# Canadian Imperial Bank Of Commerce (CM.TO)

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

Analysis as of: 2026-10-16T07:33:41.091Z. Financial observations: FY2015–FY2025.

Listing currency: CAD. Reporting currency: CAD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CAD 159.40 per share; close as of 2026-10-15.

Estimated value: low CAD 123.83 per share, central CAD 154.78 per share, high CAD 206.38 per share. Buy at or below the central value CAD 154.78 per share. Valuation as of 2026-10-16T07:33:41.091Z; scenarios are not confidence intervals.

Expected annual return: 9.9% at the stated quote. About 9.9% 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): 0.20×

Chart: Net income; fiscal year observations.

- FY2016: CAD 4.2B

- FY2017: CAD 4.6B

- FY2018: CAD 5.2B

- FY2019: CAD 5.0B

- FY2020: CAD 3.7B

- FY2021: CAD 6.3B

- FY2022: CAD 6.0B

- FY2023: CAD 4.7B

- FY2024: CAD 6.9B

- FY2025: CAD 8.1B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 15.3%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 10.8%

- Years with reported combined ratio: 0

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

- FY2016: 20.6%

- FY2017: 19.6%

- FY2018: 18.9%

- FY2019: 16.1%

- FY2020: 10.8%

- FY2021: 16.2%

- FY2022: 14.3%

- FY2023: 10.6%

- FY2024: 13.6%

- FY2025: 14.5%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 17.5%

- Book return interval: 10 years

- Starting book value per share: CAD 23.42

- Ending book value per share: CAD 59.60

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

- FY2016: 21.0%

- FY2017: 10.4%

- FY2018: 23.0%

- FY2019: 21.2%

- FY2020: 17.7%

- FY2021: 20.3%

- FY2022: 16.6%

- FY2023: 9.2%

- FY2024: 16.8%

- FY2025: 19.4%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: 1.6%

- Diluted shares, 5-year annual growth: 0.9%

- Share growth excluding flagged crisis recapitalisations: 1.6%

- Five-year share growth excluding flagged crisis recapitalisations: 0.9%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.29×

- Book value created per share: CAD 36.17

- Earnings retained per share after dividends and buybacks: CAD 28.04

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

- FY2015: 100

- FY2016: 99

- FY2017: 110

- FY2018: 112

- FY2019: 112

- FY2020: 112

- FY2021: 114

- FY2022: 114

- FY2023: 116

- FY2024: 119

- FY2025: 118

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

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

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

## Price story

The price assumes profits grow 6.1% a year forever · net income +17.7%

Story as of 2026-10-16T09:59:57.226Z; price observation 2026-10-15.

The price assumes profits grow 6.1% a year forever

- 2025-12-04: CIBC hikes dividend as earnings beat expectations ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/cibc-hikes-divided-beating-earnings-112708420.html))

- 2026-02-26: CIBC Q1 Adjusted Earnings Beat Estimates On Record Revenues ([finance.yahoo.com](https://finance.yahoo.com/news/cibc-q1-adjusted-earnings-beat-105248469.html))

### Net income · FY2025

net income +17.7%; source https://www.sec.gov/Archives/edgar/data/1045520/000119312525307488/d91021d40f.htm; observed 2025-12-04.

- FY2016: CAD 4.2B 

- FY2017: CAD 4.6B 

- FY2018: CAD 5.2B 

- FY2019: CAD 5.0B 

- FY2020: CAD 3.7B 

- FY2021: CAD 6.3B 

- FY2022: CAD 6.0B 

- FY2023: CAD 4.7B 

- FY2024: CAD 6.9B 

- FY2025: CAD 8.1B 

## Owner memo

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

### How it makes money

Operates in diversified banking; annual sales are CAD 62 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1045520/000119312525307488/d91021d40f.htm (filed 2025-12-04); FY2025: revenue 62006000000.

