SCOTIA - INVESTOR MEETINGLatest Research (August 17, 2023):OUR TAKE: Positive. We hosted investor meetings with CEO, Paul Householder, and CFO, Jim Rudyk, on August 16th. The story is a compelling one. From 2015 to 2020, AFN expanded and diversified its product offering and geographic presence with ~$900 million of capital in M&A and growth capex – but never fully integrated the assets. It is now as it optimizes costs, enhances sales/pricing strategies, and realizes on revenue synergies. Recent integration efforts materialized into significant margin expansion in 2Q. And, despite the recent step-change in operating performance, management noted it was still early days in driving improvements.AFN shares are approaching its highs – and are doing so with its EV/EBITDA multiple at a decade-low. The shares trade below 2019-levels despite the company nearly doubling EBITDA (it has roughly the same net debt and s/o). With positive momentum in terms of growth/margin, we are increasingly confident AFN can maintain strong growth rates into 2024 – and settle with <2.5x of net debt and >$5.50/share of FCF in the NTM.