Altus Group (AIF) slid 12% on its Q3 results, which missed small on revenue, big on earnings, and came with the second straight downward guidance revision - now calling for 2-4% growth in the analytics segment…

… and a mid single decline in the appraisals segment, which remains under pressure due to softness in commercial real estate activity.

The slower top line growth should hit margins, which management still expects to expand Y/Y but to a lesser degree.

Guidance wasn’t the only negative, with the CEO resigning abruptly and the strategic review ending with no viable bids. A bit of a “kitchen sink” quarter for Altus and with the stock trading at a small discount to its historical average…

… investors will likely stay sidelined until convinced there’s no more skeletons in the closet.

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