# Bank of Nova Scotia (BNS.TO)

Canonical: https://gigainvestors.com/s/BNS.TO

Analysis as of: 2026-10-16T07:33:39.322Z. Financial observations: FY2015–FY2025.

Listing currency: CAD. Reporting currency: CAD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: CAD 129.22 per share; close as of 2026-10-15.

Estimated value: low CAD 121.06 per share, central CAD 151.33 per share, high CAD 201.77 per share. Buy at or below the central value CAD 151.33 per share. Valuation as of 2026-10-16T07:33:39.322Z; scenarios are not confidence intervals.

Expected annual return: 10.7% at the stated quote. About 10.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CA 10-year bond 3.8% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.17×

Chart: Net income; fiscal year observations.

- FY2016: CAD 7.0B

- FY2017: CAD 7.9B

- FY2018: CAD 8.4B

- FY2019: CAD 8.2B

- FY2020: CAD 6.6B

- FY2021: CAD 9.4B

- FY2022: CAD 9.7B

- FY2023: CAD 6.9B

- FY2024: CAD 7.3B

- FY2025: CAD 7.3B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 16.1%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 11.1%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 15.8%

- FY2017: 16.4%

- FY2018: 17.6%

- FY2019: 16.4%

- FY2020: 12.9%

- FY2021: 17.3%

- FY2022: 17.1%

- FY2023: 11.6%

- FY2024: 11.1%

- FY2025: 10.3%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 14.7%

- Book return interval: 10 years

- Starting book value per share: CAD 33.06

- Ending book value per share: CAD 56.78

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 17.7%

- FY2017: 18.3%

- FY2018: 5.1%

- FY2019: 13.4%

- FY2020: 12.5%

- FY2021: 17.1%

- FY2022: 15.9%

- FY2023: 14.4%

- FY2024: 16.9%

- FY2025: 15.9%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: -0.0%

- Share growth excluding flagged crisis recapitalisations: 0.1%

- Five-year share growth excluding flagged crisis recapitalisations: -0.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.62×

- Book value created per share: CAD 23.72

- Earnings retained per share after dividends and buybacks: CAD 14.66

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 99

- FY2018: 102

- FY2019: 103

- FY2020: 102

- FY2021: 100

- FY2022: 98

- FY2023: 99

- FY2024: 101

- FY2025: 101

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Prem Watsa](https://gigainvestors.com/FFH): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [William Browne](https://gigainvestors.com/TB): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 5.3% a year forever · "Canada's Scotiabank posts strong quarter on higher interest income" (ca.finance.yahoo.com, Aug 2025) · net income -0.3%

Story as of 2026-10-16T09:59:57.054Z; price observation 2026-10-15.

The price assumes profits grow 5.3% a year forever

- 2025-08-26: Bank of Nova Scotia (TSX:BNS) Confirms $1.10 Dividend Amid Strong Q3 Earnings Rise ([finance.yahoo.com](https://finance.yahoo.com/news/bank-nova-scotia-tsx-bns-174439736.html))

- 2025-12-02: Scotiabank beats earnings estimates despite restructuring and severance costs ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/scotiabank-beats-earnings-estimates-despite-123133074.html))

- 2026-02-24: Scotiabank Lodges Big Q1 Earnings Beat, But Revs Lower and PCLs Edged Up ([finance.yahoo.com](https://finance.yahoo.com/news/scotiabank-lodges-big-q1-earnings-114611924.html))

- 2026-05-15: Scotiabank Deepens Fee Income With ESG Lending And Wealth Partnership ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/scotiabank-deepens-fee-income-esg-012909446.html))

### Net income · FY2025

net income -0.3%; source https://www.sec.gov/Archives/edgar/data/9631/000119312525304643/d936350d40f.htm; observed 2025-12-02.

- FY2016: CAD 7.0B 

- FY2017: CAD 7.9B 

- FY2018: CAD 8.4B 

- FY2019: CAD 8.2B 

- FY2020: CAD 6.6B 

- FY2021: CAD 9.4B 

- FY2022: CAD 9.7B 

- FY2023: CAD 6.9B 

- FY2024: CAD 7.3B 

- FY2025: CAD 7.3B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in diversified banking; annual sales are CAD 73.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/9631/000119312525304643/d936350d40f.htm (filed 2025-12-02); FY2025: revenue 73177000000.

