# Toronto Dominion Bank (TD.TO)

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

Analysis as of: 2026-10-16T07:33:33.907Z. 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 170.02 per share; close as of 2026-10-15.

Estimated value: low CAD 141.83 per share, central CAD 177.28 per share, high CAD 236.38 per share. Buy at or below the central value CAD 177.28 per share. Valuation as of 2026-10-16T07:33:33.907Z; 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): 0.20×

Chart: Net income; fiscal year observations.

- FY2016: CAD 8.7B

- FY2017: CAD 10B

- FY2018: CAD 11B

- FY2019: CAD 11B

- FY2020: CAD 12B

- FY2021: CAD 14B

- FY2022: CAD 17B

- FY2023: CAD 10B

- FY2024: CAD 8.3B

- FY2025: CAD 20B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 17.0%

- 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: 16.3%

- FY2017: 18.4%

- FY2018: 18.4%

- FY2019: 16.7%

- FY2020: 15.3%

- FY2021: 17.2%

- FY2022: 18.8%

- FY2023: 11.1%

- FY2024: 8.9%

- FY2025: 18.9%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 17.2%

- Book return interval: 10 years

- Starting book value per share: CAD 24.99

- Ending book value per share: CAD 61.97

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

- FY2016: 22.9%

- FY2017: 12.5%

- FY2018: 17.9%

- FY2019: 23.3%

- FY2020: 17.1%

- FY2021: 13.5%

- FY2022: 21.1%

- FY2023: 6.0%

- FY2024: 14.5%

- FY2025: 24.6%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -0.9%

- Diluted shares, 5-year annual growth: -1.3%

- Share growth excluding flagged crisis recapitalisations: -0.9%

- Five-year share growth excluding flagged crisis recapitalisations: -1.3%

- Flagged crisis recapitalisations: 0

- Book value created per share: CAD 36.98

- Earnings retained per share after dividends and buybacks: CAD -33.14

### 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.

- [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 5.8% a year forever · "Toronto-Dominion Bank Plans to Slash Costs With AI, Revives Medium-Term Growth Targets" (finance.yahoo.com, Sep 2025) · net income +140.2%

Story as of 2026-10-16T09:59:56.698Z; price observation 2026-10-15.

The price assumes profits grow 5.8% a year forever

- 2025-05-22: Toronto-Dominion Bank (TSX:TD) Declares Dividends; Reports Strong Earnings Growth ([finance.yahoo.com](https://finance.yahoo.com/news/toronto-dominion-bank-tsx-td-172011298.html))

- 2025-08-28: TD Bank, CIBC Results Echo Peers Buoyed by Lower Credit-Loss Provisions ([finance.yahoo.com](https://finance.yahoo.com/m/5f53f7df-d908-3a30-ac01-33f155aa8e29/td-bank%2C-cibc-results-echo.html))

- 2025-09-29: Toronto-Dominion Bank Plans to Slash Costs With AI, Revives Medium-Term Growth Targets ([finance.yahoo.com](https://finance.yahoo.com/news/toronto-dominion-bank-plans-slash-194447348.html))

- 2025-12-04: TD Bank Pushes Up Dividend After Underlying Earnings, Revenue Beat Expectations ([finance.yahoo.com](https://finance.yahoo.com/m/81a95884-7753-3082-8454-3fb485576e00/td-bank-pushes-up-dividend.html))

- 2026-02-26: TD Q1 Adjusted EPS Beats Estimates on Higher Revenue, Declares Dividend ([finance.yahoo.com](https://finance.yahoo.com/news/td-q1-adjusted-eps-beats-120304467.html))

### Net income · FY2025

net income +140.2%; source https://www.sec.gov/Archives/edgar/data/947263/000156276225000289/40f20251031.htm; observed 2025-12-04.

- FY2016: CAD 8.7B 

- FY2017: CAD 10B 

- FY2018: CAD 11B 

- FY2019: CAD 11B 

- FY2020: CAD 12B 

- FY2021: CAD 14B 

- FY2022: CAD 17B 

- FY2023: CAD 10B 

- FY2024: CAD 8.3B 

- FY2025: CAD 20B 

## Owner memo

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

### How it makes money

Operates in diversified banking; annual sales are CAD 67.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/947263/000156276225000289/40f20251031.htm (filed 2025-12-04); FY2025: revenue 67780000000.

