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TD

see w-n bank file

2008

Sunday 27 July 2008 (TD : TSX : $60.56) TD drops U.S. branding strategy
Blackmont Capital maintains "hold", 12-month target price is $63.00

Monday 23 June 2008 (TD : TSX : $65.73 | NYSE : US$64.67)
U.S. banking integration offers many opportunities
RBC Capital Markets maintains "sector perform", 12-month target price is $69.00

Friday 20 June 2008 18:05 (TD) - $66.40 – U.S. Banking Integration Offers Many Opportunities
Sector Perform, Average Risk, Price Target: $69.00
The TD Investor Day focused on TD Commerce noting the integration is on track and management reiterated its earnings guidance for TD Commerce of at least $750 million in 2008 and $1.2 billion in 2009. RBC CM remains concerned about U.S. credit quality, although TD Commerce has not yet seen major problems in its loan portfolio, whereas many other U.S. banks have. RBC CM believes TD Bank faces several near term headwinds including recent expense initiatives, potential for rising loan losses in U.S. banking, and muted capital markets performance. TD is rated Sector Perform and the RBC CM analyst notes that outside of capital strength, he likes TD in 2009, so the caution relative to peers is a matter of timing.

Wednesday 04 June 2008 (TD : TSX : $70.61) Cautious view on Canadian bank sectors
RBC Capital Markets downgrades to "sector perform", 12-month target price is $69.00

Friday 30 May 2008 TD Bank (TD : TSX : $69.48)
Q2/08 short of expectations, disappointing EPS, strong loan quality
Blackmont Capital maintains "hold", 12-month target price is $63.00
Credit Suisse First Boston maintains 12-month target price is $77.00
Desjardins Securities maintains "top pick", 12-month target price is $84.00
Dundee Securities maintains "buy", 12-month target price is $77.00
RBC Capital Markets maintains "outperform", 12-month target price is $69.00

Thursday 29 May 2008 TD Bank (TD) - $68.70 - Q2 Short Of Expectations
Outperform, Average Risk, Price Target: $69.00
TD Bank's Q2/08 core cash EPS of $1.32 were below RBC CM’s estimate of $1.41 and consensus estimates of $1.39. Results were well short of expectations in wholesale banking, slightly below expectations in Canadian retail businesses, and above estimates in the low quality Corporate segment. The 4% decline in core cash EPS YoY was caused by much lower wholesale earnings, and lower wealth management earnings, which more than offset an 8% increase in domestic retail banking earnings, 9% at TD Ameritrade and a 110% increase from TD Banknorth (mostly a result of higher ownership). RBC CM believes that TD will outperform its bank peers as it offers a better balance of growth and lower risk. Relative domestic retail strength and expected earnings accretion from the Commerce acquisition should drive above-average retail earnings growth for TD in 2009 and 2010, and RBC CM believes that there is less downside risk to earnings forecasts for TD than for the industry, as the bank is less exposed to wholesale earnings, and appears to have a more conservative mix of businesses within its wholesale division.

TD Bank (TD : TSX : $68.70), Net Change: 0.26, % Change: 0.38%, Volume: 4,861,522
Laurentian Bank of Canada (LB : TSX : $41.82), Net Change: 0.57, % Change: 1.38%, Volume: 103,323
Would you like some sauce-less pasta with your skinless baked chicken breast? TD’s adjusted EPS was $1.32, compared with $1.36 last year and below the Reuters’ estimate of $1.39. The TD Canada Trust division posted earnings of $582 million in the second quarter, up 8% over the same period last year. The quarter was defined by strength in core banking, real estate secured lending, and business banking and insurance, which led earnings growth in the quarter. Management stated that it did not expect to post earnings growth this year. The CEO said, “I would characterize our second quarter as slightly disappointing but quite acceptable in the context of what’s happening in the markets.” ROE dropped from 17.1% last year to 13.4% this quarter. Laurentian Bank also reported, with EPS of $0.93, compared with $0.75 last year, and well ahead of Reuters’ $0.80 consensus estimate. ROE showed strong improvement at 11.2% compared with 9.7% for the same period in 2007.

