From the TD report on Martinrea's EarningsNanoXplore: Management spent much time on the conference call highlighting the tremendous light-weighting and connectivity benefits of graphene. Management has invested ~$38mm in NanoXplore, a graphene manufacturer, which has nearly tripled in market value, inclusive of material share-price appreciation in recent months. We believe that this asset is greatly underappreciated within Martinrea’s share price. We note that Martinrea is currently trading at a 3.9x multiple of our 2021 EBITDA estimate, that excluding the investment in NanoXplore declines by a further 25bps.