More CIBC Ag Growth International (Outperformer, C$72 Price Target) – Strong Organic Growth + Margin Expansion Expected In 2023: Our recent farm / NPK tour reaffirmed our positive outlook for AFN (in particular on-farm). Management remains confident in achieving a 17% adj. EBITDA target for FY2023 (above current consensus) and continued organic revenue growth over the mid-to-long term. We expect to see continued strong results in Canada, U.S. and India, and a sequential improvement in Brazil in Q2/23 (set up for a stronger H2/23). Our C$72 price target and Outperformer rating remain unchanged. There remains a strong valuation argument with AFN trading at <7x (see left-side line chart in Exhibit 6) vs. ag.equipment peers at ~10x.