Canadian Western Bank (CWB:TSE) Fundamental Valuation Report

Fundamental Valuation Report

Canadian Western Bank(CWB:TSE)

Financial Services:Banks-Regional-Canada

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$26.62 (CAD) 11/12/2018

Weighted Valuation
$27.99 (CAD)

Overall Rating
Undervalued by 5.1%

Valuation Models Analyst Consensus: $34.22 (CAD)
(in order of importance) Discounted Cash Flow: $22.16 (CAD)
Comparables: $20.94 (CAD)
Valuation Methods This company is:
Cash Flow: Overvalued on a Cash Flow Valuation
Comparable Company: Overvalued on a Comparable Valuation
Asset: Undervalued on an Asset Valuation

Company Overview (CWB:TSE CAD)

Price 26.62
Range 25.74 – 27.07
52 week 25.96 – 40.58
Open 26.01
Vol / Avg. 741836/422320
Mkt cap 2.31B
P/E 9.54
Div/yield 1.00/0.04
EPS 2.79
Shares 88.95M
Beta 1.91

Company Description

Canadian Western Bank is a diversified financial service organization providing banking, trust, and wealth management services. The group operates through a number of subsidiaries providing different areas of financial services. Canadian Western Bank offers business banking services including general commercial banking, equipment financing and leasing, real estate financing, and other services for small- and medium-sized companies, as well as personal banking services including chequing and savings accounts, loans, mortgages, and investment products. Canadian Western Trust is engaged in retirement, trustee, and custodial solutions for financial advisors, corporations, and individuals. The company receives maximum revenue from interest income.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for CWB:TSE

Using a discounted cash flow model we generated an intrinsic value of $22.16 (CAD) for CWB:TSE

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

CWB:TSE Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $22.16 1% 5% 1% 5%
WACC (or Ke) 15.01 $24.48 $20.19
Terminal Growth Rate 3.00 $20.57 $24.04
Tax Rate 0.27 $23.97 $20.35
Cash Flow 448,344,937 $20.77 $23.55
Capital Expenditures -36,731,600 $22.06 $22.26
Long Term Debt 0 $22.16 $22.16

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $20.94 (CAD) for CWB:TSE. We also generated a valuation of $19.64 (CAD) using other metrics and comparables.
The comparable companies were and Laurentian Bank (LB:TSE).

Company CWB:TSE End Date Value
Earnings/Share $2.79 (CAD)
Book Value/Share $25.86 (CAD)
Sales/Share $8.85 (CAD)
Cash Flow/Share ($7.00) (CAD)
EBITDA/Share $9.99 (CAD)
Price Based on Comps Adjustment Factor (%)
$21.53 (CAD) -16.2
$20.24 (CAD) 20.8
$14.52 (CAD) 39.8
($22.49) (CAD) 12.6
$0.00 (CAD) -31.5
CWB:TSE Ratios Used Average Values LB:TSE
10.49 PE Ratio 7.72 7.72
1.12 PB Ratio 0.78 0.78
3.26 PS Ratio 1.64 1.64
0.00 PCF Ratio 1.92 1.92
0.00 EV to EBITDA 0.00 0.00

Multiples

Using a multiples approach we generated a valuation of  $50.25 (CAD) for CWB:TSE

Company CWB:TSE End Date Value
Earnings/Share $2.79 (CAD)
Book Value/Share $25.86 (CAD)
Sales/Share $8.85 (CAD)
Cash Flow/Share ($7.00) (CAD)
EBITDA/Share $9.99 (CAD)
Price Based on Comps Adjustment Factor
$33.74 (CAD) 0
$33.05 (CAD) 0
$32.33 (CAD) 0
$0.00 (CAD) 0
$101.87 (CAD) 0
Ratios Ratio Average
PE Ratio 12.09
PB Ratio 1.28
PS Ratio 3.65
PCF Ratio 12.43
EV to EBITDA 10.20

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  CWB:TSE for the last 10 years was  1.29

We ran the Adjusted Book Value for  CWB:TSE and generated a book value of  $29.07 (CAD)
By multiplying these we get an adjusted valuation of  $37.40 (CAD)

Analyst Data

In the Stockcalc database there are 9 analysts that provide a valuation for CWB:TSE. The 9 analysts have a concensus valuation for CWB:TSE for 2019 of $34.22 (CAD).

CWB:TSE Canadian Western Bank

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
1 7 0 3.3333 Hold 2018-12-10

Current Price: 26.62 CAD

Analyst Consensus
CAD Millions 2019 2020 2021
Mean EPS 3.19 3.46 3.62
# EPS Analysts 9 9 1
Mean Revenue 870.50 943.60 993.50
# Revenue Analysts 9 9 1
Mean Target Price 34.22
Mean Cash Flow
Mean EBITDA
Mean Net Income
Mean Debt Outstanding
Mean Tax Rate
Mean Growth Rate
Mean Capital Expenditure

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.


Bank of Montreal (BMO:NYS) Fundamental Valuation Report

Fundamental Valuation Report

Bank of Montreal(BMO:NYS)

Financial Services:Banks-Global

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$92.00 (CAD) / $68.75 (USD) 10/12/2018

Weighted Valuation
$108.32 (CAD) / $80.95 (USD)

Use a conversion rate of 0.74731714 from CAD to USD.