Wednesday 23 April 2008 (TD) - $65.20 - Update On Commerce Bancorp Acquisition Positive
Outperform, Average Risk, Price Target: $69.00
TD provided update on the Commerce Bancorp acquisition closing. TD Bank revised its earnings target for its U.S. P&C Banking segment, and the revised numbers are generally higher than what RBC CM expected. There is room for RBC CM to increase its earnings estimates if management delivers on its targets. The bank surprisingly increased its earnings target from $700 million to a minimum of $750 million in fiscal 2008, and left its 2009 net income target unchanged at $1.2 billion. Management is comfortable with its 8.0% estimate at the end of fiscal 2008 (including all adjustments), but RBC CM believes it gives them little room for slippage against projected profitability. The U.S. credit environment is not good but TD expects to be a positive outlier. TD "will not be able to outrun a recession" but it is comfortable with its exposures and has provisioned for higher losses. Negative fair value adjustments were higher than originally expected, particularly in the securities portfolio.

(TD : TSX : $64.51) Management provides update on its acquisition of Commerce Bancorp
Blackmont Capital maintains a "hold", 12-month target price is $63.00
Credit Suisse maintains "neutral", 12-month target price is $78.00
Dundee Capital Markets upgrades to "buy", 12-month target price is raised to $75.00

Tuesday 15 April 2008 (TD : TSX : $62.75) U.S. exposure can weight on valuation
Dundee Capital Markets downgrades to "neutral", 12-month target price is cut to $67.00

Monday 03 March 2008 CIBC (CM : TSX : $67.95), Net Change: -1.05, % Change: -1.52%, Volume: 1,436,555
TD Bank (TD : TSX : $67.06), Net Change: -0.68, % Change: -1.00%, Volume: 1,820,777
National Bank (NA : TSX : $50.73), Net Change: -0.37, % Change: -0.72%, Volume: 453,556
As funny as The Tree Amigos. CIBC posted Q1 loss of $1.5 billion versus a $770 million profit last year. The company took a wide range of losses in the quarter, including a $2.3 billion pre-tax charge because of exposure to troubled bond insurer ACA Financial (ACAH); a $626 million charge relating to other guarantors; a $473 million of losses on the U.S. mortgage market; and a $108 million loss on the sale of some of its U.S. business to Oppenheimer. Special charges totalled $3.49 billion, which were offset in part by $227 million in one-time gains. Unfortunately, the company warned that these charges may not be the last, as “market and economic conditions relating to the financial guarantors may change in the future, which could result in significant future losses.” While the challenges continue at CIBC, Toronto-Dominion showed much better execution, as earnings increased by 5.3%, almost reaching a billion dollars ($970 million to be exact) versus $921 million last year. The results appeared to be as a result from its strong retail operations. As well, the company raised its quarterly dividend by 3.5% to $0.59 per share. But despite this positive news, the company said it would be “challenged” to meet the low end of its 7-10% EPS growth goal. Meanwhile at National Bank, the company posted a record profit of $255 million for the quarter, compared to $240 million last year. Excluding special items, the company earned $237 million, compared with $240 million last year. Their CEO stated, “Unless there is a severe U.S. recession, or a disorderly liquidation of the market,” there would be no more ABCP writedowns. Phew!

Saturday 23 February 2008 TORONTO: TD'S CEO'S CAUTION PAYS OFF Toronto Dominion Bank has announced that CEO Ed Clark has received compensation worth $14.2 million last year, up from nearly $12 million in 2006, partly in recompense for his decision to keep the bank clear of the subprime mortgage debacle. TD's statement explained that its management resources committee in determining Mr. Clark's compensation took into account the bank's "execution of a lower risk strategy" and the avoidance of any writeoffs for subprime debt. Unlike the four other "big" Canadian banks, TD has no direct or indirect exposure to U.S. subprime mortgages. It also avoided non-bank asset-back commercial paper in Canada, a type of debt considered low-risk until problems surfaced in August, partly because some of the notes were backed by subprime mortgages.

