08:37 AM EDT, 04/05/2024 (MT Newswires) -- National Bank on Thursday noted that Blackline Safety Corp.'s ( BLKLF ) $1.4 million deal with a water utility provider based in Australia will allow the company to extend its market leadership to regions outside its traditionally dominant markets such as the UK. Given the "unique attributes" of the utility market ("small community and a strong word-of-mouth effect"), National expects other utility companies in the same region to follow suit.

"We believe Blackline's technical edge comes from its connectivity that enables flows of data for greater visibility of employee activities and their work environment," the bank said.

Given the positive fiscal 2024 outlook and margin expansion potential, National Bank has maintained its outperform rating with a price target of C$6 based on the bank's multi-stage DCF model.

"For a Company that's considered the leader in the connected workplace safety market, this is the latest announcement from a series of new wins in the water utility vertical," the bank added.

The company's stock was up 1.2% in Canada yesterday.