Overall Rating
Undervalued by 17.7%

Valuation Models Analyst Consensus: $112.33 (CAD) / $83.95 (USD)
(in order of importance) Adjusted Book Value: $109.57 (CAD) / $81.88 (USD)
Discounted Cash Flow: $93.76 (CAD) / $70.07 (USD)
Valuation Methods This company is:
Cash Flow: Fairly valued on a Cash Flow Valuation
Comparable Company: Fairly valued on a Comparable Valuation
Asset: Undervalued on an Asset Valuation

Company Overview (BMO:NYS USD)

Price 0.00
Range 0.00 – 0.00
52 week 0.00 – 0.00
Open 0.00
Vol / Avg. 0/0
Mkt cap 0
P/E 0.00
Div/yield 0.00/0.00
EPS 0.00
Shares 0
Beta 0.00

Company Description

Bank of Montreal is a diversified financial-services provider based in North America, operating four business segments: Canadian P&C banking, U.S. P&C banking, wealth management, and capital markets.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for BMO:NYS

Using a discounted cash flow model we generated an intrinsic value of $93.76 (CAD) / $70.07 (USD) for BMO:NYS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

BMO:NYS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $93.76 1% 5% 1% 5%
WACC (or Ke) 11.38 $106.51 $83.72
Terminal Growth Rate 3.00 $85.16 $104.68
Tax Rate 0.27 $100.25 $87.26
Cash Flow 7,804,282,652 $88.87 $98.64
Capital Expenditures -277,800,000 $93.60 $93.91
Long Term Debt 0 $93.76 $93.76

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $93.50 (CAD) / $69.87 (USD) for BMO:NYS. We also generated a valuation of $109.21 (CAD) / $81.61 (USD) using other metrics and comparables.
The comparable companies were Bank of Nova Scotia (BNS:NYS) and Royal Bank of Canada (RY:NYS).

Company BMO:NYS End Date Value
Earnings/Share $8.17 (CAD) / $6.11 (USD)
Book Value/Share $63.87 (CAD) / $47.73 (USD)
Sales/Share $35.19 (CAD) / $26.30 (USD)
Cash Flow/Share $15.06 (CAD) / $11.25 (USD)
EBITDA/Share $26.44 (CAD) / $19.76 (USD)
Price Based on Comps Adjustment Factor (%)
$90.78 (CAD) / $67.84 (USD) -60.1
$107.11 (CAD) / $80.05 (USD) 5.2
$113.68 (CAD) / $84.95 (USD) 9.7
$84.24 (CAD) / $62.95 (USD) 2.1
$0.00 (CAD) / $0.00 (USD) -75.3
BMO:NYS Ratios Used Average Values BNS:NYS RY:NYS
13.37 PE Ratio 11.11 10.59 11.64
1.56 PB Ratio 1.68 1.45 1.90
2.83 PS Ratio 3.23 3.15 3.32
6.62 PCF Ratio 6.53 4.98 8.07
0.00 EV to EBITDA 0.00 0.00 0.00

Multiples

Using a multiples approach we generated a valuation of  $126.67 (CAD) / $94.66 (USD) for BMO:NYS

Company BMO:NYS End Date Value
Earnings/Share $8.17 (CAD) / $6.11 (USD)
Book Value/Share $63.87 (CAD) / $47.73 (USD)
Sales/Share $35.19 (CAD) / $26.30 (USD)
Cash Flow/Share $15.06 (CAD) / $11.25 (USD)
EBITDA/Share $26.44 (CAD) / $19.76 (USD)
Price Based on Comps Adjustment Factor
$100.73 (CAD) / $75.27 (USD) 0
$97.89 (CAD) / $73.15 (USD) 0
$100.17 (CAD) / $74.86 (USD) 0
$327.50 (CAD) / $244.74 (USD) 0
$7.06 (CAD) / $5.28 (USD) 0
Ratios Ratio Average
PE Ratio 12.33
PB Ratio 1.53
PS Ratio 2.85
PCF Ratio 21.75
EV to EBITDA 0.27

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  BMO:NYS for the last 10 years was  1.53

We ran the Adjusted Book Value for  BMO:NYS and generated a book value of  $71.53 (CAD) / $53.45 (USD)
By multiplying these we get an adjusted valuation of  $109.57 (CAD) / $81.88 (USD)

Analyst Data

In the Stockcalc database there are 9 analysts that provide a valuation for BMO:NYS. The 9 analysts have a concensus valuation for BMO:NYS for 2019 of $112.33 (CAD) / $83.95 (USD).

BMO:NYS Bank of Montreal

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
2 4 0 3.8000 Outperform 2018-12-7

Current Price: 68.75 USD

Analyst Consensus
CAD Millions 2019 2020 2021
Mean EPS 9.57 10.17 10.53
# EPS Analysts 9 9 1
Mean Revenue 23,213.00 24,141.30
# Revenue Analysts 7 6
Mean Target Price 112.33
Mean Cash Flow
Mean EBITDA
Mean Net Income
Mean Debt Outstanding
Mean Tax Rate
Mean Growth Rate
Mean Capital Expenditure

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.


National Bank of Canada (NA:TSE) Fundamental Valuation Report

Fundamental Valuation Report

National Bank of Canada(NA:TSE)

Financial Services:Banks-Global

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$58.79 (CAD) 10/12/2018

Weighted Valuation
$64.28 (CAD)

Overall Rating
Undervalued by 9.3%

Valuation Models Analyst Consensus: $68.00 (CAD)
(in order of importance) Discounted Cash Flow: $68.57 (CAD)
Comparables: $44.57 (CAD)
Valuation Methods This company is:
Cash Flow: Undervalued on a Cash Flow Valuation
Comparable Company: Overvalued on a Comparable Valuation
Asset: Undervalued on an Asset Valuation

Company Overview (NA:TSE CAD)

Price 58.79
Range 58.38 – 59.35
52 week 58.69 – 65.63
Open 58.95
Vol / Avg. 840312/876606
Mkt cap 19.8B
P/E 9.90
Div/yield 2.44/0.04
EPS 5.94
Shares 335.78M
Beta 1.20

Company Description

National Bank of Canada is the sixth- largest Canadian bank. The bank offers integrated financial services, primarily in the province of Quebec as well as the city of Toronto. Operational segments include personal and commercial banking, wealth management, and a financial markets group.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for NA:TSE

Using a discounted cash flow model we generated an intrinsic value of $68.57 (CAD) for NA:TSE

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

NA:TSE Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $68.57 1% 5% 1% 5%
WACC (or Ke) 11.55 $78.35 $60.84
Terminal Growth Rate 3.00 $61.96 $76.92
Tax Rate 0.20 $73.22 $63.91
Cash Flow 3,000,617,034 $64.73 $72.40
Capital Expenditures -115,600,000 $68.44 $68.69
Long Term Debt 0 $68.57 $68.57

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $44.57 (CAD) for NA:TSE. We also generated a valuation of $63.05 (CAD) using other metrics and comparables.
The comparable companies were Bank of Montreal (BMO:NYS), Bank of Nova Scotia (BNS:NYS) and Canadian Imperial Bank (CM:NYS).

