Excellent 1Q Results for Scotiabank; More Acquisitions on the Menu
Narrow-moat Bank of Nova Scotia, or Scotiabank, reported fiscal first-quarter results that do not alter our long-term thesis on the firm. We retain our fair value estimate of CAD 77 for the Canadian shares and $60 for the U.S. shares. Quarterly results were strong, with return on equity exceeding management’s baseline goal of 14%, coming in at 16.2%, and operating leverage returning with a vengeance, coming in at 8.4% for the quarter. Management also raised medium-term EPS guidance to 7%, the mi...
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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