FINWIRES · TerminalLIVE
FINWIRES

Research Alert: Dox Posts In-line Quarter, Modest Backlog Growth; Maintains Fy 26 Guidance

By

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

DOX's Mar-Q results slightly exceeded expectations, with sales of $1.172B (+3.9% Y/Y) and non-GAAP EPS of $1.78 beating consensus views of $1.166B and $1.76, respectively. Constant currency sales growth again decelerated, coming in at 2.2% from the prior quarter's 3.5% rate, with managed services (65% of sales) slowing to 1.6% growth from 2.3% growth in Q1. Management narrowed its FY 26 guidance ranges, with sales growth now expected at 2.6%-4.6% (vs. prior 1.5%-5.5%) and EPS growth expected at 5%-7% (vs. prior 4%-8%). 12-month backlog grew 2.6% Y/Y to $4.28B, offering strong support for the company's modest sales growth outlook with minimal reliance on shorter-term discretionary work (which has been under pressure amid the uncertain macro environment). CFO Tamar Rapaport-Dagin will be leaving the company, with Tal Rozenfeld (Head of Finance) taking over effective June 2026, though we expect no material operating impact from the change.

Related Articles

Research

Research Alert: Power Corporation Of Canada Posts 17% Higher Q1 Operating Eps

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:POW reported strong Q1 2026 adjusted EPS of CAD1.43 vs. CAD1.22 a year ago, reflecting broad-based strength across most operating segments and matching our CAD1.42 estimate and the CAD1.43 consensus view. Net earnings from continuing operations rose 19% to CAD820M, while EPS increased nearly 21% to CAD1.29 vs. CAD1.07 in the prior-year period, demonstrating solid operational execution. The results highlight POW's ability to deliver consistent performance across its diversified portfolio of operating companies. Net EPS growth exceeded 20%, underscoring the company's strong earnings momentum and effective capital allocation strategies. The robust performance across most business segments reflects the resilience of POW's operating model and the underlying strength of its key subsidiaries. These solid Q1 results position POW favorably as it continues to execute on strategic initiatives and optimize value creation across its portfolio companies.

$POW
Research

Research Alert: Franco-nevada Posts Q1 Beat, Elevated Metal Prices Drive Record Results

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:FNV reported Q1 adjusted EPS of $2.38 vs. $1.07 prior year, $0.30 above consensus, with record revenue of $650.7M (+77% Y/Y) driven by gold averaging $4,875/oz (+70% Y/Y) and silver at $84.39/oz (+165% Y/Y). Adjusted EBITDA margins expanded to 91.0% from 87.4%, generating record adjusted EBITDA of $591.9M (+84% Y/Y). We believe FNV's capital-light model provides superior leverage to commodity prices while avoiding operational risks including cost inflation and technical challenges. Management maintained 2026 guidance of 510,000-570,000 GEOs, with ~90% from precious metals. Recent acquisitions totaling ~$515M, including i-80 Gold ($250M) and Casa Berardi ($100M), enhance growth while maintaining the debt-free balance sheet with $3.4B available capacity. Panama's authorization to process Cobre Panama stockpiled ore provides optionality, with potential for 150,000-175,000 annual GEOs if full restart occurs, though timing remains uncertain.

$FNV
Research

Research Alert: Csu Beats On Top And Bottom Lines As Acquisitions Fuel Growth

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:CSU delivered strong Q1 results, with revenue of $3.18B (+20% Y/Y), beating consensus by $40M, driven primarily by acquisitions with organic growth of 6% (2% FX-adjusted). Net income surged 170% to $367M ($17.32 EPS) versus $136M ($6.41 EPS) in the prior year, well above consensus of $9.95, benefiting from revenue growth, operational leverage, and favorable non-operating items including a $76M IRGA/TSS membership liability revaluation gain. The company continued executing its acquisition-driven growth strategy, deploying $809M in Q1, with an additional $786M committed post-quarter. The recurring revenue model demonstrated strength, with maintenance and other recurring revenue growing 22% to $2.44B, representing 77% of total revenue. Free cash flow available to shareholders jumped 44% to $733M, reflecting improved working capital management and operating leverage, while the balance sheet remained solid, with $3.01B in cash.

$CSU