01:40 PM EST, 02/03/2025 (MT Newswires) -- Transcontinental's cross-border transactions to the United States represent less than 10% of its $2.8 billion in revenue in f2024 and are mainly related to inter-company dealings, notes National Bank.

The net impact of U.S. tariffs on Canada will depend on the company's ability to transfer added costs to customers, lower transfer pricing internally, and/or benefit from any anticipated depreciation of the Canadian dollar, says analyst Adam Shine.

TCL generated 73% of its Packaging revenues or just over 43% of its f2024 consolidated top line from the United States. Shine estimate that each 0.05 depreciation in the CAD increases total revenues by $29 million and Adj. EBITDA by $5 million.

Transcontinental is rated Outperform, with a $23 target.

Price: 17.70, Change: -0.58, Percent Change: -3.17