Tribe Property Technologies’ fourth quarter results caught the attention of analysts at Stifel, who issued a Buy rating and price target of C$4.
The Vancouver company’s $4.75 million revenue met Stifel’s expectations and its adjusted EBITDA of $2.09 million exceeded them, “underscoring solid execution on growth and cost management,” according to a note published Tuesday.
“With a recovery in new construction completions, increasing win rates on competitive bid opportunities for existing communities, and growing partnerships with encouraging early user engagement on the company's new marketplace offering, we see an outlook for stronger and more profitable organic growth over F23," analysts said.
‘While pace of M&A activity has been slower than expected to-date, management reiterated an expanded funnel with larger, more transformational deals, with access to commercial debt to fund these deals as needed, suggesting potential for more catalysts from M&A in the near-term.”
Stifel acknowledged fourth-quarter delivery delays for Tribe, but that concern is somewhat mitigated by a strong recovery thus far in 2023, the firm noted.
That signals “improving visibility over the year, with strength anticipated over H2 as the company anticipates the addition of a record ~23 new buildings to their portfolio of communities by year-end,” analysts added.
Shares of Tribe improved 0.7% Tuesday afternoon to C$1.36.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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