Has the Canadian Market valuation changed over the past few years?

Investors are relatively neutral on the Canadian market at the moment, indicating that they expect earnings will grow in line with historical growth rates. The market is trading close to its 3-year average PE ratio of 21.5x.

Which sectors have driven the changes within the Canadian Market?

Investors favour the Tech sector the most for future growth which is trading above its 3-year average PE ratio. The market's confidence is likely because analysts are expecting annual earnings growth of 24.7%, which is higher than its past year's earnings growth of 7.8% per year.

Canadian (TSX) Market Analysis & Valuation

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 20 Aug 2026	CA$5.7t	CA$2.3t	CA$254.9b	16.4x	22.4x	2.5x
Sat, 18 Jul 2026	CA$5.5t	CA$2.2t	CA$242.8b	16.4x	22.8x	2.5x
Mon, 15 Jun 2026	CA$5.5t	CA$2.2t	CA$243.9b	16x	22.6x	2.5x
Wed, 13 May 2026	CA$5.4t	CA$2.2t	CA$245.9b	16.8x	22.1x	2.5x
Fri, 10 Apr 2026	CA$5.3t	CA$2.2t	CA$241.0b	16.4x	21.9x	2.4x
Sun, 08 Mar 2026	CA$5.2t	CA$2.1t	CA$239.6b	16.8x	21.7x	2.4x
Tue, 03 Feb 2026	CA$5.0t	CA$2.1t	CA$224.3b	16.9x	22.4x	2.4x
Thu, 01 Jan 2026	CA$5.0t	CA$2.1t	CA$224.4b	16.4x	22.1x	2.3x
Sat, 29 Nov 2025	CA$4.8t	CA$2.1t	CA$224.2b	16.3x	21.6x	2.3x
Mon, 27 Oct 2025	CA$4.7t	CA$2.2t	CA$215.4b	16.8x	21.9x	2.2x
Wed, 24 Sep 2025	CA$4.7t	CA$2.1t	CA$208.8b	16.4x	22.4x	2.2x
Fri, 22 Aug 2025	CA$4.4t	CA$2.1t	CA$201.9b	16x	21.7x	2x
Sun, 20 Jul 2025	CA$4.3t	CA$2.1t	CA$191.2b	16.1x	22.7x	2x
Tue, 17 Jun 2025	CA$4.3t	CA$2.1t	CA$191.5b	15.5x	22.3x	2x
Thu, 15 May 2025	CA$3.9t	CA$2.1t	CA$178.0b	14.4x	21.9x	1.9x
Sat, 12 Apr 2025	CA$3.7t	CA$2.1t	CA$173.2b	14.4x	21.2x	1.7x
Mon, 10 Mar 2025	CA$3.9t	CA$2.1t	CA$173.5b	14.9x	22.7x	1.8x
Wed, 05 Feb 2025	CA$3.9t	CA$2.1t	CA$170.6b	14.4x	22.8x	1.8x
Fri, 03 Jan 2025	CA$3.9t	CA$2.1t	CA$169.2b	14.2x	22.9x	1.8x
Sun, 01 Dec 2024	CA$4.0t	CA$2.1t	CA$166.3b	14.8x	24x	1.9x
Tue, 29 Oct 2024	CA$3.9t	CA$2.1t	CA$167.7b	15.3x	23.2x	1.8x
Thu, 26 Sep 2024	CA$3.8t	CA$2.1t	CA$167.5b	15.3x	22.8x	1.8x
Sat, 24 Aug 2024	CA$3.7t	CA$2.1t	CA$166.6b	15x	22.1x	1.8x
Mon, 22 Jul 2024	CA$3.6t	CA$2.1t	CA$167.7b	14x	21.7x	1.8x
Wed, 19 Jun 2024	CA$3.5t	CA$2.1t	CA$167.4b	14.1x	20.8x	1.7x
Fri, 17 May 2024	CA$3.6t	CA$2.0t	CA$167.7b	14.2x	21.6x	1.8x
Sun, 14 Apr 2024	CA$3.6t	CA$2.1t	CA$174.6b	14.1x	20.4x	1.7x
Tue, 12 Mar 2024	CA$3.5t	CA$2.1t	CA$173.2b	13.7x	20.1x	1.7x
Thu, 08 Feb 2024	CA$3.4t	CA$2.1t	CA$172.9b	13x	19.4x	1.6x
Sat, 06 Jan 2024	CA$3.4t	CA$2.1t	CA$173.1b	13x	19.5x	1.6x
Mon, 04 Dec 2023	CA$3.3t	CA$2.1t	CA$171.9b	12.4x	19.1x	1.6x
Wed, 01 Nov 2023	CA$3.1t	CA$2.1t	CA$184.3b	11.6x	16.6x	1.5x
Fri, 29 Sep 2023	CA$3.2t	CA$2.1t	CA$184.4b	11.5x	17.3x	1.5x
Sun, 27 Aug 2023	CA$3.2t	CA$2.1t	CA$184.9b	11.5x	17.4x	1.5x