### Why customers stay

It earns 17% 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 [[2016,0.16296490997502958],[2017,0.1840600364403875],[2018,0.18397388929594352],[2019,0.1673360499545601],[2020,0.1525463752525385],[2021,0.1724586622147478],[2022,0.18780626531326566],[2023,0.11103883216829478],[2024,0.08916528172411944],[2025,0.18942885866575618]]; median 0.16989735608465395. 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 20.8 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-04); Dividend observations: [[2016,3808000000],[2017,4211000000],[2018,4634000000],[2019,5157000000],[2020,3660000000],[2021,5555000000],[2022,6665000000],[2023,5825000000],[2024,7160000000],[2025,7663000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/947263/000156276225000289/40f20251031.htm (filed 2025-12-04); FY2025: cash repurchases 20835000000 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); TD.TO SharesStats.PercentInsiders = 0.04 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 2025-12-04); Price 170.02; FX 1; original perpetual distributable cash 7.091358966137595; discount 0.1; growth 0.05829103066617108. 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 60.86 per share

- 2016-11: CAD 63.57 per share

- 2016-12: CAD 66.22 per share

- 2017-01: CAD 67.41 per share

- 2017-02: CAD 68.46 per share

- 2017-03: CAD 66.61 per share

- 2017-04: CAD 64.23 per share

- 2017-05: CAD 64.40 per share

- 2017-06: CAD 65.35 per share

- 2017-07: CAD 64.27 per share

- 2017-08: CAD 67.06 per share

- 2017-09: CAD 70.25 per share

- 2017-10: CAD 73.34 per share

- 2017-11: CAD 73.24 per share

- 2017-12: CAD 73.65 per share

- 2018-01: CAD 74.82 per share

- 2018-02: CAD 74.00 per share

- 2018-03: CAD 73.11 per share

- 2018-04: CAD 72.11 per share

- 2018-05: CAD 75.70 per share

- 2018-06: CAD 76.09 per share

- 2018-07: CAD 77.17 per share

- 2018-08: CAD 78.65 per share

- 2018-09: CAD 78.49 per share

- 2018-10: CAD 73.03 per share

- 2018-11: CAD 73.56 per share

- 2018-12: CAD 67.86 per share

- 2019-01: CAD 74.00 per share

- 2019-02: CAD 75.46 per share

- 2019-03: CAD 72.52 per share

- 2019-04: CAD 76.42 per share

- 2019-05: CAD 73.90 per share

- 2019-06: CAD 76.52 per share

- 2019-07: CAD 77.15 per share

- 2019-08: CAD 72.20 per share

- 2019-09: CAD 77.25 per share

- 2019-10: CAD 75.21 per share

- 2019-11: CAD 76.59 per share

- 2019-12: CAD 72.83 per share

- 2020-01: CAD 73.14 per share

- 2020-02: CAD 69.04 per share

- 2020-03: CAD 59.83 per share

- 2020-04: CAD 58.16 per share

- 2020-05: CAD 58.98 per share

- 2020-06: CAD 60.59 per share

- 2020-07: CAD 59.27 per share

- 2020-08: CAD 65.07 per share

- 2020-09: CAD 61.65 per share

- 2020-10: CAD 58.78 per share

- 2020-11: CAD 69.28 per share

- 2020-12: CAD 71.92 per share

- 2021-01: CAD 72.46 per share

- 2021-02: CAD 77.14 per share

- 2021-03: CAD 81.96 per share

- 2021-04: CAD 84.50 per share

- 2021-05: CAD 86.90 per share

- 2021-06: CAD 86.87 per share

- 2021-07: CAD 82.95 per share

- 2021-08: CAD 81.93 per share

- 2021-09: CAD 83.85 per share

- 2021-10: CAD 89.84 per share

- 2021-11: CAD 90.15 per share

- 2021-12: CAD 96.98 per share

- 2022-01: CAD 101.81 per share

- 2022-02: CAD 102.28 per share

- 2022-03: CAD 99.19 per share

