# Intact Financial (IFC.TO)

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

Analysis as of: 2026-10-16T07:34:17.711Z. Financial observations: FY2015–FY2026.

Listing currency: CAD. Reporting currency: CAD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CAD 251.93 per share; close as of 2026-10-15.

Estimated value: low CAD 211.51 per share, central CAD 264.38 per share, high CAD 352.51 per share. Buy at or below the central value CAD 264.38 per share. Valuation as of 2026-10-16T07:34:17.711Z; scenarios are not confidence intervals.

Expected annual return: 10.2% at the stated quote. About 10.2% 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: 8

- Return on common equity variation (informational): 0.25×

Chart: Net income; fiscal year observations.

- FY2016: CAD 521M

- FY2017: CAD 765M

- FY2018: CAD 667M

- FY2019: CAD 709M

- FY2020: CAD 1.0B

- FY2021: CAD 2.0B

- FY2022: CAD 2.4B

- FY2023: CAD 1.2B

- FY2024: CAD 2.2B

- FY2025: CAD 3.3B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity

- Underwriting economics assessed through return on tangible common equity

- Bank / P&C ROTE, median of available years: 24.6%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 17.5%

- Years with reported combined ratio: 0

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

- FY2016: 15.4%

- FY2017: 25.0%

- FY2018: 20.8%

- FY2019: 19.7%

- FY2020: 24.2%

- FY2021: 25.3%

- FY2022: 30.3%

- FY2023: 17.5%

- FY2024: 25.7%

- FY2025: 29.6%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 15.8%

- Book return interval: 10 years

- Starting book value per share: CAD 46.46

- Ending book value per share: CAD 122.14

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

- FY2017: 21.3%

- FY2018: 10.4%

- FY2019: 14.9%

- FY2020: 15.6%

- FY2021: 38.6%

- FY2022: 6.4%

- FY2023: 5.9%

- FY2024: 17.8%

- FY2025: 20.9%

- LTM to Jun 2026: 9.6%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- Diluted shares, 10-year annual growth: 3.1%

- Diluted shares, 5-year annual growth: 4.5%

- Share growth excluding flagged crisis recapitalisations: 3.1%

- Five-year share growth excluding flagged crisis recapitalisations: 4.5%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.76×

- Book value created per share: CAD 73.50

- Earnings retained per share after dividends and buybacks: CAD 41.80

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

- FY2015: 100

- FY2016: 100

- FY2017: 106

- FY2018: 106

- FY2019: 109

- FY2020: 109

- FY2021: 134

- FY2022: 133

- FY2023: 136

- FY2024: 136

- FY2025: 135

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 20% since Jun 2025 · net income +0.6%

Story as of 2026-10-16T10:00:00.010Z; price observation 2026-10-15.

The price assumes profits grow 5% a year forever

- 2026-02-10: Intact Financial Books Strong Q4 Earnings Beat, Lifts Dividend By 11% ([finance.yahoo.com](https://finance.yahoo.com/news/intact-financial-books-strong-q4-222224993.html))

### Net income · FY2026

net income +0.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: CAD 765M 

- FY2018: CAD 667M 

- FY2019: CAD 709M 

- FY2020: CAD 1.0B 

- FY2021: CAD 2.0B 

- FY2022: CAD 2.4B 

- FY2023: CAD 1.2B 

- FY2024: CAD 2.2B 

- FY2025: CAD 3.3B 

- FY2026: CAD 3.3B 

## Owner memo

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

### How it makes money

Operates in insurance property & casualty; annual sales are CAD 26.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.711Z); FY2025: revenue 26073000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IFC.TO: Intact Financial Corporation, through its subsidiaries, provides property and casualty insurance products to individuals and businesses in Canada, the United States, the United Kingdom, and internationally. It offers insurance, such as personal auto that provides coverage from accidents, third-party liability, and physical damage; personal property which provides protection for homes and belongings from risks, including fire, theft, vandalism, water damages, other damages, and personal liability; and commercial line and specialty line insurance, including commercial auto, property, and liability coverages. The company also provides business insurance. It serves its products to accident and health, technology, ocean and inland marine, builder's risk, and entertainment, as well as financial professional lines; and various products to specialty property, surety, tuition reimbursement, general liability, and cyber and environmental institutions. The company offers specialty insurance products, including brokers, direct to consumer, agencies, wholesalers, affinity partners, Intact Prestige, and managing general agent platform. It offers its products through multiple distribution channels, such as brokers, direct-to-consumer, and managing general agent (MGA) platforms. The company was formerly known as ING Canada Inc. and changed its name to Intact Financial Corporation in 2009. Intact Financial Corporation was founded in 1809 and is based in Toronto, Canada.

