large FTSE All World Equity.
    • Si l'on considère plus largement les classes d'actifs, les actions du secteur de l'énergie ont été solides (et moins celles des services publics et des matériaux de base), mais les obligations du secteur de l'énergie n'ont pas été aussi fortes.
    • La plupart des grandes valeurs énergétiques et des principaux contrats à terme sur l'énergie n'ont pas connu d'augmentation significative des volumes.

    Par Lee Clements, responsable des solutions d'investissement durable, SI Research

    L'énergie et la persistance triomphent de tout, disait Benjamin Franklin, mais la persistance sur les marchés de l'énergie est-elle la bonne chose pour les investisseurs à long terme ?

    Le marché de l'énergie a certainement connu une année très positive jusqu'à présent. L'indice FTSE All World Oil, Gas & Coal a progressé de 20% depuis le début de l'année (jusqu'à fin août), soit 39% de plus que l'indice FTSE All World Equity. Ce résultat n'est pas surprenant compte tenu de la hausse de 24% du prix du Brent, de l'impact sans précédent de la guerre en Ukraine sur l'approvisionnement en énergie et de l'augmentation moyenne de 56% et 128% respectivement des revenus et des bénéfices par action estimés pour les cinq premiers membres de l'indice (2022 par rapport à 2021).

    Cela s'ajoute au fait que l'énergie a été un secteur très négligé, sous-performant le FTSE All World pendant 8 des 10 dernières années. Cela va à l'encontre de la performance des valeurs de l'économie verte, mesurée par l'indice FTSE Environmental Opportunities All Share, qui a surperformé le FTSE Global All Cap pendant 7 des 10 dernières années, mais qui le sous-performe depuis le début de l'année.

    A deeper dive into energy performance

    Si l'on considère plus largement les classes d'actifs, si les actions du secteur de l'énergie ont été fortes (et moins celles des services publics et des matériaux de base), les obligations du secteur de l'énergie n'ont pas été aussi solides. Les émetteurs énergétiques de qualité ont perdu 13,6% depuis le début de l'année, sous l'effet de la hausse des taux d'intérêt, et 0,8% par rapport à l'indice WorldBIG des obligations d'entreprises de qualité (vous auriez obtenu un meilleur rendement des obligations vertes d'entreprises de qualité). En ce qui concerne les obligations à haut rendement, la place la plus naturelle pour les petites entreprises du secteur de l'énergie, les obligations énergétiques ont dépassé de 4,3% l'indice FTSE High Yield, mais ont tout de même enregistré un rendement de -6,4%. Les rendements d'investissement les plus élevés ont été réalisés dans les matières premières, la plupart bénéficiant directement de l'augmentation des prix ainsi que d'une couverture contre l'inflation et ayant sans doute moins d'aversion ESG en détenant des contrats à terme sur le pétrole qu'en détenant des sociétés pétrolières. Les prix du Brent ont considérablement surperformé les actions du secteur de l'énergie depuis le creux des prix du pétrole en avril 2020 et, depuis le début de l'année, le gaz européen a particulièrement surperformé, compte tenu de l'impact de l'arrêt de l'approvisionnement en gaz russe sur le marché.

    A deeper dive into energy performance

    Cependant, la performance du secteur de l'énergie depuis le début de l'année n'a pas été soutenue par un volume important. Alors que les fonds de ressources naturelles ont enregistré des entrées au premier trimestre, ils ont subi des sorties importantes au cours des trois derniers mois (et les entrées les plus fortes ont eu lieu en 2020). En outre, la plupart des grandes valeurs énergétiques et les principaux contrats à terme sur l'énergie n'ont pas connu d'augmentation significative des volumes.

    A deeper dive into energy performance

    Looking to the future, it is also difficult to see the strong positive future signals for the sector, estimated average revenue and EPS growth for the same top 5 energy companies are -10% & -12% for FY23 and -12% & -18% for FY24. The oil market is also in significant backwardation, with the front end of the curve for Brent (Dec 22) having gone up $20 YTD, but the longer end of the curve (Dec 25) only $4. You also haven’t seen a significant growth in the rig count in response to the raised oil prices, with the current count of 605 only up from 480 of 2021. This is well above the pandemic low of 180 (in July 2020) but still way below the 1,000 plus rigs last time WTI was above $95 (in the 2011-2015 period). This is beneficial to keeping oil prices high, but may indicate a lack of conviction in their long-term direction.