- 2022-04: CAD 92.79 per share

- 2022-05: CAD 96.66 per share

- 2022-06: CAD 84.41 per share

- 2022-07: CAD 83.18 per share

- 2022-08: CAD 84.49 per share

- 2022-09: CAD 84.72 per share

- 2022-10: CAD 87.19 per share

- 2022-11: CAD 89.53 per share

- 2022-12: CAD 87.67 per share

- 2023-01: CAD 92.06 per share

- 2023-02: CAD 90.85 per share

- 2023-03: CAD 80.95 per share

- 2023-04: CAD 82.07 per share

- 2023-05: CAD 76.84 per share

- 2023-06: CAD 82.11 per share

- 2023-07: CAD 86.96 per share

- 2023-08: CAD 82.42 per share

- 2023-09: CAD 81.83 per share

- 2023-10: CAD 77.46 per share

- 2023-11: CAD 82.74 per share

- 2023-12: CAD 85.62 per share

- 2024-01: CAD 81.67 per share

- 2024-02: CAD 81.49 per share

- 2024-03: CAD 81.75 per share

- 2024-04: CAD 81.67 per share

- 2024-05: CAD 76.20 per share

- 2024-06: CAD 75.20 per share

- 2024-07: CAD 81.53 per share

- 2024-08: CAD 80.75 per share

- 2024-09: CAD 85.52 per share

- 2024-10: CAD 76.97 per share

- 2024-11: CAD 79.23 per share

- 2024-12: CAD 76.53 per share

- 2025-01: CAD 82.91 per share

- 2025-02: CAD 86.64 per share

- 2025-03: CAD 86.23 per share

- 2025-04: CAD 88.09 per share

- 2025-05: CAD 94.77 per share

- 2025-06: CAD 100.16 per share

- 2025-07: CAD 100.92 per share

- 2025-08: CAD 103.12 per share

- 2025-09: CAD 111.28 per share

- 2025-10: CAD 115.16 per share

- 2025-11: CAD 117.65 per share

- 2025-12: CAD 129.36 per share

- 2026-01: CAD 127.26 per share

- 2026-02: CAD 132.88 per share

- 2026-03: CAD 129.92 per share

- 2026-04: CAD 146.33 per share

- 2026-05: CAD 157.75 per share

- 2026-06: CAD 172.44 per share

- 2026-07: CAD 168.04 per share

- 2026-08: CAD 167.67 per share

- 2026-09: CAD 167.33 per share

- 2026-10: CAD 167.83 per share

## Annual estimated value (CAD per share)

- FY2016: low CAD 79.81 per share, central CAD 99.76 per share, high CAD 133.01 per share

- FY2017: low CAD 79.21 per share, central CAD 99.01 per share, high CAD 132.02 per share

- FY2018: low CAD 85.05 per share, central CAD 106.31 per share, high CAD 141.75 per share

- FY2019: low CAD 97.47 per share, central CAD 121.84 per share, high CAD 162.45 per share

- FY2020: low CAD 71.65 per share, central CAD 78.81 per share, high CAD 87.57 per share

- FY2021: low CAD 108.55 per share, central CAD 135.68 per share, high CAD 180.91 per share

- FY2022: low CAD 122.47 per share, central CAD 153.09 per share, high CAD 204.12 per share

- FY2023: low CAD 113.66 per share, central CAD 142.07 per share, high CAD 189.43 per share

- FY2024: low CAD 118.15 per share, central CAD 147.68 per share, high CAD 196.91 per share

- FY2025: low CAD 140.38 per share, central CAD 175.48 per share, high CAD 233.97 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

## Sources

[Original 40-F filing](https://www.sec.gov/Archives/edgar/data/947263/000156276225000289/40f20251031.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.

Toronto Dominion Bank

TD · TO

S&P/TSX 60

A wonderful business at a fair price

Passes the quality tests.

Share price: CAD 170.02
Buy up to: CAD 177.28
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 11B
Worst year: CAD 8.3B
Latest · 2025: CAD 20B

Earned a median 17% on tangible equity (minimum 12%), and the second-worst year 11.1% (minimum 5%).

