NOTE from LB1: Sorry to be late. That not coming as it is; a formating job has to be done and as some, I don't always have the willing to do it.

This conclusion is important and very bullish. (From the bigger Canadian bank).

Flagging a key long-term guidance raise as likely imminent. We issued our forecasts out to 2025 when the company first released its 2025 guide in 2021. As shown in Exhibit 5, strong results since then have prompted us to steadily move our 2025 estimates higher; and we flag that our 2025 revenue estimate of $8.7B is now well in excess of guidance of $7.5B. As a result, our $1.67B EBITDA estimate is also well higher than guided $1.5B. We see any increase in 2025 guidance as a key catalyst to the stock — which has already inflected meaningfully (and with plenty of room to run in our view). While we continue to base our target on a (conservative) 2025 multiple of 5x, we discount now only 1 year back, resulting in an increase to our price target to $58 (from $49). We also flag that a 1x change in our 5x multiple results in a $21 increase to our target; and with peers trading 9.5x, we see significant upside in our target should BBD continue to execute.