Bank of Nova Scotia BNS

Robert Gill -BNN - TOP PICK

[Possibleidiot01]

Bank of Nova Scotia (BNS TSX)

This is the most international of Canada’s “Big 6” banks, with approximately 30 per cent of revenue coming from Central and South America. After lagging the rest of the Big Six banks in share price performance, BNS recently hired a new CEO, who has conducted a strategic review. The firm now has a mandate to reposition itself for greater growth. They will focus less on Latin America, and focus more on domestic banking and wealth management. Shares are attractively priced and pay a very impressive yield.
 

TOP PICK

Bank of Nova Scotia(BNS-T)

29/02/2024

 

Lots to like in the results. Softness in Latin markets created buying opportunity. New focus on Canada, Mexico, wealth management. Earnings impressively beat in both Canadian and international banking. Oligopolistic nature of Canadian banking has lead to outperformance over US banks over time. Yield is 6.5%.

(Analysts’ price target is $65.48)

banks

 

$65.550

Owned