Aurora Cannabis Inc. has transformed into a cannabis-focused company with improving international revenue and margins, while spinning off its Bevo division. ACB's balance sheet now shows net cash of C$46.7 million, achieved through equity sales, and enterprise value trades at just 3.8x projected FY27 adjusted EBITDA. I target a 64% upside for ACB to US$5.58 within a year, based on a 6x FY28 adjusted EBITDA multiple, with the stock trading below tangible book value.