Canadian Undervalued over 20% based on DCF

Royal Bank of Canada

Market Cap: CA$250.4b

Operates as a diversified financial service company worldwide.

Toronto-Dominion Bank

Market Cap: CA$172.4b

Provides various financial products and services in Canada, the United States, and internationally.

Bank of Montreal

Market Cap: CA$110.4b

Provides diversified financial services primarily in North America.

Bank of Nova Scotia

Market Cap: CA$95.3b

Provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally.

Canadian Imperial Bank of Commerce

Market Cap: CA$92.6b

A diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally.

Alimentation Couche-Tard

Market Cap: CA$66.5b

Operates and licenses convenience stores in North America, Europe, and Asia.

Suncor Energy

Market Cap: CA$66.1b

Operates as an integrated energy company in Canada, the United States, and internationally.

Imperial Oil

Market Cap: CA$58.5b

Engages in exploration, production, and sale of crude oil and natural gas in Canada.

National Bank of Canada

Market Cap: CA$56.2b

Provides financial services to individuals, businesses, institutional clients, and governments in Canada and internationally.

Barrick Mining

Market Cap: CA$50.7b

Engages in the exploration, development, production, and sale of mineral properties.

Intact Financial

Market Cap: CA$50.5b

Through its subsidiaries, provides property and casualty insurance products to individuals and businesses in Canada, the United States, the United Kingdom, and internationally.

Power Corporation of Canada

Market Cap: CA$35.8b

An international management and holding company, provides financial services in North America, Europe, and Asia.

CGI

Market Cap: CA$29.0b

Provides information technology (IT) and business process services.

GFL Environmental

Market Cap: CA$25.0b

Provides non-hazardous solid waste management and environmental services in Canada and the United States.

Emera

Market Cap: CA$19.2b

An energy and services company, invests in generation, transmission, and distribution of electricity in the United States, Canada, Barbados, and the Bahamas.

Bombardier

Market Cap: CA$16.3b

Engages in the design, manufacture, and sale of business aircraft and aircraft structural components worldwide.

Magna International

Market Cap: CA$16.1b

Manufactures and supplies vehicle engineering, contract, and automotive space.

Lundin Gold

Market Cap: CA$15.7b

Operates as a mining company in Canada.

Element Fleet Management

Market Cap: CA$14.5b

Operates as a fleet management company primarily in Canada, the United States, Mexico, Australia, and New Zealand.

Ivanhoe Mines

Market Cap: CA$14.4b

Engages in the mining, development, and exploration of minerals and precious metals in Africa.

CCL Industries

Market Cap: CA$13.3b

Manufactures and sells labels, consumer printable media products, technology-driven label solutions, polymer banknote substrates, and specialty films.

IGM Financial

Market Cap: CA$10.6b

Engages in the asset management business in Canada.

Choice Properties Real Estate Investment Trust

Market Cap: CA$10.3b

Choice Properties is a leading Real Estate Investment Trust that creates enduring value through places where people thrive.

Endeavour Mining

Market Cap: CA$10.2b

Operates as a multi-asset gold producer in West Africa.

Finning International

Market Cap: CA$8.0b

Sells, services, and rents heavy equipment, engines, and related products in Canada, Chile, the United Kingdom, Argentina, and internationally.

West Fraser Timber

Market Cap: CA$7.6b

A diversified wood products company, engages in manufacturing, selling, marketing, and distributing lumber, engineered wood products, pulp, newsprint, wood chips, and other residuals and renewable energy.

Triple Flag Precious Metals

Market Cap: CA$6.6b

A precious metals streaming and royalty company, engages in acquiring and managing precious metals, streams, royalties, and other mineral interests in Australia, Canada, Colombia, Cote d’Ivoire, Honduras, Mexico, Mongolia, Peru, South Africa, and the United States.

Northland Power

Market Cap: CA$5.8b

Operates as a power producer in Canada, the Netherlands, Germany, Colombia, Spain, the United States, and internationally.

Kinaxis

Market Cap: CA$5.8b

Provides cloud-based subscription software for supply chain operations in the United States, Europe, Asia, and Canada.

RioCan Real Estate Investment Trust

Market Cap: CA$5.2b

RioCan is one of Canada’s largest real estate investment trusts.

Granite Real Estate Investment Trust

Market Cap: CA$4.5b

Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe.

SmartCentres Real Estate Investment Trust

Market Cap: CA$4.4b

SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 196 strategically located properties in communities across the country.

OceanaGold

Market Cap: CA$4.4b

A gold and copper producer, engages in exploration, development, and operation of mineral properties in the United States, the Philippines, and New Zealand.

NGEx Minerals

Market Cap: CA$4.2b

Engages in the acquisition, exploration, and development of mineral properties in South America.

First Capital Real Estate Investment Trust

Market Cap: CA$4.0b

First Capital Real Estate Investment Trust, with $9.2 billion in assets acquires, develops, owns and operates open-air grocery-anchored shopping centres in neighbourhoods with the strongest demographics in Canada.

Peyto Exploration & Development

Market Cap: CA$3.9b

Engages in the exploration, development, and production of natural gas, oil, and natural gas liquids in Alberta’s deep basin.