RE:RE:RE:CC cut and paste from TD's report out earlier today. They raise value of Bozzetto, lower value of Tufropes, but their NAV estimate of $5.00 and their target price of $4.00 remain the same:
| Figure 3 – SOTP Valuation | |
| | | |
Q1/2024
Aimia SOTP Valuation | | |
| | Value (C$mm) | Per/Share |
| Capital Structure | | |
| Cash | $98 | $1.04 |
| PLM Earn-Out/Capital A Divestiture | $33 | $0.34 |
| Cash | (231) | (2.44) |
| Net Debt | (100) | (1.06) |
| Investments | | |
| Cortland | $155 | $1.63 |
| Bozzetto Group | $367 | $3.88 |
| Clear Media Ltd. Equity Interest | $43 | $0.46 |
| Capital A Equity Stake | $14 | $0.14 |
| Kognitiv 48.9% Equity Interest | $3 | $0.03 |
| Investment Funds | $7 | $0.07 |
| Sub Total | $587 | $6.21 |
| Obligations/Contingencies | | |
| Forecast 2024 FCF | -$15 | -$0.16 |
| Shares Outstanding | 94.6 | 94.6 |
| SOTP Valuation | $472 | $4.99 |
| Applied Discount | 20% | 20% |
| Target Price | $378 | $4.00 |
| | | |
| Source: Company Reports, TD Cowen. | | |
Justification of Target Price
Our SOTP valuation derives our unchanged $4.00 target price.