TD increase TargetWe neither understand nor agree with the 5% decline in CJR.B shares on Friday. Results exceeded consensus on adjusted EBITDA and adjusted EPS, and more importantly, we saw another quarter of strong revenue growth. All of the new growth initiatives performed well (see page two for more details on targeted advertising solutions, streaming, digital ad sales, and international content sales), and we believe evidence is mounting that Corus should be able to deliver on its promise of consistent revenue growth at the consolidated level even after the pandemic recovery benefits have been lapped. And of course, the company continues to deliver on its promise of de-leveraging, with debt/EBITDA down to 2.76x in fiscal 2021 from 3.18x in fiscal 2020. TD Investment Conclusion We are maintaining our ACTION LIST BUY rating and increasing our target price to $10.00 from $9.50. Factoring in the Q1/22 and FY2022 outlook commentary from management on the call, we have increased our revenue estimates for 2022/2023, with only slight increases in EBITDA as we decided to add an even bigger buffer for higher programming costs. We have also bumped our target multiple to 5.75x 2022E EBITDA (versus 5.5x previously) to reflect both the improved revenue trends and the recent success in renewing and extending key content supply agreements with U.S. partners. Key U.S. comps like ViacomCBS and Discovery continue to trade at much higher multiples (7x-8x EBITDA, as shown in Exhibit 4); so we view our target price as conservative, and we note that a shift to 2023E versus 2022E (recall that we are almost two months into fiscal 2022) would add another $1.50 to our target price.