Tuesday 12 February 2008 (TD : TSX : $66.67)
Difficult capital markets and credit environment
Credit Suisse rates a "neutral", target price cut to $78.00

Wednesday 30 January 2008 (TD : TSX : $68.12)
Disappointing results from Commerce Bancorp
Blackmont Capital maintains a "hold", 12-month target price is $68.00

Monday 28 January 2008 (TD : TSX : $66.60 | NYSE : US$65.98)
Heightened risk; decreased valuation multiples for the banks
RBC Capital Markets maintains a "outperform", target price cut to $76.00

Tuesday 08 January 2008 Toronto Dominion Bank (TD) - In response to numerous inquiries from investors and media, TD Bank Financial Group re-confirms it does not have any direct or indirect exposure to U.S. sub-prime mortgages, consistent with the Bank's third and fourth quarter 2007 disclosure. TD also reiterated that, based on its continued due diligence for the Commerce Bancorp acquisition, Commerce has no direct or indirect exposure to U.S. sub-prime mortgages in its investment portfolio, and as previously disclosed, nominal exposure in its loan portfolio.

TD Bank (TD : TSX : $65.66), Net Change: -1.46, % Change: -2.18%, Volume: 4,986,700
“I’m having so much fun with the poisonous people spreading rumours and lies and stories they made up.” – David Bowie. Shares of the TD Bank declined Monday on speculation and rumours that this lender has substantial undeclared exposure to bad sub-prime debt. The bank continues to deny these rumours. But despite these declarations, the rumour on Monday postulated that the bank could have as much as $12 billion of exposure through derivatives. The speculation was that the bank got the exposure through Commerce Bancorp (CBH), a U.S. lender that TD is acquiring. Officials of both banks have denied any subprime exposure. On Monday it was reported that Commerce Bancorp's director of investor relations stated that the New Jerseybased bank has no exposure to sub-prime mortgages. At its lowest on Monday, shares of TD dropped by as much as $2.12, or 3.2%, while ending the day down 2.4%. Despite not having declared any sub-prime losses, the company’s stock is off by over 12% since its recent high in December 2007.

2007

Tuesday 04 December 2007 TD Bank (TD : TSX : $73.66)
Reported stronger-than-expected Q4/08 results, avoiding pitfalls of structures products
Blackmont Capital maintains a "hold", lowers target to $77.00
BMO Nesbitt Burns maintains an "outperform", raises target to $80.00
Desjardins Securities maintains a "top pick", target of $84.00
RBC Capital Markets maintains an "outperform", target of $82.00

Friday 30 November 2007 TD Bank (TD) - $71.80 - Best Quarter Of the Banks So Far
Outperform, Average Risk, Price Target: $82.00
TD reported core EPS of $1.40, in line with consensus of $1.39 and RBC CM's estimate of $1.41. Excluded from core earnings was a gain of $0.19 per share related to the Visa restructuring, and a reserve release of $0.05 per share due to the alignment with Basel II methodology. Domestic retail banking revenue was below expectations, but increased 14% from 2006. Revenues were also up 10%, but expenses rose more than expected primarily due to costs related to preparing for longer branch hours. Loan loss increases of 33% were also higher than expected. TD Banknorth's earnings were 8% higher than expected due to good expense control, but credit loss provisions rose due to higher impaired loans from a slowdown in the residential real-estate construction market. Management reiterated its target for 7%-10% growth in EPS. RBC CM continues to believe that domestic retail momentum and higher earnings from the US should drive above average retail earnings in 2009 and 2010, and that there is less downside risk for TD than for the industry as the bank is less exposed to wholesale earnings and appears to have a more conservative mix of businesses within its wholesale division.

