Review of Altus Group Limited

JUL 16, 2024 - The economics of AIF’s solutions are largely unchanged, as the company continues to execute its growth playbook through acquisitions. We think the weakness in revenue growth was driven by macro factors due to the slowdown in the real estate market rather than fundamental related issues. We remain positive about AIF’s prospects in the near term, however, due to the fact that the recovery of the real estate market remains highly uncertain, we are opting to remain conservative by maintaining our rating at a ‘B’.

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Altus Group Limited (AIF $61.04)
- $61.04 P/E (TTM): 7.08X Cap: $2.63B
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Q: Hello 5i team, could you comment on the news about AIF. Were you expecting this end game? At this juncture, after selling a subsidiary last year? Who could be potential buyers? Brookfield? What range of price would you expect for a privatization? How long do you expect it will take to have news about a formal takeover over offer based on Tuesday’s news that the process has already begun? What is the probability that the current process initiated by the company will conclude on the sale of the company? Thank you for your collaboration

Read Answer Asked by Eric on August 13, 2025

Altus Group Limited (AIF $61.04)
- $61.04 P/E (TTM): 7.08X Cap: $2.63B
- View AIF Profile
- View Questions on AIF
- View Reports on AIF

Q: Good morning 5i team

Altus receives little attention from your subscribers. Its share price has increased after the sale of its property tax business, debt pay down, and share re-purchase.
I am trying to decide if their shares represent a solid opportunity to now buy.

Several questions please.

Does 5i view Altus as having meaningful competitive advantage versus peers in providing CRE intelligence services?

Does 5i view Altus as a 'wide, narrow or no moat' company?

Does 5i feel that Altus has a significant runway to gain market share, grow revenue and profit in the CRE market over the next few years?

And finally, would 5i recommend buying Altus shares now, or perhaps wait for a pullback?

Thank you.

Edward

Read Answer Asked by Edward on August 01, 2025

Sylogist Ltd. (SYZ $8.26)
- $8.26 Cap: $193M
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Alimentation Couche-Tard Inc. (ATD $70.70)
- $70.70 P/E (TTM): 18.69X Cap: $67.02B
- View ATD Profile
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Altus Group Limited (AIF $61.04)
- $61.04 P/E (TTM): 7.08X Cap: $2.63B
- View AIF Profile
- View Questions on AIF
- View Reports on AIF

Q: I am thinking of starting a position in ATD, given its current weakness, as I am underweight consumer discretionary. As usual it is also difficult to know what to sell, but I am thinking of selling one or two of my small cap technology stocks, namely AIF and SYZ. Selling one would give me a half position in ATD and selling both would give me a full position. There are no capital gains implications as the stocks are in my TFSA. With regard to quality of the companies and their growth prospects, would you advise me to make this trade? If so, which of AIF and SYZ would you sell or would you sell both?

Read Answer Asked by David on October 28, 2024