Company NA:TSE End Date Value
Earnings/Share $5.94 (CAD)
Book Value/Share $34.07 (CAD)
Sales/Share $20.40 (CAD)
Cash Flow/Share $10.69 (CAD)
EBITDA/Share $18.44 (CAD)
Price Based on Comps Adjustment Factor (%)
$66.36 (CAD) -64.6
$51.34 (CAD) 24.8
$59.66 (CAD) 6.4
$54.06 (CAD) -54.0
$0.00 (CAD) -20.7
NA:TSE Ratios Used Average Values BMO:NYS BNS:NYS CM:NYS
10.43 PE Ratio 11.17 13.37 10.59 9.56
1.78 PB Ratio 1.51 1.56 1.45 1.51
2.97 PS Ratio 2.92 2.83 3.15 2.80
5.67 PCF Ratio 5.54 6.62 4.98 5.02
0.00 EV to EBITDA 0.00 0.00 0.00 0.00

Multiples

Using a multiples approach we generated a valuation of  $71.85 (CAD) for NA:TSE

Company NA:TSE End Date Value
Earnings/Share $5.94 (CAD)
Book Value/Share $34.07 (CAD)
Sales/Share $20.40 (CAD)
Cash Flow/Share $10.69 (CAD)
EBITDA/Share $18.44 (CAD)
Price Based on Comps Adjustment Factor
$69.00 (CAD) 0
$62.08 (CAD) 0
$59.96 (CAD) 0
$41.41 (CAD) 0
$126.82 (CAD) 0
Ratios Ratio Average
PE Ratio 11.62
PB Ratio 1.82
PS Ratio 2.94
PCF Ratio 3.87
EV to EBITDA 6.88

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  NA:TSE for the last 10 years was  1.82

We ran the Adjusted Book Value for  NA:TSE and generated a book value of  $41.71 (CAD)
By multiplying these we get an adjusted valuation of  $75.92 (CAD)

Analyst Data

In the Stockcalc database there are 8 analysts that provide a valuation for NA:TSE. The 8 analysts have a concensus valuation for NA:TSE for 2019 of $68.00 (CAD).

NA:TSE National Bank of Canada

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
0 7 0 3.1250 Hold 2018-12-7

Current Price: 58.79 CAD

Analyst Consensus
CAD Millions 2019 2020 2021
Mean EPS 6.38 6.76 7.38
# EPS Analysts 9 9 1
Mean Revenue 7,622.90 7,970.40
# Revenue Analysts 7 7
Mean Target Price 68.00
Mean Cash Flow
Mean EBITDA
Mean Net Income
Mean Debt Outstanding
Mean Tax Rate
Mean Growth Rate
Mean Capital Expenditure

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.


Bank of Montreal (BMO:TSE) Fundamental Valuation Report

Fundamental Valuation Report

Bank of Montreal(BMO:TSE)

Financial Services:Banks-Global

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$92.16 (CAD) 10/12/2018

Weighted Valuation
$108.19 (CAD)

Overall Rating
Undervalued by 17.4%

Valuation Models Analyst Consensus: $112.33 (CAD)
(in order of importance) Adjusted Book Value: $109.70 (CAD)
Comparables: $92.76 (CAD)
Valuation Methods This company is:
Cash Flow: Undervalued on a Cash Flow Valuation
Comparable Company: Fairly valued on a Comparable Valuation
Asset: Undervalued on an Asset Valuation

Company Overview (BMO:TSE CAD)

Price 92.16
Range 91.55 – 93.00
52 week 92.16 – 108.32
Open 92.50
Vol / Avg. 2.38M/1.68M
Mkt cap 60.06B
P/E 11.28
Div/yield 3.78/0.04
EPS 8.17
Shares 639.3M
Beta 0.93

Company Description

Bank of Montreal is a diversified financial-services provider based in North America, operating four business segments: Canadian P&C banking, U.S. P&C banking, wealth management, and capital markets.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for BMO:TSE

Using a discounted cash flow model we generated an intrinsic value of $112.87 (CAD) for BMO:TSE

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

BMO:TSE Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $112.87 1% 5% 1% 5%
WACC (or Ke) 9.97 $131.85 $98.65
Terminal Growth Rate 3.00 $100.38 $129.53
Tax Rate 0.27 $120.68 $105.06
Cash Flow 7,804,282,652 $106.99 $118.75
Capital Expenditures -277,800,000 $112.67 $113.06
Long Term Debt 0 $112.87 $112.87

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $92.76 (CAD) for BMO:TSE. We also generated a valuation of $99.55 (CAD) using other metrics and comparables.
The comparable companies were Bank of Nova Scotia (BNS:NYS) and Royal Bank of Canada (RY:NYS).

Company BMO:TSE End Date Value
Earnings/Share $8.17 (CAD)
Book Value/Share $63.38 (CAD)
Sales/Share $34.92 (CAD)
Cash Flow/Share $14.94 (CAD)
EBITDA/Share $26.44 (CAD)
Price Based on Comps Adjustment Factor (%)
$90.78 (CAD) -60.1
$106.28 (CAD) 5.1
$112.80 (CAD) 9.6
$87.03 (CAD) 2.0
$0.00 (CAD) -75.3
BMO:TSE Ratios Used Average Values BNS:NYS RY:NYS
13.40 PE Ratio 11.11 10.59 11.64
1.56 PB Ratio 1.68 1.45 1.90
2.84 PS Ratio 3.23 3.15 3.32
6.63 PCF Ratio 6.53 4.98 8.07
0.00 EV to EBITDA 0.00 0.00 0.00

Multiples

Using a multiples approach we generated a valuation of  $126.30 (CAD) for BMO:TSE

Company BMO:TSE End Date Value
Earnings/Share $8.17 (CAD)
Book Value/Share $63.38 (CAD)
Sales/Share $34.92 (CAD)
Cash Flow/Share $14.94 (CAD)
EBITDA/Share $26.44 (CAD)
Price Based on Comps Adjustment Factor
$100.74 (CAD) 0
$97.28 (CAD) 0
$99.46 (CAD) 0
$324.83 (CAD) 0
$9.18 (CAD) 0
Ratios Ratio Average
PE Ratio 12.33
PB Ratio 1.54
PS Ratio 2.85
PCF Ratio 21.74
EV to EBITDA 0.35

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  BMO:TSE for the last 10 years was  1.53

We ran the Adjusted Book Value for  BMO:TSE and generated a book value of  $71.53 (CAD)
By multiplying these we get an adjusted valuation of  $109.70 (CAD)

Analyst Data

In the Stockcalc database there are 9 analysts that provide a valuation for BMO:TSE. The 9 analysts have a concensus valuation for BMO:TSE for 2019 of $112.33 (CAD).