### Why customers stay

It earns 16.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-02); 10-year return on tangible equity observations [[2016,0.15839945590569032],[2017,0.16433325682809272],[2018,0.1759877075922457],[2019,0.16397307069940267],[2020,0.12877602128658633],[2021,0.173272076460386],[2022,0.17122996169669458],[2023,0.11582824139951452],[2024,0.11120947554795775],[2025,0.10270591397088985]]; median 0.16118626330254648. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CAD 2.6 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-02); Dividend observations: [[2016,3598000000],[2017,3797000000],[2018,4172000000],[2019,4442000000],[2020,4559000000],[2021,4604000000],[2022,5118000000],[2023,5422000000],[2024,5670000000],[2025,5875000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/9631/000119312525304643/d936350d40f.htm (filed 2025-12-02); FY2025: cash repurchases 2583000000 CAD.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BNS.TO SharesStats.PercentInsiders = 0.021 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 5.3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-02); Price 129.22; FX 1; original perpetual distributable cash 6.053237690777142; discount 0.1; growth 0.05315556654715105. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (CAD per share)

- 2016-10: CAD 72.08 per share

- 2016-11: CAD 74.14 per share

- 2016-12: CAD 74.76 per share

- 2017-01: CAD 77.76 per share

- 2017-02: CAD 77.04 per share

- 2017-03: CAD 77.80 per share

- 2017-04: CAD 75.88 per share

- 2017-05: CAD 76.22 per share

- 2017-06: CAD 78.01 per share

- 2017-07: CAD 77.67 per share

- 2017-08: CAD 77.69 per share

- 2017-09: CAD 80.20 per share

- 2017-10: CAD 83.28 per share

- 2017-11: CAD 81.51 per share

- 2017-12: CAD 81.12 per share

- 2018-01: CAD 81.72 per share

- 2018-02: CAD 79.50 per share

- 2018-03: CAD 79.36 per share

- 2018-04: CAD 78.92 per share

- 2018-05: CAD 78.24 per share

- 2018-06: CAD 74.44 per share

- 2018-07: CAD 77.09 per share

- 2018-08: CAD 75.53 per share

- 2018-09: CAD 76.99 per share

- 2018-10: CAD 70.65 per share

- 2018-11: CAD 72.30 per share

- 2018-12: CAD 68.05 per share

- 2019-01: CAD 74.80 per share

- 2019-02: CAD 73.14 per share

- 2019-03: CAD 71.14 per share

- 2019-04: CAD 73.78 per share

- 2019-05: CAD 68.56 per share

- 2019-06: CAD 70.34 per share

- 2019-07: CAD 70.46 per share

- 2019-08: CAD 70.80 per share

- 2019-09: CAD 75.25 per share

- 2019-10: CAD 75.54 per share

- 2019-11: CAD 74.94 per share

- 2019-12: CAD 73.35 per share

- 2020-01: CAD 72.28 per share

- 2020-02: CAD 70.22 per share

- 2020-03: CAD 57.47 per share

- 2020-04: CAD 55.80 per share

- 2020-05: CAD 55.17 per share

- 2020-06: CAD 56.18 per share

- 2020-07: CAD 55.01 per share

- 2020-08: CAD 56.37 per share

- 2020-09: CAD 55.32 per share

- 2020-10: CAD 55.35 per share

- 2020-11: CAD 63.20 per share

- 2020-12: CAD 68.80 per share

- 2021-01: CAD 68.20 per share

- 2021-02: CAD 74.40 per share

- 2021-03: CAD 78.62 per share

- 2021-04: CAD 78.27 per share

- 2021-05: CAD 81.21 per share

- 2021-06: CAD 80.62 per share

- 2021-07: CAD 77.87 per share

- 2021-08: CAD 78.15 per share

- 2021-09: CAD 77.96 per share

- 2021-10: CAD 81.14 per share

- 2021-11: CAD 79.78 per share

- 2021-12: CAD 89.55 per share

- 2022-01: CAD 91.56 per share

- 2022-02: CAD 91.85 per share

