TORONTO-DOMINION BANK $66 (Toronto symbol TD; Conservative Growth Portfolio, Finance sector; Shares outstanding: 717.8 million; Market cap: $47.4 billion; SI Rating: Above average) is Canada’s second-largest bank, with assets of $422.1 billion.
In the fiscal year ended October 31, 2007, TD’s earnings rose 23.4%, to $5.75 a share (total $4.2 billion) from $4.66 a share ($3.35 billion) in 2006. These figures exclude several unusual items, including a $135 million after-tax gain on the Visa restructuring. Revenue rose 8.3%, to $14.3 billion from $13.2 billion.
Despite its expanding operations in the United States, which now supply 8% of its earnings, TD’s exposure to U.S. subprime mortgages is minimal. TD’s bad loans remained unchanged in 2007 at 0.2% of total loans. It also cut its efficiency ratio to 59.6% from 62.4%.
TD has now agreed to pay $8.5 billion U.S. for Commerce Bancorp Inc., which operates 460 branches in several Mid-Atlantic states. Integration costs of $490 million U.S. will hurt TD’s earnings in 2008. But TD forecasts annual cost savings of $310 million U.S. by 2009.
The purchase increases TD’s exposure to the uncertain U.S. banking industry. But Commerce will give TD the size it needs to compete with larger U.S. banks when conditions improve.
The stock trades at 11.0 times its likely 2008 earnings of $6.17 a share. The $2.28 dividend yields 3.4%.
TD Bank is a buy.
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