Strong First Quarter for Canadian Imperial Bank of Commerce; Maintaining Our Fair Value Estimate
Narrow-moat rated Canadian Imperial Bank of Commerce reported first-quarter 2017 results that were in line with our expectations and do not alter our long-term thesis on the firm. We are maintaining our fair value estimates of $95 and CAD 125.The adjusted return on equity improved to 20.1% for the first quarter of 2017, back in line with the 19.9% we saw for full-year 2015 and a full 101 basis points above 2016 numbers. This occurred even as the common equity Tier 1 ratio increased to 11.9% dur...
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.
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