RE:RE:RE:RE:RE:RE:Dundee report outVALUATION Comparable Valuation Analysis IT currently now trades at 5.3x our F16 adj. EPS estimate, while our $27 per share target implies a multiple of 14.5x, both at a significant discount to comps at 21x. Note, we focus our valuation on P/E multiples rather than EV/EBITDA given Intertain's lack of capex requirements and higher cash conversion business model. Thus, shifting our view to valuation on a FCF basis, once adjusted for one-time M&A fees and annualizing the anticipated Jackpotjoy contribution, IT currently trades near 12.6x F15E FCF vs. peers at 20x. While on an F16 basis, the discount is more pronounced at 9.5x FCF vs. peers trading near 21x. Our $27 target price implies an F16E EV/FCF multiple of 18x, slight discount to peers, with room to expand given Intertain’s organic and inorganic growth potential.