Thursday Nov 29, 2007 Opinions --> TD Bank earnings jump 44 per cent
TD earned $1.089 billion, or $1.50 a share, in the quarter ended Oct. 31, compared with $762 million, or $1.04 a share, in the same quarter a year ago.Sat 17/11/2007 TORONTO: TD GETS BAD NEWS TWICE
Toronto-Dominion bank received bad news on Friday in both London and Toronto. In the British capital, the Financial Services Authority revealed that it has fined TD almost $1 billion for having failed to control a dishonest bond trader. Trader Richard Brignall, who resigned on March 9, confessed to his employer that for almost two years he had booked false values on his trading positions to hide losses and also entered fictitious trades. Meanwhile in Toronto, Ontario Court of Appeal has overturned a lower court ruling by finding that a $150-million class-action suit can proceed. The suit concerns alleged undisclosed and unauthorized fees on Visa transactions between 1986 and 2003. TD denies any irregularity and says it will consider its legal options. The bank could appeal to the Supreme Court of Canada.

TD Bank (TD : TSX : $71.11) Bid for Commerce Bancorp
Blackmont Capital maintains "hold", 12-month target price is $77.00
BMO Capital Markets maintains "outperform", 12-month target price is raised to $77.00
Credit Suisse maintains "neutral", 12-month target price is $82.00
Desjardins Securities maintains "top pick", 12-month target price is $84.00
RBC Capital Markets maintains "outperform", 12-month target price is cut to $82.00

Wednesday 03 October 2007 TD Bank (TD) - $72.54 -
Commerce Bancorp Acquisition Should Be Positive In Long-Run
Outperform, Average Risk, Price Target: $82.00 (was $83.00)
RBC CM lowered its EPS estimates slightly to reflect dilution from the transaction, and as a result slightly reduced its price target. The acquisition of Commerce Bancorp (CBH) makes strategic sense for TD, as it expands the bank’s footprint to more rapidly growing areas, providing TD with a model that has led to rapid deposit growth and further increases the mix of earnings that comes from retail businesses. TD has the ability to add value to the Commerce Bancorp franchise via cost synergies, but also via a greater focus on capitalizing on Commerce Bancorp's deposit base through a larger loan book. Domestic retail momentum and higher earnings from the U.S. (driven by cost synergies at TD Ameritrade, and by higher ownership of TD Banknorth and the Commerce Bancorp acquisition) should drive above-average retail earnings growth for TD.

Wednesday 03 October 2007 TD Bank (TD : TSX : $72.54)
Acquisition of Commerce Bancorp
Blackmont Capital maintains "hold", 12-month target price is $77.00

Wednesday 03 October 2007 WASHINGTON: TD EXPANDS IN U.S.
Toronto Dominion Financial group has announced a friendly bid to acquire U.S. rival Commerce Bancorp in a cash-and-stock deal worth US$8.5 billion. The transaction would give TD more than 2,000 branches in North America with $250 billion in deposits. The expanded enterprise would be the seventh-largest on the continent in numbers of branches.

Monday 27 August 2007 TD Bank (TD) - $70.49 - Strong Q3 Results
Outperform, Average Risk - Price Target: $83.00
TD reported stronger than expected Q3 results, with core EPS of $1.60 vs. RBC CM’s $1.35 estimate. Most of the upside came from the wholesale and corporate segments, which are not likely to be sustained in the near term. TD also raised its dividend by $0.04 to $0.57, $0.01 more than expected. RBC CM believes that TD’s shares are likely to benefit from multiple expansion as the bank’s earnings should prove less volatile than the rest of the group in turbulent capital and credit markets since it is less exposed to capital markets than its peers. Domestic retail momentum and higher earnings from the U.S. should drive above-average retail earnings growth for TD. RBC CM’s target price was increased to $83.00 from $81.00.

Wednesday 18 July 2007 Toronto-Dominion Bank (TD) announced yesterday that the C$500 million agreement to buy a stake in BCE Inc. (BCE) is within the bank's normal risk-taking appetite.