- 2022-03: CAD 89.60 per share

- 2022-04: CAD 81.35 per share

- 2022-05: CAD 85.78 per share

- 2022-06: CAD 76.18 per share

- 2022-07: CAD 78.01 per share

- 2022-08: CAD 72.62 per share

- 2022-09: CAD 65.70 per share

- 2022-10: CAD 65.85 per share

- 2022-11: CAD 70.18 per share

- 2022-12: CAD 66.34 per share

- 2023-01: CAD 72.03 per share

- 2023-02: CAD 67.44 per share

- 2023-03: CAD 68.07 per share

- 2023-04: CAD 67.63 per share

- 2023-05: CAD 65.57 per share

- 2023-06: CAD 66.28 per share

- 2023-07: CAD 66.40 per share

- 2023-08: CAD 64.12 per share

- 2023-09: CAD 60.88 per share

- 2023-10: CAD 56.15 per share

- 2023-11: CAD 60.70 per share

- 2023-12: CAD 64.50 per share

- 2024-01: CAD 62.87 per share

- 2024-02: CAD 65.81 per share

- 2024-03: CAD 70.07 per share

- 2024-04: CAD 63.16 per share

- 2024-05: CAD 64.52 per share

- 2024-06: CAD 62.58 per share

- 2024-07: CAD 64.47 per share

- 2024-08: CAD 67.27 per share

- 2024-09: CAD 73.69 per share

- 2024-10: CAD 71.69 per share

- 2024-11: CAD 79.85 per share

- 2024-12: CAD 77.19 per share

- 2025-01: CAD 74.36 per share

- 2025-02: CAD 71.82 per share

- 2025-03: CAD 68.23 per share

- 2025-04: CAD 68.98 per share

- 2025-05: CAD 73.43 per share

- 2025-06: CAD 75.30 per share

- 2025-07: CAD 77.09 per share

- 2025-08: CAD 85.77 per share

- 2025-09: CAD 89.99 per share

- 2025-10: CAD 91.99 per share

- 2025-11: CAD 96.94 per share

- 2025-12: CAD 101.23 per share

- 2026-01: CAD 101.80 per share

- 2026-02: CAD 103.48 per share

- 2026-03: CAD 96.47 per share

- 2026-04: CAD 105.68 per share

- 2026-05: CAD 110.62 per share

- 2026-06: CAD 123.27 per share

- 2026-07: CAD 122.97 per share

- 2026-08: CAD 126.87 per share

- 2026-09: CAD 129.41 per share

- 2026-10: CAD 128.34 per share

## Annual estimated value (CAD per share)

- FY2016: low CAD 88.45 per share, central CAD 110.57 per share, high CAD 147.42 per share

- FY2017: low CAD 90.56 per share, central CAD 113.20 per share, high CAD 150.93 per share

- FY2018: low CAD 90.22 per share, central CAD 112.77 per share, high CAD 150.36 per share

- FY2019: low CAD 94.00 per share, central CAD 117.50 per share, high CAD 156.66 per share

- FY2020: low CAD 95.50 per share, central CAD 119.38 per share, high CAD 159.17 per share

- FY2021: low CAD 102.05 per share, central CAD 127.56 per share, high CAD 170.08 per share

- FY2022: low CAD 107.58 per share, central CAD 134.47 per share, high CAD 179.29 per share

- FY2023: low CAD 108.76 per share, central CAD 135.95 per share, high CAD 181.27 per share

- FY2024: low CAD 80.69 per share, central CAD 88.76 per share, high CAD 98.62 per share

- FY2025: low CAD 118.32 per share, central CAD 147.90 per share, high CAD 197.21 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 40-F filing](https://www.sec.gov/Archives/edgar/data/9631/000119312525304643/d936350d40f.htm); period 2025-10-31, filed 2025-12-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Bank of Nova Scotia

BNS · TO

S&P/TSX 60

A wonderful business at a fair price

Passes the quality tests.

Share price: CAD 129.22
Buy up to: CAD 151.33
Expected / yr: 10.7% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: CAD 7.6B
Worst year: CAD 6.6B
Latest · 2025: CAD 7.3B

Earned a median 16.1% on tangible equity (minimum 12%), and the second-worst year 11.1% (minimum 5%).

