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.


SRC Energy (SRCI:ASE) and MAG Silver (MAG:ASE) Are Undervalued

Stockcalc – Free Trial

Have a free look inside the StockCalc website at www.stockcalc.com



I have used the analysis tools on the website stockcalc.com to generate some of the content of this blog post. These tools and reports are available for free at www.stockcalc.com/TopPicks.aspx.

Undervalued Stocks on AMEX

Today we are looking at companies that are considered undervalued based on the Analyst data in the StockCalc database.

In the table below we can see the close price and target price for these companies along with the number of analysts covering the stock. We also have included the fiscal year for the target price as sometimes these analyst targets are not for the current or even the next fiscal year.

There can be a number of reasons why a company would be on this list. What is particularly interesting are companies with a large analyst following that make this list. We need to dig deeper into these companies to understand why the difference in price versus target.

Today’s Data on AMEX

Today’s data is for companies listed on the American Stock Exchange.

Symbol Name Target Year Close Price Target Price Mean Currency Target Price # of Estimates
LNG Cheniere Energy Inc 2019 60.640000 81.5000 USD 2
NG Novagold Resources Inc 2019 3.880000 7.5000 CAD 1
SRCI SRC Energy Inc 2019 4.840000 10.0625 USD 4
MAG MAG Silver Corp 2019 6.720000 21.3897 CAD 8
REI Ring Energy Inc 2019 6.440000 12.5000 USD 2
GSS Golden Star Resources Ltd 2019 2.970000 7.5214 CAD 7
BGSF BG Staffing Inc 2019 24.180000 30.2500 USD 2
GDP Goodrich Petroleum Corp 2019 14.000000 21.5000 USD 2
PTN Palatin Technologies Inc 2019 0.740000 5.5000 USD 2
DLA Delta Apparel Inc 2019 19.600000 24.0000 USD 1
LLEX Lilis Energy Inc 2019 2.000000 6.0000 USD 1
MTNB Matinas BioPharma Holdings Inc 2019 0.750000 5.0000 USD 1
CVU CPI Aerostructures Inc 2019 6.580000 12.0000 USD 1
OCX OncoCyte Corp 2019 1.550000 7.0000 USD 1
PLYM Plymouth Industrial REIT Inc 2019 12.160000 20.0000 USD 1
USAS Americas Silver Corp 2019 1.410000 5.7000 CAD 3
ATNM Actinium Pharmaceuticals Inc 2019 0.433500 4.5000 USD 4
AST Asterias Biotherapeutics Inc 2019 0.900000 11.0000 USD 1
ACU Acme United Corp 2019 15.050000 23.2500 USD 2
FTNW FTE Networks Inc 2019 3.790000 35.0000 USD 1
RNN Rexahn Pharmaceuticals Inc 2019 1.080000 17.0000 USD 1
SNMP Sanchez Midstream Partners LP 2019 1.770000 10.0000 USD 1
CANF Can Fite Biofarma Ltd 2019 1.280300 8.0000 USD 1
MYO Myomo Inc 2019 1.710000 8.0000 USD 2
SYN Synthetic Biologics Inc 2019 0.699800 6.0000 USD 1

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

SRCI:ASE SRC Energy

http://www.srcenergy.com
SRC Energy has 146 employees and is headquartered in United States.
SRC Energy Inc, is an oil & natural gas company. It is engaged in the acquisition, development, exploitation, exploration and production of oil and natural gas properties.

MAG:ASE MAG Silver

http://www.magsilver.com
MAG Silver has 8 employees and is headquartered in Canada.
MAG Silver Corp is a mineral exploration and development company based in Canada. The group focuses on district-scale projects in the Mexican Silver Belt, and its main source of revenue is interest income from high interest savings accounts.

Free Valuation

Run a valuation on any of the companies listed above at www.stockcalc.com/valureport.aspx or subscribe at our Stockcalc Facebook Page to receive this list each day Stockcalc Reports.

The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. 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 decision.