Friday 25 May 2007 TD BANK(TD)$70.74 – ANOTHER GREAT QUARTER. RATING: SECTOR PERFORM. TARGET: $79.00. RISK RATING: LOW. INDUSTRY RATING: MARKET WEIGHT.
TD Reported Core Cash EPS of $1.37. This was well above our estimate of $1.2 7 and consensus of $1.26. The result compares with Q1 2007 of $1.38 (down 1%) and Q2 2006 of $1.10 (up 25%). Core specific PCLs rose to $172 mln, up 6% Q/Q and 126% Y/Y (against an abnormally low $76 mln), their highest level in many years. Provisions continue to rise in a gradual fashion. Net CMRR was very robust at $405 mln, albeit down 10% from an exceptional Q1 2007, and 9% higher than a year ago. Growth in incentive comp exceeded revenue growth both Q/Q and Y/Y negatively impacting total growth. TD’s excess common equity declined to negative $700 mln Q/Q (versus $2.2 bln at the end of Q1 2007), after the privatization of the remainder of BNK was completed. TD will likely be capital constrained for the remainder of f2007. We have adjusted our EPS estimates as follows: our f2007E is $ 5.47 (was $5.37); f2008E is $6.01 (was $5.98). Overall, TD reported an excellent quarter, with growth across all segments. We continue to be cautious about the shorter-term risks for BNK (margin compression) and AMTD (heightened competition), which combined with higher balance sheet leverage, should limit TD’s potential for relative multiple expansion. Hence, at 12.9 x and 11.8 x our f2007 and f2008 estimates, we continue to rate TD a Sector Perform. A detailed note will be available later this morning on our website.

Tuesday 08 May 2007 TD Bank. Ltd. - $68.80 - TD Banknorth's Q1/07 Weak; Taking Steps to Improve Profitability
Outperform, Above Average Risk, Price Target $78.00
TD Banknorth reported weak Q1/07 results. RBC CM believes that concerns over TD Banknorth's operating performance and TD's effectiveness at deploying capital are negatively affecting TD's stock price by 3% ($1.7 billion) as it estimates current fair value at just over $71 per share, versus the current share price of $68.80. RBC CM believes TD Banknorth's profitability will continue to be challenged but that TD's valuation is overly discounted. It estimates that the market is implicitly pricing TD Banknorth at 7x 2007E earnings versus an average of 15x for publicly traded banks in the U.S. Northeast. Acquisitions are unlikely in the near term and management is well aware that its capital deployment in the U.S. has led to returns that are too low and that its focus will be on improving profitability at TD Banknorth, not on acquisitions. Domestic retail growth and higher earnings from the U.S. (driven by cost synergies at TD Ameritrade, and by higher ownership of TD Banknorth) should support earnings growth for TD. RBC CM believes that TD can grow 2007 and 2008 earnings per share by 14% and 12%, respectively, representing median expected growth in 2007 and ahead of the 8% growth expected for the bank's five Canadian peers in 2008. RBC CM believes there is less downside risk to its forecast for TD than for the industry. TD currently trades at 12.5x 2008 estimated EPS of $5.50. Price target represents a 14.2x multiple.

Thursday 23 November 2006 Toronto Dominion Bank (TD) - $67.41
Outperform, Average Risk - Price Target: $84.00 - Taking TD Banknorth Private
TD agreed to take TD Banknorth private earlier this week with a plan to buy out the 40% it doesn't own at US$32.33 per share or US$3.2 billion. This transaction takes the total cost of acquiring Banknorth to US$8.5 billion. By taking Banknorth private, TD cleans up its US ownership structure and it should be accretive to both 2007 and 2008 earnings, which could be positive for the shares. However, RBC CM believes investors are too bearish on the company's EPS outlook, making the shares attractive, especially given the discounted price-earnings multiple the company currently trades at. RBC CM has increased its earnings estimates to reflect the transaction and leaves the price target unchanged at $84.

