Join        Login             Stock Quote

Leisureworld Senior Care PT Lifted To $12.50 By CIBC, 'Sector Performer' Maintained

 May 29, 2012 04:10 PM

(By Balaseshan) CIBC World Markets Inc. analyst Troy MacLean raised his price target on shares of Leisureworld Senior Care Corp. (TSE:LW) to $12.50 from $12.25, while maintaining his "Sector Performer" rating.

The brokerage increased its 2012 EPS estimate to $0.98 from $0.93 and its 2013 estimate to $1.04 from $0.99.

The company's Q1 FFO was $0.24/share versus $0.20 last year and MacLean's $0.21 estimate. FFO was boosted by increased LTC funding, acquisitions, and higher contract volumes for PHCS. Average occupancy in the LTC portfolio was 98.5% in Q1-2012 versus 98.6% in Q4-2011 and 98.0% last year.

On May 24, Leisureworld acquired three luxury retirement residences in the greater Vancouver area for about $119.8 million at an estimated cap rate of about 7.5% on stabilized net operating income. The three properties have a total of 392 residential suites (about $305,000/suite).

[Related -Inching Toward A Rate Hike]

On May 24, LW issued 4.7 million shares at $12.05/share for gross proceeds of about $56.4 million. In addition, LW issued 82,988 common shares to the vendor to complete the BC acquisition. At Q1-2012, LW's debt to GBV assets was 51.8%, and its cash balance was $28.6 million or about $1.17 per share.

Leisureworld Senior Care provides long-term care (LTC) services in Ontario, Canada. As of May 15, 2012, it owned and operated 26 LTC homes, representing 4,314 beds; 3 retirement residences comprising 323 suites; and 1 independent living residence with 53 apartments.

LW closed Tuesday's regular session down 1.00% at $11.88.

iOnTheMarket Premium


Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageEmerging-Markets Stocks Took The Lead Last Week

Emerging-markets equities enjoyed a solid rise last week among the major asset classes, based on a set of read on...

article imageDoes Your Latest Investment Pass This Test?

On Wednesday, I sounded the alarm about the problems looming for some consumer staples stocks. In short, read on...

article imageIs The Slump In US Manufacturing Easing?

Yesterday’s November survey data from the Philadelphia Fed hints at the possibility that a stronger trend read on...

article imageMarket Potentially Facing Near Term Technical Headwinds

After the S&P 500 Index pullback on Thursday and Friday last week, the market's advance on Monday and read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.