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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (154150)6/19/2023 2:14:04 PM
From: Goose94Read Replies (1) of 202085
 
Toronto-Dominion Bank (TD-T) top pick from Teal Linde BNN.ca Market Call Monday June 19th @ 1200ET

Rarely do we ever see TD Bank trading at under 10 times earnings and its dividend yield near five per cent. Yet, today TD is trading at 9.6x this year’s expected EPS and yielding 4.7 per cent. TD Bank historically trades closer to the same valuation as Royal Bank, and the two banks usually hold the top two positions for the highest P/Es. Today TD Bank ranks third behind Royal Bank and National Bank, and is a full 1.5 multiple points below Royal Bank which is trading at 11.1x this year’s expected EPS. Royal Bank isn’t overpriced, TD Bank appears underpriced. TD Bank is also the most capitalized bank of the Big Six with an estimated $16 billion of excess capital. It recently announced a plan to use some of that capital to buy back 30 million shares, or 1.6 per cent of shares outstanding before the end of the summer at a cost of about $2.6 billion – still a small portion of its $16 billion available. The combination of its annual dividend yield of 4.7 per cent, and buying back 1.6 per cent of its shares for a combined 6.3 per cent yield of returned capital, and historically low valuation, all point to capital appreciation upside.
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