Return on tangible common equity

10y median: 16.1%
Worst year: 10.3%
Latest · 2025: 10.3%

Book value plus dividends grew 14.7% a year (minimum 7%).

Annual book + dividend return

10y median: 15.9%
Worst year: 5.1%
Latest · 2025: 15.9%

Ordinary share growth was 0.1% over the full period and 0% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 100
Worst year: 103
Latest · 2025: 101

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 5.82 CAD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CAD 72.08 · Value 110.57 · Buy at or below 110.57; 2016-11 · Price CAD 74.14 · Value 110.57 · Buy at or below 110.57; 2016-12 · Price CAD 74.76 · Value 110.57 · Buy at or below 110.57; 2017-01 · Price CAD 77.76 · Value 110.57 · Buy at or below 110.57; 2017-02 · Price CAD 77.04 · Value 113.20 · Buy at or below 113.20; 2017-03 · Price CAD 77.80 · Value 113.20 · Buy at or below 113.20; 2017-04 · Price CAD 75.88 · Value 113.20 · Buy at or below 113.20; 2017-05 · Price CAD 76.22 · Value 113.20 · Buy at or below 113.20; 2017-06 · Price CAD 78.01 · Value 113.20 · Buy at or below 113.20; 2017-07 · Price CAD 77.67 · Value 113.20 · Buy at or below 113.20; 2017-08 · Price CAD 77.69 · Value 113.20 · Buy at or below 113.20; 2017-09 · Price CAD 80.20 · Value 113.20 · Buy at or below 113.20; 2017-10 · Price CAD 83.28 · Value 113.20 · Buy at or below 113.20; 2017-11 · Price CAD 81.51 · Value 113.20 · Buy at or below 113.20; 2017-12 · Price CAD 81.12 · Value 113.20 · Buy at or below 113.20; 2018-01 · Price CAD 81.72 · Value 113.20 · Buy at or below 113.20; 2018-02 · Price CAD 79.50 · Value 112.77 · Buy at or below 112.77; 2018-03 · Price CAD 79.36 · Value 112.77 · Buy at or below 112.77; 2018-04 · Price CAD 78.92 · Value 112.77 · Buy at or below 112.77; 2018-05 · Price CAD 78.24 · Value 112.77 · Buy at or below 112.77; 2018-06 · Price CAD 74.44 · Value 112.77 · Buy at or below 112.77; 2018-07 · Price CAD 77.09 · Value 112.77 · Buy at or below 112.77; 2018-08 · Price CAD 75.53 · Value 112.77 · Buy at or below 112.77; 2018-09 · Price CAD 76.99 · Value 112.77 · Buy at or below 112.77; 2018-10 · Price CAD 70.65 · Value 112.77 · Buy at or below 112.77; 2018-11 · Price CAD 72.30 · Value 112.77 · Buy at or below 112.77; 2018-12 · Price CAD 68.05 · Value 112.77 · Buy at or below 112.77; 2019-01 · Price CAD 74.80 · Value 112.77 · Buy at or below 112.77; 2019-02 · Price CAD 73.14 · Value 117.50 · Buy at or below 117.50; 2019-03 · Price CAD 71.14 · Value 117.50 · Buy at or below 117.50; 2019-04 · Price CAD 73.78 · Value 117.50 · Buy at or below 117.50; 2019-05 · Price CAD 68.56 · Value 117.50 · Buy at or below 117.50; 2019-06 · Price CAD 70.34 · Value 117.50 · Buy at or below 117.50; 2019-07 · Price CAD 70.46 · Value 117.50 · Buy at or below 117.50; 2019-08 · Price CAD 70.80 · Value 117.50 · Buy at or below 117.50; 2019-09 · Price CAD 75.25 · Value 117.50 · Buy at or below 117.50; 2019-10 · Price CAD 75.54 · Value 117.50 · Buy at or below 117.50; 2019-11 · Price CAD 74.94 · Value 117.50 · Buy at or below 117.50; 2019-12 · Price CAD 73.35 · Value 117.50 · Buy