# National Bank of Canada (NA.TO)

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

Analysis as of: 2026-10-16T07:33:52.667Z. 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 204.32 per share; close as of 2026-10-15.

Estimated value: low CAD 170.63 per share, central CAD 213.28 per share, high CAD 284.38 per share. Buy at or below the central value CAD 213.28 per share. Valuation as of 2026-10-16T07:33:52.667Z; 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: 9

- Return on common equity variation (informational): 0.14×

Chart: Net income; fiscal year observations.

- FY2016: CAD 1.1B

- FY2017: CAD 1.9B

- FY2018: CAD 2.0B

- FY2019: CAD 2.1B

- FY2020: CAD 1.9B

- FY2021: CAD 3.0B

- FY2022: CAD 3.3B

- FY2023: CAD 3.2B

- FY2024: CAD 3.7B

- FY2025: CAD 3.9B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 16.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 13.3%

- Years with reported combined ratio: 0

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

- FY2016: 12.8%

- FY2017: 18.4%

- FY2018: 18.1%

- FY2019: 17.9%

- FY2020: 14.2%

- FY2021: 19.0%

- FY2022: 17.4%

- FY2023: 15.1%

- FY2024: 16.1%

- FY2025: 13.3%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 20.2%

- Book return interval: 10 years

- Starting book value per share: CAD 24.22

- Ending book value per share: CAD 73.01

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

- FY2016: 12.3%

- FY2017: 24.5%

- FY2018: 21.9%

- FY2019: 16.3%

- FY2020: 23.7%

- FY2021: 24.3%

- FY2022: 27.9%

- FY2023: 17.8%

- FY2024: 16.8%

- FY2025: 17.2%

### 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: 3.2%

- Share growth excluding flagged crisis recapitalisations: 1.6%

- Five-year share growth excluding flagged crisis recapitalisations: 3.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.58×

- Book value created per share: CAD 48.79

- Earnings retained per share after dividends and buybacks: CAD 30.83

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

- FY2015: 100

- FY2016: 101

- FY2017: 102

- FY2018: 101

- FY2019: 100

- FY2020: 100

- FY2021: 101

- FY2022: 100

- FY2023: 101

- FY2024: 101

- FY2025: 117

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 5.8% a year forever · "National Bank of Canada's profit rises on wealth management boost" (ca.finance.yahoo.com, Aug 2025) · net income +5.2%

Story as of 2026-10-16T09:59:58.078Z; price observation 2026-10-15.

The price assumes profits grow 5.8% a year forever

- 2025-12-03: National Bank Lodges Big Q4 Adjusted Earnings Beat and Raises Its Dividend ([finance.yahoo.com](https://finance.yahoo.com/news/national-bank-lodges-big-q4-115801832.html))

### Net income · FY2025

net income +5.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CAD 1.1B 

- FY2017: CAD 1.9B 

- FY2018: CAD 2.0B 

- FY2019: CAD 2.1B 

- FY2020: CAD 1.9B 

- FY2021: CAD 3.0B 

- FY2022: CAD 3.3B 

- FY2023: CAD 3.2B 

- FY2024: CAD 3.7B 

- FY2025: CAD 3.9B 

## Owner memo

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

### How it makes money

Operates in diversified banking; annual sales are CAD 30.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:52.667Z); FY2025: revenue 30796000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NA.TO: National Bank of Canada provides financial services to individuals, businesses, institutional clients, and governments in Canada and internationally. It operates through four segments: Personal and Commercial, Wealth Management, Financial Markets, and U.S. Specialty Finance and International. The Personal and Commercial segment offers banking, financing, and investing services to individuals, advisors, and businesses, as well as insurance operations. The Wealth Management segment provides investment solutions, trust services, banking services, lending services, and other wealth management solutions offered through internal and third-party distribution networks. The Financial Markets segment offers corporate and investment banking solutions for large and mid-size corporations, public sector organizations, and institutional investors. The U.S. Specialty Finance and International segment provides specialty finance products; and personal and commercial banking in Cambodia. National Bank of Canada was founded in 1859 and is headquartered in Montreal, Canada.

