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We are approaching the finish line for this earnings season.

According to a Nov. 11 report from Refinitiv, 72 per cent of the companies in the S&P/TSX Composite Index had released their quarterly earnings results.

In terms of revenue estimates, 56 per cent of companies have reported better-than-expected top line results, while 44 per cent of companies have missed the Street’s forecasts. The sector leaders were Industrials, Energy, and Financials, with 70 per cent, 61 per cent, and 60 per cent, respectively, of companies beating expectations.

In terms of earnings estimates, 61 per cent of companies have released results that topped the Street’s expectations, 31 per cent of companies have missed expectations, and 8 per cent of companies have reported results that were in-line with consensus estimates. The sector leaders were Technology, Health Care, Industrials, and Financials with 75 per cent, 75 per cent, 70 per cent, and 67 per cent, respectively, of companies reporting better-than-expected results on the bottom line.

The solid earnings reports have helped lift the S&P/TSX Composite Index. Month-to-date, the TSX Index has rallied 3.1 per cent with all sectors in the green except for the Energy sector, which is down 1 per cent. The positive price momentum in the Energy sector has paused given its astounding 46 per cent year-to-date gain.

What is impressive is that five sectors have reported price returns exceeding 7 per cent month-to-date, those being Health Care (up 9.4 per cent), Consumer Discretionary (up 8.4 per cent), Information Technology (up 7.8 per cent), Consumer Staples (up 7.2 per cent), and the Materials sector (up 7.1 per cent).

Year-to-date, the S&P/TSX Composite Index is now up a remarkable 24 per cent with the TSX Index hovering near a record high.

In terms of individual stocks, a number of companies saw their share prices spike by 10 per cent or more immediately after the release of their quarterly earnings results including Suncor Energy Inc. (SU-T), Stelco Holdings Inc. (STLC-T), Aritzia Inc. (ATZ-T), New Gold Inc. (NGD-T), Maple Leaf Foods Inc. (MFI-T), and Spin Master Corp. (TOY-T).

While the S&P/TSX Composite Index continues to set new record highs, earnings expectations for 2022 continue to rise. As a result, the valuation of the S&P/TSX Composite Index is not inflated relative to historical levels. Over the past month, 2022 earnings expectations for the S&P/TSX Composite Index have increased 3 per cent. According to Bloomberg, the S&P/TSX Composite Index is currently trading at a price-to-earnings multiple of 15.8 times the 2022 consensus estimate, above its 10-year historical average P/E multiple of 14.3 times but still below its peak multiple of approximately 16.4 times during this time period.

This report includes a link to a list of analysts’ target prices, recommendations, and forecast returns for all securities in the S&P/TSX Composite Index grouped by sector and ranked according to their expected price returns (excluding dividend and distribution income). The posted target price for each security is an average of all available target prices from analysts. A target price typically reflect an expected share or unit price 12 months from now based on an analyst’s financial modelling such as a discounted cash flow model or sum-of-the-parts model. All data is as of Nov. 15.

Once all companies have reported their financial results in the weeks ahead, earnings expectations, multiples, and target prices could be adjusted meaningfully depending on the reported earnings and management’s outlook, if provided.

It’s important to note that high target prices which imply stellar returns that seem unbelievable may be just that - unrealistic. At times, when a stock price falls analysts may maintain their bullish expectations, inflating the forecast return. In addition, an outlier (extreme target price) can skew the average target price, to the upside or downside, particularly when the number of analysts covering a stock is low. Don’t let a huge projected gain lure you into a position – it is critical to look at the company and industry fundamentals.

Click here to download an Excel version of the guide.

