The value of Maple Leafs Sports & Entertainment based on Rogers Communications' acquisition of Kilmer Sports' stake is now C$17.4 billion, says National Bank of Canada's Adam Shine. He says in a report that the price was above other assessments, where "Forbes aggregated to C$15 billion, while the figure was C$14.5 billion per Sportico." That's also a big step from when Rogers bought BCE's 37.5% MLSE stake, where the implied value was C$12.5 billion. "That's a +39% jump in less than two years," Shine says. But it isn't clear why the price came in higher than expected. Shine says the higher price could have been used to expedite the deal with Kilmer Sports, or perhaps recent Canadian-dollar depreciation, but it is still unclear. (adriano.marchese@wsj.com)