at or below 117.50; 2020-01 · Price CAD 72.28 · Value 117.50 · Buy at or below 117.50; 2020-02 · Price CAD 70.22 · Value 119.38 · Buy at or below 119.38; 2020-03 · Price CAD 57.47 · Value 119.38 · Buy at or below 119.38; 2020-04 · Price CAD 55.80 · Value 119.38 · Buy at or below 119.38; 2020-05 · Price CAD 55.17 · Value 119.38 · Buy at or below 119.38; 2020-06 · Price CAD 56.18 · Value 119.38 · Buy at or below 119.38; 2020-07 · Price CAD 55.01 · Value 119.38 · Buy at or below 119.38; 2020-08 · Price CAD 56.37 · Value 119.38 · Buy at or below 119.38; 2020-09 · Price CAD 55.32 · Value 119.38 · Buy at or below 119.38; 2020-10 · Price CAD 55.35 · Value 119.38 · Buy at or below 119.38; 2020-11 · Price CAD 63.20 · Value 119.38 · Buy at or below 119.38; 2020-12 · Price CAD 68.80 · Value 119.38 · Buy at or below 119.38; 2021-01 · Price CAD 68.20 · Value 119.38 · Buy at or below 119.38; 2021-02 · Price CAD 74.40 · Value 127.56 · Buy at or below 127.56; 2021-03 · Price CAD 78.62 · Value 127.56 · Buy at or below 127.56; 2021-04 · Price CAD 78.27 · Value 127.56 · Buy at or below 127.56; 2021-05 · Price CAD 81.21 · Value 127.56 · Buy at or below 127.56; 2021-06 · Price CAD 80.62 · Value 127.56 · Buy at or below 127.56; 2021-07 · Price CAD 77.87 · Value 127.56 · Buy at or below 127.56; 2021-08 · Price CAD 78.15 · Value 127.56 · Buy at or below 127.56; 2021-09 · Price CAD 77.96 · Value 127.56 · Buy at or below 127.56; 2021-10 · Price CAD 81.14 · Value 127.56 · Buy at or below 127.56; 2021-11 · Price CAD 79.78 · Value 127.56 · Buy at or below 127.56; 2021-12 · Price CAD 89.55 · Value 127.56 · Buy at or below 127.56; 2022-01 · Price CAD 91.56 · Value 127.56 · Buy at or below 127.56; 2022-02 · Price CAD 91.85 · Value 134.47 · Buy at or below 134.47; 2022-03 · Price CAD 89.60 · Value 134.47 · Buy at or below 134.47; 2022-04 · Price CAD 81.35 · Value 134.47 · Buy at or below 134.47; 2022-05 · Price CAD 85.78 · Value 134.47 · Buy at or below 134.47; 2022-06 · Price CAD 76.18 · Value 134.47 · Buy at or below 134.47; 2022-07 · Price CAD 78.01 · Value 134.47 · Buy at or below 134.47; 2022-08 · Price CAD 72.62 · Value 134.47 · Buy at or below 134.47; 2022-09 · Price CAD 65.70 · Value 134.47 · Buy at or below 134.47; 2022-10 · Price CAD 65.85 · Value 134.47 · Buy at or below 134.47; 2022-11 · Price CAD 70.18 · Value 134.47 · Buy at or below 134.47; 2022-12 · Price CAD 66.34 · Value 134.47 · Buy at or below 134.47; 2023-01 · Price CAD 72.03 · Value 134.47 · Buy at or below 134.47; 2023-02 · Price CAD 67.44 · Value 135.95 · Buy at or below 135.95; 2023-03 · Price CAD 68.07 · Value 135.95 · Buy at or below 135.95; 2023-04 · Price CAD 67.63 · Value 135.95 · Buy at or below 135.95; 2023-05 · Price CAD 65.57 · Value 135.95 · Buy at or below 135.95; 2023-06 · Price CAD 66.28 · Value 135.95 · Buy at or below 135.95; 2023-07 · Price CAD 66.40 · Value 135.95 · Buy at or below 135.95; 2023-08 · Price CAD 64.12 · Value 135.95 · Buy at or below 135.95; 2023-09 · Price CAD 60.88 · Value 135.95 · Buy at or below 135.95; 2023-10 · Price CAD 56.15 · Value 135.95 · Buy