Altus Group to Buy Back C$162 Million of Shares in Substantial Issuer Bid

Altus Group ( (TSE:AIF) ) has provided an announcement.

Altus Group has reported preliminary results of its substantial issuer bid, indicating it expects to buy back approximately 2.85 million common shares at C$57.00 per share, for a total of about C$162.43 million, representing roughly 6.59% of its issued and outstanding shares on a non-diluted basis. As the total value of shares tendered was below the C$350 million maximum for the offer, all validly tendered shares will be purchased without proration, including proportionate tenders, leaving the company with an expected 40.38 million shares outstanding once the transaction is completed, a move that will modestly reduce the share count and could enhance per-share metrics for remaining investors.

The most recent analyst rating on (TSE:AIF) stock is a Buy with a C$67.00 price target. To see the full list of analyst forecasts on Altus Group stock, see the TSE:AIF Stock Forecast page.

Spark’s Take on TSE:AIF Stock

According to Spark, TipRanks’ AI Analyst, TSE:AIF is a Neutral.

Altus Group’s overall stock score reflects strong financial performance and positive earnings call highlights, tempered by valuation concerns and mixed technical indicators. The company’s robust revenue growth and profitability are significant strengths, but leadership changes and revised guidance present challenges.

To see Spark’s full report on TSE:AIF stock, click here.

More about Altus Group

Altus Group Limited is a Toronto-based provider of commercial real estate intelligence, offering data, analytics and advisory services to the CRE industry. The company focuses on delivering insights that support valuation, investment, and asset management decisions for real estate owners, investors and other market participants.

Average Trading Volume: 209,184

Technical Sentiment Signal: Buy

Current Market Cap: C$2.42B

For detailed information about AIF stock, go to TipRanks’ Stock Analysis page.