Altus Group (AIF) jumped 15% on its Q2 beat, which came with a bump to the 2026 guide and an accelerated rule of 40 target - with management aiming to exit 2027 above the mark…

… thanks to recent non-core divestitures and the coming retirement of its legacy platforms, which will remove some excess overhead. All else equal, it wouldn’t be surprising to see AIF shares get a re-rate once there…

… but the company won’t be shy on the buyback if it doesn’t, with ~$450M deployed YTD and a 20% reduction in share count.

About Bullpen: Bullpen Finance Inc. publishes content on Canadian markets and provides paid research coverage of select Canadian issuers. Bullpen is paid in cash by covered issuers, does not accept stock or options, does not hold positions in covered securities, and does not conduct investment banking business. Bullpen and LodeRock Advisors Inc. are affiliated; LodeRock provides investor relations services to issuers, some of whom are covered by Bullpen Research. When a post discusses a covered issuer, a specific disclosure appears at the top of the post. This post is published for general information purposes. It is not personalized investment advice and is not tailored to any individual reader’s circumstances. Bullpen is not a registered investment adviser or dealer. For full disclosures, including analyst certification, jurisdictional statements, and conflict of interest policies, please see our Legal & Disclosures section on our website.

You might be interested in…