TIH: Estimates/PT higher on Power Systems orders

研报英文原文证据摘录

TIH: Estimates/PT higher on Power Systems orders

RBC Dominion Securities Inc.

Sabahat Khan (Analyst)

(416) 842-7880, sabahat.khan@rbccm.com

Arthur Nagorny, CFA (Analyst)

(416) 842-9988, arthur.nagorny@rbccm.com

Bhaven Shah (AVP)

(416) 842-8152, bhaven.shah@rbccm.com

Padraig Murphy (Associate)

June 18, 2026 (416) 842-3770, padraig.murphy@rbccm.com

Toromont Industries Ltd.RESEARCH Estimates/PT higher on Power Systems orders Outperform

TSX: TIH; CAD 205.71 Our view: The company announced that its Power Systems business

received confirmation of firm orders for ~$1B (delivery "substantially" Price Target CAD 256.00 ↑ 234.00

in 2027), and the company is acquiring land for a third potential AVL Scenario Analysis*

facility (while also considering options for efficiencies/expansion at existing

Downside Current Price Upside

facilities). We expect today's announcement to be received well and are Scenario Price Target Scenario

revising our 2026/2027 estimates higher. PT +$22 to $256. 149.00 205.71 256.00 281.00

27% 25% 37%EQUITY Key points:

What happened – Toromont announced that its Power Systems business *Implied Total Returns Key Statistics

received confirmation of firm orders for ~$1B (delivery "substantially" Shares O/S (MM): 82.3 Market Cap (MM): 16,930

in 2027). Toromont is evaluating additional efficiencies at two existing Dividend: 1.24 Yield: 0.6%

facilities (likely referring to the Hamilton and Charlotte AVL facilities), and EnterpriseAvg. Daily Volume:Val. (MM): 374,95016,614

acquiring land for a new (third) facility in Hamilton. The company exited

Q1/26 with a record total backlog of $1.7B, with Equipment Group at ~ RBC Estimates

$1.4B (+39.7% YoY, +15.6% sequentially), of which Power Systems was ~ FY Dec 2024A 2025A 2026E 2027E

$770MM (56% of Equipment Group).