Canada's Largest Banks Should Remain Dominant, Even as Growth and Returns Are Pressured
We have transferred coverage of four Canadian banks (Royal Bank of Canada, Toronto-Dominion, Bank of Nova Scotia, and Bank of Montreal) to a new analyst, and have updated fair value estimates and moats ratings. We view Toronto-Dominion as the most undervalued, currently trading at roughly 90% of our fair value estimate, while Bank of Nova Scotia is slightly overvalued at 108% of our fair value.Key updates included a downgrade of Bank of Nova Scotia's moat rating to narrow from wide. A key reaso...
Royal Bank of Canada is a financial services company that provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services. Co. serves personal, business, public sector and institutional clients through offices in Canada, the U.S. and 37 other countries. Co. is organized into five segments: Personal and Commercial Banking, which is comprised of Co.'s personal and business banking operations, and its auto financing businesses; Wealth Management, Insurance; Investor and Treasury Services; and Capital Markets. As of Oct 31 2017, Co. had total assets of C$1.21 trillion and total deposits of C$789.64 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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