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...
Toronto Dominion Bank provides financial services. Co.'s segments comprised of: Canadian Retail, which include Canadian personal and commercial banking businesses, Canadian credit cards, TD Auto Finance Canada and Canadian wealth and insurance businesses; US Retail, which includes the US personal and commercial banking businesses, US credit cards, TD Auto Finance US, US wealth business and the Bank's investment its subsidiary, TD Ameritrade Holding Corporation; and Wholesale Banking, which provides a range of capital markets, investment banking, and corporate banking products and services. As of Oct 31 2017, Co. had total assets of C$1.28 trillion and total deposits of C$832.82 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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