National Bank34 $ pass to 35$
Over the last three months, NPI has underperformed peers, and at an >11% implied discount rate, we believe it is an attractive value pick for long-term investors. With support from the ITC and a lower risk-free rate, our $35/sh target (was $34/sh) is based on a long-term DCF with an 8.25% discount rate (was 8.5%).
Rupert Merer