FINWIRES · TerminalLIVE
FINWIRES

加拿大帝國商業銀行表示，GFL對Secure Energy的收購要約為股東提供了「誘人的」溢價。

-- 加拿大帝國商業銀行資本市場（CIBC Capital Markets）認為，GFL Environmental（GFL.TO，GFL）以64億加幣收購Secure Energy Services（SES.TO）的要約，不僅為股東提供了極具吸引力的溢價，也保留了合併後公司的潛在成長空間。 分析師Jamie Kubik在一份報告中指出，合併後的公司將使Secure的股東能夠進入廢棄物管理價值鏈的更多環節，從而降低收入集中度並提升成長潛力。 Kubik已將Secure的目標股價上調至24.75加元，以反映此收購要約價格。 他也補充道，GFL流通股數量的增加也可能提升其未來被納入更廣泛的股指的可能性。 Kubik表示，鑑於近期的案例，加拿大競爭局對這筆交易的審查將受到密切關注。該局先前曾對GFL收購Terrapure以及Secure收購Tervita的交易提出質疑，其中對Tervita的審查導致其部分資產被強制出售。 “鑑於 Tervita 的部分資產已經從 Secure 平台剝離出來，我們認為不太可能需要進行如此大規模的進一步資產處置，但我們仍然很想看看加拿大競爭局如何看待這筆交易。”

Price: $21.80, Change: $-0.64, Percent Change: -2.85%

Related Articles

Research

Research Alert: CFRA Keeps Buy Opinion On Shares Of The Hartford Insurance Group, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We trim our 12-month target price by $8 to $155, valuing HIG shares at 11.3x our 2026 operating EPS estimate of $13.75 (cut by $0.45) and at 10.6x our 2027 EPS estimate of $14.65 (cut by $0.30), vs. the shares' one-year average forward multiple of 10.3x and peer average of 13x. Q1 EPS of $3.09 vs. $2.20 a year ago missed our $3.60 estimate and $3.39 consensus view. Operating revenue growth of 6.2% was in line with our 6%-10% forecast, amid 5.3% earned premium growth, 13% higher net investment income, and 7.9% fee revenue growth. Q1 written premium growth of 4% and full-year 2025 growth of 7% bode well for 2026 revenue trends as premiums are earned. Underwriting results improved significantly, with Personal Lines combined ratio improving to 87.7% from 106.1% and underlying combined ratio to 85.0% from 89.7%. Business Insurance combined ratio was stable at 94.8%. Weighing the Q1 EPS miss with HIG's decent top-line growth and discounted valuation to peers, we view the shares as undervalued.

$HIG
Research

Research Alert: CFRA Keeps Strong Buy Opinion On Shares Of Baker Hughes

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month target price by $14 to $82, reflecting a combination of our sum-of-the-parts (SOTP) and DCF models. For our SOTP model, we presume the oilfield services business (about 50% of BKR's franchise) to be valued at about 10x projected 2027 EBITDA (in line with major peers) and its industrial energy technology business (the other 50%) valued at 14x projected 2027 EBITDA (in line with the peer median). This blended approach, yielding a 12x multiple, implies a value of $73 per share. Meanwhile, our DCF model, using medium-term free cash flow growth of 5% per year, terminal growth of 2.5%, discounted at a WACC of 6.3%, yields intrinsic value of $91 per share. We cut our 2026 EPS estimate by $0.47 to $2.48, but we raise 2027's by $0.07 to $3.24. We acknowledge that the oilfield services business is likely to struggle in 2026 owing to the U.S.-Iran conflict, but the IET business appears quite robust and likely to be a source of both accelerating revenue growth and margins.

$BKR
Research

Research Alert: CFRA Maintains Hold Opinion In Shares Of Wab

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our 12-month target to $285 from $275 following WAB's Q1 earnings print, valuing shares at 24.2x our 2027 EPS outlook of $11.76 (revised from $11.46; 2026 EPS estimate up to $10.57 from $10.50), a slight premium to WAB's long-term historical multiple average given structural improvements in earnings quality. While we are cautious on signs of overcapacity in the freight market, an elevated order backlog (12-month sits at over $9 billion), internal initiatives to shore up margins, and potential synergies from M&A activity positions WAB to continue growing earnings at double-digit rates in 2026-2027, in our view. Despite tariff-related cost pressures, WAB has done a commendable job of defending margins via a mix of pricing, lean manufacturing, and pruning of lower-profit operations. Q1 results were mixed but overall positive, in our view. We maintain our Hold recommendation on shares.

$WAB