TD - Toronto Dominion Bank Message Board

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Gold/Mining/Energy : TD - Toronto Dominion Bank

TD 82.13

+0.3%

Oct 31 9:30 AM EST

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To: Paul Butler who wrote (309)	8/9/1999 1:19:00 PM
From: Robert	of 358

The banks in Canada trade at a PE multiple of 11 or 12, and that is the figure to compare. The banks acquisition of CT is in part related to increasing their retail banking component. They specifically do not want their share price tied to the volatility of Waterhouse. CT will give them what they desire, since they have been making $400M on their retail side. The move to longer hours is a sign that this is their vision. Ironically, it is a complete reversal of policy, since they have been cutting hours and branches over the past couple of years. This is obviously seen as a mistake. The interest fears and acquisition will likely affect the stock short term, but longer term, I think it will improve. They are going to raise capital through a new share offering, and I can't see them doing it at current prices.....Robert

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