Q1/26 First Look: 5% EBITDA Beat; SSS Performance Should Already Be Priced In

研报英文原文证据摘录

Q1/26 First Look: 5% EBITDA Beat; SSS Performance Should Already Be Priced In

Special Situations

Boyd Group Services Inc.

TD SECURITIES INC. - CANADA QUICK TAKE: EARNINGS UPDATE

May 13, 2026

Price: C$152.86 (05/12/2026) Q1/26 First Look: 5% EBITDA Beat; SSS

Price Target: C$270.00 Performance Should Already Be Priced In

BUY (1)

ESG SCORE: 60/100

Derek J. Lessard^ THE TD COWEN INSIGHT

514 289 0384

We view these as solid results, driven by strong EBITDA margins, improving industry conditions,

derek.lessard@tdsecurities.com

share gains, and M&A. While 1.7% SSS was modestly below expectations, revenue was in line

Ryan Neal^ on stronger new store contributions. With shares down ~30% since Q4, we believe the softer

416 308 2213 SSS is more than priced in.

ryan.neal2@tdsecurities.com

Key Data Impact: MIXED

Symbol TSX: BYD-T

Our MIXED stance reflects Boyd’s third straight positive SSSG print, continued share gains,

Market Cap C$4.3B

strong margin initiatives, and improving industry conditions. We continue to see a clear

runway for outperformance versus peers, supported by Boyd’s growing scale and density

in the U.S. Southeast. That said, investors focused on lighter SSS in Q4 rather than stronger

underlying operational progress. With the stock down ~30% since then, we believe that

concern is now more than reflected.

Boyd reported Q1/26 revenue of $996.7mm, broadly in line with consensus/TD Cowen at

$991.1mm/$995.4mm. Results were driven by:

■1.7% SSS (vs. cons./TD Cowen of 2.1%/2.0%), marking a third consecutive positive print and

reflecting continued traction from WOW customer initiatives. We estimate the miss versus

consensus only had a modest ~$3mm revenue impact. Adjusting for abnormal winter storms

in the Southeast, SSS was +2.6%.