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No. of Recommendations: 1
here is one attempt:

Our $160.00 target reflects an EV/Sales multiple on 2019 estimates of ~10.2x or closer
to 17.8x on an EV/Gross Profit basis. On EV/Gross Profit, SHOP is trading at 16.0x
2019e (peers at 9.4x), but adjusting for growth in gross profit, SHOP looks more
favourably valued at 0.48x versus peers at 0.46x, a metric that likely moves closer to
parity with peers given our view that the outlook and estimates look conservative. We
maintain our Buy recommendation.
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