### Why customers stay

It earns 15.3% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-04); 10-year return on tangible equity observations [[2016,0.206451298543098],[2017,0.1961587167581258],[2018,0.18874389443755923],[2019,0.16093104338842976],[2020,0.1080730701237478],[2021,0.1621964151773013],[2022,0.14320210222295873],[2023,0.10563663140982729],[2024,0.13578534342673695],[2025,0.1446377331420373]]; median 0.15278438826523352. 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 1.7 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-04); Dividend observations: [[2016,1917000000],[2017,1425000000],[2018,2109000000],[2019,2406000000],[2020,2571000000],[2021,2649000000],[2022,2972000000],[2023,2261000000],[2024,2947000000],[2025,3993000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1045520/000119312525307488/d91021d40f.htm (filed 2025-12-04); FY2025: cash repurchases 1731000000 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); CM.TO SharesStats.PercentInsiders = 0.019 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 6.1% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-04); Price 159.4; FX 1; original perpetual distributable cash 6.191304029549044; discount 0.1; growth 0.06115869492127326. 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 50.25 per share

- 2016-11: CAD 52.99 per share

- 2016-12: CAD 54.78 per share

- 2017-01: CAD 55.41 per share

- 2017-02: CAD 58.31 per share

- 2017-03: CAD 57.34 per share

- 2017-04: CAD 55.13 per share

- 2017-05: CAD 52.81 per share

- 2017-06: CAD 52.70 per share

- 2017-07: CAD 54.11 per share

- 2017-08: CAD 52.46 per share

- 2017-09: CAD 54.59 per share

- 2017-10: CAD 56.78 per share

- 2017-11: CAD 59.07 per share

- 2017-12: CAD 61.27 per share

- 2018-01: CAD 60.93 per share

- 2018-02: CAD 58.60 per share

- 2018-03: CAD 56.86 per share

- 2018-04: CAD 55.92 per share

- 2018-05: CAD 56.60 per share

- 2018-06: CAD 57.18 per share

- 2018-07: CAD 59.36 per share

- 2018-08: CAD 61.15 per share

- 2018-09: CAD 60.52 per share

- 2018-10: CAD 56.84 per share

- 2018-11: CAD 55.75 per share

- 2018-12: CAD 50.84 per share

- 2019-01: CAD 55.71 per share

- 2019-02: CAD 55.82 per share

- 2019-03: CAD 52.80 per share

- 2019-04: CAD 56.41 per share

- 2019-05: CAD 51.25 per share

- 2019-06: CAD 51.49 per share

- 2019-07: CAD 51.92 per share

- 2019-08: CAD 51.57 per share

- 2019-09: CAD 54.66 per share

- 2019-10: CAD 56.16 per share

- 2019-11: CAD 57.73 per share

- 2019-12: CAD 54.03 per share

- 2020-01: CAD 53.96 per share

- 2020-02: CAD 51.08 per share

- 2020-03: CAD 41.00 per share

- 2020-04: CAD 41.24 per share

- 2020-05: CAD 44.15 per share

- 2020-06: CAD 45.37 per share

- 2020-07: CAD 46.37 per share

- 2020-08: CAD 51.78 per share

- 2020-09: CAD 49.77 per share

- 2020-10: CAD 49.69 per share

- 2020-11: CAD 54.74 per share

- 2020-12: CAD 54.36 per share

- 2021-01: CAD 54.49 per share

- 2021-02: CAD 58.67 per share

- 2021-03: CAD 61.53 per share

- 2021-04: CAD 63.89 per share

- 2021-05: CAD 70.36 per share

- 2021-06: CAD 70.56 per share

- 2021-07: CAD 72.54 per share

- 2021-08: CAD 72.57 per share

- 2021-09: CAD 70.50 per share

- 2021-10: CAD 75.09 per share

- 2021-11: CAD 71.23 per share

- 2021-12: CAD 73.73 per share

- 2022-01: CAD 79.81 per share

- 2022-02: CAD 80.22 per share

- 2022-03: CAD 75.88 per share

- 2022-04: CAD 71.01 per share

