The Globe and Mail reports in its Friday, Feb. 16, edition that National Bank Financial analyst Cameron Doerksen has reaffirmed his "outperform" recommendation for Mullen Group. The Globe's David Leeder writes that Mr. Doerksen, seeing Mullen Group's valuation as "compelling," boosted his share target by 50 cents to $19.50. Analysts on average target the shares at $18.25. Mr. Doerksen says in a note: "Mullen Group reported Q4 results [Thursday] morning that were slightly below (although still roughly in line with) the preliminary expectation that management provided in mid-December as volumes slowed toward the end of the year due to the timing of holidays. ... Valuation for Mullen shares continues to be well below the peer group averages. On our updated 2024 estimates, Mullen trades at 5.9 times EV/EBITDA versus its five-year forward average of 7.2 times (weighted average peers currently at 10.9 times). On P/E, the stock currently trades at 10.2 times next year estimates versus its historical forward average of 14.8 times (peers at 24 times). Based on 2023 results that were impacted by softer market conditions, Mullen's free cash flow was $188-million for an attractive free-cash-flow yield of 14 per cent."