Canada Packers offers strong cash flow generation, underutilized capacity, and a capex-light model following its 2025 carve-out from Maple Leaf Foods. CPKR's vertical integration, with 45% of hogs sourced internally, supports margin resilience and operational control amid market volatility. I estimate 2026 EPS and FCFPS at C$2.40, with a conservative outlook vs. consensus, and see the current share price as attractive on a 4x EBITDA multiple.