- 2022-05: CAD 69.58 per share

- 2022-06: CAD 62.51 per share

- 2022-07: CAD 64.78 per share

- 2022-08: CAD 62.11 per share

- 2022-09: CAD 60.46 per share

- 2022-10: CAD 61.87 per share

- 2022-11: CAD 64.79 per share

- 2022-12: CAD 54.77 per share

- 2023-01: CAD 60.74 per share

- 2023-02: CAD 62.40 per share

- 2023-03: CAD 57.31 per share

- 2023-04: CAD 56.80 per share

- 2023-05: CAD 55.97 per share

- 2023-06: CAD 56.56 per share

- 2023-07: CAD 58.08 per share

- 2023-08: CAD 53.54 per share

- 2023-09: CAD 52.43 per share

- 2023-10: CAD 48.91 per share

- 2023-11: CAD 56.10 per share

- 2023-12: CAD 63.80 per share

- 2024-01: CAD 60.76 per share

- 2024-02: CAD 64.22 per share

- 2024-03: CAD 68.67 per share

- 2024-04: CAD 64.26 per share

- 2024-05: CAD 67.58 per share

- 2024-06: CAD 65.05 per share

- 2024-07: CAD 71.40 per share

- 2024-08: CAD 78.76 per share

- 2024-09: CAD 82.96 per share

- 2024-10: CAD 87.11 per share

- 2024-11: CAD 90.88 per share

- 2024-12: CAD 90.93 per share

- 2025-01: CAD 91.55 per share

- 2025-02: CAD 87.67 per share

- 2025-03: CAD 80.95 per share

- 2025-04: CAD 86.95 per share

- 2025-05: CAD 93.43 per share

- 2025-06: CAD 96.66 per share

- 2025-07: CAD 99.03 per share

- 2025-08: CAD 106.09 per share

- 2025-09: CAD 111.21 per share

- 2025-10: CAD 116.21 per share

- 2025-11: CAD 120.83 per share

- 2025-12: CAD 124.43 per share

- 2026-01: CAD 125.84 per share

- 2026-02: CAD 137.79 per share

- 2026-03: CAD 131.84 per share

- 2026-04: CAD 151.57 per share

- 2026-05: CAD 150.49 per share

- 2026-06: CAD 163.32 per share

- 2026-07: CAD 166.04 per share

- 2026-08: CAD 157.31 per share

- 2026-09: CAD 156.73 per share

- 2026-10: CAD 158.44 per share

## Annual estimated value (CAD per share)

- FY2016: low CAD 74.36 per share, central CAD 92.95 per share, high CAD 123.93 per share

- FY2017: low CAD 74.81 per share, central CAD 93.51 per share, high CAD 124.68 per share

- FY2018: low CAD 85.47 per share, central CAD 106.84 per share, high CAD 142.45 per share

- FY2019: low CAD 96.10 per share, central CAD 120.12 per share, high CAD 160.16 per share

- FY2020: low CAD 105.18 per share, central CAD 131.47 per share, high CAD 175.30 per share

- FY2021: low CAD 115.61 per share, central CAD 144.52 per share, high CAD 192.69 per share

- FY2022: low CAD 122.95 per share, central CAD 153.69 per share, high CAD 204.92 per share

- FY2023: low CAD 115.39 per share, central CAD 144.23 per share, high CAD 192.31 per share

- FY2024: low CAD 112.71 per share, central CAD 140.89 per share, high CAD 187.85 per share

- FY2025: low CAD 116.62 per share, central CAD 145.77 per share, high CAD 194.37 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/1045520/000119312525307488/d91021d40f.htm); period 2025-10-31, filed 2025-12-04.

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.

Canadian Imperial Bank Of Commerce

CM · TO

S&P/TSX 60

A wonderful business at too high a price

Passes the quality tests.

Share price: CAD 159.40
Buy up to: CAD 154.78
Expected / yr: 9.9% 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 5.1B
Worst year: CAD 3.7B
Latest · 2025: CAD 8.1B

Earned a median 15.3% on tangible equity (minimum 12%), and the second-worst year 10.8% (minimum 5%).

Return on tangible common equity

10y median: 15.3%
Worst year: 10.6%
Latest · 2025: 14.5%

Book value plus dividends grew 17.5% a year (minimum 7%).