SecurityNov. 15 closeBuysHoldsSellsAvg. Target PriceForecast Price Return
Communication Services
CJR-B-TCORUS ENTERTAINMENT INC $5.63 710 $8.34 48%
CCA-TCOGECO COMMUNICATIONS INC $100.78 641 $132.10 31%
QBR-B-TQUEBECOR INC $30.10 1020 $38.41 28%
RCI-B-TROGERS COMMUNICATIONS INC $60.59 1050 $69.00 14%
T-TTELUS CORP $28.88 1250 $31.41 9%
SJR-B-TSHAW COMMUNICATIONS INC $36.89 660 $39.80 8%
BCE-TBCE INC $64.21 6101 $65.60 2%
Consumer Discretionary
MRE-TMARTINREA INTERNATIONAL INC $11.05 720 $16.00 45%
DOO-TBRP INC $113.60 1510 $141.41 24%
LNR-TLINAMAR CORP $77.79 500 $96.00 23%
CTC-A-TCANADIAN TIRE CORP $180.68 741 $222.75 23%
MTY-TMTY FOOD GROUP INC $61.32 341 $72.69 19%
QSR-TRESTAURANT BRANDS INTERNATIONAL INC $73.09 16121 $85.82 17%
TOY-TSPIN MASTER CORP $48.20 741 $53.95 12%
DOL-TDOLLARAMA INC $58.09 950 $62.69 8%
MG-TMAGNA INTERNATIONAL INC $110.81 1441 $119.42 8%
GIL-TGILDAN ACTIVEWEAR INC $53.40 1112 $55.85 5%
GOOS-TCANADA GOOSE HOLDINGS INC $64.86 853 $66.70 3%
ZZZ-TSLEEP COUNTRY CANADA HOLDINGS INC $40.74 520 $41.86 3%
ATZ-TARITZIA INC $52.90 810 $49.00 -7%
Consumer Staples
SOY-TSUNOPTA INC $8.47 600 $20.76 145%
VFF-TVILLAGE FARMS INTERNATIONAL INC $11.30 800 $23.06 104%
MFI-TMAPLE LEAF FOODS INC $31.32 700 $41.50 33%
SAP-TSAPUTO INC $30.40 630 $36.44 20%
EMP-A-TEMPIRE CO LTD $39.24 820 $45.44 16%
JWEL-TJAMIESON WELLNESS INC $38.47 730 $43.10 12%
PBH-TPREMIUM BRANDS HOLDINGS CORP $131.35 821 $147.09 12%
ATD-B-TALIMENTATION COUCHE-TARD $50.88 1330 $56.81 12%
PRMW-TPRIMO WATER CORP $24.43 1020 $26.46 8%
NWC-TNORTH WEST CO INC $35.77 140 $38.50 8%
WN-TWESTON (GEORGE) LTD $140.77 520 $146.17 4%
MRU-TMETRO INC $65.64 381 $64.25 -2%
L-TLOBLAW COMPANIES LTD $98.36 741 $94.44 -4%
Energy
PXT-TPAREX RESOURCES INC $22.40 1100 $34.80 55%
CPG-TCRESCENT POINT ENERGY CORP $5.86 1131 $9.03 54%
ARX-TARC RESOURCES LTD $12.16 1800 $18.01 48%
WCP-TWHITECAP RESOURCES INC $7.13 1510 $10.56 48%
PKI-TPARKLAND CORP $35.09 500 $50.50 44%
NXE-TNEXGEN ENERGY LTD $6.99 1010 $9.50 36%
TOU-TTOURMALINE OIL CORP $45.75 1500 $61.68 35%
MEG-TMEG ENERGY CORP $10.86 961 $14.31 32%
ERF-TENERPLUS CORP $12.74 1310 $15.83 24%
CVE-TCENOVUS ENERGY INC $15.72 2200 $19.53 24%
BIR-TBIRCHCLIFF ENERGY LTD $7.70 1510 $9.55 24%
DML-TDENISON MINES CORP $2.41 620 $2.98 23%
