{"id":51448,"date":"2023-10-24T11:49:45","date_gmt":"2023-10-24T11:49:45","guid":{"rendered":"https:\/\/www.inovestor.com\/?p=51448"},"modified":"2023-10-24T13:18:47","modified_gmt":"2023-10-24T13:18:47","slug":"seeking-undervalued-lenders-on-the-tsx","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/en-ca\/2023\/10\/seeking-undervalued-lenders-on-the-tsx\/","title":{"rendered":"Seeking undervalued lenders on the TSX"},"content":{"rendered":"<p class=\"c-article-body__text text-pr-5\">Undervalued Canadian lenders with reasonable quality.<\/p>\n<p class=\"c-article-body__text text-pr-5\">Financial services companies can be challenging to value because of the limitations of the free cash flow and dividend models. However,<b>\u00a0<\/b>the economic value added (EVA) model is effective in assessing all kinds of financial corporations because of its emphasis on the return on equity (ROE).<\/p>\n<p class=\"c-article-body__text text-pr-5\">Today, we will combine our proprietary score using the EVA approach with a valuation model using both the ROE and price-to-book ratio (P\/B).<\/p>\n<h3 class=\"text-pb-6 hl3 mt-40 mb-24 c-article-body__subheading-v2 c-article-body__subheading-v2--level3 c-article-body__subheading-v2--regular\"><b>The screen<\/b><\/h3>\n<p class=\"c-article-body__text text-pr-5\">We screened Canadian lenders with a market capitalization greater than $1-billion.<\/p>\n<p class=\"c-article-body__text text-pr-5\">For informational purposes, we included:<\/p>\n<ul>\n<li class=\"c-article-body__li text-pr-7\">Stockpointer (SP) score \u2013 for financial companies, the score mainly considers risk-adjusted return on equity, earnings-per-share growth and valuation risk based on our discounted EVA model. The score varies between zero and 100. A score of 60 implies a better-than-average company;<\/li>\n<li class=\"c-article-body__li text-pr-7\">Forecast P\/B \u2013 we apply a linear regression on our 12 lenders using their respective ROE as \u201cx\u201d and P\/B as \u201cy\u201d. We then use the company\u2019s ROE to forecast a P\/B based on the linear regression values;<\/li>\n<li class=\"c-article-body__li text-pr-7\">Value Indicator \u2013 Here, we aim to pinpoint stocks whose P\/B does not accurately represent their ROE. We start by subtracting the P\/B to the forecast P\/B. If the result is greater than 0.1, it is judged overvalued, lower than minus-0.1, undervalued, and between minus-0.1 and 0.1, fairly valued;<\/li>\n<li class=\"c-article-body__li text-pr-7\">Three-year annualized dividend growth, trailing-12-month ROE, P\/B, one-year price return and dividend yield.<\/li>\n<\/ul>\n<h3 class=\"text-pb-6 hl3 mt-40 mb-24 c-article-body__subheading-v2 c-article-body__subheading-v2--level3 c-article-body__subheading-v2--regular\"><b>More about Inovestor<\/b><\/h3>\n<p class=\"c-article-body__text text-pr-5\">Inovestor, a Canadian fintech company with 20-plus years of experience, has partnered with Morningstar in an alliance, solidifying Inovestor\u2019s unrivaled position as the industry\u2019s leading alternative tool. To learn more visit our\u00a0<a href=\"https:\/\/www.inovestor.com\/en-ca\/cpms-users\/\">website<\/a>.