Scotiabank-A Beat!! TP still at .45
Q1/19 Results Beat Post Operational ResetOUR TAKE: Positive. TV released better-than-anticipated Q1/19 results and reaffirmedits 2019 Zn output guidance. We view the update as a modest positive for the shares.We rate TV SP based on our muted outlook for Zn and the shares' mixed relativevaluation. Our 12-month target of C$0.45/share is based on a 50/50 mix of 3.5x ouraverage 2019E-2020E EV/ EBITDA and 1.0x our updated NAVPS(8%) estimate.