### Why customers stay

It earns 16.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:52.667Z); 10-year return on tangible equity observations [[2016,0.12780320366132722],[2017,0.18362700455355374],[2018,0.18133333333333335],[2019,0.17892976588628762],[2020,0.14210759680756724],[2021,0.18973649456009056],[2022,0.17370792472833288],[2023,0.15072491506770658],[2024,0.16069313445931124],[2025,0.13319502074688797]]; median 0.16720052959382206. 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 213 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:52.667Z); Dividend observations: [[2016,600000000],[2017,846000000],[2018,918000000],[2019,992000000],[2020,1300000000],[2021,1101000000],[2022,1325000000],[2023,1503000000],[2024,1640000000],[2025,1952000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:52.667Z); FY2025: cash repurchases 213000000 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); NA.TO SharesStats.PercentInsiders = 0.11399999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 5.8% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:52.667Z); Price 204.32; FX 1; original perpetual distributable cash 8.531310797619609; discount 0.1; growth 0.058245346526920476. 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 47.88 per share

- 2016-11: CAD 50.32 per share

- 2016-12: CAD 54.53 per share

- 2017-01: CAD 56.17 per share

- 2017-02: CAD 56.68 per share

- 2017-03: CAD 55.84 per share

- 2017-04: CAD 53.05 per share

- 2017-05: CAD 53.28 per share

- 2017-06: CAD 54.53 per share

- 2017-07: CAD 56.15 per share

- 2017-08: CAD 57.48 per share

- 2017-09: CAD 60.05 per share

- 2017-10: CAD 62.61 per share

- 2017-11: CAD 63.57 per share

- 2017-12: CAD 62.72 per share

- 2018-01: CAD 63.84 per share

- 2018-02: CAD 62.26 per share

- 2018-03: CAD 60.64 per share

- 2018-04: CAD 60.98 per share

- 2018-05: CAD 62.02 per share

- 2018-06: CAD 63.12 per share

- 2018-07: CAD 63.77 per share

- 2018-08: CAD 65.31 per share

- 2018-09: CAD 64.51 per share

- 2018-10: CAD 59.76 per share

- 2018-11: CAD 60.60 per share

- 2018-12: CAD 56.05 per share

- 2019-01: CAD 61.80 per share

- 2019-02: CAD 62.09 per share

- 2019-03: CAD 60.31 per share

- 2019-04: CAD 63.82 per share

- 2019-05: CAD 60.71 per share

- 2019-06: CAD 62.21 per share

- 2019-07: CAD 63.88 per share

- 2019-08: CAD 62.52 per share

- 2019-09: CAD 65.92 per share

- 2019-10: CAD 68.02 per share

- 2019-11: CAD 71.15 per share

- 2019-12: CAD 72.08 per share

- 2020-01: CAD 73.43 per share

- 2020-02: CAD 69.77 per share

- 2020-03: CAD 54.39 per share

- 2020-04: CAD 56.14 per share

- 2020-05: CAD 59.96 per share

- 2020-06: CAD 61.52 per share

- 2020-07: CAD 63.24 per share

- 2020-08: CAD 71.70 per share

- 2020-09: CAD 66.14 per share

- 2020-10: CAD 63.94 per share

- 2020-11: CAD 71.94 per share

- 2020-12: CAD 71.64 per share

- 2021-01: CAD 71.87 per share

- 2021-02: CAD 80.16 per share

- 2021-03: CAD 85.37 per share

- 2021-04: CAD 89.36 per share

- 2021-05: CAD 95.01 per share

- 2021-06: CAD 92.77 per share

- 2021-07: CAD 95.49 per share

- 2021-08: CAD 100.14 per share

- 2021-09: CAD 97.28 per share

- 2021-10: CAD 102.46 per share

- 2021-11: CAD 99.27 per share

- 2021-12: CAD 96.44 per share

- 2022-01: CAD 101.70 per share

- 2022-02: CAD 101.63 per share

- 2022-03: CAD 95.83 per share

- 2022-04: CAD 89.72 per share

