$NFI.TO

NFI Unit Says Working With Volvo Buses to Build 60 New Tri-axle Double-Deckers for Lothian Buses

NFI Group (NFI.TO) unit Alexander Dennis Monday said it is working with Volvo Buses to build 60 new tri-axle double-deckers for Scottish bus operator Lothian Buses.The operator has placed a firm order with Volvo Buses for 60 new low-emission double-deck buses based on the efficient B8L chassis, which Alexander Dennis will body with its Enviro400XLB design, it said. The majority of the new Enviro400XLB will be used to meet rising demand in the East Coast Buses and Lothian Country operations, which connect East and West Lothian to the Scottish capital, it added.The Airlink 100 service between Edinburgh Airport and the city center will also benefit from the fleet investment, said the company. Lothian Buses also plans to order 40 zero-emission double-deckers from the two manufacturers, with Alexander Dennis placing its next-generation Enviro400EV body on the Volvo BZL electric chassis.Procurement of these vehicles, it said, is subject to confirmation of grant funding allocation to Lothian Buses from the Scottish Government's third-round Scottish Zero-Emission Bus Challenge Fund (ScotZEB3).Shares of the company closed up 1.6% to $23.2 on Friday on the Toronto Stock Exchange.Price: $23.57, Change: $+0.37, Percent Change: +1.59%

Lothian Buses Orders 60 new Volvo B8L tri-axles with Alexander Dennis Enviro400XLB bodies

CIBC Raises NFI Group's Price Target to C$27.00 From C$22.00

CIBC Capital Markets maintained its outperformer rating on the shares of NFI Group (NFI.TO) and raised its price target to C$27.00 from C$22.00 after the bus and coach manufacturer reported its first-quarter results on May 7.Q1 results were "a bit noisy, but underlying trends are encouraging," said CIBC."Most importantly, North American production is on track, the balance sheet is improving, and profitability is better than expected as NFI continues to convert its higher-margin backlog," said CIBC. "The U.K. market is a sore spot, and if underperformance cannot be addressed through restructuring, we expect that broader strategic options will eventually be considered."Lower-than-expected Q1 deliveries were primarily isolated to the U.K. business, which is less profitable, stated CIBC and added that lighter North America transit deliveries were due to seasonal slowness and production planning decisions that should support higher deliveries through the balance of 2026, with April performance noted as strong."Meanwhile, Q1 deliveries were higher Y/Y in MCI and ARBOC," CIBC added. "The company noted no new issues in the supply chain and continued progress on seating, which is largely normalized at this point."Absent unforeseen production issues, CIBC believes NFI is "well on track" to meet or exceed its 2026 EBITDA guidance. CIBC's 2026E revenue estimate moves 3% lower and EBITDA moves 2% higher as CIBC actualizes Q1 results and factor in stronger margins, said CIBC."We roll out our valuation year to include partial 2027 and raise our EBITDA multiple by half a turn to 8x reflecting strong execution, bringing our price target to $27 from $22 (NFI currently trades at 7.4x 2026E vs. its historical range of ~6x - 10x)," said CIBC. "We stay Outperformer-rated."Price: $20.17, Change: $-0.35, Percent Change: -1.71%

Stifel Canada Lifts NFI Group Price Target by $0.50 to $26.00

Stifel Canada has raised its price target on the shares of NFI Group (NFI.TO) by $0.50, to $26.00 after it updated its estimates following the company's first quarter results.In a note, analyst Daryl Young, who is maintaining a buy rating on the shares, said the first quarter was a solid start to the year, reflecting momentum in the manufacturing division, with profitability improving significantly.Bus deliveries were slower than expected, but management noted that April was very strong and that volumes should increase across the year, including with the ramp up of the All-Canadian build facility.Young believes NFI could surprise to the upside on margins across the back half of the year. Key issues around tariffs, seat supply, and battery recall all remain in check, he adds."Big picture, we think the worst is behind NFI, and expect to see valuation expansion across the year as it regains its execution track record."Price: $20.44, Change: $-0.09, Percent Change: -0.41%

NFI Group Target Raised To C$26 From $22, Keeps Outperform at National Bk On Ahead of Expectations Q1

NFI Group Target Raised To C$26 From $22, Keeps Outperform at National Bk On Ahead of Expectations Q1

NFI Group Receives New Order For 41 Buses From BC Transit

NFI Group (NFI.TO) subsidiary Alexander Dennis has received a firm order for 41 Enviro500 double-deck buses from BC Transit in British Columbia, the company said on Friday.Each Enviro500 will accommodate up to 80 seated passengers. The new buses will replace older vehicles that have reached the end of their operational life, a statement said.The order was added to NFI's firm backlog in the first quarter.NFI Group shares closed up $0.32 to $21.51 on Thursday on the Toronto Stock Exchange.

Earnings Flash (NFI.TO) NFI Group Reports Q1 Revenue US$842.0M, vs. FactSet Est of $908.4M

Earnings Flash (NFI.TO) NFI Group Posts Q1 Adjusted EPS US$0.18 per Share, vs. FactSet Est of $0.18

Stifel Canada Raises NFI Group Price Target to $25.50, Maintains Buy Rating Ahead of Q1

Stifel Canada raised its price target on the shares of NFI Group (NFI.TO) to $25.50, from $23.00 ahead of the company reporting its first-quarter earnings on May 7.Analyst Daryl Young, who is maintaining a buy rating on the company, is forecasting adjusted EBITDA of US$79.6 million, up 27% y/y, but ~3% below consensus of US$81.8 million.Young is optimistic that results will be smoother for NFI in 2026 as it seems to have navigated the worst of its supply chain and battery recall issues. The balance sheet and cash flow is also supported by the XALT settlement that was announced at the end of last year.Young also believes the company is "relatively" insulated from Section 232 tariffs. The core 10% duty applied to all coaches and buses/shells entering the U.S. remains unchanged and has been reflected in NFI's current guidance."The stock remains attractively valued, in our view, but we acknowledge that it has had a strong run and investors remain jittery following the myriad of challenges in recent years. As such it's harder than normal to gauge what's priced in. Regardless, we are optimistic that NFI will see its first year of uninterrupted production since 2019."Price: $21.63, Change: $-0.13, Percent Change: -0.60%