### Why customers stay

It earns 24.6% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.711Z); 10-year return on tangible equity observations [[2016,0.15400532072125334],[2017,0.25],[2018,0.2077234506384304],[2019,0.1970539188438021],[2020,0.24201127819548873],[2021,0.25263421976919215],[2022,0.30334915950211727],[2023,0.17455369793142533],[2024,0.25719613098706445],[2025,0.2964874162592794]]; median 0.24600563909774437. 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 394 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.711Z); Dividend observations: [[2016,324000000],[2017,378000000],[2018,430000000],[2019,474000000],[2020,527000000],[2021,679000000],[2022,762000000],[2023,862000000],[2024,953000000],[2025,1037000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.711Z); FY2025: cash repurchases 394000000 CAD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IFC.TO SharesStats.PercentInsiders = 0.299 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 5% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.711Z); Price 251.93; FX 1; original perpetual distributable cash 12.558146067415729; discount 0.1; growth 0.05015224043418518. 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 91.18 per share

- 2016-11: CAD 93.50 per share

- 2016-12: CAD 96.10 per share

- 2017-01: CAD 95.01 per share

- 2017-02: CAD 94.16 per share

- 2017-03: CAD 94.58 per share

- 2017-04: CAD 93.51 per share

- 2017-05: CAD 92.78 per share

- 2017-06: CAD 97.96 per share

- 2017-07: CAD 96.85 per share

- 2017-08: CAD 102.94 per share

- 2017-09: CAD 103.07 per share

- 2017-10: CAD 105.45 per share

- 2017-11: CAD 108.24 per share

- 2017-12: CAD 104.99 per share

- 2018-01: CAD 103.13 per share

- 2018-02: CAD 99.25 per share

- 2018-03: CAD 96.81 per share

- 2018-04: CAD 97.90 per share

- 2018-05: CAD 98.05 per share

- 2018-06: CAD 93.25 per share

- 2018-07: CAD 99.24 per share

- 2018-08: CAD 103.50 per share

- 2018-09: CAD 107.40 per share

- 2018-10: CAD 104.01 per share

- 2018-11: CAD 106.37 per share

- 2018-12: CAD 99.19 per share

- 2019-01: CAD 103.86 per share

- 2019-02: CAD 110.00 per share

- 2019-03: CAD 113.08 per share

- 2019-04: CAD 109.61 per share

- 2019-05: CAD 116.21 per share

- 2019-06: CAD 121.02 per share

- 2019-07: CAD 123.02 per share

- 2019-08: CAD 130.12 per share

- 2019-09: CAD 133.34 per share

- 2019-10: CAD 135.90 per share

- 2019-11: CAD 136.97 per share

- 2019-12: CAD 140.42 per share

- 2020-01: CAD 143.37 per share

- 2020-02: CAD 145.49 per share

- 2020-03: CAD 121.63 per share

- 2020-04: CAD 132.47 per share

- 2020-05: CAD 131.44 per share

- 2020-06: CAD 129.21 per share

- 2020-07: CAD 146.24 per share

- 2020-08: CAD 139.71 per share

- 2020-09: CAD 142.58 per share

- 2020-10: CAD 137.62 per share

- 2020-11: CAD 145.29 per share

- 2020-12: CAD 150.72 per share

- 2021-01: CAD 141.00 per share

- 2021-02: CAD 142.24 per share

- 2021-03: CAD 154.00 per share

- 2021-04: CAD 163.38 per share

- 2021-05: CAD 163.24 per share

- 2021-06: CAD 168.41 per share

- 2021-07: CAD 170.00 per share

- 2021-08: CAD 171.83 per share

- 2021-09: CAD 167.48 per share

- 2021-10: CAD 165.91 per share

- 2021-11: CAD 158.52 per share

- 2021-12: CAD 164.42 per share

- 2022-01: CAD 172.23 per share