- 2022-05: CAD 97.08 per share

- 2022-06: CAD 84.47 per share

- 2022-07: CAD 89.85 per share

- 2022-08: CAD 86.89 per share

- 2022-09: CAD 86.58 per share

- 2022-10: CAD 92.76 per share

- 2022-11: CAD 95.93 per share

- 2022-12: CAD 91.23 per share

- 2023-01: CAD 99.95 per share

- 2023-02: CAD 100.22 per share

- 2023-03: CAD 96.67 per share

- 2023-04: CAD 101.03 per share

- 2023-05: CAD 97.32 per share

- 2023-06: CAD 98.70 per share

- 2023-07: CAD 103.28 per share

- 2023-08: CAD 94.17 per share

- 2023-09: CAD 90.23 per share

- 2023-10: CAD 86.22 per share

- 2023-11: CAD 89.92 per share

- 2023-12: CAD 101.00 per share

- 2024-01: CAD 102.83 per share

- 2024-02: CAD 105.93 per share

- 2024-03: CAD 114.06 per share

- 2024-04: CAD 110.54 per share

- 2024-05: CAD 116.49 per share

- 2024-06: CAD 108.51 per share

- 2024-07: CAD 115.48 per share

- 2024-08: CAD 123.49 per share

- 2024-09: CAD 127.74 per share

- 2024-10: CAD 132.80 per share

- 2024-11: CAD 138.71 per share

- 2024-12: CAD 131.04 per share

- 2025-01: CAD 128.99 per share

- 2025-02: CAD 120.41 per share

- 2025-03: CAD 118.77 per share

- 2025-04: CAD 121.08 per share

- 2025-05: CAD 135.07 per share

- 2025-06: CAD 140.52 per share

- 2025-07: CAD 144.13 per share

- 2025-08: CAD 144.36 per share

- 2025-09: CAD 147.83 per share

- 2025-10: CAD 156.70 per share

- 2025-11: CAD 168.95 per share

- 2025-12: CAD 172.61 per share

- 2026-01: CAD 162.25 per share

- 2026-02: CAD 190.37 per share

- 2026-03: CAD 180.01 per share

- 2026-04: CAD 205.04 per share

- 2026-05: CAD 201.34 per share

- 2026-06: CAD 223.91 per share

- 2026-07: CAD 226.75 per share

- 2026-08: CAD 212.67 per share

- 2026-09: CAD 203.11 per share

- 2026-10: CAD 202.31 per share

## Annual estimated value (CAD per share)

- FY2016: low CAD 61.43 per share, central CAD 76.79 per share, high CAD 102.39 per share

- FY2017: low CAD 76.17 per share, central CAD 95.22 per share, high CAD 126.96 per share

- FY2018: low CAD 86.57 per share, central CAD 108.21 per share, high CAD 144.28 per share

- FY2019: low CAD 92.99 per share, central CAD 116.24 per share, high CAD 154.98 per share

- FY2020: low CAD 104.98 per share, central CAD 131.23 per share, high CAD 174.97 per share

- FY2021: low CAD 122.00 per share, central CAD 152.50 per share, high CAD 203.34 per share

- FY2022: low CAD 143.91 per share, central CAD 179.89 per share, high CAD 239.85 per share

- FY2023: low CAD 104.59 per share, central CAD 115.05 per share, high CAD 127.83 per share

- FY2024: low CAD 164.81 per share, central CAD 206.01 per share, high CAD 274.68 per share

- FY2025: low CAD 165.61 per share, central CAD 207.01 per share, high CAD 276.01 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

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.

National Bank of Canada

NA · TO

S&P/TSX 60

A wonderful business at a fair price

Passes the quality tests.

Share price: CAD 204.32
Buy up to: CAD 213.28
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 9 needed).

Net income

10y median: CAD 2.6B
Worst year: CAD 1.1B
Latest · 2025: CAD 3.9B

Earned a median 16.7% on tangible equity (minimum 12%), and the second-worst year 13.3% (minimum 5%).

Return on tangible common equity

10y median: 16.7%
Worst year: 12.8%
Latest · 2025: 13.3%

Book value plus dividends grew 20.2% a year (minimum 7%).

