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Highlights

  • Altus Group clocked a revenue of CAD 185.2 million in Q3 2023, against CAD 177.6 million in the previous corresponding period.
  • AIF’s adjusted EBITDA decreased in the quarter to CAD 29.6 million from CAD 32.9 million in Q3 2022, due to increase in operating expenses and finance cost.
  • The net income of the group was CAD 0.9 million in Q3 2023, versus CAD 6.8 million in pcp.

Canada-based real estate player Altus Group Limited (TSX: AIF) offers a suite of services, including software and data solutions to its clients in the property and real estate industry. It operates its business in three segments - Commercial Real Estate Consulting, Altus Analytics, and Geomatics.

In Q3 2023, the revenue of the company increased to CAD 185.2 million, versus CAD 177.6 million in the prior corresponding period. It was primarily because of major growth in the company’s Analytics segment whose revenue jumped to CAD 95.3 million, 8.8% higher than the previous corresponding period. The company’s recurring revenues stood at CAD 87.4 million for the reporting period, marking an increase of around 13.7% on pcp.

However, AIF’s adjusted EBITDA decreased in the quarter to CAD 29.6 million from CAD 32.9 million in Q3 2022, due to increase in operating expenses and finance cost. Consequently, the company’s income before income taxes was recorded at CAD 4.1 million for the reporting period. It stood at CAD 9.1 million in Q3 2022. The net income of the group was CAD 0.9 million in Q3 2023, versus CAD 6.8 million in pcp.

In the September quarter, AIF inked an agreement for acquisition of Situs Group LLC, a commercial real estate valuation and advisory services business. This acquisition would help in elevating the recurring revenue growth of the company.

Top 10 Shareholders:

Approximately 52.20% of the total shareholding in AIF is owned by its top ten shareholders. While Mackenzie Financial Corporation holds around ­­­14.99% stake in the firm, Jarislowsky Fraser, Ltd. owns over 9% of the total shareholding.

 

Stock Price Performance

AIF’s stock price gained over 5.22% over the last one week. It has dropped by nearly 17.34% in the past one month. The stock’s 52-week high and low price of 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 November 20, 2023. The reference data in this report has been partly sourced from EODHD/Others.