CIBC upside scenario 86.00Upside scenario: 86$ We assume revenue growth of 8% Y/Y, and EBITDA margins of 20% in 2025. We apply an EV/EBITDA multiple of 5.5x to our 2025 estimates and discount it back to 2024 (target year) using a discount rate of 11% to derive a value of $86.00.