PSK-TPRAIRIESKY ROYALTY LTD $15.51 870 $18.85 22%
VET-TVERMILION ENERGY INC $12.69 592 $15.30 21%
SU-TSUNCOR ENERGY INC $32.46 1760 $38.15 18%
CNQ-TCANADIAN NATURAL RESOURCES $52.32 1940 $60.93 16%
KEY-TKEYERA CORP $30.37 1060 $34.31 13%
ENB-TENBRIDGE INC $50.59 1860 $56.52 12%
TRP-TTC ENERGY CORP $62.03 11111 $68.59 11%
GEI-TGIBSON ENERGY INC $23.44 682 $25.09 7%
IMO-TIMPERIAL OIL LTD $44.31 3151 $47.26 7%
PPL-TPEMBINA PIPELINE CORP $41.86 991 $43.59 4%
CCO-TCAMECO CORP $33.93 850 $35.25 4%
Financials
TSU-TTRISURA GROUP LTD $43.05 800 $58.92 37%
FFH-TFAIRFAX FINANCIAL HLDGS LTD $531.39 420 $708.49 33%
CF-TCANACCORD GENUITY GROUP INC $15.98 300 $20.17 26%
GSY-TGOEASY LTD $193.27 700 $236.86 23%
ONEX-TONEX CORPORATION $94.43 410 $115.00 22%
EFN-TELEMENT FLEET MANAGEMENT CORP $13.25 540 $15.86 20%
IFC-TINTACT FINANCIAL CORP $166.61 1300 $198.77 19%
MFC-TMANULIFE FINANCIAL CORP $24.87 980 $29.43 18%
EQB-TEQUITABLE GROUP INC $79.45 620 $92.06 16%
X-TTMX GROUP LTD $133.15 250 $154.14 16%
IAG-TIA FINANCIAL CORP INC $75.49 900 $87.28 16%
HCG-THOME CAPITAL GROUP INC $44.72 620 $51.38 15%
CIX-TCI FINANCIAL CORP $29.66 730 $33.80 14%
BAM-A-TBROOKFIELD ASSET MANAGEMENT INC $74.21 1030 $82.24 11%
IGM-TIGM FINANCIAL INC $50.25 451 $55.00 9%
POW-TPOWER CORP OF CANADA $42.64 270 $46.56 9%
LB-TLAURENTIAN BANK OF CANADA $42.67 173 $46.36 9%
RY-TROYAL BANK OF CANADA $132.45 1141 $143.82 9%
CM-TCAN IMPERIAL BK OF COMMERCE $149.35 1140 $161.97 8%
SLF-TSUN LIFE FINANCIAL INC $70.36 1041 $75.13 7%
GWO-TGREAT-WEST LIFECO INC $38.42 191 $40.82 6%
BNS-TBANK OF NOVA SCOTIA $82.94 950 $87.75 6%
SII-TSPROTT INC $57.38 120 $59.42 4%
BMO-TBANK OF MONTREAL $140.25 941 $144.45 3%
CWB-TCANADIAN WESTERN BANK $41.33 1040 $42.25 2%
TD-TTORONTO-DOMINION BANK $93.31 852 $94.21 1%
NA-TNATIONAL BANK OF CANADA $105.18 561 $104.79 0%
ECN-TECN CAPITAL CORP $10.91 1000 $9.34 -14%
Health Care
WELL-TWELL HEALTH TECHNOLOGIES CORP $6.59 1300 $11.73 78%
OGI-TORGANIGRAM HOLDINGS INC $2.97 3100 $4.10 38%
CRON-TCRONOS GROUP INC $7.43 373 $9.28 25%
BHC-TBAUSCH HEALTH COS INC $33.60 851 $41.63 24%
CSH-UN-TCHARTWELL RETIREMENT RESIDENCES $11.99 610 $14.21 19%
SIA-TSIENNA SENIOR LIVING INC $15.20 370 $16.48 8%
TLRY-TTILRAY INC $16.28 3151 $16.80 3%
WEED-TCANOPY GROWTH CORP $18.11 2124 $17.34 -4%
ACB-TAURORA CANNABIS INC $10.15 0106 $7.94 -22%
