from TD this morning Pecking Order: Martinrea remains our preferred name in our supplier coverage. Its forward valuation is toward the low end of its peer group, in addition to being below the low end of its historical average. This does not account for its equity holding in NanoXplore (GRA-T; not covered) that currently represents ~20% of Martinrea’s market capitalization. With each multiple turn equivalent to ~$7.00 to Martinrea’s share price, the upside potential appears attractive.