ScotiaOUR TAKE: Positive. We attended WELL Health’s investor day yesterday (June 18) and came away impressed with management’s strategy, continued total growth (organic + M&A), and focus on efficiencies (e.g., targeting FCF +30% y/y to $55M). We continue to see WELL as a good defensive name (~98% revenue recurring/highly re-occurring with diversified revenue base). We expect the momentum in Canadian patient services to continue with no shortage of runway through organic + disciplined M&A (e.g., targeting +30% y/y revenue growth in F24E to +$300M). WELL is seeking to unlock further shareholder value by continuing to pursue strategic options for two of its U.S.-based businesses (Circle Medical and Wisp). Lastly, WELL continues to innovate, demonstrating significant progress with AI-powered solutions that are helping to drive additional revenues and reduce costs. Shares are up 17% since Q1 results reported May 7 vs. the TSX down ~4%. WELL is trading at 11.1x EV/EBITDA on CY25E, at a discount to aggregate peers at 12.1x. Maintain Sector Outperform $6.00