- 2022-02: CAD 181.79 per share

- 2022-03: CAD 184.72 per share

- 2022-04: CAD 179.72 per share

- 2022-05: CAD 182.75 per share

- 2022-06: CAD 181.56 per share

- 2022-07: CAD 190.60 per share

- 2022-08: CAD 190.25 per share

- 2022-09: CAD 195.49 per share

- 2022-10: CAD 207.01 per share

- 2022-11: CAD 201.26 per share

- 2022-12: CAD 194.91 per share

- 2023-01: CAD 193.03 per share

- 2023-02: CAD 196.01 per share

- 2023-03: CAD 193.42 per share

- 2023-04: CAD 204.94 per share

- 2023-05: CAD 200.06 per share

- 2023-06: CAD 204.54 per share

- 2023-07: CAD 194.81 per share

- 2023-08: CAD 190.50 per share

- 2023-09: CAD 198.02 per share

- 2023-10: CAD 194.84 per share

- 2023-11: CAD 210.30 per share

- 2023-12: CAD 203.86 per share

- 2024-01: CAD 210.25 per share

- 2024-02: CAD 225.68 per share

- 2024-03: CAD 220.04 per share

- 2024-04: CAD 226.27 per share

- 2024-05: CAD 228.04 per share

- 2024-06: CAD 228.01 per share

- 2024-07: CAD 250.90 per share

- 2024-08: CAD 253.63 per share

- 2024-09: CAD 259.70 per share

- 2024-10: CAD 265.90 per share

- 2024-11: CAD 266.67 per share

- 2024-12: CAD 261.73 per share

- 2025-01: CAD 258.15 per share

- 2025-02: CAD 285.05 per share

- 2025-03: CAD 294.01 per share

- 2025-04: CAD 306.17 per share

- 2025-05: CAD 311.35 per share

- 2025-06: CAD 316.65 per share

- 2025-07: CAD 286.40 per share

- 2025-08: CAD 275.03 per share

- 2025-09: CAD 270.77 per share

- 2025-10: CAD 261.63 per share

- 2025-11: CAD 285.40 per share

- 2025-12: CAD 285.73 per share

- 2026-01: CAD 247.91 per share

- 2026-02: CAD 263.35 per share

- 2026-03: CAD 252.08 per share

- 2026-04: CAD 261.74 per share

- 2026-05: CAD 270.87 per share

- 2026-06: CAD 292.71 per share

- 2026-07: CAD 275.25 per share

- 2026-08: CAD 268.27 per share

- 2026-09: CAD 245.84 per share

- 2026-10: CAD 245.31 per share

## Annual estimated value (CAD per share)

- FY2016: low CAD 61.30 per share, central CAD 76.62 per share, high CAD 102.16 per share

- FY2017: low CAD 55.56 per share, central CAD 69.45 per share, high CAD 92.60 per share

- FY2018: low CAD 62.35 per share, central CAD 77.93 per share, high CAD 103.91 per share

- FY2019: low CAD 73.53 per share, central CAD 91.92 per share, high CAD 122.56 per share

- FY2020: low CAD 90.80 per share, central CAD 113.50 per share, high CAD 151.34 per share

- FY2021: low CAD 142.94 per share, central CAD 178.68 per share, high CAD 238.23 per share

- FY2022: low CAD 142.18 per share, central CAD 177.72 per share, high CAD 236.96 per share

- FY2023: low CAD 126.67 per share, central CAD 158.34 per share, high CAD 211.12 per share

- FY2024: low CAD 153.75 per share, central CAD 192.18 per share, high CAD 256.24 per share

- FY2025: low CAD 198.58 per share, central CAD 248.22 per share, high CAD 330.97 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

Prior published observations retained from 2026-10-15T06:40:05.574Z where newer inputs omit a numeric field or fiscal period.

## Sources

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.

Intact Financial

IFC · TO

S&P/TSX 60

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: CAD 251.93
Buy up to: CAD 264.38
Expected / yr: 10.2% 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 8 needed).

