CIBC Lifts PT On Killam Properties To $12.30
Monday, December 12, 2021 2:16 PM

CIBC World Markets Inc. raised its price target on Halifax, Nova Scotia-based Killam Properties Inc. (TSX: KMP.TO) to $12.30 from $11.50.

The brokerage has a "Sector Outperformer" rating on the stock.

"At $10.98, Killam trades at 15.7x 2011E FFO, an 11% discount to our NAV estimate of $12.30 (at a 6.25% cap rate), and yields 5.3%," CIBC said in a note.

Killam's debt/GBV assets, including convertible debt, was 57.5% at Q3/11 vs. target of 55%-65%, the brokerage said.

Killam Properties owns and operates multi-family apartments and manufactured home communities. Killam currently owns and operates 18,830 units in 179 properties, representing real estate assets with a gross book value of about $935 million.

KMP.TO, which has been trading in the 52-week range between $9.32 and $11.59, is currently trading 0.18 percent higher at $11.01.