Desjardins target $100. even $192. in 2025Valuation
Increasing our target to C$100 (from C$99) as we tweak our estimates. Our target is based on an EV/EBITDA multiple of 8x on our 2024 EBITDA forecast of US$1,335m. We use an exchange rate of C$1.37/US$1.
Recommendation
Reiterating our bullish stance. We remain confident in management’s ability to meet (and potentially surpass) its 2025 targets. We believe the stock could be worth C$192 in 2025 using a 10x EV/EBITDA multiple if management delivers on its objectives