CA Market	-0.38%
Energy	2.63%
Real Estate	-0.11%
Utilities	-0.15%
Telecom	-0.16%
Financials	-0.36%
Consumer Discretionary	-0.43%
Industrials	-0.71%
Materials	-1.86%
Healthcare	-2.13%
Consumer Staples	-2.57%
Tech	-3.61%

Company	Last Price	7D	1Y	Valuation	Sector
ABX Barrick Mining	CA$62.36	8.5% +CA$8.0b	80.9%	PE11.4x	Materials
WPM Wheaton Precious Metals	CA$203.43	8.3% +CA$7.1b	57.2%	PE32.6x	Materials
CVE Cenovus Energy	CA$44.83	6.5% +CA$5.0b	115.5%	PE12.4x	Energy
SU Suncor Energy	CA$93.30	4.7% +CA$4.9b	74.3%	PE12.2x	Energy
CNQ Canadian Natural Resources	CA$68.48	3.2% +CA$4.3b	66.6%	PE12x	Energy

Announcement • Aug 11

Bank Of Montreal and REX Shares Launch MicroSectors 3× Long And -3× Short High Yield And Investment Grade Corporate Bond ETNs

Bank of Montreal and REX Shares, LLC announced the launch of the following Exchange Traded Notes issued by Bank of Montreal: MicroSectors 3× Long High Yield Corporate Bond (HYG) ETNs due July 31, 2046 (the HYGU ETNs), MicroSectors -3× Short High Yield Corporate Bond (HYG) ETNs due July 31, 2046 (the HYGD ETNs), MicroSectors 3× Long Investment Grade Corporate Bond (LQD) ETNs due July 31, 2046 (the LQDU ETNs), MicroSectors -3× Short Investment Grade Corporate Bond (LQD) ETNs due July 31, 2046 (the LQDD ETNs). The ETNs will start trading on the Cboe BZX Exchange Inc. under the applicable ticker symbol identified above. Each series of ETNs is intended to offer sophisticated investors three times leveraged long or short, as applicable, participation in the daily performance of the relevant index, before taking into account fees, charges and the decay effect caused by the daily resetting of the leverage. The HYGU ETNs and the HYGD ETNs are linked to the VettaFi High Yield Corporate Bond Fund-Tracking Index, a total return index created, sponsored and maintained by VettaFi LLC that tracks the performance of the iShares iBoxx $High Yield Corporate Bond ETF (HYG) and is designed to provide exposure to U.S. dollar-denominated high-yield corporate debt through a single fund-tracking vehicle. The ticker symbol of the VettaFi High Yield Corporate Bond Fund-Tracking Index is VHYGF. The LQDU ETNs and the LQDD ETNs are linked to the VettaFi Investment Grade Corporate Bond Fund-Tracking Index, a total return index created, sponsored and maintained by VettaFi LLC that tracks the performance of the iShares iBoxx $Investment Grade Corporate Bond ETF (LQD) and is designed to provide exposure to U.S. dollar-denominated investment-grade corporate debt through a single fund-tracking vehicle. The ticker symbol of the VettaFi Investment Grade Corporate Bond Fund-Tracking Index is VLQDF. The ETNs are the first U.S.-listed exchange-traded products designed to provide 3× leveraged long and short exposure to the daily performance of HYG and LQD, two of the most actively traded U.S.-listed bond ETFs. The ETNs are not intended to be buy and hold investments and are not intended to be held to maturity. Instead, the ETNs are intended to be daily trading tools for sophisticated investors to manage daily trading risks as part of an overall diversified portfolio. The ETNs are designed to reflect a 3× leveraged long or short, as applicable, exposure to the performance of the relevant index on a daily basis, before taking into account the negative effect of the fees and charges. However, as a result of the daily resetting of the leverage, the returns on the ETNs over different periods of time can, and most likely will, differ significantly from three times the return on a direct long or short investment in the relevant index. The ETNs are designed to achieve their stated investment objectives on a daily basis. The performance of the ETNs over different periods of time can differ significantly from their stated daily objectives. The ETNs are considerably riskier than securities that have intermediate- or long-term investment objectives and are not suitable for investors who plan to hold them for a period of more than one day or who have a buy and hold strategy. Investors should actively and continuously monitor their investments in the ETNs on an intraday basis, and any decision to hold the ETNs for more than one day should be made with great care and only as the result of a series of daily (or more frequent) investment decisions to remain invested in the ETNs for the next one-day period. The ETNs are very sensitive to changes in the level of the relevant index, and returns on the ETNs may be negatively affected in complex ways by the volatility of the relevant index on a daily or intraday basis. It is possible that investors will suffer significant losses in the ETNs that provide leveraged long exposure even if the long-term performance of the relevant index is positive. Similarly, it is possible that investors will suffer significant losses in the ETNs that provide short leveraged exposure even if the long-term performance of the relevant index is negative. Accordingly, the ETNs should be purchased only by sophisticated investors who understand and can bear the potential risks and consequences of the ETNs that are designed to provide leveraged exposure to the long or short, as applicable, performance of the relevant index on a daily basis and that will be highly volatile and may experience significant losses, up to the entire amount invested, in a short period of time. The ETN Prospectus relating to each series of ETNs can be found on EDGAR, the Securities and Exchange Commission website, as well as on the product websites. Bank of Montreal, the issuer of each series of ETNs, has filed a registration statement (including a pricing supplement, prospectus supplement and prospectus) with the SEC regarding each series of the ETNs. Please read those documents and the other documents relating to these offerings that Bank of Montreal has filed with the SEC for more complete information about Bank of Montreal and these offerings. The ETNs are senior, unsecured obligations of Bank of Montreal, and are subject to Bank of Montreal's credit risk. Investment suitability must be determined individually for each investor, and the ETNs are not suitable for all investors. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice. Investors should consult with their own financial advisors as to these matters. MicroSectors and REX are trademarks of REX. The trademarks have been licensed to Bank of Montreal for use for certain purposes by REX. The VettaFi High Yield Corporate Bond Fund-Tracking Index and the VettaFi Investment Grade Corporate Bond Fund-Tracking Index are service marks of VettaFi and have been licensed for use by REX and Bank of Montreal. The ETNs are not sponsored, endorsed, sold or promoted by REX or any of its affiliates or third-party licensors. REX Index Parties make no representation or warranty, express or implied, to the owners of the ETNs or any member of the public regarding the advisability of investing in securities generally or in the ETNs particularly or the ability of the indices to track the relevant segments of the corporate bond market.

