What changed
$TD — BUY 📊 | 6 MONTHS THESIS
🎯 latest | Rev $15.9B | EPS $2.38 vs $2.26 🟢
💡 Consensus expected margin compression and rising loan provisions, but TD delivered a clean beat with controlled expenses and robust US retail income. The market underappreciates TD's diversified earnings quality, pricing in a ~12.5x P/E that is near the low end of its post‑2010 range.
📉 Reward/risk: 2.5:1
🏢 Business Quality: 8/10 - Oligopolistic Canadian retail banking with excellent returns, strong moats, and a valuable US franchise (TD Bank, N.A.) that adds growth optionality; regulatory stability and 4% dividend yield support downside.
📊 Valuation: fair to cheap — Trading at 12.5x trailing P/E (annualized EPS ~$9.52) vs. 5-year average of ~11.5x and peer RBC at 13.2x. Price/book ~1.4x vs.
📊 Our read: BUY. Full analysis →
https://stockduty.xyz/s/TD0621