    Les conditions d'approvisionnement à court terme et les plans gouvernementaux sont positifs pour les marchés de l'énergie, les pays européens en particulier essayant de stimuler la production locale et de rechercher un approvisionnement non russe. Cependant, il existe également des plans plus concertés visant à stimuler les énergies alternatives, comme RePowerEU et la loi américaine sur le climat, et à découpler les marchés de l'énergie des prix des combustibles fossiles, ce qui pourrait affaiblir la croissance future de la demande et agir comme des vents contraires structurels sur le prix du pétrole.

    Tout cela conduit à la question délicate de savoir si le marché de l'énergie convient mieux aux négociants en matières premières à court terme ou aux allocateurs d'actifs à long terme. L'équilibre entre la géopolitique, la sécurité énergétique, les questions de durabilité/changement climatique et la demande globale rend difficile la détermination des rendements futurs probables. De même, le triangle toxique actuel de l'inflation, des taux et de la récession rend difficile la détermination de la corrélation entre l'énergie et les autres classes d'actifs (ou la détermination de la corrélation entre toutes les classes d'actifs) et certaines des corrélations traditionnelles, telles que la relation négative entre le dollar américain et les prix du pétrole, se sont affaiblies jusqu'à présent cette année.

    If only we’d remembered to charge our crystal ball!

    © 2022 London Stock Exchange Group plc and its applicable group undertakings (the “LSE Group”). The LSE Group includes (1) FTSE International Limited (“FTSE”), (2) Frank Russell Company (“Russell”), (3) FTSE Global Debt Capital Markets Inc. and FTSE Global Debt Capital Markets Limited (together, “FTSE Canada”), (4) FTSE Fixed Income Europe Limited (“FTSE FI Europe”), (5) FTSE Fixed Income LLC (“FTSE FI”), (6) The Yield Book Inc (“YB”) and (7) Beyond Ratings S.A.S. (“BR”). All rights reserved.

    FTSE Russell® is a trading name of FTSE, Russell, FTSE Canada, FTSE FI, FTSE FI Europe, YB and BR. “FTSE®”, “Russell®”, “FTSE Russell®”, “FTSE4Good®”, “ICB®”, “The Yield Book®”, “Beyond Ratings®” and all other trademarks and service marks used herein (whether registered or unregistered) are trademarks and/or service marks owned or licensed by the applicable member of the LSE Group or their respective licensors and are owned, or used under licence, by FTSE, Russell, FTSE Canada, FTSE FI, FTSE FI Europe, YB or BR. FTSE International Limited is authorised and regulated by the Financial Conduct Authority as a benchmark administrator.

    All information is provided for information purposes only. All information and data contained in this publication is obtained by the LSE Group, from sources believed by it to be accurate and reliable. Because of the possibility of human and mechanical error as well as other factors, however, such information and data is provided “as is” without warranty of any kind. No member of the LSE Group nor their respective directors, officers, employees, partners or licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the accuracy, timeliness, completeness, merchantability of any information or of results to be obtained from the use of FTSE Russell products, including but not limited to indexes, data and analytics, or the fitness or suitability of the FTSE Russell products for any particular purpose to which they might be put. Any representation of historical data accessible through FTSE Russell products is provided for information purposes only and is not a reliable indicator of future performance.

    Aucun membre du groupe LSE, ni leurs administrateurs, dirigeants, employés, partenaires ou concédants de licence respectifs ne peuvent être tenus pour responsables ((A)) de toute perte ou de tout dommage, en tout ou en partie, causé par, résultant de, ou lié à toute erreur (négligente ou autre) ou autre circonstance impliquée dans l'obtention, la collecte, la compilation, l'interprétation, l'analyse, l'édition, (B) tout dommage direct, indirect, spécial, consécutif ou accidentel, même si un membre du groupe LSE est informé à l'avance de la possibilité de tels dommages, résultant de l'utilisation ou de l'incapacité d'utiliser ces informations.

