Summary BMO recently reported FY2018 which reflected the benefit of a 21% YoY reduction in the provisions for credit losses as well as a low tax rate. Canadian and US operations benefited from solid loan growth with strong Q4 performance evidenced in Personal and Commercial banking and accelerated growth in its U.S. segment. Senior management [...]
Summary CM recently reported FY2018 results and senior management indicated it is confident it can continue to deliver EPS growth within the 5% - 10% medium-term target range. CM is focused on expanding in the U.S. and gains from the PrivateBancorp acquisition are exceeding expectations. With the highest concentration of the Big 5 in Canadian [...]
Summary TD reported strong FY2018 results and senior management is confident it can continue to deliver adjusted EPS growth within the 7% - 10% medium-term target range. It has a well diversified business model, credit quality is strong, and it maintains a strong Basel III Common Equity Tier 1 (CET1) ratio. I anticipate a [...]
Summary RY recently reported record earnings of $12.4B for FY2018. Management anticipates further improvement in FY2019. RY has a well diversified business model and maintains a strong Basel III Common Equity Tier 1 (CET1) ratio. The bank has a lengthy history of profitability and dividend growth. The compound annual growth rate of RY’s dividend is [...]
Summary SJM is a company undergoing a transformation. Short-term results can, therefore, occasionally fall short of projections. Other well known names in the Consumer Goods, Processed and Packaged Goods space have performed poorly over the past year. SJM is attractively valued. Its forward adjusted PE has not been this low since the Financial Crisis. I [...]
Summary A former GS banker has pleaded guilty for his role in the Malaysia's 1MDB corruption scandal. Malaysia is seeking a full refund of the almost $0.6B that it paid to GS for three bond deals. Claims of embezzlement and money laundering have led to investigations in the U.S., Singapore, and Switzerland. GS has not [...]
Summary Becton Dickinson released its Q4 and FY2018 results and FY2019 Guidance on November 6th. Integration of Carefusion and C.R. Bard is proceeding as planned and management expects strong underlying growth of approximately 16% - 17% on a currency-neutral basis which is in excess of the C.R. Bard deal model. BDX expects to deliver adjusted [...]
Summary BR shares dropped ~9.7% upon the November 6, 2018 release of good Q1 2019 results and the reaffirmation of encouraging FY2019 projections. In my August 7th article I indicated I was of the opinion that BR shares were overvalued and that investors should wait for BR shares to pullback. BR’s FY2017 – FY2020 growth [...]
Summary Enbridge released its Q3 results on November 2nd in which it reported a GAAP loss of $0.09B or ($0.05)/share for Q3. This included the impact of a number of unusual, non-recurring or non-operating factors. Q3 Distributable Cash Flow (DCF) was $1.585B versus $1.334B for Q3 2017. Management reaffirmed FY2018 financial guidance with the DCF/share [...]
Summary HSY recently released Q3 2018 results and warned its profits will come under pressure given rising costs. Higher costs will likely persist into 2019 but there are plans to offset these higher costs with strategic price increases on roughly a fifth of HSY products. HSY shares are more suited for investors seeking to avoid [...]
