Steady Results for CIBC in 3Q; Mortgage Portfolio Looks Healthy; Returns Remain Excellent
Narrow-moat-rated Canadian Imperial Bank of Commerce reported another quarter of strong results, and our long-term thesis on the firm remains unchanged. We are increasing our fair value estimate for Canadian shares to CAD 132 from CAD 131 and decreasing our fair value estimate for U.S. shares to $102 from $103, as exchange rates have changed since our last update.Adjusted diluted EPS was up 11.2% year over year, coming in at CAD 3.08. The adjusted return on equity remained above 17%, at 17.1%. ...
Canadian Imperial Bank of Commerce is a financial institution. Through its three business units, Co. provides a range of financial products and services to individual, small business, commercial, corporate and institutional clients in Canada and around the world. Co.'s Retail and Business Banking business unit provides financial advice, products and services. Co.'s Wealth Management business unit provides integrated advice and investment solutions. Co.'s Capital Markets business unit provides integrated credit and global markets products, investment banking advisory services and research. As of Oct 31 2017, Co. had total assets of C$565.26 billion and total deposits of C$439.71 billion.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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