Highlights

  • Altus Group secured a revenue of CAD 185.2 million in Q3 2023, approximately 4.2% higher on pcp.
  • Its Adjusted EBITDA saw a 13.8% growth on a constant currency basis to CAD 29.7 million.
  • The company recently announced to pay a monthly cash dividend of CAD 0.15 per common share for Q4 2023 ending December 31, 2023.

One of the prominent players in the Canadian real estate sector, Altus Group Ltd (TSX: AIF) offers advisory services, software and data solutions to the property and real estate companies. It works under three segments - Altus Analytics, Commercial Real Estate Consulting, and Geomatics.

In the third quarter of the year 2023, AIF secured a revenue of CAD 185.2 million, approximately 4.2% higher on the previous corresponding period. Its Adjusted EBITDA saw a 13.8% growth on a constant currency basis to CAD 29.7 million. For the reporting period, the group’s adjusted EPS stood at CAD 0.33. Revenue of the company jumped by 4.2% from CAD 177.7 million in Q3 2022 to CAD 185.2 million in Q3 2023, following surge in average in-place net rent per occupied square foot.

The company recently announced to pay a monthly cash dividend of CAD 0.15 per common share for Q4 2023 ending December 31, 2023.

However, AIF’s operating income decreased to CAD 4.1 million in the third quarter of the year 2023, as compared to CAD 9.1 million in the previous corresponding period. There was a 3.5% increase in the company’s employee cost in Q3 2023 to CAD 118.5 million from CAD 114.5 million in Q3 2022.

Also, the Altus Group suffered a drop in its net income in the reporting period. It was registered at CAD 0.9 million, versus a profit of CAD 6.8 million recorded in Q3 2022. The company attributes this to the losses from discontinued operations along fair value loss on investment properties and investment properties held for sale.

Top 10 Shareholders:

Around 53.72% of the total shareholding is held by its top ten shareholders. While Mackenzie Financial Corporation holds maximum stake of ­­14.99% in the company, Jarislowsky Fraser, Ltd. owns approximately 11.27% stake in AIF.

Stock Price Performance

AIF’s stock price has gained approximately 7.64% in the last one week. It has increased by 8.75% over the last one month. The stock’s 52-week high and low price stand at CAD 61.60 and CAD 35.29, respectively.

 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is December 18, 2023. The reference data in this report has been partly sourced from EODHD/Others.