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Gold/Mining/Energy : TD - Toronto Dominion Bank
TD 80.93+0.6%3:59 PM EST
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To: Thomas Kelly who wrote (86)2/7/1999 12:02:00 PM
From: Bron-y-aur  Read Replies (3) of 358
 
Thomas-check this out from Barrons

Here is an excerpt from the Trader column in this week's Barron's:

"Perhaps the safest way to play the group is through Toronto-Dominion Bank. The big Canadian
financial-services organization owns Waterhouse Securities, the U.S. discount broker that's No. 2
in online trading. Toronto-Dominion said recently that it may sell a minority interest in Waterhouse
to the public.

Toronto-Dominion, whose shares are traded in both New York and Toronto, has appreciated
lately, rising 1 7/8 last week to 43 3/4. However, that's still a relatively modest 17 times the profits
projected for its October 1999 fiscal year. It's estimated that Waterhouse could be worth as much
as $4 billion-$5 billion. If that estimate is accurate, investors effectively are paying just 12 times
estimated 1999 profits for the bank earnings. That multiple is below those of other major Canadian
banking companies."

Will be interesting to see if a reaction tomorrow!
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