24/08/06 4:39 PM globe TD profit soars in ‘focused' third quarter Bank reports 94-per cent gain, posts $796-million in net income, boosts dividend

Wednesday Oct 5, 2005 globe TD profit soars in ‘focused' third quarter
Bank reports 94-per cent gain, posts $796-million in net income, boosts dividend

Wednesday Oct 5, 2005 ts TD changes executives at fund unit

Toronto-Dominion Bank has orchestrated a high-level shakeup at TD Mutual Funds

Friday Aug 26, 2005 ts Enron effect takes toll on TD earnings
The Enron effect continues to ripple through the Canadian banking sector with Toronto Dominion Bank reporting a drop in profits and Canada's largest bank expected to do the same today.
see wn more

Thursday Aug 18, 2005 rci The Toronto Dominion Bank has agreed to pay more than $500 million US to liquidate various types of financial fallout from its investment in the bankrupt U.S. energy trader Enron. After Enron's announcement, TD's CEO, Ed Clark, said the settlement is not tantamount to any admission of wrongdoing but rather is a better option than the "time, expense and unpredictability" of litigation. Fifty-million dollars US of the sum will go as partial settlement of Enron's claims against 10 banks, including TD, on grounds that they "aided and abetted" frauds which they could have prevented. TD has earmarked $300 million US for use in eventual settlement of a securities class-action suit pending in Texas. Earlier this month, Canadian Imperial Bank of Commerce agreed to a settlement worth $2.6 billion, the biggest by the banks involved in the scandal so far.

Friday Jun 24, 2005 ts
TD`s CEO banks on merger success Ed Clark now has two chances to show that Canadian bankers don`t have to fall on their faces in the lucrative but treacherous U.S. market. | wn banks

Thursday Jun 23, 2005 cc TD Bank (TD : TSX : $54.60)
Net Change: 0.84, % Change: 1.56%, Volume: 4,323,200
Ameritrade (AMTD : NASDAQ : US$17.87)
Net Change: 3.05, % Change: 20.58%, Volume: 85,898,700 Yeah! Now we can lose our shirts together! Following weeks of rumour and speculation, TD Bank and Ameritrade announced that they have agreed to merge their U.S. online brokerage operations. Under the deal, Ameritrade will purchase TD Waterhouse USA to create TD Ameritrade, which will be the largest online brokerage in the U.S.-based on trades per day of 239,000. Had the companies been combined for the 12 months ended March 31, they would have earned US$557 million, or $0.92 per share on revenues of US$1.8 billion from 5.9 million accounts holding US$219 billion in assets. TD Bank is expected to receive 32% ownership of the company from the Waterhouse sale and plans to bid for an additional 7.9% at a price of US$16.00 per share, ex a US$6.00 per share special dividend to be paid to current Ameritrade shareholders. In addition, TD has agreed to purchase Ameritrade's Canadian business for US$60 million in cash. TD management noted that it believes that this move will help it to grow its brand in the U.S. and open up further growth opportunities.

Monday Feb 28, 2005 (TSX: TD) Outperform Average Price: $50.10 Target: $57.50
TD reported Q1/05 cash EPS of $1.08, beating our $0.98 estimate and Thomson First Call mean estimate.

Wednesday Feb 23, 2005 rbc Toronto-Dominion Bank (TSX: TD) Outperform
Average Price: $50.11 Target: $55.50
TD reports Q1/05 results on February 24. Our cash EPS estimate of $0.98 is 1¢ above the Thomson First Call mean estimate (February 21).
scotia Dividend Increased 11% Reiterate 1-Sector Outperform rating based on TD's high ROE, low P/E multiple and strong operating performance.
Rating: -- 1-SO Risk: -- Low `Target: 1-Yr $60.00 2-Yr $70.00

Wednesday 19 January 2005 ts Taxes, CPP erode take home pay Toronto Dominion Bank, wanted to know why his childhood buddies didn't feel better off than their parents.
For the answer, Clark called up his chief economist, Don Drummond. The result is a scathing report chastising government for over-taxing Canadians, spending money on the wrong things and leaving take-home pay stagnating for 15 years.

