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Gold/Mining/Energy : TD - Toronto Dominion Bank -- Ignore unavailable to you. Want to Upgrade?

To: Thomas Kelly who wrote (86)	2/5/1999 2:45:00 PM
From: Bron-y-aur	Respond to of 358

Thomas, An interim target of $71 while analysis being reworked sounds good to me. Will be very interesting to see if they factor in a mcu higher earning multiple for the discount brokerage side of the business. Any guesses... Sam

To: Thomas Kelly who wrote (86)	2/7/1999 12:02:00 PM
From: Bron-y-aur	Read Replies (3) \| Respond to 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!