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FINWIRES

Research Alert: Su Maintained Buy As Free Funds Flows Grows 53%: Tp $75

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

We maintain our 4-STARS (Buy) rating and boost our target price to CAD103. This reflects a 8.0x EBITDA multiple and 18.0x earnings multiple based on our 2027 projections. We increased the EBITDA multiple in tandem with the industry multiple to reflect superior operational execution. The story is largely unchanged since the 2026 Investor Day, as Q1 proved to be another strong quarter of cash flow generation and value return. Upstream production reached 875.2k bbl/d, up 2.6% Y/Y. Refining throughput reached 497.8k bbl/d at 97% utilization, while refined product sales increased 13% to 680.9k bbl/d. Free funds flow grew 53% to CAD2.91B. The company returned CAD1.54B to shareholders through CAD825M in share repurchases and over CAD700M in dividends. We maintained our 2026 and 2027 EPS forecasts of CAD6.97 and CAD5.39, respectively.

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