Vancouver, BC, January 9, 2014 - National Bank Financial has initiated coverage on DIRTT Environmental Solutions (TSX:DRT). Analyst Rupert Merer gives the company an outperform rating and a 12-month price target of $3.75, a healthy premium of 39% to the $2.70 price on January 5th, the day his report was issued.
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DIRTT, an acronym for Doing It Right This Time, uses a proprietary ICE® 3D software platform to design, price, specify and produce custom prefab interiors. Backed by modern video game technology, the company has a low cost, highly configurable design platform and highly scalable business model that analyst Rupert Merer believes could revolutionize the construction industry.
"DIRTT has a business model and a culture that we hope will lead the way in redefining how the world manufactures and constructs," stated CO Mogens Smed. "We are not a conventional manufacturer or construction company; we are the owner of a powerful technology that brings unprecedented efficiency to the manufacturing and interior construction sectors."
Analyst Rupert Merer stated, "We believe that the addressable market is >$150 billion in the U.S. alone. Conventional construction is antiquated, expensive and not sustainable. With a solid upside to target and an opportunity for significant growth, we are initiating with an Outperform rating."
At the end of November, the company completed its initial public offering of 15 million shares at an offering price of $3.00 per share for total gross proceeds of $45 million.
The IPO was conducted through a syndicate of underwriters led by Raymond James and included Canaccord Genuity, National Bank Financial, TD Securities, and Cormark Securities.
The company currently trades at $2.85, well below the $3.75 target price, and with 68.9 million shares outstanding, the company is capitalized at $196.4 million.
For more information, please visit the company's website www.dirtt.net (http://www.dirtt.net/) or contact Scott Jenkins, President at 403-723-5009 or email sjenkins@dirtt.net (mailto:sjenkins@dirtt.net).
For investor relations, call 403-723-5000 or email IR@dirtt.net (mailto:IR@dirtt.net).
For more information about National Bank Financial or to obtain a copy of their research report, contact your nearest National Bank Financial office. Their branches are listed on their website at www.nbf.ca (http://www.nbf.ca/).
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