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Investing.com - Raymond (NSE:RYMD) James initiated coverage on Alaris Equity Partners Income Trust (TSX:AD.UN) with an outperform rating and a price target of C$24.00 on Tuesday.
The investment firm highlighted Alaris’ business model of providing structured equity financing to private businesses across North America, offering what it describes as a unique form of long-term capital that competes favorably with traditional private capital providers.
Alaris, founded in 2006, primarily invests through a preferred equity structure, aiming to provide income for unitholders with potential for long-term growth, according to Raymond James.
The firm noted Alaris has deployed approximately $2.7 billion in capital since inception and generated an unlevered internal rate of return of approximately 16% on roughly $1 billion of exited investments.
Despite facing challenges in recent years including the COVID-19 pandemic and higher interest rates, Raymond James pointed out that Alaris has delivered a total unitholder return of 13.2% annually since its IPO in 2008, outpacing the TSX/Composite index’s 9.0% return over the same period.
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