<\/p>\n<h3 class=\"text-pb-6 hl3 mt-40 mb-24 c-article-body__subheading-v2 c-article-body__subheading-v2--level3 c-article-body__subheading-v2--regular\"><b>What we found<\/b><\/h3>\n<div class=\"rawHtml\">\n<div class=\"gi-module gi-embed gi-table\">\n<h3>Canadian financial stocks that may be undervalued<\/h3>\n<\/div>\n<table width=\"1355\">\n<tbody>\n<tr>\n<td width=\"64\">TICKER<\/td>\n<td width=\"298\">NAME<\/td>\n<td width=\"64\">PRICE<\/td>\n<td width=\"121\">MKT VALUE ($BIL.)<\/td>\n<td width=\"64\">SP SCORE<\/td>\n<td width=\"107\">3Y DIV. GRTH (%)<\/td>\n<td width=\"64\">ROE (%)<\/td>\n<td width=\"63\">P\/B<\/td>\n<td width=\"123\">P\/B (FORECASTED)<\/td>\n<td width=\"155\">VALUE IND.<\/td>\n<td width=\"116\">1Y PRICE RTN. (%)<\/td>\n<td width=\"116\">DIV. YLD. (%)<\/td>\n<\/tr>\n<tr>\n<td>EQB-T<\/td>\n<td>EQB INC<\/td>\n<td>69.14<\/td>\n<td>2.6<\/td>\n<td>75<\/td>\n<td>24.2<\/td>\n<td>15.0<\/td>\n<td>1.1<\/td>\n<td>1.4<\/td>\n<td>Undervalued<\/td>\n<td>48.7<\/td>\n<td>2.1<\/td>\n<\/tr>\n<tr>\n<td>GSY-T<\/td>\n<td>GOEASY LTD.<\/td>\n<td>107.86<\/td>\n<td>1.8<\/td>\n<td>75<\/td>\n<td>35.0<\/td>\n<td>20.9<\/td>\n<td>1.9<\/td>\n<td>2.0<\/td>\n<td>fairly valued<\/td>\n<td>3.8<\/td>\n<td>3.4<\/td>\n<\/tr>\n<tr>\n<td>NA-T<\/td>\n<td>NATIONAL BANK OF CANADA<\/td>\n<td>85.15<\/td>\n<td>28.8<\/td>\n<td>71<\/td>\n<td>11.4<\/td>\n<td>16.0<\/td>\n<td>1.4<\/td>\n<td>1.5<\/td>\n<td>fairly valued<\/td>\n<td>-3.0<\/td>\n<td>4.7<\/td>\n<\/tr>\n<tr>\n<td>TD-T<\/td>\n<td>TORONTO-DOMINION BANK<\/td>\n<td>78.71<\/td>\n<td>143.8<\/td>\n<td>70<\/td>\n<td>7.2<\/td>\n<td>14.5<\/td>\n<td>1.5<\/td>\n<td>1.4<\/td>\n<td>fairly valued<\/td>\n<td>-7.3<\/td>\n<td>4.8<\/td>\n<\/tr>\n<tr>\n<td>EFN-T<\/td>\n<td>ELEMENT FLEET MANAGEMENT CORPORATION<\/td>\n<td>18.71<\/td>\n<td>7.3<\/td>\n<td>69<\/td>\n<td>28.0<\/td>\n<td>10.4<\/td>\n<td>1.8<\/td>\n<td>1.0<\/td>\n<td>Overvalued<\/td>\n<td>6.4<\/td>\n<td>2.1<\/td>\n<\/tr>\n<tr>\n<td>FN-T<\/td>\n<td>FIRST NATIONAL FINANCIAL CORPORATION<\/td>\n<td>33.79<\/td>\n<td>2.0<\/td>\n<td>69<\/td>\n<td>7.2<\/td>\n<td>34.5<\/td>\n<td>3.4<\/td>\n<td>3.3<\/td>\n<td>fairly valued<\/td>\n<td>-3.0<\/td>\n<td>6.7<\/td>\n<\/tr>\n<tr>\n<td>RY-T<\/td>\n<td>ROYAL BANK OF CANADA<\/td>\n<td>111.01<\/td>\n<td>154.9<\/td>\n<td>68<\/td>\n<td>7.3<\/td>\n<td>13.7<\/td>\n<td>1.5<\/td>\n<td>1.3<\/td>\n<td>Overvalued<\/td>\n<td>-8.8<\/td>\n<td>4.7<\/td>\n<\/tr>\n<tr>\n<td>BMO-T<\/td>\n<td>BANK OF MONTREAL<\/td>\n<td>106.27<\/td>\n<td>76.2<\/td>\n<td>65<\/td>\n<td>10.8<\/td>\n<td>10.9<\/td>\n<td>1.2<\/td>\n<td>1.0<\/td>\n<td>Overvalued<\/td>\n<td>-11.6<\/td>\n<td>5.3<\/td>\n<\/tr>\n<tr>\n<td>BNS-T<\/td>\n<td>BANK OF NOVA SCOTIA<\/td>\n<td>56.68<\/td>\n<td>68.3<\/td>\n<td>62<\/td>\n<td>4.9<\/td>\n<td>11.0<\/td>\n<td>0.9<\/td>\n<td>1.1<\/td>\n<td>Undervalued<\/td>\n<td>-11.4<\/td>\n<td>7.2<\/td>\n<\/tr>\n<tr>\n<td>CWB-T<\/td>\n<td>CANADIAN WESTERN BANK<\/td>\n<td>26.87<\/td>\n<td>2.6<\/td>\n<td>61<\/td>\n<td>3.9<\/td>\n<td>10.7<\/td>\n<td>0.8<\/td>\n<td>1.0<\/td>\n<td>Undervalued<\/td>\n<td>18.5<\/td>\n<td>4.7<\/td>\n<\/tr>\n<tr>\n<td>CM-T<\/td>\n<td>CANADIAN IMPERIAL BANK OF COMMERCE<\/td>\n<td>48.64<\/td>\n<td>44.9<\/td>\n<td>59<\/td>\n<td>5.4<\/td>\n<td>9.4<\/td>\n<td>0.9<\/td>\n<td>0.9<\/td>\n<td>fairly valued<\/td>\n<td>-16.7<\/td>\n<td>6.8<\/td>\n<\/tr>\n<tr>\n<td>LB-T<\/td>\n<td>LAURENTIAN BANK OF CANADA<\/td>\n<td>25.57<\/td>\n<td>1.1<\/td>\n<td>45<\/td>\n<td>-8.5<\/td>\n<td>7.0<\/td>\n<td>0.4<\/td>\n<td>0.7<\/td>\n<td>Undervalued<\/td>\n<td>-13.5<\/td>\n<td>7.0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div><\/div>\n<p class=\"c-article-body__text text-pr-5\"><b>EQB Inc.