BMO's Tom MacKinnon on POW/LEV/NGAPOW announced on November 30, 2020 that LEV, of which POW holds a 44% equity interest, intends to merge with NGA, a publicly traded special purpose acquisition company. Upon the expected Q1/21 close, per POW the pro-forma implied market cap of LEV will be US$1.9B, with POW's pro-forma 31.4% equity interest translating into a FV of C$812mm at November 30, 2020, representing an increase of C$737mm (from the current $75mm stake), or $1.09/share, for a 2.7% increase in POW's November 30, 2020 NAV. We've adjusted our NAV accordingly, and note that, with NGA currently trading at US$26, up 160% from US$10 in mid-November, we estimate our current POW NAV of $41.20 could be a further $1.75 higher or 4% higher. Our target price increases to $33 (from $29), representing a 26% discount to NAV (translating into 9.0x 2022E operating EPS). POW currently trades at a 25% discount to NAV (or 9.1x 2021E operating EPS), consistent with its average 27% discount since the February 2020 POW reorganization.