Industrials
WPRT-TWESTPORT FUEL SYSTEMS INC $3.49 520 $11.93 242%
CJT-TCARGOJET INC $182.42 1210 $249.83 37%
LWRK-TLIFEWORKS INC $26.80 410 $36.20 35%
MTL-TMULLEN GROUP LTD $12.40 820 $16.60 34%
ARE-TAECON GROUP INC $17.26 1030 $22.77 32%
BBD-B-TBOMBARDIER INC $1.90 953 $2.39 26%
ATA-TATS AUTOMATION TOOLING SYSTEMS INC $49.28 600 $60.73 23%
SNC-TSNC-LAVALIN GROUP INC $34.32 1220 $41.86 22%
FTT-TFINNING INTERNATIONAL INC $36.25 810 $43.44 20%
AC-TAIR CANADA $25.21 1260 $29.88 19%
NFI-TNFI GROUP INC $25.70 431 $30.13 17%
BYD-TBOYD GROUP SERVICES INC $212.39 760 $248.77 17%
BBU-UN-TBROOKFIELD BUSINESS PARTNERS LP $63.05 800 $73.61 17%
GFL-TGFL ENVIRONMENTAL INC $48.98 931 $56.90 16%
RUS-TRUSSEL METALS INC $35.31 430 $40.11 14%
BDGI-TBADGER INFRASTRUCTURE SOLUTIONS LTD $33.83 241 $38.36 13%
BLDP-TBALLARD POWER SYSTEMS INC $22.31 11102 $25.23 13%
CAE-TCAE INC $36.71 531 $41.44 13%
RCH-TRICHELIEU HARDWARE LTD $43.71 130 $48.67 11%
EIF-TEXCHANGE INCOME CORP $45.82 920 $50.27 10%
TFII-TTFI INTERNATIONAL INC $139.96 1630 $153.26 9%
STN-TSTANTEC INC $70.18 930 $76.50 9%
TIH-TTOROMONT INDUSTRIES LTD $111.85 720 $121.39 9%
WTE-TWESTSHORE TERMINALS INVESTMENT CORP $27.87 140 $29.40 5%
WSP-TWSP GLOBAL INC $179.56 1130 $189.00 5%
CP-TCANADIAN PACIFIC RAILWAY LTD $96.34 1691 $100.67 4%
WCN-TWASTE CONNECTIONS INC $170.07 1611 $176.96 4%
CNR-TCANADIAN NATL RAILWAY COMPANY $161.63 9191 $160.15 -1%
TRI-TTHOMSON REUTERS CORP $150.53 3112 $148.10 -2%
RBA-TRITCHIE BROS AUCTIONEERS INC $89.51 172 $85.38 -5%
Information Technology
LSPD-TLIGHTSPEED COMMERCE INC $86.93 1512 $130.59 50%
DND-TDYE & DURHAM LTD $41.86 410 $55.40 32%
DCBO-TDOCEBO INC $90.00 910 $114.46 27%
NVEI-TNUVEI CORP $137.44 1130 $174.65 27%
ENGH-TENGHOUSE SYSTEMS LTD $55.78 310 $68.50 23%
CTS-TCONVERGE TECHNOLOGY SOLUTIONS CORP $11.05 900 $13.28 20%
OTEX-TOPEN TEXT CORP $64.07 810 $74.85 17%
GIB-A-TCGI INC $110.59 1221 $126.15 14%
TIXT-TTELUS INTERNATIONAL CDA INC $44.33 1140 $50.51 14%
CSU-TCONSTELLATION SOFTWARE INC $2,168.77 720 $2,384.86 10%
KXS-TKINAXIS INC $213.35 1000 $225.80 6%
DSG-TDESCARTES SYSTEMS GROUP INC $110.40 851 $110.25 0%
SHOP-TSHOPIFY INC $2,072.82 28162 $2,049.73 -1%
CLS-TCELESTICA INC $14.44 171 $13.90 -4%
BB-TBLACKBERRY LTD $13.53 026 $10.84 -20%
Materials
