03:54 PM EDT, 03/12/2024 (MT Newswires) -- For National Bank, the Key Takeaways from Park Lawn's Q4 2023 result on March 7 was revenues of $88.1 million, a 2.3% y/y increase driven primarily by acquisitions, in line with National's call for $88.1 million and the Street's $87.9 million. Adj. EBITDA margins ticked up 30 bps y/y to 23.3% (also up 190 bps q/q), yielding Adj. EBITDA of $20.6 million, in line with National's $20.5 million forecast (23.2%) and outpacing consensus of $20.0 million (22.7%). Adj. EPS of $0.25 came in above National's $0.20 forecast and the Street's $0.21.

On negative revisions to National's estimates, National's target falls to C$21 (was C$22), based on 9.5x 2025 estimated EV/EBITDA (was 8.5x), in line with U.S. peers. The bank said: "With expectations reset and as PLC's valuation is again flirting with levels that we believe could attract the interest of a strategic or financial buyer, we see limited downside and remain comfortable with our Outperform rating."

Price: 18.12, Change: -0.01, Percent Change: -0.06