The last time banks were so undervalued was during the 2008-2009 financial crisis in the U.S.
Despite the fact that Canadian banks were much better managed, they had suffered the effects of this crisis with price / earnings ratios in the 8:1 (usually 12 to 14 :1)
Barely a year later they had recovered all their losses and then began a meteoric rise for several years to come.
Today, history is repeating itself again and BMO is trading with a price/earnings ratio even lower than 8:1.
Of course today's crisis is different from that of 2008, but don't you think that BMO is unfairly undervalued and that those who buy today will be able to reap not only generous dividends but also the rise in the stock which should not delay.