NG-TNOVAGOLD RESOURCES INC $10.09 110 $24.29 141%
OSK-TOSISKO MINING INC $3.15 1100 $5.86 86%
TXG-TTOREX GOLD RESOURCES INC $16.21 640 $24.91 54%
BTO-TB2GOLD CORP $5.61 1420 $8.47 51%
CFP-TCANFOR CORP $26.97 600 $40.17 49%
YRI-TYAMANA GOLD INC $5.69 1350 $8.41 48%
SVM-TSILVERCORP METALS INC $5.74 420 $8.46 47%
IFP-TINTERFOR CORP $29.15 510 $42.83 47%
ITP-TINTERTAPE POLYMER GROUP INC $26.99 900 $39.14 45%
K-TKINROSS GOLD CORP $8.79 1420 $12.32 40%
KNT-TK92 MINING INC $8.26 1100 $11.50 39%
HBM-THUDBAY MINERALS INC $9.28 1710 $12.76 37%
SSL-TSANDSTORM GOLD LTD $8.78 641 $12.03 37%
WFG-TWEST FRASER TIMBER CO LTD $105.00 510 $142.59 36%
ELD-TELDORADO GOLD CORP $12.72 651 $17.27 36%
EQX-TEQUINOX GOLD CORP $10.65 920 $14.42 35%
OR-TOSISKO GOLD ROYALTIES LTD $17.05 1410 $22.95 35%
SEA-TSEABRIDGE GOLD INC $25.33 400 $33.99 34%
CAS-TCASCADES INC $14.16 610 $19.00 34%
AEM-TAGNICO EAGLE MINES LTD $71.81 1360 $96.29 34%
DPM-TDUNDEE PRECIOUS METALS INC $9.36 900 $12.53 34%
CS-TCAPSTONE MINING CORP $5.40 1000 $7.10 31%
STLC-TSTELCO HOLDINGS INC $45.19 810 $59.06 31%
TCL-A-TTRANSCONTINENTAL INC $20.03 520 $26.17 31%
FVI-TFORTUNA SILVER MINES INC $5.00 061 $6.51 30%
SIL-TSILVERCREST METALS INC $11.82 800 $15.31 29%
ERO-TERO COPPER CORP $22.93 740 $29.64 29%
SSRM-TSSR MINING INC $24.93 1100 $32.14 29%
ABX-TBARRICK GOLD CORP $26.13 1870 $33.22 27%
PAAS-TPAN AMERICAN SILVER CORP $34.79 820 $44.10 27%
WPM-TWHEATON PRECIOUS METALS CORP $56.40 1620 $70.40 25%
AGI-TALAMOS GOLD INC $10.75 851 $13.34 24%
LUN-TLUNDIN MINING CORP $10.58 10121 $12.92 22%
CCL-B-TCCL INDUSTRIES INC $66.64 910 $80.88 21%
TECK-B-TTECK RESOURCES LTD $34.34 1660 $41.48 21%
SJ-TSTELLA-JONES INC $43.20 710 $52.06 21%
FM-TFIRST QUANTUM MINERALS LTD $27.74 1760 $33.40 20%
OGC-TOCEANAGOLD CORP $2.82 721 $3.38 20%
WPK-TWINPAK LTD $38.88 230 $46.38 19%
FR-TFIRST MAJESTIC SILVER CORP $17.24 340 $20.43 19%
IVN-TIVANHOE MINES LTD $10.22 830 $11.84 16%
NTR-TNUTRIEN LTD $86.24 1931 $99.45 15%
MX-TMETHANEX CORP $56.68 842 $64.86 14%
WDO-TWESDOME GOLD MINES LTD $13.27 820 $14.91 12%
KL-TKIRKLAND LAKE GOLD LTD $56.54 711 $63.29 12%
MAG-TMAG SILVER CORP $26.08 840 $28.56 10%
LIF-TLABRADOR IRON ORE ROYALTY CORP $35.84 250 $39.08 9%
FNV-TFRANCO-NEVADA CORP $184.75 1152 $200.62 9%
NGD-TNEW GOLD INC $2.19 391 $2.33 6%
