Gildan Activewear's Strategic Acquisition of HanesBrands: A Catalyst for Growth and Share Price AppreciationWe expect modest revenue benefits from the transaction, but the key driver of our attractive EPS growth/strong FCF forecast, stem from the proposed cost synergies, namely consolidating HBI's textile operations into Gildan/applying "best practices". With Gildan successfully integrating facilities previously, we see upside to management's $200mm synergy target. Improved visibility upon the combined strategy, market share gains, investor confidence in the EPS growth outlook, non-core asset sales, and strong FCF we view as emerging catalysts in 2026 that should lead to increased financial forecasts and multiple expansion. Investors potentially misunderstand that Gildan learned a valuable lesson with its prior misstep (2015) in the Retail segment.