Annual book + dividend return

10y median: 18.6%
Worst year: 9.2%
Latest · 2025: 19.4%

Ordinary share growth was 1.6% over the full period and 0.9% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 112
Worst year: 119
Latest · 2025: 118

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 7 CAD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CAD 50.25 · Value 92.95 · Buy at or below 92.95; 2016-11 · Price CAD 52.99 · Value 92.95 · Buy at or below 92.95; 2016-12 · Price CAD 54.78 · Value 92.95 · Buy at or below 92.95; 2017-01 · Price CAD 55.41 · Value 92.95 · Buy at or below 92.95; 2017-02 · Price CAD 58.30 · Value 93.51 · Buy at or below 93.51; 2017-03 · Price CAD 57.34 · Value 93.51 · Buy at or below 93.51; 2017-04 · Price CAD 55.13 · Value 93.51 · Buy at or below 93.51; 2017-05 · Price CAD 52.81 · Value 93.51 · Buy at or below 93.51; 2017-06 · Price CAD 52.70 · Value 93.51 · Buy at or below 93.51; 2017-07 · Price CAD 54.11 · Value 93.51 · Buy at or below 93.51; 2017-08 · Price CAD 52.45 · Value 93.51 · Buy at or below 93.51; 2017-09 · Price CAD 54.59 · Value 93.51 · Buy at or below 93.51; 2017-10 · Price CAD 56.78 · Value 93.51 · Buy at or below 93.51; 2017-11 · Price CAD 59.07 · Value 93.51 · Buy at or below 93.51; 2017-12 · Price CAD 61.27 · Value 93.51 · Buy at or below 93.51; 2018-01 · Price CAD 60.93 · Value 93.51 · Buy at or below 93.51; 2018-02 · Price CAD 58.60 · Value 106.84 · Buy at or below 106.84; 2018-03 · Price CAD 56.86 · Value 106.84 · Buy at or below 106.84; 2018-04 · Price CAD 55.91 · Value 106.84 · Buy at or below 106.84; 2018-05 · Price CAD 56.60 · Value 106.84 · Buy at or below 106.84; 2018-06 · Price CAD 57.18 · Value 106.84 · Buy at or below 106.84; 2018-07 · Price CAD 59.36 · Value 106.84 · Buy at or below 106.84; 2018-08 · Price CAD 61.15 · Value 106.84 · Buy at or below 106.84; 2018-09 · Price CAD 60.52 · Value 106.84 · Buy at or below 106.84; 2018-10 · Price CAD 56.84 · Value 106.84 · Buy at or below 106.84; 2018-11 · Price CAD 55.75 · Value 106.84 · Buy at or below 106.84; 2018-12 · Price CAD 50.84 · Value 106.84 · Buy at or below 106.84; 2019-01 · Price CAD 55.70 · Value 106.84 · Buy at or below 106.84; 2019-02 · Price CAD 55.81 · Value 120.12 · Buy at or below 120.12; 2019-03 · Price CAD 52.80 · Value 120.12 · Buy at or below 120.12; 2019-04 · Price CAD 56.41 · Value 120.12 · Buy at or below 120.12; 2019-05 · Price CAD 51.24 · Value 120.12 · Buy at or below 120.12; 2019-06 · Price CAD 51.49 · Value 120.12 · Buy at or below 120.12; 2019-07 · Price CAD 51.91 · Value 120.12 · Buy at or below 120.12; 2019-08 · Price CAD 51.56 · Value 120.12 · Buy at or below 120.12; 2019-09 · Price CAD 54.66 · Value 120.12 · Buy at or below 120.12; 2019-10 · Price CAD 56.16 · Value 120.12 · Buy at or below 120.12; 2019-11 · Price CAD 57.73 · Value 120.12 · Buy at or below 120.12; 2019-12 · Price CAD 54.03 · Value 120.12 · Buy at or below 120.12; 2020-01 · Price CAD 53.96 · Value 120.12 · Buy at or below 120.12; 2020-02 · Price CAD 51.08 · Value 131.47 · Buy