Return on tangible common equity

10y median: 17.0%
Worst year: 8.9%
Latest · 2025: 18.9%

Book value plus dividends grew 17.2% a year (minimum 7%).

Annual book + dividend return

10y median: 17.5%
Worst year: 6.0%
Latest · 2025: 24.6%

Ordinary share growth was -0.9% over the full period and -1.3% over five years (either must be at most 2% a year).

Filing signals · estimated likelihood

per-share value change
Passing bar: ≥ CAD 0

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 7.36 CAD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CAD 60.86 · Value 99.76 · Buy at or below 99.76; 2016-11 · Price CAD 63.57 · Value 99.76 · Buy at or below 99.76; 2016-12 · Price CAD 66.22 · Value 99.76 · Buy at or below 99.76; 2017-01 · Price CAD 67.41 · Value 99.76 · Buy at or below 99.76; 2017-02 · Price CAD 68.46 · Value 99.01 · Buy at or below 99.01; 2017-03 · Price CAD 66.61 · Value 99.01 · Buy at or below 99.01; 2017-04 · Price CAD 64.23 · Value 99.01 · Buy at or below 99.01; 2017-05 · Price CAD 64.40 · Value 99.01 · Buy at or below 99.01; 2017-06 · Price CAD 65.35 · Value 99.01 · Buy at or below 99.01; 2017-07 · Price CAD 64.27 · Value 99.01 · Buy at or below 99.01; 2017-08 · Price CAD 67.06 · Value 99.01 · Buy at or below 99.01; 2017-09 · Price CAD 70.25 · Value 99.01 · Buy at or below 99.01; 2017-10 · Price CAD 73.34 · Value 99.01 · Buy at or below 99.01; 2017-11 · Price CAD 73.24 · Value 99.01 · Buy at or below 99.01; 2017-12 · Price CAD 73.65 · Value 99.01 · Buy at or below 99.01; 2018-01 · Price CAD 74.82 · Value 99.01 · Buy at or below 99.01; 2018-02 · Price CAD 74.00 · Value 106.31 · Buy at or below 106.31; 2018-03 · Price CAD 73.11 · Value 106.31 · Buy at or below 106.31; 2018-04 · Price CAD 72.11 · Value 106.31 · Buy at or below 106.31; 2018-05 · Price CAD 75.70 · Value 106.31 · Buy at or below 106.31; 2018-06 · Price CAD 76.09 · Value 106.31 · Buy at or below 106.31; 2018-07 · Price CAD 77.17 · Value 106.31 · Buy at or below 106.31; 2018-08 · Price CAD 78.65 · Value 106.31 · Buy at or below 106.31; 2018-09 · Price CAD 78.49 · Value 106.31 · Buy at or below 106.31; 2018-10 · Price CAD 73.03 · Value 106.31 · Buy at or below 106.31; 2018-11 · Price CAD 73.56 · Value 106.31 · Buy at or below 106.31; 2018-12 · Price CAD 67.86 · Value 106.31 · Buy at or below 106.31; 2019-01 · Price CAD 74.00 · Value 106.31 · Buy at or below 106.31; 2019-02 · Price CAD 75.46 · Value 121.84 · Buy at or below 121.84; 2019-03 · Price CAD 72.52 · Value 121.84 · Buy at or below 121.84; 2019-04 · Price CAD 76.42 · Value 121.84 · Buy at or below 121.84; 2019-05 · Price CAD 73.90 · Value 121.84 · Buy at or below 121.84; 2019-06 · Price CAD 76.52 · Value 121.84 · Buy at or below 121.84; 2019-07 · Price CAD 77.15 · Value 121.84 · Buy at or below 121.84; 2019-08 · Price CAD 72.20 · Value 121.84 · Buy at or below 121.84; 2019-09 · Price CAD 77.25 · Value 121.84 · Buy at or below 121.84; 2019-10 · Price CAD 75.21 · Value 121.84 · Buy at or below 121.84; 2019-11 · Price CAD 76.59 · Value 121.84 · Buy at or below 121.84; 2019-12 · Price CAD 72.83 · Value 121.84 · Buy at or below 121.84; 2020-01 · Price CAD 73.14 · Value 121.84 · Buy at or below 121.84; 2020-02 · Price CAD 69.04 · Value 78.81 · Buy at or below 78.81; 2020-03 · Price CAD 59.83 · Value 78.81 · Buy at or below 78.81; 2020-04 · Price CAD 58.16 · Value 78.81 · Buy at or below 78.81; 2020-05 · Price CAD 58.98 · Value 78.81 · Buy at or below 78.81; 2020-06 · Price CAD 60.59 · Value 78.81 · Buy at or below 78.81; 2020-07 · Price CAD 59.27 · Value 78.81 · Buy at or below 78.81; 2020-08 · Price CAD 65.07 · Value 78.81 · Buy at or below 78.81; 2020-09 · Price CAD 61.65 · Value 78.81 · Buy at or below 78.81; 2020-10 · Price CAD 58.78 · Value 78.81 · Buy at or below 78.81; 2020-11 · Price CAD 69.28 · Value 78.81 · Buy at or below 78.81; 2020-12 · Price CAD 71.92 · Value 78.81 · Buy at or below 78.81; 2021-01 · Price CAD 72.46 · Value 78.81 · Buy at or below 78.81; 2021-02 · Price CAD 77.14 · Value 135.68 · Buy at or below 135.68; 2021-03 · Price CAD 81.96 · Value 135.68 · Buy at or below 135.68; 2021-04 · Price CAD 84.50 · Value 135.68 · Buy at or below 135.68; 2021-05 · Price CAD 86.90 · Value 135.68 · Buy at or below 135.68; 2021-06 · Price CAD 86.87 · Value 135.68 · Buy at or below 135.68; 2021-07 · Price CAD 82.95 · Value 135.68 · Buy at or below 135.68; 2021-08 · Price CAD 81.93 · Value 135.68 · Buy at or below 135.68; 2021-09 · Price CAD 83.85 · Value 135.68 · Buy at or below 135.68; 2021-10 · Price CAD 89.84 · Value 135.68 · Buy at or below 135.68; 2021-11 · Price CAD 90.15 · Value 135.68 · Buy at or below 135.68; 2021-12 · Price CAD 96.98 · Value 135.68 · Buy at or below 135.68; 2022-01 · Price CAD 101.81 · Value 135.68 · Buy at or below 135.68; 2022-02 · Price CAD 102.28 · Value 153.09 · Buy at or below 153.09; 2022-03 · Price CAD 99.19 · Value 153.09 · Buy at or below 153.09; 2022-04 · Price CAD 92.79 · Value 153.09 · Buy at or below 153.09; 2022-05 · Price CAD 96.66 · Value 153.09 · Buy at or below 153.09; 2022-06 · Price CAD 84.41 · Value 153.09 · Buy at or below 153.09; 2022-07 · Price CAD 83.18 · Value 153.09 · Buy at or below 153.09; 2022-08 · Price CAD 84.49 · Value 153.09 · Buy at or below 153.09; 2022-09 · Price CAD 84.72 · Value 153.09 · Buy at or below 153.09; 2022-10 · Price CAD 87.19 · Value 153.09 · Buy at or below 153.09; 2022-11 · Price CAD 89.53 · Value 153.09 · Buy at or below 153.09; 2022-12 · Price CAD 87.67 · Value 153.09 · Buy at or below 153.09; 2023-01 · Price CAD 92.06 · Value 153.09 · Buy at or below 153.09; 2023-02 · Price CAD 90.85 · Value 142.07 · Buy at or below 142.07; 2023-03 · Price CAD 80.95 · Value 142.07 · Buy at or below 142.07; 2023-04 · Price CAD 82.07 · Value 142.07 · Buy at or below 142.07; 2023-05 · Price CAD 76.84 · Value 142.07 · Buy at or below 142.07; 2023-06 · Price CAD 82.11 · Value 142.07 · Buy at or below 142.07; 2023-07 · Price CAD 86.96 · Value 142.07 · Buy at or below 142.07; 2023-08 · Price CAD 82.42 · Value 142.07 · Buy at or below 142.07; 2023-09 · Price CAD 81.83 · Value 142.07 · Buy at or below 142.07; 2023-10 · Price CAD 77.46 · Value 142.07 · Buy at or below 142.07; 