Scotia New Target $7.501-Yr. Target C$7.50 Old C$7.00 Key Data Adj EPS21E: C$0.95 Adj EPS22E: C$0.83 Adj EPS23E: C$0.68 NAVPS: C$5.85 Adj EPS21E: C$0.84 Adj EPS22E: C$0.60 Adj EPS23E: C$0.62 NAVPS: C$4.74 Valuation 50/50 weighting of 5.5x F2022E-F2023E EV/EBITDA and 1.3x 8% NAVPS