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.


Canadian National Railway (CNR:TSE) and Bank of Montreal (BMO:TSE) Are Undervalued

Stockcalc – Free Trial

Have a free look inside the StockCalc website at www.stockcalc.com



I have used the analysis tools on the website stockcalc.com to generate some of the content of this blog post. These tools and reports are available for free at www.stockcalc.com/TopPicks.aspx.

Undervalued Stocks on TSE

Today we are looking at companies that are considered undervalued based on the Analyst data in the StockCalc database.

In the table below we can see the close price and target price for these companies along with the number of analysts covering the stock. We also have included the fiscal year for the target price as sometimes these analyst targets are not for the current or even the next fiscal year.

There can be a number of reasons why a company would be on this list. What is particularly interesting are companies with a large analyst following that make this list. We need to dig deeper into these companies to understand why the difference in price versus target.

Today’s Data on TSE

Today’s data is for companies listed on the Toronto Stock Exchange.

Symbol Name Target Year Close Price Target Price Mean Currency Target Price # of Estimates
CNR Canadian National Railway Co 2019 104.880000 123.6723 CAD 12
SU Suncor Energy Inc 2019 41.880000 61.7333 CAD 15
BMO Bank of Montreal 2019 92.710000 112.3333 CAD 9
CM Canadian Imperial Bank of Commerce 2019 107.470000 131.6250 CAD 8
CNQ Canadian Natural Resources Ltd 2019 35.830000 55.1875 CAD 16
CP Canadian Pacific Railway Ltd 2019 252.000000 321.3941 CAD 12
WN George Weston Ltd 2019 94.810000 114.2500 CAD 4
CTC.A Canadian Tire Corp Ltd 2019 144.900000 188.3333 CAD 9
WFT West Fraser Timber Co.Ltd 2019 71.080000 87.3333 CAD 6
VET Vermilion Energy Inc 2019 31.230000 52.2500 CAD 12
X TMX Group Ltd 2019 75.380000 97.5000 CAD 6
DOO BRP Inc 2019 39.100000 68.5000 CAD 8
LNR Linamar Corp 2019 46.340000 77.0000 CAD 6
PBH Premium Brands Holdings Corp 2019 78.290000 94.5000 CAD 10
BYD.UN Boyd Group Income Fund 2019 113.800000 131.0208 CAD 12
MRC Morguard Corp 2019 175.060000 205.0000 CAD 2
ENGH Enghouse Systems Ltd 2019 67.970000 88.5000 CAD 4
LAS.A Lassonde Industries Inc 2019 200.570000 245.0000 CAD 2
MAXR Maxar Technologies Ltd 2019 18.800000 38.4959 CAD 10
EQB Equitable Group Inc 2019 62.700000 81.2857 CAD 7
CJT Cargojet Inc 2019 76.170000 95.0000 CAD 7
CGO Cogeco Inc 2019 62.110000 88.0000 CAD 2
AFN Ag Growth International Inc 2019 50.030000 71.3750 CAD 8
GSY goeasy Ltd 2019 36.630000 61.1667 CAD 6
TRIL Trillium Therapeutics Inc 2019 2.830000 19.9506 CAD 1

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

CNR:TSE Canadian National Railway

http://www.cn.ca
Canadian National Railway has 26143 employees and is headquartered in Canada.
Canadian National Railway Co is engaged in the transport sector. Its primary occupation is the rail and related transportation business.

BMO:TSE Bank of Montreal

https://www.bmo.com
Bank of Montreal has 45000 employees and is headquartered in Canada.
Bank of Montreal provides diversified financial services primarily in North America. The company offers broad range of personal and commercial banking, wealth management and investment banking products and services.

Free Valuation

Run a valuation on any of the companies listed above at www.stockcalc.com/valureport.aspx or subscribe at our Stockcalc Facebook Page to receive this list each day Stockcalc Reports.

The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. 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 decision.