2023-11 · Price CAD 82.74 · Value 142.07 · Buy at or below 142.07; 2023-12 · Price CAD 85.62 · Value 142.07 · Buy at or below 142.07; 2024-01 · Price CAD 81.67 · Value 142.07 · Buy at or below 142.07; 2024-02 · Price CAD 81.49 · Value 147.68 · Buy at or below 147.68; 2024-03 · Price CAD 81.75 · Value 147.68 · Buy at or below 147.68; 2024-04 · Price CAD 81.67 · Value 147.68 · Buy at or below 147.68; 2024-05 · Price CAD 76.20 · Value 147.68 · Buy at or below 147.68; 2024-06 · Price CAD 75.20 · Value 147.68 · Buy at or below 147.68; 2024-07 · Price CAD 81.53 · Value 147.68 · Buy at or below 147.68; 2024-08 · Price CAD 80.75 · Value 147.68 · Buy at or below 147.68; 2024-09 · Price CAD 85.52 · Value 147.68 · Buy at or below 147.68; 2024-10 · Price CAD 76.97 · Value 147.68 · Buy at or below 147.68; 2024-11 · Price CAD 79.23 · Value 147.68 · Buy at or below 147.68; 2024-12 · Price CAD 76.53 · Value 147.68 · Buy at or below 147.68; 2025-01 · Price CAD 82.91 · Value 147.68 · Buy at or below 147.68; 2025-02 · Price CAD 86.64 · Value 175.48 · Buy at or below 175.48; 2025-03 · Price CAD 86.23 · Value 175.48 · Buy at or below 175.48; 2025-04 · Price CAD 88.09 · Value 175.48 · Buy at or below 175.48; 2025-05 · Price CAD 94.77 · Value 175.48 · Buy at or below 175.48; 2025-06 · Price CAD 100.16 · Value 175.48 · Buy at or below 175.48; 2025-07 · Price CAD 100.92 · Value 175.48 · Buy at or below 175.48; 2025-08 · Price CAD 103.12 · Value 175.48 · Buy at or below 175.48; 2025-09 · Price CAD 111.28 · Value 175.48 · Buy at or below 175.48; 2025-10 · Price CAD 115.16 · Value 175.48 · Buy at or below 175.48; 2025-11 · Price CAD 117.65 · Value 175.48 · Buy at or below 175.48; 2025-12 · Price CAD 129.36 · Value 175.48 · Buy at or below 175.48; 2026-01 · Price CAD 127.26 · Value 175.48 · Buy at or below 175.48; 2026-02 · Price CAD 132.88 · Value 177.28 · Buy at or below 177.28; 2026-03 · Price CAD 129.92 · Value 177.28 · Buy at or below 177.28; 2026-04 · Price CAD 146.33 · Value 177.28 · Buy at or below 177.28; 2026-05 · Price CAD 157.75 · Value 177.28 · Buy at or below 177.28; 2026-06 · Price CAD 172.44 · Value 177.28 · Buy at or below 177.28; 2026-07 · Price CAD 168.04 · Value 177.28 · Buy at or below 177.28; 2026-08 · Price CAD 167.67 · Value 177.28 · Buy at or below 177.28; 2026-09 · Price CAD 167.33 · Value 177.28 · Buy at or below 177.28; 2026-10 · Price CAD 167.83 · Value 177.28 · Buy at or below 177.28; 2026-10 · Price CAD 170.02 · Value 177.28 · Buy at or below 177.28

CAD per share · annual estimates

Price & return math
Value range	CAD 141.83 – CAD 236.38
Buy at or below	Central value CAD 177.28
Discount to value	1 − 170.02 / 177.28 = 4.1%
Return / year	About 10.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Book CAD 62.60/share; ROE 17.3%; first payout CAD 7.09/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeCAD 20B

Net income

Book / shareCAD 61.97

Book / share

Dividend / shareCAD 4.50

Dividend / share

Return on tangible equity18.9%

Return on tangible equity

Diluted shares1.7B

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·