BMO:TSE Bank of Montreal

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
2 4 0 3.8000 Outperform 2018-12-7

Current Price: 92.16 CAD

Analyst Consensus
CAD Millions 2019 2020 2021
Mean EPS 9.57 10.17 10.53
# EPS Analysts 9 9 1
Mean Revenue 23,213.00 24,141.30
# Revenue Analysts 7 6
Mean Target Price 112.33
Mean Cash Flow
Mean EBITDA
Mean Net Income
Mean Debt Outstanding
Mean Tax Rate
Mean Growth Rate
Mean Capital Expenditure

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.


Laurentian Bank (LB:TSE) Fundamental Valuation Report

Fundamental Valuation Report

Laurentian Bank(LB:TSE)

Financial Services:Banks-Regional-Canada

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$38.76 (CAD) 10/12/2018

Weighted Valuation
$41.81 (CAD)

Overall Rating
Undervalued by 7.9%

Valuation Models Analyst Consensus: $43.89 (CAD)
(in order of importance) Discounted Cash Flow: $38.08 (CAD)
Comparables: $43.04 (CAD)
Valuation Methods This company is:
Cash Flow: Fairly valued on a Cash Flow Valuation
Comparable Company: Undervalued on a Comparable Valuation
Asset: Undervalued on an Asset Valuation

Company Overview (LB:TSE CAD)

Price 38.76
Range 38.36 – 39.64
52 week 38.76 – 57.04
Open 39.64
Vol / Avg. 528315/347763
Mkt cap 1.67B
P/E 7.60
Div/yield 2.54/0.07
EPS 5.10
Shares 42.08M
Beta 0.73

Company Description

Laurentian Bank of Canada provides personal banking, business solutions as well as real estate and commercial financing to individuals and small- to medium-sized businesses. Laurentian Bank’s business-to-business, or B2B, subsidiary provides banking products to brokers and financial services across Canada. The bank also provides investors with brokerage services through its Laurentian Bank Securities subsidiary. The business operates through five lines: retail services, business services, B2B bank, Laurentian Bank securities and capital markets, and LBC financial services.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for LB:TSE

Using a discounted cash flow model we generated an intrinsic value of $38.08 (CAD) for LB:TSE

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

LB:TSE Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $38.08 1% 5% 1% 5%
WACC (or Ke) 10.12 $45.75 $32.30
Terminal Growth Rate 3.00 $32.96 $44.87
Tax Rate 0.20 $41.46 $34.70
Cash Flow 272,304,081 $34.74 $41.42
Capital Expenditures -77,109,400 $37.24 $38.91
Long Term Debt 0 $38.08 $38.08

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $43.04 (CAD) for LB:TSE. We also generated a valuation of $55.26 (CAD) using other metrics and comparables.
The comparable companies were and Canadian Western Bank (CWB:TSE).

Company LB:TSE End Date Value
Earnings/Share $5.10 (CAD)
Book Value/Share $53.24 (CAD)
Sales/Share $25.42 (CAD)
Cash Flow/Share $21.75 (CAD)
EBITDA/Share $25.80 (CAD)
Price Based on Comps Adjustment Factor (%)
$53.49 (CAD) -28.1
$59.38 (CAD) -21.7
$82.80 (CAD) -46.7
($197.11) (CAD) -59.0
$0.00 (CAD) 13.7
LB:TSE Ratios Used Average Values CWB:TSE
7.72 PE Ratio 10.49 10.49
0.78 PB Ratio 1.12 1.12
1.64 PS Ratio 3.26 3.26
1.92 PCF Ratio 0.00 0.00
0.00 EV to EBITDA 0.00 0.00

Multiples

Using a multiples approach we generated a valuation of  $134.78 (CAD) for LB:TSE

Company LB:TSE End Date Value
Earnings/Share $5.10 (CAD)
Book Value/Share $53.24 (CAD)
Sales/Share $25.42 (CAD)
Cash Flow/Share $21.75 (CAD)
EBITDA/Share $25.80 (CAD)
Price Based on Comps Adjustment Factor
$59.53 (CAD) 0
$55.58 (CAD) 0
$42.59 (CAD) 0
$48.25 (CAD) 0
$467.97 (CAD) 0
Ratios Ratio Average
PE Ratio 11.67
PB Ratio 1.04
PS Ratio 1.68
PCF Ratio 2.22
EV to EBITDA 18.14

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  LB:TSE for the last 10 years was  1.04

We ran the Adjusted Book Value for  LB:TSE and generated a book value of  $59.33 (CAD)
By multiplying these we get an adjusted valuation of  $61.84 (CAD)

Analyst Data

In the Stockcalc database there are 9 analysts that provide a valuation for LB:TSE. The 9 analysts have a concensus valuation for LB:TSE for 2019 of $43.89 (CAD).

LB:TSE Laurentian Bank

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
1 6 2 2.7778 Hold 2018-12-7

Current Price: 38.76 CAD

Analyst Consensus
CAD Millions 2019 2020 2021
Mean EPS 5.09 5.36 4.89
# EPS Analysts 9 9 1
Mean Revenue 1,043.30 1,096.10 1,088.70
# Revenue Analysts 8 8 1
Mean Target Price 43.89
Mean Cash Flow
Mean EBITDA
Mean Net Income
Mean Debt Outstanding
Mean Tax Rate
Mean Growth Rate
Mean Capital Expenditure

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.