at or below 131.47; 2020-03 · Price CAD 41.00 · Value 131.47 · Buy at or below 131.47; 2020-04 · Price CAD 41.24 · Value 131.47 · Buy at or below 131.47; 2020-05 · Price CAD 44.15 · Value 131.47 · Buy at or below 131.47; 2020-06 · Price CAD 45.37 · Value 131.47 · Buy at or below 131.47; 2020-07 · Price CAD 46.37 · Value 131.47 · Buy at or below 131.47; 2020-08 · Price CAD 51.78 · Value 131.47 · Buy at or below 131.47; 2020-09 · Price CAD 49.77 · Value 131.47 · Buy at or below 131.47; 2020-10 · Price CAD 49.69 · Value 131.47 · Buy at or below 131.47; 2020-11 · Price CAD 54.74 · Value 131.47 · Buy at or below 131.47; 2020-12 · Price CAD 54.36 · Value 131.47 · Buy at or below 131.47; 2021-01 · Price CAD 54.49 · Value 131.47 · Buy at or below 131.47; 2021-02 · Price CAD 58.66 · Value 144.52 · Buy at or below 144.52; 2021-03 · Price CAD 61.52 · Value 144.52 · Buy at or below 144.52; 2021-04 · Price CAD 63.89 · Value 144.52 · Buy at or below 144.52; 2021-05 · Price CAD 70.36 · Value 144.52 · Buy at or below 144.52; 2021-06 · Price CAD 70.56 · Value 144.52 · Buy at or below 144.52; 2021-07 · Price CAD 72.53 · Value 144.52 · Buy at or below 144.52; 2021-08 · Price CAD 72.57 · Value 144.52 · Buy at or below 144.52; 2021-09 · Price CAD 70.50 · Value 144.52 · Buy at or below 144.52; 2021-10 · Price CAD 75.08 · Value 144.52 · Buy at or below 144.52; 2021-11 · Price CAD 71.22 · Value 144.52 · Buy at or below 144.52; 2021-12 · Price CAD 73.72 · Value 144.52 · Buy at or below 144.52; 2022-01 · Price CAD 79.81 · Value 144.52 · Buy at or below 144.52; 2022-02 · Price CAD 80.22 · Value 153.69 · Buy at or below 153.69; 2022-03 · Price CAD 75.88 · Value 153.69 · Buy at or below 153.69; 2022-04 · Price CAD 71.01 · Value 153.69 · Buy at or below 153.69; 2022-05 · Price CAD 69.58 · Value 153.69 · Buy at or below 153.69; 2022-06 · Price CAD 62.51 · Value 153.69 · Buy at or below 153.69; 2022-07 · Price CAD 64.78 · Value 153.69 · Buy at or below 153.69; 2022-08 · Price CAD 62.11 · Value 153.69 · Buy at or below 153.69; 2022-09 · Price CAD 60.46 · Value 153.69 · Buy at or below 153.69; 2022-10 · Price CAD 61.87 · Value 153.69 · Buy at or below 153.69; 2022-11 · Price CAD 64.79 · Value 153.69 · Buy at or below 153.69; 2022-12 · Price CAD 54.77 · Value 153.69 · Buy at or below 153.69; 2023-01 · Price CAD 60.74 · Value 153.69 · Buy at or below 153.69; 2023-02 · Price CAD 62.40 · Value 144.23 · Buy at or below 144.23; 2023-03 · Price CAD 57.31 · Value 144.23 · Buy at or below 144.23; 2023-04 · Price CAD 56.80 · Value 144.23 · Buy at or below 144.23; 2023-05 · Price CAD 55.97 · Value 144.23 · Buy at or below 144.23; 2023-06 · Price CAD 56.56 · Value 144.23 · Buy at or below 144.23; 2023-07 · Price CAD 58.08 · Value 144.23 · Buy at or below 144.23; 2023-08 · Price CAD 53.54 · Value 144.23 · Buy at or below 144.23; 2023-09 · Price CAD 52.43 · Value 144.23 · Buy at or below 144.23; 2023-10 · Price CAD 48.91 · Value 144.23 · Buy at or below 144.23; 2023-11 · Price CAD 56.10 · Value 144.23 · Buy at or below 