RE:Ridiculous valuation!
I think they have discounted substantially because they use the excuse of high debt to discount the valuation. Derrick Lessard also issues a 'tender' call in his last report for Dorel. Not a surprise as I'm sure TD was paid very handsomely for their report.
https://smallpdf.com/shared#st=e9451635-dab0-47c5-abf3-8b8ad8ce6194&fn=Dorel.pdf&ct=1609443811612&tl=share-document&rf=link