Post by
retiredcf on Nov 22, 2023 7:15am
Analyst Recommendation
BUY
Toronto Dominion(TD-T)
21/11/2023
Impact of a housing bubble?
Same comments as with Royal Bank. Both enjoy a regulated oligopoly. TD is well exposed to the US and enjoys a healthy wealth management business. TD is heavily capitalized, more than RY, because they couldn't buy First Horizon last spring. They can raise dividends, buyback shares and/or buy companies. Trades at a discount to the 5-year PE. The dividend will grown. Expect double-digit returns. He doesn't see a housing bubble, though housing supply is short as immigration inflows remain strong. That said, TD is exposed to a potential downturn in housing prices, but is a short-term headwind.
Banks
Brian Madden
$84.220
Unknown
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