Overview

* Onex ( ONEXF ) Q3 net earnings decline to $39 mln from $127 mln year-over-year

* Company acquires majority interest in Convex Group, partners with AIG

* Asset management fee-related earnings rise to $11 mln from $6 mln

Outlook

* Onex ( ONEXF ) expects Convex acquisition to enhance growth and profitability

* Company anticipates significant value creation from partnerships with AIG

Result Drivers

* PRIVATE EQUITY RETURNS - Onex's ( ONEXF ) private equity teams returned capital to investors through strategic realizations, contributing to overall performance

* CREDIT TEAM PERFORMANCE - Onex's ( ONEXF ) credit team raised or extended over $10 bln in capital this year, bolstering Q3 results

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS $0.57

Q3 Net $39 mln

Income

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the investment management & fund operators peer group is "buy"

* Wall Street's median 12-month price target for Onex Corp ( ONEXF ) is C$165.00, about 28.7% above its November 6 closing price of C$117.65

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)