Hormel Foods (HRL:NYS) Fundamental Valuation Report

Fundamental Valuation Report

Hormel Foods(HRL:NYS)

Consumer Defensive:Packaged Foods

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$44.26 (USD) 10/12/2018

Weighted Valuation
$41.09 (USD)

Overall Rating
Overvalued by 7.2%

Valuation Models Analyst Consensus: $37.00 (USD)
(in order of importance) Discounted Cash Flow: $46.69 (USD)
Adjusted Book Value: $42.16 (USD)
Valuation Methods This company is:
Cash Flow: Undervalued on a Cash Flow Valuation
Comparable Company: Overvalued on a Comparable Valuation
Asset: Fairly valued on an Asset Valuation

Company Overview (HRL:NYS USD)

Price 44.26
Range 43.76 – 44.69
52 week 32.21 – 45.89
Open 44.50
Vol / Avg. 2.35M/3.68M
Mkt cap 23.66B
P/E 23.80
Div/yield 0.75/0.02
EPS 1.86
Shares 534.6M
Beta 0.13

Company Description

Hormel Foods Corp manufactures, sells, and distributes a variety of food products, primarily pork and turkey. In addition to commodity meat sales and meat products under its namesake brand (particularly bacon, pepperoni, and chili), Hormel owns the Spam, Jennie-O Turkey, Skippy, Muscle Milk, and Applegate labels. Sales of commodity products represent only about 20% of the portfolio, with the remainder from value-added offerings. The firm sells the vast majority of its products in the U.S. (94% in fiscal 2017). Over two thirds of Hormel’s fiscal 2017 sales came from perishable (54%) and poultry ( primarily turkey; 19%) items, with the remainder from shelf-stable products.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for HRL:NYS

Using a discounted cash flow model we generated an intrinsic value of $46.69 (USD) for HRL:NYS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

HRL:NYS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $46.69 1% 5% 1% 5%
WACC (or Ke) 4.42 $60.66 $37.87
Terminal Growth Rate 0.00 $38.58 $59.53
Tax Rate 0.14 $49.47 $43.90
Cash Flow 1,502,495,746 $43.97 $49.41
Capital Expenditures -224,169,200 $46.32 $47.05
Long Term Debt 395,000,000 $46.72 $46.65

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $30.63 (USD) for HRL:NYS. We also generated a valuation of $42.05 (USD) using other metrics and comparables.
The comparable companies were Conagra Brands (CAG:NYS), General Mills (GIS:NYS), Kraft Heinz (KHC:NAS) and McCormick & Co (MKC.V:NYS).

Company HRL:NYS End Date Value
Earnings/Share $1.86 (USD)
Book Value/Share $10.09 (USD)
Sales/Share $17.55 (USD)
Cash Flow/Share $2.25 (USD)
EBITDA/Share $2.52 (USD)
Price Based on Comps Adjustment Factor (%)
$26.38 (USD) -41.6
$39.26 (USD) -36.1
$40.57 (USD) 20.7
$49.29 (USD) -55.3
$41.55 (USD) 1.8
HRL:NYS Ratios Used Average Values CAG:NYS GIS:NYS KHC:NAS MKC.V:NYS
25.33 PE Ratio 14.18 15.85 11.75 6.05 23.07
4.47 PB Ratio 3.89 4.20 4.05 0.95 6.36
2.57 PS Ratio 2.31 1.63 1.55 2.38 3.68
20.00 PCF Ratio 22.37 14.21 8.73 44.47 22.08
17.93 EV to EBITDA 16.50 15.20 12.87 13.94 23.98

Multiples

Using a multiples approach we generated a valuation of  $39.86 (USD) for HRL:NYS

Company HRL:NYS End Date Value
Earnings/Share $1.86 (USD)
Book Value/Share $10.09 (USD)
Sales/Share $17.55 (USD)
Cash Flow/Share $2.25 (USD)
EBITDA/Share $2.52 (USD)
Price Based on Comps Adjustment Factor
$43.13 (USD) 0
$41.04 (USD) 0
$35.54 (USD) 0
$45.37 (USD) 0
$34.21 (USD) 0
Ratios Ratio Average
PE Ratio 23.19
PB Ratio 4.07
PS Ratio 2.02
PCF Ratio 20.12
EV to EBITDA 13.59

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  HRL:NYS for the last 10 years was  4.02

We ran the Adjusted Book Value for  HRL:NYS and generated a book value of  $10.49 (USD)
By multiplying these we get an adjusted valuation of  $42.16 (USD)

Analyst Data

In the Stockcalc database there are 2 analysts that provide a valuation for HRL:NYS. The 2 analysts have a concensus valuation for HRL:NYS for 2019 of $37.00 (USD).

HRL:NYS Hormel Foods

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
0 2 0 2.6667 Hold 2018-12-7

Current Price: 44.26 USD

Analyst Consensus
USD Millions 2019 2020 2021
Mean EPS 1.80 1.83 1.85
# EPS Analysts 3 2 1
Mean Revenue 9,793.00 9,883.80
# Revenue Analysts 3 2
Mean Target Price 37.00
Mean Cash Flow 2.23 2.17
Mean EBITDA 1,445.10 1,475.80
Mean Net Income 981.40 1,008.80
Mean Debt Outstanding 14.10 -410.00
Mean Tax Rate 21.00 21.00
Mean Growth Rate 6.31
Mean Capital Expenditure 313.60 200.00

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.