144.23; 2023-12 · Price CAD 63.80 · Value 144.23 · Buy at or below 144.23; 2024-01 · Price CAD 60.76 · Value 144.23 · Buy at or below 144.23; 2024-02 · Price CAD 64.22 · Value 140.89 · Buy at or below 140.89; 2024-03 · Price CAD 68.67 · Value 140.89 · Buy at or below 140.89; 2024-04 · Price CAD 64.26 · Value 140.89 · Buy at or below 140.89; 2024-05 · Price CAD 67.58 · Value 140.89 · Buy at or below 140.89; 2024-06 · Price CAD 65.05 · Value 140.89 · Buy at or below 140.89; 2024-07 · Price CAD 71.40 · Value 140.89 · Buy at or below 140.89; 2024-08 · Price CAD 78.76 · Value 140.89 · Buy at or below 140.89; 2024-09 · Price CAD 82.96 · Value 140.89 · Buy at or below 140.89; 2024-10 · Price CAD 87.11 · Value 140.89 · Buy at or below 140.89; 2024-11 · Price CAD 90.88 · Value 140.89 · Buy at or below 140.89; 2024-12 · Price CAD 90.93 · Value 140.89 · Buy at or below 140.89; 2025-01 · Price CAD 91.55 · Value 140.89 · Buy at or below 140.89; 2025-02 · Price CAD 87.67 · Value 145.77 · Buy at or below 145.77; 2025-03 · Price CAD 80.95 · Value 145.77 · Buy at or below 145.77; 2025-04 · Price CAD 86.95 · Value 145.77 · Buy at or below 145.77; 2025-05 · Price CAD 93.43 · Value 145.77 · Buy at or below 145.77; 2025-06 · Price CAD 96.66 · Value 145.77 · Buy at or below 145.77; 2025-07 · Price CAD 99.03 · Value 145.77 · Buy at or below 145.77; 2025-08 · Price CAD 106.09 · Value 145.77 · Buy at or below 145.77; 2025-09 · Price CAD 111.21 · Value 145.77 · Buy at or below 145.77; 2025-10 · Price CAD 116.21 · Value 145.77 · Buy at or below 145.77; 2025-11 · Price CAD 120.83 · Value 145.77 · Buy at or below 145.77; 2025-12 · Price CAD 124.43 · Value 145.77 · Buy at or below 145.77; 2026-01 · Price CAD 125.84 · Value 145.77 · Buy at or below 145.77; 2026-02 · Price CAD 137.79 · Value 154.78 · Buy at or below 154.78; 2026-03 · Price CAD 131.84 · Value 154.78 · Buy at or below 154.78; 2026-04 · Price CAD 151.57 · Value 154.78 · Buy at or below 154.78; 2026-05 · Price CAD 150.49 · Value 154.78 · Buy at or below 154.78; 2026-06 · Price CAD 163.32 · Value 154.78 · Buy at or below 154.78; 2026-07 · Price CAD 166.04 · Value 154.78 · Buy at or below 154.78; 2026-08 · Price CAD 157.31 · Value 154.78 · Buy at or below 154.78; 2026-09 · Price CAD 156.73 · Value 154.78 · Buy at or below 154.78; 2026-10 · Price CAD 158.44 · Value 154.78 · Buy at or below 154.78; 2026-10 · Price CAD 159.40 · Value 154.78 · Buy at or below 154.78

CAD per share · annual estimates

Price & return math
Value range	CAD 123.83 – CAD 206.38
Buy at or below	Central value CAD 154.78
Discount to value	1 − 159.40 / 154.78 = -3.0%
Return / year	About 9.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Book CAD 63.28/share; ROE 15.8%; first payout CAD 6.19/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeCAD 8.1B

Net income

Book / shareCAD 59.60

Book / share

Dividend / shareCAD 4.27

Dividend / share

Return on tangible equity14.5%

Return on tangible equity

Diluted shares936M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·