21:57:19 EDT Sun 28 May 2023
Enter Symbol
or Name

Corus Entertainment Inc
Symbol CJR
Shares Issued 196,068,632
Close 2023-03-08 C$ 1.88
Recent Sedar Documents

Globe says Galappatthige maintains Corus at "hold"

2023-03-08 07:52 ET - In the News

The Globe and Mail reports in its Wednesday, March 8, edition that Canaccord Genuity analyst Aravinda Galappatthige continues to rate Corus Entertainment "hold." The Globe's David Leeder writes in the Eye On Equities column that Mr. Galappatthige cut his share target back by 20 cents to $1.80. Analysts on average target the shares at $2.77. Mr. Galappatthige says in a note: "We believe that the Corus investment thesis remains unexciting, with balance sheet leverage still very much a concern and the dividend cut having only a modest impact. Moreover, while management has indicated a slight sequential improvement in ad decline rates (compared to Q1), depending on the severity of an economic slowdown in H2/23, there could be additional pressure on EBITDA and free cash flow. The new dividend yield of 6.25 per cent is unlikely to attract investors in the current interest rate environment with many defensive large caps offering similar yields. Finally, while the company has indicated stepped-up cost rationalization programmes, we expect that the high programming inflation and investments around STACKTV and other digital initiatives would continue to pressure margins."

© 2023 Canjex Publishing Ltd. All rights reserved.