The Toronto-Dominion Bank (TD:TSE) Fundamental Valuation Report

Fundamental Valuation Report

The Toronto-Dominion Bank(TD:TSE)

Financial Services:Banks-Global

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$73.48 (CAD) 29/11/2018

Weighted Valuation
$81.87 (CAD)

Overall Rating
Undervalued by 11.4%

Valuation Models Analyst Consensus: $85.13 (CAD)
(in order of importance) Adjusted Book Value: $77.28 (CAD)
Discounted Cash Flow: $81.30 (CAD)
Valuation Methods This company is:
Cash Flow: Undervalued on a Cash Flow Valuation
Comparable Company: Overvalued on a Comparable Valuation
Asset: Undervalued on an Asset Valuation

Company Overview (TD:TSE CAD)

Price 73.48
Range 72.97 – 74.26
52 week 69.50 – 79.73
Open 74.26
Vol / Avg. 3.43M/2.84M
Mkt cap 134.4B
P/E 12.56
Div/yield 2.61/0.04
EPS 6.01
Shares 1.83B
Beta 0.84

Company Description

Toronto-Dominion is one of Canada’s two largest banks and operates three business segments: Canadian retail banking, U.S. retail banking, and wholesale banking. The bank’s U.S. operations span from Maine to Florida, with a strong presence in the Northeast. It also has a 42% ownership stake in TD Ameritrade, a discount brokerage.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for TD:TSE

Using a discounted cash flow model we generated an intrinsic value of $81.30 (CAD) for TD:TSE

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

TD:TSE Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $81.30 1% 5% 1% 5%
WACC (or Ke) 9.53 $96.43 $70.20
Terminal Growth Rate 3.00 $71.47 $94.70
Tax Rate 0.23 $86.83 $75.78
Cash Flow 14,935,290,939 $76.91 $85.70
Capital Expenditures -725,400,000 $81.11 $81.50
Long Term Debt 0 $81.30 $81.30

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $55.28 (CAD) for TD:TSE. We also generated a valuation of $82.64 (CAD) using other metrics and comparables.
The comparable companies were Bank of Montreal (BMO:TSE), Bank of Nova Scotia (BNS:TSE) and Royal Bank of Canada (RY:TSE).

Company TD:TSE End Date Value
Earnings/Share $6.01 (CAD)
Book Value/Share $39.34 (CAD)
Sales/Share $20.43 (CAD)
Cash Flow/Share $14.51 (CAD)
EBITDA/Share $15.64 (CAD)
Price Based on Comps Adjustment Factor (%)
$71.52 (CAD) -55.4
$64.42 (CAD) 21.8
$62.86 (CAD) 36.1
$14.61 (CAD) -69.1
$0.00 (CAD) -77.4
TD:TSE Ratios Used Average Values BMO:TSE BNS:TSE RY:TSE
12.48 PE Ratio 11.90 13.30 10.48 11.92
1.86 PB Ratio 1.64 1.55 1.43 1.93
3.57 PS Ratio 3.08 2.82 3.12 3.29
5.03 PCF Ratio 5.63 6.59 0.00 4.67
0.00 EV to EBITDA 0.00 0.00 0.00 0.00

Multiples

Using a multiples approach we generated a valuation of  $57.12 (CAD) for TD:TSE

Company TD:TSE End Date Value
Earnings/Share $6.01 (CAD)
Book Value/Share $39.34 (CAD)
Sales/Share $20.43 (CAD)
Cash Flow/Share $14.51 (CAD)
EBITDA/Share $15.64 (CAD)
Price Based on Comps Adjustment Factor
$79.20 (CAD) 0
$70.65 (CAD) 0
$69.49 (CAD) 0
$48.10 (CAD) 0
$18.14 (CAD) 0
Ratios Ratio Average
PE Ratio 13.18
PB Ratio 1.80
PS Ratio 3.40
PCF Ratio 3.31
EV to EBITDA 1.16

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  TD:TSE for the last 10 years was  1.79

We ran the Adjusted Book Value for  TD:TSE and generated a book value of  $43.19 (CAD)
By multiplying these we get an adjusted valuation of  $77.28 (CAD)

Analyst Data

In the Stockcalc database there are 8 analysts that provide a valuation for TD:TSE. The 8 analysts have a concensus valuation for TD:TSE for 2019 of $85.13 (CAD).

TD:TSE The Toronto-Dominion Bank

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
4 2 0 4.2222 Outperform 2018-11-28

Current Price: 73.48 CAD

Analyst Consensus
CAD Millions 2019 2020
Mean EPS 6.92 7.35
# EPS Analysts 8 7
Mean Revenue 39,220.50 41,668.80
# Revenue Analysts 6 4
Mean Target Price 85.13
Mean Cash Flow
Mean EBITDA
Mean Net Income
Mean Debt Outstanding
Mean Tax Rate
Mean Growth Rate
Mean Capital Expenditure

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.


Monmouth Real Estate Inv (MNR:NYS) Fundamental Valuation Report

Fundamental Valuation Report

Monmouth Real Estate Inv(MNR:NYS)

Real Estate:REIT-Industrial

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$13.88 (USD) 29/11/2018

Weighted Valuation
$19.01 (USD)

Overall Rating
Undervalued by 36.9%

Valuation Models Analyst Consensus: $19.50 (USD)
(in order of importance) Comparables: $18.27 (USD)
Valuation Methods This company is:
Cash Flow: Overvalued on a Cash Flow Valuation
Comparable Company: Undervalued on a Comparable Valuation
Asset: Undervalued on an Asset Valuation

Company Overview (MNR:NYS USD)

Price 13.88
Range 13.83 – 14.68
52 week 13.88 – 18.19
Open 14.68
Vol / Avg. 740090/458796
Mkt cap 1.27B
P/E 28.33
Div/yield 0.68/0.05
EPS 0.49
Shares 91.59M
Beta 0.67

Company Description

Monmouth Real Estate Investment Corp is engaged in the ownership and management of industrial buildings subject to long-term net leases, mainly to investment grade tenants. The company’s primary business is the ownership of real estate. Its investment focus is to own well-located, modern, single tenant, industrial buildings, leased primarily to investment-grade tenants.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for MNR:NYS

Using a discounted cash flow model we generated an intrinsic value of $7.42 (USD) for MNR:NYS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

MNR:NYS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $7.42 1% 5% 1% 5%
WACC (or Ke) 9.28 $9.04 $6.25
Terminal Growth Rate 3.00 $6.38 $8.86
Tax Rate 0.26 $8.00 $6.85
Cash Flow 69,954,644 $7.01 $7.84
Capital Expenditures 2,594,501 $7.44 $7.41
Long Term Debt 0 $7.42 $7.42

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $18.27 (USD) for MNR:NYS. We also generated a valuation of $26.78 (USD) using other metrics and comparables.
The comparable companies were EastGroup Properties (EGP:NYS), Life Storage (LSI:NYS), National Storage (NSA:NYS), Stag Industrial (STAG:NYS) and Terreno Realty (TRNO:NYS).