Annual book + dividend return

10y median: 19.9%
Worst year: 12.3%
Latest · 2025: 17.2%

Ordinary share growth was 1.6% over the full period and 3.2% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 101
Worst year: 117
Latest · 2025: 117

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 9.87 CAD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CAD 47.88 · Value 76.79 · Buy at or below 76.79; 2016-11 · Price CAD 50.32 · Value 76.79 · Buy at or below 76.79; 2016-12 · Price CAD 54.53 · Value 76.79 · Buy at or below 76.79; 2017-01 · Price CAD 56.17 · Value 76.79 · Buy at or below 76.79; 2017-02 · Price CAD 56.68 · Value 95.22 · Buy at or below 95.22; 2017-03 · Price CAD 55.84 · Value 95.22 · Buy at or below 95.22; 2017-04 · Price CAD 53.05 · Value 95.22 · Buy at or below 95.22; 2017-05 · Price CAD 53.28 · Value 95.22 · Buy at or below 95.22; 2017-06 · Price CAD 54.53 · Value 95.22 · Buy at or below 95.22; 2017-07 · Price CAD 56.15 · Value 95.22 · Buy at or below 95.22; 2017-08 · Price CAD 57.48 · Value 95.22 · Buy at or below 95.22; 2017-09 · Price CAD 60.05 · Value 95.22 · Buy at or below 95.22; 2017-10 · Price CAD 62.61 · Value 95.22 · Buy at or below 95.22; 2017-11 · Price CAD 63.57 · Value 95.22 · Buy at or below 95.22; 2017-12 · Price CAD 62.72 · Value 95.22 · Buy at or below 95.22; 2018-01 · Price CAD 63.84 · Value 95.22 · Buy at or below 95.22; 2018-02 · Price CAD 62.26 · Value 108.21 · Buy at or below 108.21; 2018-03 · Price CAD 60.64 · Value 108.21 · Buy at or below 108.21; 2018-04 · Price CAD 60.98 · Value 108.21 · Buy at or below 108.21; 2018-05 · Price CAD 62.02 · Value 108.21 · Buy at or below 108.21; 2018-06 · Price CAD 63.12 · Value 108.21 · Buy at or below 108.21; 2018-07 · Price CAD 63.77 · Value 108.21 · Buy at or below 108.21; 2018-08 · Price CAD 65.31 · Value 108.21 · Buy at or below 108.21; 2018-09 · Price CAD 64.51 · Value 108.21 · Buy at or below 108.21; 2018-10 · Price CAD 59.76 · Value 108.21 · Buy at or below 108.21; 2018-11 · Price CAD 60.60 · Value 108.21 · Buy at or below 108.21; 2018-12 · Price CAD 56.05 · Value 108.21 · Buy at or below 108.21; 2019-01 · Price CAD 61.80 · Value 108.21 · Buy at or below 108.21; 2019-02 · Price CAD 62.09 · Value 116.24 · Buy at or below 116.24; 2019-03 · Price CAD 60.31 · Value 116.24 · Buy at or below 116.24; 2019-04 · Price CAD 63.82 · Value 116.24 · Buy at or below 116.24; 2019-05 · Price CAD 60.71 · Value 116.24 · Buy at or below 116.24; 2019-06 · Price CAD 62.21 · Value 116.24 · Buy at or below 116.24; 2019-07 · Price CAD 63.88 · Value 116.24 · Buy at or below 116.24; 2019-08 · Price CAD 62.52 · Value 116.24 · Buy at or below 116.24; 2019-09 · Price CAD 65.92 · Value 116.24 · Buy at or below 116.24; 2019-10 · Price CAD 68.02 · Value 116.24 · Buy at or below 116.24; 2019-11 · Price CAD 71.15 · Value 116.24 · Buy at or below 116.24; 2019-12 · Price CAD 72.08 · Value 116.24 · Buy at or below 116.24; 2020-01 · Price CAD 73.43 · Value 116.24 · Buy at or below 116.24; 2020-02 · Price CAD 69.77 · Value 131.23 · Buy