Scotia Target Upgrade to $8.00Champion Iron Ltd. (CIA-T; C$7.01) Key Risks: Commodity price, foreign exchange, freight cost exposure, development, operating and technical risks, balance sheet, environmental and legal risks New Old 1-Yr. Target C$8.00 C$6.00 Key Data Adj EPS23E: C$0.51 Adj EPS24E: C$0.65 NAVPS: C$7.23 Adj EPS23E: C$0.37 Adj EPS24E: C$0.55 NAVPS: C$5.84 Valuation 50/50 weighting of 6.0x F2024E EV/ EBITDA and 1.2x 8% NAVPS 50/50 weighting of 5.0x F2024E EV/ EBITDA and 1.2x 8% NAVPS