Scotia update Outperform $16OUR TAKE: Generally an in-line quarter. Q3/16 Op. EPS met Street expectations, but came in a touch short of our forecast largely reflecting higher than anticipated funding costs partially offset by a low tax rate. The quarter was quiet on the corporate development side, with investors having to wait until Q4 results are released for the revised dividend policy. A modest negative was a minor reduction to the 2016 outlook, but mid-term targets remain unchanged. Maintain $16.00 target and Sector Outperform rating. EFN offers attractive characteristics for investors seeking stability, moderate growth and yield. We continue to expect multiple expansion as investors gain further earnings visibility and the platform demonstrates its earnings potential. Valuation continues to look attractive with the stock trading at just 10x our 2018E Op EPS