Net income

10y median: CAD 1.1B
Worst year: CAD 521M
Latest · 2025: CAD 3.3B

Earned a median 24.6% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 24.6%
Worst year: 15.4%
Latest · 2025: 29.6%

Book value plus dividends grew 15.8% a year (minimum 7%).

Annual book + dividend return

10y median: 15.2%
Worst year: 5.9%
Latest · LTM: 9.6%

Ordinary share growth was 3.1% over the full period and 4.5% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 109
Worst year: 136
Latest · 2025: 135

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 12.56 CAD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CAD 91.18 · Value 76.62 · Buy at or below 76.62; 2016-11 · Price CAD 93.50 · Value 76.62 · Buy at or below 76.62; 2016-12 · Price CAD 96.10 · Value 76.62 · Buy at or below 76.62; 2017-01 · Price CAD 95.01 · Value 76.62 · Buy at or below 76.62; 2017-02 · Price CAD 94.16 · Value 69.45 · Buy at or below 69.45; 2017-03 · Price CAD 94.58 · Value 69.45 · Buy at or below 69.45; 2017-04 · Price CAD 93.51 · Value 69.45 · Buy at or below 69.45; 2017-05 · Price CAD 92.78 · Value 69.45 · Buy at or below 69.45; 2017-06 · Price CAD 97.96 · Value 69.45 · Buy at or below 69.45; 2017-07 · Price CAD 96.85 · Value 69.45 · Buy at or below 69.45; 2017-08 · Price CAD 102.94 · Value 69.45 · Buy at or below 69.45; 2017-09 · Price CAD 103.07 · Value 69.45 · Buy at or below 69.45; 2017-10 · Price CAD 105.45 · Value 69.45 · Buy at or below 69.45; 2017-11 · Price CAD 108.24 · Value 69.45 · Buy at or below 69.45; 2017-12 · Price CAD 104.99 · Value 69.45 · Buy at or below 69.45; 2018-01 · Price CAD 103.13 · Value 69.45 · Buy at or below 69.45; 2018-02 · Price CAD 99.25 · Value 77.93 · Buy at or below 77.93; 2018-03 · Price CAD 96.81 · Value 77.93 · Buy at or below 77.93; 2018-04 · Price CAD 97.90 · Value 77.93 · Buy at or below 77.93; 2018-05 · Price CAD 98.05 · Value 77.93 · Buy at or below 77.93; 2018-06 · Price CAD 93.25 · Value 77.93 · Buy at or below 77.93; 2018-07 · Price CAD 99.24 · Value 77.93 · Buy at or below 77.93; 2018-08 · Price CAD 103.50 · Value 77.93 · Buy at or below 77.93; 2018-09 · Price CAD 107.40 · Value 77.93 · Buy at or below 77.93; 2018-10 · Price CAD 104.01 · Value 77.93 · Buy at or below 77.93; 2018-11 · Price CAD 106.37 · Value 77.93 · Buy at or below 77.93; 2018-12 · Price CAD 99.19 · Value 77.93 · Buy at or below 77.93; 2019-01 · Price CAD 103.86 · Value 77.93 · Buy at or below 77.93; 2019-02 · Price CAD 110.00 · Value 91.92 · Buy at or below 91.92; 2019-03 · Price CAD 113.08 · Value 91.92 · Buy at or below 91.92; 2019-04 · Price CAD 109.61 · Value 91.92 · Buy at or below 91.92; 2019-05 · Price CAD 116.21 · Value 91.92 · Buy at or below 91.92; 2019-06 · Price CAD 121.02 · Value 91.92 · Buy at or below 91.92; 2019-07 · Price CAD 123.02 · Value 91.92 · Buy at or below 91.92; 2019-08 · Price CAD 130.12 · Value 91.92 · Buy at or below 91.92; 2019-09 · Price CAD 133.34 · Value 91.92 · Buy at or below 91.92; 2019-10 · Price CAD 135.90 · Value 91.92 · Buy at or below 91.92; 2019-11 · Price CAD 136.97 · Value 91.92 · Buy at or below 91.92; 2019-12 · Price CAD 140.42 · Value 91.92 · Buy at or below 91.92; 2020-01 · Price CAD 143.37 · Value 91.92 · Buy at or below 91.92; 2020-02 · Price CAD 145.49 · Value 113.50 · Buy at or below 113.50; 2020-03 · Price CAD 121.63 · Value 113.50 · Buy at or below 113.50; 2020-04 · Price CAD 132.47 · Value 113.50 · Buy at or below 113.50; 2020-05 · Price CAD 131.44 · Value 113.50 · Buy at or below 113.50; 2020-06 · Price CAD 129.21 · Value 113.50 · Buy at or below 113.50; 2020-07 · Price CAD 146.24 · Value 113.50 · Buy at or below 113.50; 2020-08 · Price CAD 139.71 · Value 113.50 · Buy at or below 113.50; 2020-09 · Price CAD 142.58 · Value 113.50 · Buy at or below 113.50; 2020-10 · Price CAD 137.62 · Value 113.50 · Buy at or below 113.50; 2020-11 · Price CAD 145.29 · Value 113.50 · Buy at or below 113.50; 2020-12 · Price CAD 150.72 · Value 113.50 · Buy at or below 113.50; 2021-01 · Price CAD 141.00 · Value 113.50 · Buy at or below 113.50; 2021-02 · Price CAD 142.24 · Value 178.68 · Buy at or below 178.68; 2021-03 · Price CAD 154.00 · Value 178.68 · Buy at or below 178.68; 2021-04 · Price CAD 163.38 · Value 178.68 · Buy at or below 178.68; 2021-05 · Price CAD 163.24 · Value 178.68 · Buy at or below 178.68; 2021-06 · Price CAD 168.41 · Value 178.68 · Buy at or below 178.68; 2021-07 · Price CAD 170.00 · Value 178.68 · Buy at or below 178.68; 2021-08 · Price CAD 171.83 · Value 178.68 · Buy at or below 178.68; 2021-09 · Price CAD 167.48 · Value 178.68 · Buy at or below 178.68; 2021-10 · Price CAD 165.91 · Value 178.68 · Buy at or below 178.68; 2021-11 · Price CAD 158.52 · Value 178.68 · Buy at or below 178.68; 2021-12 · Price CAD 164.42 · Value 178.68 · Buy at or below 178.68; 2022-01 · Price CAD 172.23 · Value 178.68 · Buy at or below 178.68; 2022-02 · Price CAD 181.79 · Value 177.72 · Buy at or below 177.72; 2022-03 · Price CAD 184.72 · Value 177.72 · Buy at or below 177.72; 2022-04 · Price CAD 179.72 · Value 177.72 · Buy at or below 177.72; 2022-05 · Price CAD 182.75 · Value 177.72 · Buy at or below 177.72; 2022-06 · Price CAD 181.56 · Value 177.72 · Buy at or below 177.72; 2022-07 · Price CAD 190.60 · Value 177.72 · Buy at or below 177.72; 2022-08 · Price CAD 190.25 · Value 177.72 · Buy at or below 177.72; 2022-09 · Price CAD 195.49 · Value 177.72 · Buy at or below 177.72; 2022-10 · Price CAD 207.01 · Value 177.72 · Buy at or below 177.72; 2022-11 · Price CAD 201.26 · Value 177.72 · Buy at or below 177.72; 2022-12 · Price CAD 194.91 · Value 177.72 · Buy at or below 177.72; 2023-01 · Price CAD 193.03 · Value 177.72 · Buy at or below 177.72; 2023-02 · Price CAD 196.01 · Value 158.34 · Buy at or below 158.34; 2023-03 · Price CAD 193.42 · Value 158.34 · Buy at or below 158.34; 2023-04 · Price CAD 204.94 · Value 158.34 · Buy at or below 158.34; 2023-05 · Price CAD 200.06 · Value 158.34 · Buy at or below 158.34; 2023-06 · Price CAD 204.54 · Value 158.34 · Buy at or below 158.34; 2023-07 · Price CAD 194.81 · Value 158.34 · Buy at or below 158.34; 2023-08 · Price CAD 190.50 · Value 158.34 · Buy at or below 158.34; 2023-09 · Price CAD 198.02 · Value 158.34 · Buy at or below 158.34; 2023-10 · Price CAD 194.84 · Value 158.34 · Buy at or below 158.34; 2023-11 · Price CAD 210.30 · Value 158.34 · Buy at or below 158.34; 2023-12 · Price CAD 203.86 · Value 158.34 · Buy at or below 158.34; 2024-01 · Price CAD 210.25 · Value 158.34 · Buy at or below 158.34; 2024-02 · Price CAD 225.68 · Value 192.18 · Buy at or below 192.18; 2024-03 · Price CAD 220.04 · Value 192.18 · Buy at or below 192.18; 2024-04 · Price CAD 226.27 · Value 192.18 · Buy at or below 192.18; 2024-05 · Price CAD 228.04 · Value 192.18 · Buy at or below 192.18; 2024-06 · Price CAD 228.01 · Value 192.18 · Buy at or below 192.18; 2024-07 · Price CAD 250.90 · Value 192.18 · Buy at or below 192.18; 2024-08 · Price CAD 253.63 · Value 192.18 · Buy at or below 192.18; 2024-09 · Price CAD 259.70 · Value 192.18 · Buy at or below 192.18; 2024-10 · Price CAD 265.90 · Value 192.18 · Buy at or below 192.18; 2024-11 · Price CAD 266.67 · Value 192.18 · Buy at or below 192.18; 2024-12 · Price CAD 261.73 · Value 192.18 · Buy at or below 192.18; 2025-01 · Price CAD 258.15 · Value 192.18 · Buy at or below 192.18; 2025-02 · Price CAD 285.05 · Value 248.22 · Buy at or below 248.22; 2025-03 · Price CAD 294.01 · Value 248.22 · Buy at or below 248.22; 2025-04 · Price CAD 306.17 · Value 248.22 · Buy at or below 248.22; 2025-05 · Price CAD 311.35 · Value 248.22 · Buy at or below 248.22; 2025-06 · Price CAD 316.65 · Value 248.22 · Buy at or below 248.22; 2025-07 · Price CAD 286.40 · Value 248.22 · Buy at or below 248.22; 2025-08 · Price CAD 275.03 · Value 248.22 · Buy at or below 248.22; 2025-09 · Price CAD 270.77 · Value 248.22 · Buy at or below 248.22; 2025-10 · Price CAD 261.63 · Value 248.22 · Buy at or below 248.22; 2025-11 · Price CAD 285.40 · Value 248.22 · Buy at or below 248.22; 2025-12 · Price CAD 285.73 · Value 248.22 · Buy at or below 248.22; 2026-01 · Price CAD 247.91 · Value 248.22 · Buy at or below 248.22; 2026-02 · Price CAD 263.35 · Value 264.38 · Buy at or below 264.38; 2026-03 · Price CAD 252.08 · Value 264.38 · Buy at or below 264.38; 2026-04 · Price CAD 261.74 · Value 264.38 · Buy at or below 264.38; 2026-05 · Price CAD 270.87 · Value 264.38 · Buy at or below 264.38; 2026-06 · Price CAD 292.71 · Value 264.38 · Buy at or below 264.38; 2026-07 · Price CAD 275.25 · Value 264.38 · Buy at or below 264.38; 2026-08 · Price CAD 268.27 · Value 264.38 · Buy at or below 264.38; 2026-09 · Price CAD 245.84 · Value 264.38 · Buy at or below 264.38; 2026-10 · Price CAD 245.31 · Value 264.38 · Buy at or below 264.38; 2026-10 · Price CAD 251.93 · Value 264.38 · Buy at or below 264.38

CAD per share · annual estimates

Price & return math
Value range	CAD 211.51 – CAD 352.51
Buy at or below	Central value CAD 264.38
Discount to value	1 − 251.93 / 264.38 = 4.7%
Return / year	About 10.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Book CAD 66.10/share; ROE 25.0%; first payout CAD 10.58/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeCAD 3.3B

Net income

Book / shareCAD 122.14

Book / share

Dividend / shareCAD 6.12

Dividend / share

Return on tangible equity29.6%

Return on tangible equity

Diluted shares178M

Diluted shares

Prices 15 Oct 2026 · FY2025