Galaxy Digital Inc (GLXY.O) Model/TP Update: Lower TP to $26; Maintain Neutral/HR Helios II the Key Overhang — The data center buildout remains the most important variable in our updated model. Phase I of the Helios campus is fully delivered at 133 MW, with management outlooking $80M of quarterly leasing revenue beginning 3Q'26 at project-level Adj. EBITDA margins above 90%. This underpins our FY'27E data center revenue estimate of $701.6M, up 39% from prior, and is the primary driver of FY'27E Adj. EBITDA ...