Repurchases of shares at 3% discountATD repurchases C$300MM block from CDPQ at 3% discountI ATD taking action to enhance S/H value via its upsized NCIB, in our view, indicative of confidence in the business, strong ongoing FCF and clean B/S. As a reminder, our estimates include full NCIB execution of ~$785MM USD in FQ4 and 10% of the float in F23E for ~$3.7 B. Further thoughts here.