Company MNR:NYS End Date Value
Earnings/Share $0.49 (USD)
Book Value/Share $5.71 (USD)
Sales/Share $1.58 (USD)
Cash Flow/Share $1.12 (USD)
EBITDA/Share $1.61 (USD)
Price Based on Comps Adjustment Factor (%)
$35.00 (USD) -36.7
$14.32 (USD) -0.3
$15.21 (USD) 19.6
$9.49 (USD) -11.8
$0.00 (USD) 37.0
MNR:NYS Ratios Used Average Values EGP:NYS LSI:NYS NSA:NYS STAG:NYS TRNO:NYS
30.53 PE Ratio 71.43 38.47 33.87 204.85 45.62 34.34
2.62 PB Ratio 2.51 3.98 2.18 2.32 2.12 1.94
9.49 PS Ratio 9.65 11.43 8.12 6.49 7.82 14.39
13.32 PCF Ratio 18.60 19.27 17.50 13.55 13.99 28.69
0.00 EV to EBITDA 18.95 21.71 19.74 16.55 14.75 21.99

Multiples

Using a multiples approach we generated a valuation of  $22.51 (USD) for MNR:NYS

Company MNR:NYS End Date Value
Earnings/Share $0.49 (USD)
Book Value/Share $5.71 (USD)
Sales/Share $1.58 (USD)
Cash Flow/Share $1.12 (USD)
EBITDA/Share $1.61 (USD)
Price Based on Comps Adjustment Factor
$21.32 (USD) 0
$13.44 (USD) 0
$16.59 (USD) 0
$18.48 (USD) 0
$42.69 (USD) 0
Ratios Ratio Average
PE Ratio 43.51
PB Ratio 2.35
PS Ratio 10.53
PCF Ratio 16.46
EV to EBITDA 26.51

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  MNR:NYS for the last 10 years was  2.31

We ran the Adjusted Book Value for  MNR:NYS and generated a book value of  $9.79 (USD)
By multiplying these we get an adjusted valuation of  $22.62 (USD)

Analyst Data

In the Stockcalc database there are 2 analysts that provide a valuation for MNR:NYS. The 2 analysts have a concensus valuation for MNR:NYS for 2019 of $19.50 (USD).

MNR:NYS Monmouth Real Estate Inv

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
2 0 0 5.0000 Buy 2018-11-28

Current Price: 13.88 USD

Analyst Consensus
USD Millions 2019
Mean EPS 0.49
# EPS Analysts 1
Mean Revenue 172.40
# Revenue Analysts 1
Mean Target Price 19.50
Mean Cash Flow 1.00
Mean EBITDA 138.80
Mean Net Income 40.10
Mean Debt Outstanding
Mean Tax Rate
Mean Growth Rate 6.00
Mean Capital Expenditure 1,110.00

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.


Canadian Imperial Bank (CM:TSE) Fundamental Valuation Report

Fundamental Valuation Report

Canadian Imperial Bank(CM:TSE)

Financial Services:Banks-Global

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$112.46 (CAD) 29/11/2018

Weighted Valuation
$129.72 (CAD)

Overall Rating
Undervalued by 15.3%

Valuation Models Analyst Consensus: $133.50 (CAD)
(in order of importance) Comparables: $134.56 (CAD)
Multiples: $108.70 (CAD)
Valuation Methods This company is:
Cash Flow: Undervalued on a Cash Flow Valuation
Comparable Company: Undervalued on a Comparable Valuation
Asset: Undervalued on an Asset Valuation

Company Overview (CM:TSE CAD)

Price 112.46
Range 111.41 – 115.17
52 week 110.11 – 124.59
Open 114.38
Vol / Avg. 3.23M/1.2M
Mkt cap 49.9B
P/E 9.85
Div/yield 5.32/0.05
EPS 11.65
Shares 443.7M
Beta 1.00

Company Description

Canadian Imperial Bank of Commerce is Canada’s fifth-largest bank, operating three business segments: retail and business banking, wealth management, and capital markets. It serves approximately 11 million personal banking and business customers, primarily in Canada.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for CM:TSE

Using a discounted cash flow model we generated an intrinsic value of $152.86 (CAD) for CM:TSE

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

CM:TSE Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $152.86 1% 5% 1% 5%
WACC (or Ke) 10.66 $176.23 $134.90
Terminal Growth Rate 3.00 $137.29 $173.12
Tax Rate 0.21 $162.80 $142.93
Cash Flow 7,496,377,181 $144.94 $160.79
Capital Expenditures -146,200,000 $152.73 $153.00
Long Term Debt 0 $152.86 $152.86

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $134.56 (CAD) for CM:TSE. We also generated a valuation of $103.46 (CAD) using other metrics and comparables.
The comparable companies were Bank of Montreal (BMO:NYS) and Royal Bank of Canada (RY:NYS).

Company CM:TSE End Date Value
Earnings/Share $11.65 (CAD)
Book Value/Share $72.42 (CAD)
Sales/Share $39.56 (CAD)
Cash Flow/Share $29.51 (CAD)
EBITDA/Share $31.82 (CAD)
Price Based on Comps Adjustment Factor (%)
$146.34 (CAD) -58.3
$125.73 (CAD) 47.1
$120.39 (CAD) 23.8
$156.35 (CAD) -13.5
$0.00 (CAD) -81.2
CM:TSE Ratios Used Average Values BMO:NYS RY:NYS
9.95 PE Ratio 12.56 13.25 11.87
1.57 PB Ratio 1.74 1.55 1.92
2.87 PS Ratio 3.04 2.81 3.28
3.85 PCF Ratio 5.61 6.56 4.66
0.00 EV to EBITDA 0.00 0.00 0.00