<\/b><b>\u00a0<\/b>tops our list with an SP score of 75 and the highest one-year price appreciation at 48.7 per cent. Based on the value indicator, the company is also undervalued compared with other lenders. While the growth aspect is met with a dividend growth of 24.2 per cent in the past three years, dividend investors could be slightly disappointed by the dividend yield of only 2.1 per cent. In terms of dividend yield, this places it at the bottom of our list, tied with Element Fleet Management Corp.<\/p>\n<p class=\"c-article-body__text text-pr-5\">Among the six largest banks, Bank of Montreal and Royal Bank of Canada\u00a0 are regarded to be overvalued, whereas National Bank of Canada, Toronto-Dominion and Canadian Imperial Bank of Commerce\u00a0 are considered fairly valued. Only the<b>\u00a0<\/b><strong>Bank of Nova Scotia<\/strong><b>\u00a0<\/b>stands out as undervalued. Despite having a comparable ROE to Bank of Montreal, the Bank of Nova Scotia\u2019s stock is trading at a P\/B of 0.9, in contrast to the Bank of Montreal\u2019s P\/B of 1.2.<\/p>\n<p class=\"c-article-body__text text-pr-5\"><strong>Canadian Western Bank\u00a0<\/strong>is deemed undervalued and has a SP score of 61, slightly greater than our usual threshold of 60. It ranks as the second-best one-year performer on our list, delivering a solid 18.5 per cent price return. In contrast to EQB, this stock offers relatively slower growth, with a three-year dividend growth rate of 5.4 per cent. However, investors may find this compensated by a more attractive dividend yield of 4.7 per cent.<\/p>\n<p class=\"c-article-body__text text-pr-5\">Laurentian Bank is considered undervalued by the value indicator, but, in our view, fails the quality test with a SP score of only 45.<\/p>\n<p class=\"c-article-body__text text-pr-5\">Investors are advised to do further research before investing in any of the companies listed in the accompanying table.<\/p>\n<p class=\"c-article-body__text text-pr-5\"><i>For more details about these stocks, subscribe to the Inovestor for Advisors platform for free.<\/i><\/p>\n<p class=\"c-article-body__text text-pr-5\"><i>Anthony M\u00e9nard, CFA, is vice-president of data management at Inovestor.<\/i><\/p>\n<p class=\"c-article-body__text text-pr-5\"><i>Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter.\u00a0<\/i><a href=\"https:\/\/www.theglobeandmail.com\/newsletters\/#newsletter-group-3\"><i>Sign up today<\/i><\/a><i>.