Wednesday Dec 15, 2004 rbc (TSX: TD) Outperform Average Price: $49.28 Target: $55.50
TD Waterhouse (TWE) reports sharply increased November trading volumes. Our $55.50 price target is based on core bank valuation of $48.90, plus stand-alone value of C$6.60 for TD Waterhouse USA.

Saturday Dec 11, 2004 The Toronto Dominion Bank, one of Canada's five "big" banks, has set a limit of 10 years that members of the board of directors may serve. Under the new rule, directors can serve for 10 years and must be re-elected each year by shareholders. TD's chairman, John Thompson, says the bank has reacted to pressures from both shareholders and good governance lobbies. He says the 10-year limit guarantees that membership of the bank's board will be regularly renewed to ensure "fresh perspectives" among its members. The Canadian Coalition for Good Governance lobby predicts that TD's move will be greatly discussed in corporate boardrooms over the next year-and-a-half.

Thursday Nov 25, 2004 From RBC (TSX: TD) Outperform Average Price: $46.87 Target: $55.50
TD reported Q4/04 cash EPS of $1.04, $0.91 underlying, compared to our estimate of $0.93 and the Thomson First Call mean estimate of $0.92. We maintained our EPS estimates, and tweaked our price target up $0.50 to $55.50.
from ns TD Bank (TD - $46.87) Rating: 1-Sector Outperform Target: $56.00 Strong 2004 Earnings reported strong Q4 cash operating earnings of $0.91 per share (f.d.), versus $0.91.

Saturday Aug 28, 2004 cbc
TD BANK BUYING MAJORITY STAKE IN BANKNORTH FOR $3.8B US TD Bank is buying a majority interest in New England-based Banknorth Group Inc. for $3.8 billion US in cash and shares, the two financial institutions announced Thursday.

Friday May 28, 2004 cbc
TD BANK RETURNS TO PROFIT IN Q2 TD Bank Financial Group swung back to a profit in the second quarter, a year after big write-downs and charges sent it into the red. see Banks

Friday May 28, 2004 Toronto-Dominion Bank (TD - $44.61) Rating: 1-Sector Outperform Target: $56.00
Stellar Q2 Results
TD Bank Q2 cash operating earnings increased 35% to $0.93 per share (f.d.), versus $0.69 per share (f.d.) a year earlier, slightly better than expected. Toronto Dominion Bank (TD) reported industry high ROE of 20.8% on industry high capital with Tier 1 capital ratio of 11.9%. TD Canada Trust earnings increased 17% YOY driven by lower loan losses. TD Waterhouse earnings before marketing spend were strong basically unchanged from last quarter. Our 2004 earnings estimate is unchanged at $3.70 per share and we have increased our 2005 earnings estimate to $4.15 from $4.00 per share. Our 12-month share price target remains at $56 per share. Maintain 1-Sector Outperform rating based on industry high profitability and capital, high quality earnings driven by TD Canada Trust, low balance sheet risk, no P/E multiple premium and the underlying value of its U.S. discount brokerage business.  Kevin Choquette

Saturday 27 Mar 2004 ts
TD plans to expand retail side, CEO says
EDMONTON—The Toronto Dominion Bank plans to expand its already substantial retail banking presence, and is open to making a large acquisition to accomplish that if the opportunity arises, the bank`s chief executive said yesterday.

Friday 27 Feb 2004 cbc
TD PROFITS JUMP 74 PER CENT IN FIRST QUARTER; DIVIDEND HIKED TD Bank Financial Group started its fiscal year with a bang, reporting a 74 per cent increase in quarterly profits.

Thursday Jan 22, 2004 cbc
TD WATERHOUSE TO STAY SINGLE, CLARK SAYS TD Bank is not expecting to revive a merger deal involving its discount brokerage TD Waterhouse, CEO Edmund Clark said Wednesday.

2003