Jovian Capital Corporation T.JOV

From IA's Feb 10th update

[DTM5]

Here's IA's target revision from Feb 10th.

As ETF’s continue to gain international penetration, we feel that JOV’s platform will become increasingly attractive to larger players.  Winward, was acquired for nearly 4% of AUM  while Wisdom Tree (only 
public ETF pure play) trades at nearly 5% of AUM despite being unprofitable.  This 
values JOV’s 60% stake at $100m, while JOV, itself, trades at $75m.


Our $15.50 target price is based principally on a very conservative transaction value of 
2% of estimated NTM AUM. The resulting 76% potential upside justifies a Strong Buy 
rating.