at or below 135.95; 2023-11 · Price CAD 60.70 · Value 135.95 · Buy at or below 135.95; 2023-12 · Price CAD 64.50 · Value 135.95 · Buy at or below 135.95; 2024-01 · Price CAD 62.87 · Value 135.95 · Buy at or below 135.95; 2024-02 · Price CAD 65.81 · Value 88.76 · Buy at or below 88.76; 2024-03 · Price CAD 70.07 · Value 88.76 · Buy at or below 88.76; 2024-04 · Price CAD 63.16 · Value 88.76 · Buy at or below 88.76; 2024-05 · Price CAD 64.52 · Value 88.76 · Buy at or below 88.76; 2024-06 · Price CAD 62.58 · Value 88.76 · Buy at or below 88.76; 2024-07 · Price CAD 64.47 · Value 88.76 · Buy at or below 88.76; 2024-08 · Price CAD 67.27 · Value 88.76 · Buy at or below 88.76; 2024-09 · Price CAD 73.69 · Value 88.76 · Buy at or below 88.76; 2024-10 · Price CAD 71.69 · Value 88.76 · Buy at or below 88.76; 2024-11 · Price CAD 79.85 · Value 88.76 · Buy at or below 88.76; 2024-12 · Price CAD 77.19 · Value 88.76 · Buy at or below 88.76; 2025-01 · Price CAD 74.36 · Value 88.76 · Buy at or below 88.76; 2025-02 · Price CAD 71.82 · Value 147.90 · Buy at or below 147.90; 2025-03 · Price CAD 68.23 · Value 147.90 · Buy at or below 147.90; 2025-04 · Price CAD 68.98 · Value 147.90 · Buy at or below 147.90; 2025-05 · Price CAD 73.43 · Value 147.90 · Buy at or below 147.90; 2025-06 · Price CAD 75.30 · Value 147.90 · Buy at or below 147.90; 2025-07 · Price CAD 77.09 · Value 147.90 · Buy at or below 147.90; 2025-08 · Price CAD 85.77 · Value 147.90 · Buy at or below 147.90; 2025-09 · Price CAD 89.99 · Value 147.90 · Buy at or below 147.90; 2025-10 · Price CAD 91.99 · Value 147.90 · Buy at or below 147.90; 2025-11 · Price CAD 96.94 · Value 147.90 · Buy at or below 147.90; 2025-12 · Price CAD 101.23 · Value 147.90 · Buy at or below 147.90; 2026-01 · Price CAD 101.80 · Value 147.90 · Buy at or below 147.90; 2026-02 · Price CAD 103.48 · Value 151.33 · Buy at or below 151.33; 2026-03 · Price CAD 96.47 · Value 151.33 · Buy at or below 151.33; 2026-04 · Price CAD 105.68 · Value 151.33 · Buy at or below 151.33; 2026-05 · Price CAD 110.62 · Value 151.33 · Buy at or below 151.33; 2026-06 · Price CAD 123.27 · Value 151.33 · Buy at or below 151.33; 2026-07 · Price CAD 122.97 · Value 151.33 · Buy at or below 151.33; 2026-08 · Price CAD 126.87 · Value 151.33 · Buy at or below 151.33; 2026-09 · Price CAD 129.41 · Value 151.33 · Buy at or below 151.33; 2026-10 · Price CAD 128.34 · Value 151.33 · Buy at or below 151.33; 2026-10 · Price CAD 129.22 · Value 151.33 · Buy at or below 151.33

CAD per share · annual estimates

Price & return math
Value range	CAD 121.06 – CAD 201.77
Buy at or below	Central value CAD 151.33
Discount to value	1 − 129.22 / 151.33 = 14.6%
Return / year	About 10.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Book CAD 58.10/share; ROE 16.4%; first payout CAD 6.05/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeCAD 7.3B

Net income

Book / shareCAD 56.78

Book / share

Dividend / shareCAD 4.72

Dividend / share

Return on tangible equity10.3%

Return on tangible equity

Diluted shares1.2B

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·