at or below 131.23; 2020-03 · Price CAD 54.39 · Value 131.23 · Buy at or below 131.23; 2020-04 · Price CAD 56.14 · Value 131.23 · Buy at or below 131.23; 2020-05 · Price CAD 59.96 · Value 131.23 · Buy at or below 131.23; 2020-06 · Price CAD 61.52 · Value 131.23 · Buy at or below 131.23; 2020-07 · Price CAD 63.24 · Value 131.23 · Buy at or below 131.23; 2020-08 · Price CAD 71.70 · Value 131.23 · Buy at or below 131.23; 2020-09 · Price CAD 66.14 · Value 131.23 · Buy at or below 131.23; 2020-10 · Price CAD 63.94 · Value 131.23 · Buy at or below 131.23; 2020-11 · Price CAD 71.94 · Value 131.23 · Buy at or below 131.23; 2020-12 · Price CAD 71.64 · Value 131.23 · Buy at or below 131.23; 2021-01 · Price CAD 71.87 · Value 131.23 · Buy at or below 131.23; 2021-02 · Price CAD 80.16 · Value 152.50 · Buy at or below 152.50; 2021-03 · Price CAD 85.37 · Value 152.50 · Buy at or below 152.50; 2021-04 · Price CAD 89.36 · Value 152.50 · Buy at or below 152.50; 2021-05 · Price CAD 95.01 · Value 152.50 · Buy at or below 152.50; 2021-06 · Price CAD 92.77 · Value 152.50 · Buy at or below 152.50; 2021-07 · Price CAD 95.49 · Value 152.50 · Buy at or below 152.50; 2021-08 · Price CAD 100.14 · Value 152.50 · Buy at or below 152.50; 2021-09 · Price CAD 97.28 · Value 152.50 · Buy at or below 152.50; 2021-10 · Price CAD 102.46 · Value 152.50 · Buy at or below 152.50; 2021-11 · Price CAD 99.27 · Value 152.50 · Buy at or below 152.50; 2021-12 · Price CAD 96.44 · Value 152.50 · Buy at or below 152.50; 2022-01 · Price CAD 101.70 · Value 152.50 · Buy at or below 152.50; 2022-02 · Price CAD 101.63 · Value 179.89 · Buy at or below 179.89; 2022-03 · Price CAD 95.83 · Value 179.89 · Buy at or below 179.89; 2022-04 · Price CAD 89.72 · Value 179.89 · Buy at or below 179.89; 2022-05 · Price CAD 97.08 · Value 179.89 · Buy at or below 179.89; 2022-06 · Price CAD 84.47 · Value 179.89 · Buy at or below 179.89; 2022-07 · Price CAD 89.85 · Value 179.89 · Buy at or below 179.89; 2022-08 · Price CAD 86.89 · Value 179.89 · Buy at or below 179.89; 2022-09 · Price CAD 86.58 · Value 179.89 · Buy at or below 179.89; 2022-10 · Price CAD 92.76 · Value 179.89 · Buy at or below 179.89; 2022-11 · Price CAD 95.93 · Value 179.89 · Buy at or below 179.89; 2022-12 · Price CAD 91.23 · Value 179.89 · Buy at or below 179.89; 2023-01 · Price CAD 99.95 · Value 179.89 · Buy at or below 179.89; 2023-02 · Price CAD 100.22 · Value 115.05 · Buy at or below 115.05; 2023-03 · Price CAD 96.67 · Value 115.05 · Buy at or below 115.05; 2023-04 · Price CAD 101.03 · Value 115.05 · Buy at or below 115.05; 2023-05 · Price CAD 97.32 · Value 115.05 · Buy at or below 115.05; 2023-06 · Price CAD 98.70 · Value 115.05 · Buy at or below 115.05; 2023-07 · Price CAD 103.28 · Value 115.05 · Buy at or below 115.05; 2023-08 · Price CAD 94.17 · Value 115.05 · Buy at or below 115.05; 2023-09 · Price CAD 90.23 · Value 115.05 · Buy at or below 115.05; 2023-10 · Price CAD 86.22 · Value 115.05 · Buy at or below 115.05; 2023-11 · Price CAD 89.92 · Value 115.05 · Buy at or below 115.05; 