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  5. MEQ: Hello 5i Team Thank you for your everyday ongoing learning in every questions I read. [Mainstreet Equity Corp.]
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Q: Hello 5i Team
Thank you for your everyday ongoing learning in every questions I read.
I would like to get your opinion on the earning release today in Mainstreet stock.
Thanks
Asked by claudio on July 28, 2023
5i Research Answer:

MEQ reported earnings of $3.67 beating estimates of $1.31, and revenues of $52.991M beating estimates of $52.276M. MEQ saw double-digit year-over-year growth across its key operating metrics, and Funds from Operations (FFO) increased by 32%. The company has benefited from high rates of in-migration into the Western provinces of Canada and the rising cost of home ownership. Management sees rental rates continuing to rise across Canada, and it continues to buy back shares at a discount to NAV. This was a strong quarter for the company and we continue to like its strong position in the Western rental market and solid fundamentals. We feel that investors should be pleased with these results.

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