Valuation National Bank of Canada

Equities

Real-time Estimate TE Other stock markets 15:22:39 2025-12-08 EST			5-day change	1st Jan Change
171.30 ^CAD	+0.32%		+1.90%	+30.72%

12-04	TSX Closer: Sets Fresh Record Close On Improved Commodity Prices and Optimism Around Economy	MT
12-04	Montreal's Homebuyers Take A Step Back in November, Says National Bank	MT

Data adjusted to current consolidation scope

Fiscal Period: October	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	21,482	34,608	31,221	29,165	45,223	66,648	-	-
Change	-	61.1%	-9.79%	-6.59%	55.06%	47.38%	-	-
Enterprise Value (EV)	21,482	34,608	31,221	29,165	45,223	66,648	66,648	66,648
Change	-	61.1%	-9.79%	-6.59%	55.06%	47.38%	0%	0%
P/E ratio	11.2x	11.4x	9.65x	9.19x	12.4x	15.6x	14.5x	12.9x
PBR	1.6x	2.14x	1.68x	1.42x	2.02x	2x	2.04x	1.89x
PEG	-	0.2x	1.33x	-3.84x	0.9x	-2.73x	1x	1x
Capitalization / Revenue	2.61x	3.8x	3.14x	2.74x	3.89x	4.37x	4.44x	4.18x
EV / Revenue	0x	0x	0x	0x	0x	4.84x	4.44x	4.18x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / EBIT	0x	0x	0x	0x	0x	9.92x	9.05x	8.47x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Dividend per Share ²	2.84	2.84	3.58	3.98	4.32	4.64	4.987	5.428
Rate of return	4.44%	2.77%	3.86%	4.62%	3.25%	2.96%	2.92%	3.18%
EPS ²	5.7	8.96	9.61	9.38	10.68	10.07	11.77	13.26
Distribution rate	49.8%	31.7%	37.3%	42.4%	40.4%	46.1%	42.4%	40.9%
Net sales ¹	8,216	9,116	9,934	10,658	11,628	14,027	15,020	15,958
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	3,382	4,074	4,704	5,018	5,592	6,852	7,363	7,868
Net income ¹	2,041	3,177	3,383	3,335	3,816	4,017	4,577	4,986
Net Debt	-	-	-	-	-	-	-	-
Reference price ²	63.94	102.46	92.76	86.22	132.80	170.76	170.76	170.76
Nbr of stocks (in thousands)	335,968	337,773	336,580	338,258	340,537	390,304	-	-
Announcement Date	12/2/20	12/1/21	11/30/22	12/1/23	12/4/24	12/3/25	-	-

¹CAD in Million²CAD

Estimates

Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E (N)	EV / Sales (N)	EV / EBITDA (N)	Dividend Yield (N)	Capi.($)
NATIONAL BANK OF CANADA	16.51x	-	-	2.72%	48.11B
JPMORGAN CHASE & CO.	15.49x	-	-	1.84%	858B
BANK OF AMERICA CORPORATION	14.09x	-	-	2.01%	394B
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED	5.77x	-	-	5.38%	375B
WELLS FARGO & COMPANY	14.19x	-	-	1.9%	282B
CHINA CONSTRUCTION BANK CORPORATION	5.63x	-	-	5.29%	274B
BANK OF CHINA LIMITED	5.71x	-	-	5.38%	245B
HSBC HOLDINGS PLC	12.03x	-	-	5.01%	243B
ROYAL BANK OF CANADA	14.78x	-	-	2.97%	227B
MITSUBISHI UFJ FINANCIAL GROUP, INC.	13.59x	-	-	2.91%	185B
Average	11.78x			3.54%	313.09B
Weighted average by Cap.	11.99x			3.27%