    Aucun membre du groupe LSE ni leurs administrateurs, dirigeants, employés, partenaires ou concédants de licence respectifs ne fournissent de conseils en matière d'investissement et aucun élément du présent document ne doit être considéré comme constituant un conseil financier ou d'investissement. Aucun membre du groupe LSE ni leurs administrateurs, dirigeants, employés, partenaires ou concédants de licence respectifs ne font de déclaration concernant l'opportunité d'investir dans un actif quelconque ou si un tel investissement crée des risques juridiques ou de conformité pour l'investisseur. La décision d'investir dans un tel actif ne doit pas être prise sur la base d'une quelconque information contenue dans le présent document. Les indices ne peuvent pas faire l'objet d'un investissement direct. L'inclusion d'un actif dans un indice ne constitue pas une recommandation d'achat, de vente ou de détention de cet actif, ni une confirmation qu'un investisseur particulier peut légalement acheter, vendre ou détenir cet actif ou un indice contenant cet actif. Les informations générales contenues dans cette publication ne doivent pas être utilisées sans obtenir des conseils spécifiques d'ordre juridique, fiscal et d'investissement auprès d'un professionnel agréé.

    Les performances passées ne garantissent pas les résultats futurs. Les diagrammes et les graphiques sont fournis à titre d'illustration uniquement. Les rendements des indices indiqués peuvent ne pas représenter les résultats de la négociation réelle d'actifs investissables. Certains rendements indiqués peuvent refléter une performance rétroactive. Toutes les performances présentées avant la date d'entrée en vigueur de l'indice sont des performances rétroactives. La performance rétroactive n'est pas une performance réelle, mais hypothétique. Les calculs de back-testing sont basés sur la même méthodologie que celle qui était en vigueur lors du lancement officiel de l'indice. Cependant, les données rétrospectives peuvent refléter l'application de la méthodologie de l'indice avec le bénéfice du recul, et les calculs historiques d'un indice peuvent changer d'un mois à l'autre en fonction des révisions des données économiques sous-jacentes utilisées dans le calcul de l'indice.

    Le présent document peut contenir des évaluations prospectives. Celles-ci sont basées sur un certain nombre d'hypothèses concernant les conditions futures qui peuvent finalement s'avérer inexactes. Ces évaluations prospectives sont soumises à des risques et à des incertitudes et peuvent être affectées par divers facteurs susceptibles d'entraîner des différences significatives entre les résultats réels. Aucun membre du groupe LSE ni leurs concédants de licence n'assument une quelconque obligation de mettre à jour les évaluations prospectives et ne s'engagent pas à le faire.

    Aucune partie de ces informations ne peut être reproduite, stockée dans un système d'extraction ou transmise sous quelque forme ou par quelque moyen que ce soit, électronique, mécanique, par photocopie, enregistrement ou autre, sans l'autorisation écrite préalable du membre concerné du LSE Group. L'utilisation et la distribution des données du LSE Group nécessitent une licence de FTSE, Russell, FTSE Canada, FTSE FI, FTSE FI Europe, YB, BR et/ou de leurs concédants de licence respectifs.

    Poste original

    Editor’s Note: Les puces de synthèse de cet article ont été choisies par les rédacteurs de Seeking Alpha.

    Pour plus de détails, voir :

    Une plongée plus profonde dans la performance énergétique
  • Meilleur achat : 2 actions ou 1 000 actions ?

    It is vital to understand the difference between investing in deux stocks or simply purchasing 1,000 shares of one stock and how it affects your investment return potential.
  • CORRECTION et REMPLACEMENTHigh Tide se classe 21e sur 430 dans le classement annuel du Globe and Mail des entreprises canadiennes à forte croissance avec une croissance des revenus de 1970% sur trois ans.

    CALGARY, Alberta, (BUSINESS WIRE) — Headline of release should read: High Tide Ranks 21st Out of 430 In Globe and Mail’s Annual Ranking of Canada’s Top…
  • 3 Cryptocurrencies détenues par des milliardaires @themotleyfool #stocks $BTC $ETH $MATIC

    These billionaire investors think these cryptocurrencies will be great investments over the long term.
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