CG-TCENTERRA GOLD INC $10.78 370 $10.97 2%
EDR-TENDEAVOUR SILVER CORP $7.22 460 $7.33 2%
PVG-TPRETIUM RESOURCES INC $18.26 140 $18.35 0%
IMG-TIAMGOLD CORP $4.28 391 $3.99 -7%
TRQ-TTURQUOISE HILL RESOURCES LTD $16.34 034 $15.21 -7%
LAC-TLITHIUM AMERICAS CORP $42.01 950 $35.14 -16%
Real Estate
REAL-TREAL MATTERS INC $9.45 440 $15.25 61%
HR-UN-TH&R REIT $16.50 410 $19.25 17%
CAR-UN-TCAN APARTMENT PROPTIES REIT $58.94 1120 $68.42 16%
TCN-TTRICON RESIDENTIAL INC $17.92 920 $20.67 15%
AP-UN-TALLIED PROPERTIES REIT $44.45 1020 $51.13 15%
FCR-UN-TFIRST CAPITAL REIT $18.59 520 $21.36 15%
DIR-UN-TDREAM INDUSTRIAL REIT $16.77 900 $19.22 15%
IIP-UN-TINTERRENT REIT $17.57 831 $20.00 14%
REI-UN-TRIOCAN REIT $22.75 630 $25.13 10%
KMP-UN-TKILLAM APARTMENT REIT $23.10 1120 $25.48 10%
GRT-UN-TGRANITE REIT $99.51 1100 $109.18 10%
CIGI-TCOLLIERS INTERNATIONAL GROUP INC $181.99 610 $199.38 10%
SMU-UN-TSUMMIT INDUSTRIAL INCOME REIT $22.89 640 $24.90 9%
D-UN-TDREAM OFFICE REIT $24.15 630 $26.08 8%
CRR-UN-TCROMBIE REIT $18.31 450 $19.56 7%
AX-UN-TARTIS REIT $11.85 160 $12.64 7%
NWH-UN-TNORTHWEST HEALTHCARE PROPERTIES REIT $13.53 230 $14.40 6%
AIF-TALTUS GROUP LTD $67.14 620 $71.44 6%
CHP-UN-TCHOICE PROPERTIES REIT $15.02 170 $15.94 6%
CRT-UN-TCT REIT $17.94 340 $18.75 5%
FSV-TFIRSTSERVICE CORP $243.26 150 $249.57 3%
SRU-UN-TSMARTCENTRES REIT $32.16 350 $32.50 1%
CUF-UN-TCOMINAR REIT $11.64 040 $11.60 0%
BEI-UN-TBOARDWALK REIT $56.44 731 $55.34 -2%
Utilities
BLX-TBORALEX INC $38.08 840 $47.85 26%
INE-TINNERGEX RENEWABLE ENERGY INC $19.48 641 $24.39 25%
NPI-TNORTHLAND POWER INC $39.24 1130 $48.55 24%
TA-TTRANSALTA CORP $13.47 1111 $16.50 22%
AQN-TALGONQUIN POWER & UTILITIES CORP $17.84 771 $21.47 20%
ALA-TALTAGAS LTD $24.97 1410 $29.87 20%
ACO-X-TATCO LTD $41.02 341 $48.36 18%
SPB-TSUPERIOR PLUS CORP $14.04 480 $16.27 16%
CPX-TCAPITAL POWER CORP $40.54 580 $45.85 13%
BEP-UN-TBROOKFIELD RENEWABLE PARTNERS LP $47.91 6121 $53.11 11%
BIP-UN-TBROOKFIELD INFRASTRUCTURE PARTNER LP $73.40 811 $79.81 9%
H-THYDRO ONE LTD $30.23 5100 $32.46 7%
CU-TCANADIAN UTILITIES LTD $35.12 360 $37.63 7%
EMA-TEMERA INC $58.66 6101 $62.06 6%
RNW-TTRANSALTA RENEWABLES INC $18.99 0121 $19.96 5%
FTS-TFORTIS INC $56.44 4112 $58.32 3%

Source: Bloomberg

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