Multiples

Using a multiples approach we generated a valuation of  $108.70 (CAD) for CM:TSE

Company CM:TSE End Date Value
Earnings/Share $11.65 (CAD)
Book Value/Share $72.42 (CAD)
Sales/Share $39.56 (CAD)
Cash Flow/Share $29.51 (CAD)
EBITDA/Share $31.82 (CAD)
Price Based on Comps Adjustment Factor
$123.16 (CAD) 0
$136.53 (CAD) 0
$112.84 (CAD) 0
$107.00 (CAD) 0
$63.98 (CAD) 0
Ratios Ratio Average
PE Ratio 10.57
PB Ratio 1.89
PS Ratio 2.85
PCF Ratio 3.63
EV to EBITDA 2.01

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  CM:TSE for the last 10 years was  1.89

We ran the Adjusted Book Value for  CM:TSE and generated a book value of  $78.91 (CAD)
By multiplying these we get an adjusted valuation of  $149.05 (CAD)

Analyst Data

In the Stockcalc database there are 8 analysts that provide a valuation for CM:TSE. The 8 analysts have a concensus valuation for CM:TSE for 2019 of $133.50 (CAD).

CM:TSE Canadian Imperial Bank

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
2 5 0 3.6667 Outperform 2018-11-28

Current Price: 112.46 CAD

Analyst Consensus
CAD Millions 2019 2020
Mean EPS 12.70 13.32
# EPS Analysts 8 7
Mean Revenue 18,799.00 19,797.00
# Revenue Analysts 6 4
Mean Target Price 133.50
Mean Cash Flow
Mean EBITDA
Mean Net Income
Mean Debt Outstanding
Mean Tax Rate
Mean Growth Rate
Mean Capital Expenditure

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.


Royal Bank of Canada (RY:TSE) Fundamental Valuation Report

Fundamental Valuation Report

Royal Bank of Canada(RY:TSE)

Financial Services:Banks-Global

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$97.82 (CAD) 29/11/2018

Weighted Valuation
$112.89 (CAD)

Overall Rating
Undervalued by 15.4%

Valuation Models Analyst Consensus: $110.88 (CAD)
(in order of importance) Adjusted Book Value: $116.80 (CAD)
Discounted Cash Flow: $111.12 (CAD)
Valuation Methods This company is:
Cash Flow: Undervalued on a Cash Flow Valuation
Comparable Company: Overvalued on a Comparable Valuation
Asset: Undervalued on an Asset Valuation

Company Overview (RY:TSE CAD)

Price 97.82
Range 97.41 – 98.74
52 week 93.62 – 108.05
Open 98.00
Vol / Avg. 2.66M/2.33M
Mkt cap 141.15B
P/E 11.70
Div/yield 3.77/0.04
EPS 8.36
Shares 1.44B
Beta 0.98

Company Description

Royal Bank of Canada is one of the two largest banks in Canada. It is a diversified financial services company, offering personal and commercial banking, wealth-management services, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada, with additional operations in the U.S. and other countries.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for RY:TSE

Using a discounted cash flow model we generated an intrinsic value of $111.12 (CAD) for RY:TSE

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

RY:TSE Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $111.12 1% 5% 1% 5%
WACC (or Ke) 10.33 $129.52 $97.13
Terminal Growth Rate 3.00 $98.90 $127.19
Tax Rate 0.21 $118.65 $103.58
Cash Flow 18,104,671,839 $104.94 $117.30
Capital Expenditures -1,037,000,000 $110.80 $111.43
Long Term Debt 0 $111.12 $111.12

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $87.03 (CAD) for RY:TSE. We also generated a valuation of $83.02 (CAD) using other metrics and comparables.
The comparable companies were Bank of Montreal (BMO:TSE) and The Toronto-Dominion Bank (TD:TSE).

Company RY:TSE End Date Value
Earnings/Share $8.36 (CAD)
Book Value/Share $49.68 (CAD)
Sales/Share $29.14 (CAD)
Cash Flow/Share $20.52 (CAD)
EBITDA/Share $21.83 (CAD)
Price Based on Comps Adjustment Factor (%)
$107.78 (CAD) -55.5
$84.72 (CAD) 53.1
$93.17 (CAD) 26.6
$112.92 (CAD) -56.0
$0.00 (CAD) -60.2
RY:TSE Ratios Used Average Values BMO:TSE TD:TSE
11.92 PE Ratio 12.89 13.30 12.48
1.93 PB Ratio 1.71 1.55 1.86
3.29 PS Ratio 3.20 2.82 3.57
4.67 PCF Ratio 5.81 6.59 5.03
0.00 EV to EBITDA 0.00 0.00 0.00

Multiples

Using a multiples approach we generated a valuation of  $82.09 (CAD) for RY:TSE

Company RY:TSE End Date Value
Earnings/Share $8.36 (CAD)
Book Value/Share $49.68 (CAD)
Sales/Share $29.14 (CAD)
Cash Flow/Share $20.52 (CAD)
EBITDA/Share $21.83 (CAD)
Price Based on Comps Adjustment Factor
$105.29 (CAD) 0
$104.64 (CAD) 0
$99.23 (CAD) 0
$97.38 (CAD) 0
$3.91 (CAD) 0
Ratios Ratio Average
PE Ratio 12.60
PB Ratio 2.11
PS Ratio 3.40
PCF Ratio 4.75
EV to EBITDA 0.18

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  RY:TSE for the last 10 years was  2.10

We ran the Adjusted Book Value for  RY:TSE and generated a book value of  $55.51 (CAD)
By multiplying these we get an adjusted valuation of  $116.80 (CAD)

Analyst Data

In the Stockcalc database there are 8 analysts that provide a valuation for RY:TSE. The 8 analysts have a concensus valuation for RY:TSE for 2019 of $110.88 (CAD).

RY:TSE Royal Bank of Canada

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
2 5 0 3.7000 Outperform 2018-11-28

Current Price: 97.82 CAD

Analyst Consensus
CAD Millions 2019 2020
Mean EPS 9.03 9.59
# EPS Analysts 8 7
Mean Revenue 44,294.70 46,824.80
# Revenue Analysts 6 4
Mean Target Price 110.88
Mean Cash Flow
Mean EBITDA
Mean Net Income
Mean Debt Outstanding
Mean Tax Rate
Mean Growth Rate
Mean Capital Expenditure

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.