OrganiGram Holdings (OGI:TSX) and People (PEO:TSX) Are Undervalued

Stockcalc – Free Trial

Have a free look inside the StockCalc website at www.stockcalc.com



I have used the analysis tools on the website stockcalc.com to generate some of the content of this blog post. These tools and reports are available for free at www.stockcalc.com/TopPicks.aspx.

Undervalued Stocks on TSX

Today we are looking at companies that are considered undervalued based on the Analyst data in the StockCalc database.

In the table below we can see the close price and target price for these companies along with the number of analysts covering the stock. We also have included the fiscal year for the target price as sometimes these analyst targets are not for the current or even the next fiscal year.

There can be a number of reasons why a company would be on this list. What is particularly interesting are companies with a large analyst following that make this list. We need to dig deeper into these companies to understand why the difference in price versus target.

Today’s Data on TSX

Today’s data is for companies listed on the TSX Venture Exchange.

Symbol Name Target Year Close Price Target Price Mean Currency Target Price # of Estimates
OGI OrganiGram Holdings Inc 2019 4.910000 8.6786 CAD 7
XLY Auxly Cannabis Group Inc 2019 0.780000 3.0000 CAD 1
PEO People Corp 2019 7.220000 9.4500 CAD 5
AM.H HLS Therapeutics Inc 2019 15.410000 20.0000 CAD 2
KBLT Cobalt 27 Capital Corp 2019 4.350000 13.5722 CAD 9
SYZ Sylogist Ltd 2019 12.600000 17.5000 CAD 2
ALEF Aleafia Health Inc 2019 1.420000 6.5000 CAD 1
PSH PetroShale Inc 2019 1.280000 3.3333 CAD 3
BLN Blackline Safety Corp 2019 5.000000 7.3333 CAD 3
PEA Pieridae Energy Ltd 2019 3.900000 8.5000 CAD 1
FIL Filo Mining Corp 2019 2.250000 4.6333 CAD 3
HUT Hut 8 Mining Corp 2019 1.650000 5.0000 CAD 1
SGMA Sigma Lithium Resources Corp 2019 2.050000 4.2500 CAD 2
BTR BonTerra Resources Inc 2019 3.000000 6.0000 CAD 1
WMD WeedMD Inc 2019 1.180000 3.7500 CAD 2
EMC Emblem Corp 2019 0.930000 3.1250 CAD 2
RX Biosyent Inc 2019 7.550000 10.4167 CAD 3
MPH Medicure Inc 2019 6.000000 9.7500 CAD 2
KHRN Khiron Life Sciences Corp 2019 1.310000 3.4000 CAD 1
CKG Chesapeake Gold Corp 2019 1.900000 4.0000 CAD 1
ACST Acasti Pharma Inc 2020 0.910000 5.6000 CAD 2
GTT GT Gold Corp 2019 0.670000 3.7000 CAD 1
PLU Plateau Energy Metals Inc 2019 0.820000 3.0000 CAD 1
KSI kneat.com Inc 2019 0.950000 3.0000 CAD 1
CBX Cortex Business Solutions Inc 2019 3.600000 6.9167 CAD 3

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

OGI:TSX OrganiGram Holdings

http://www.organigram.ca
OrganiGram Holdings has 133 employees and is headquartered in Canada.
OrganiGram Holdings Inc is engaged in producing medical marijuana. It is also focused on offering a multi-disciplinary approach to post-traumatic stress disorder treatment, chronic pain, trauma therapy, and medical cannabis as an alternative medicine.

PEO:TSX People

http://www.peoplecorporation.com
People has 800 employees and is headquartered in Canada.
People Corp is engaged in the delivery of employee group benefit consulting, pension consulting and third-party benefits administration services, recruiting services, strategic human resources consulting and career management services.

Free Valuation

Run a valuation on any of the companies listed above at www.stockcalc.com/valureport.aspx or subscribe at our Stockcalc Facebook Page to receive this list each day Stockcalc Reports.

The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. 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 decision.

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.