ScotiaOUR TAKE: Positive. WELL delivered another strong quarter of record results, increased revenue guidance for 2023, and introduced revenue outlook for 2024 that was ahead of the Street. We continue to see WELL as a good defensive name (~98% of revenue recurring or highly re-occurring) alongside strong growth (organic +16% YTD). We’ve increased our revenue estimates slightly ($909M vs. $895M previously), with our Adj. EBITDA forecast relatively unchanged and pointing to an acceleration in growth at +12% y/y in F2024E vs. +9.5% y/y in F2023E. We see compelling value at current levels with the stock trading at ~13.0x C2024 EBITDA. Maintain Sector Outperform $6.50.