<\/i><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Undervalued Canadian lenders with reasonable quality. Financial services companies can be challenging to value because of the limitations of the free cash flow and dividend models. However,\u00a0the economic value added (EVA) model is effective in assessing all kinds of financial corporations because of its emphasis on the return on equity (ROE). Today, we will combine [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[16],"tags":[],"class_list":["post-51448","post","type-post","status-publish","format-standard","hentry","category-number-cruncher"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Seeking undervalued lenders on the TSX - Inovestor<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.inovestor.com\/en-ca\/2023\/10\/seeking-undervalued-lenders-on-the-tsx\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Seeking undervalued lenders on the TSX\" \/>\n<meta property=\"og:description\" content=\"Undervalued Canadian lenders with reasonable quality. Financial services companies can be challenging to value because of the limitations of the free cash flow and dividend models. However,\u00a0the economic value added (EVA) model is effective in assessing all kinds of financial corporations because of its emphasis on the return on equity (ROE). Today, we will combine [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.inovestor.com\/en-ca\/2023\/10\/seeking-undervalued-lenders-on-the-tsx\/\" \/>\n<meta property=\"og:site_name\" content=\"Inovestor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Inovestor\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-24T11:49:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-24T13:18:47+00:00\" \/>\n<meta name=\"author\" content=\"Anthony Menard\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Inovestor_\" \/>\n<meta name=\"twitter:site\" content=\"@Inovestor_\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anthony Menard\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/2023\/10\/seeking-undervalued-lenders-on-the-tsx\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/2023\/10\/seeking-undervalued-lenders-on-the-tsx\/\"},\"author\":{\"name\":\"Anthony Menard\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/person\/a47ac16db946331b2be8a8f78c89331d\"},\"headline\":\"Seeking undervalued lenders on the TSX\",\"datePublished\":\"2023-10-24T11:49:45+00:00\",\"dateModified\":\"2023-10-24T13:18:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/2023\/10\/seeking-undervalued-lenders-on-the-tsx\/\"},\"wordCount\":721,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#organization\"},\"articleSection\":[\"Number Cruncher\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.inovestor.com\/en-ca\/2023\/10\/seeking-undervalued-lenders-on-the-tsx\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/2023\/10\/seeking-undervalued-lenders-on-the-tsx\/\",\"url\":\"https:\/\/www.inovestor.com\/en-ca\/2023\/10\/seeking-undervalued-lenders-on-the-tsx\/\",\"name\":\"Seeking undervalued lenders on the TSX - 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Financial services companies can be challenging to value because of the limitations of the free cash flow and dividend models. However,\u00a0the economic value added (EVA) model is effective in assessing all kinds of financial corporations because of its emphasis on the return on equity (ROE). 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