2023-12 · Price CAD 101.00 · Value 115.05 · Buy at or below 115.05; 2024-01 · Price CAD 102.83 · Value 115.05 · Buy at or below 115.05; 2024-02 · Price CAD 105.93 · Value 206.01 · Buy at or below 206.01; 2024-03 · Price CAD 114.06 · Value 206.01 · Buy at or below 206.01; 2024-04 · Price CAD 110.54 · Value 206.01 · Buy at or below 206.01; 2024-05 · Price CAD 116.49 · Value 206.01 · Buy at or below 206.01; 2024-06 · Price CAD 108.51 · Value 206.01 · Buy at or below 206.01; 2024-07 · Price CAD 115.48 · Value 206.01 · Buy at or below 206.01; 2024-08 · Price CAD 123.49 · Value 206.01 · Buy at or below 206.01; 2024-09 · Price CAD 127.74 · Value 206.01 · Buy at or below 206.01; 2024-10 · Price CAD 132.80 · Value 206.01 · Buy at or below 206.01; 2024-11 · Price CAD 138.71 · Value 206.01 · Buy at or below 206.01; 2024-12 · Price CAD 131.04 · Value 206.01 · Buy at or below 206.01; 2025-01 · Price CAD 128.99 · Value 206.01 · Buy at or below 206.01; 2025-02 · Price CAD 120.41 · Value 207.01 · Buy at or below 207.01; 2025-03 · Price CAD 118.77 · Value 207.01 · Buy at or below 207.01; 2025-04 · Price CAD 121.08 · Value 207.01 · Buy at or below 207.01; 2025-05 · Price CAD 135.07 · Value 207.01 · Buy at or below 207.01; 2025-06 · Price CAD 140.52 · Value 207.01 · Buy at or below 207.01; 2025-07 · Price CAD 144.13 · Value 207.01 · Buy at or below 207.01; 2025-08 · Price CAD 144.36 · Value 207.01 · Buy at or below 207.01; 2025-09 · Price CAD 147.83 · Value 207.01 · Buy at or below 207.01; 2025-10 · Price CAD 156.70 · Value 207.01 · Buy at or below 207.01; 2025-11 · Price CAD 168.95 · Value 207.01 · Buy at or below 207.01; 2025-12 · Price CAD 172.61 · Value 207.01 · Buy at or below 207.01; 2026-01 · Price CAD 162.25 · Value 207.01 · Buy at or below 207.01; 2026-02 · Price CAD 190.37 · Value 213.28 · Buy at or below 213.28; 2026-03 · Price CAD 180.01 · Value 213.28 · Buy at or below 213.28; 2026-04 · Price CAD 205.04 · Value 213.28 · Buy at or below 213.28; 2026-05 · Price CAD 201.34 · Value 213.28 · Buy at or below 213.28; 2026-06 · Price CAD 223.91 · Value 213.28 · Buy at or below 213.28; 2026-07 · Price CAD 226.75 · Value 213.28 · Buy at or below 213.28; 2026-08 · Price CAD 212.67 · Value 213.28 · Buy at or below 213.28; 2026-09 · Price CAD 203.11 · Value 213.28 · Buy at or below 213.28; 2026-10 · Price CAD 202.31 · Value 213.28 · Buy at or below 213.28; 2026-10 · Price CAD 204.32 · Value 213.28 · Buy at or below 213.28

CAD per share · annual estimates

Price & return math
Value range	CAD 170.63 – CAD 284.38
Buy at or below	Central value CAD 213.28
Discount to value	1 − 204.32 / 213.28 = 4.2%
Return / year	About 10.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Book CAD 75.22/share; ROE 17.3%; first payout CAD 8.53/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeCAD 3.9B

Net income

Book / shareCAD 73.01

Book / share

Dividend / shareCAD 4.93

Dividend / share

Return on tangible equity13.3%

Return on tangible equity

Diluted shares396M

Diluted shares

Prices 15 Oct 2026 · FY2025