Announcement • Aug 10

TD Bank Group Introduces New In-App Payroll Deposit Switching Experience

TD Bank Group became the first bank in Canada to offer a fully integrated in-app direct deposit switching experience, helping clients switch payroll deposits quickly, securely and online in about a minute, with most employers. TD Bank Group has launched a new mobile-first experience that helps clients securely set up or switch payroll direct deposit within the TD app. With most employers, the process can be completed in about a minute, reducing paperwork and helping clients manage an everyday banking task more simply and conveniently. The feature helps reduce administrative steps traditionally associated with updating payroll information, including paper forms and employer coordination. Switching direct deposit is now faster and simpler: Clients can set up or switch payroll direct deposit online in about a minute, with most employers, using a guided experience in the TD mobile app. TD Bank Group is the first financial institution in Canada to offer a fully integrated in-app payroll direct deposit switching experience. The digital process eliminates forms and reduces the need for contacting employers or payroll providers directly. The in-app experience helps reduce the need to share sensitive banking information through paper forms or email, helping lower the risk of manual data-entry errors and unnecessary exposure. The secure, digital setup simplifies the direct deposit onboarding process, helping clients move their everyday banking with confidence, not just with speed. TD Bank Group's new in-app experience helps simplify the process, giving clients a faster and more convenient way to update where their pay is deposited. With the new in-app experience, clients can set up or switch payroll direct deposit in about a minute, with most employers, avoid printing, scanning or emailing sensitive financial documents, reduce the risk of manual data-entry errors, and keep banking information secure within the TD mobile app. Built in collaboration with Atomic, a U.S.-based fintech company powering embedded banking infrastructure, including direct deposit switching, bill and subscription management and payment switching, TD Bank Group is the first bank in Canada to offer a fully integrated, in-app payroll direct deposit switching experience. TD Bank Group holds exclusive Canadian rights to this capability through the end of 2026. Digital direct deposit switching allows TD Bank Group clients to securely update where their paycheque is deposited without completing paper forms or contacting their employer directly. Clients can choose which eligible TD Bank Group account, including chequing, savings or unsecured line of credit, they want their direct deposit moved to, and with most employers, the process can be completed in about a minute, within TD Bank Group's secure mobile app. If a client's employer or payroll provider is not currently supported, clients are guided to a pre-filled manual form to complete the process. With TD Bank Group Digital Direct Deposit, clients can follow a guided process in the TD Bank Group mobile app to securely update their payroll information without needing to locate account details or submit forms. With most employers, the process can be completed in about a minute within the TD Bank Group app. Digital Direct Deposit is designed to be completed in about a minute, with most employers, within the TD Bank Group app, allowing clients to quickly update where their pay is deposited. TD Bank Group Digital Direct Deposit helps reduce the need to share sensitive banking information through email or paper forms by keeping the process within TD Bank Group's secure digital banking environment, lowering the risk of errors and exposure. With most employers, TD Bank Group Digital Direct Deposit reduces the need for manual coordination by providing a guided in-app experience. If an employer or payroll provider is not currently supported, clients are directed to complete the process using a manual form.

Canadian (TSX) Market Analysis & Valuation

Market Valuation and Performance

Sector Trends

Top Stock Gainers and Losers

Market Insights

Picking portfolio winners takes more than hot air

Latest News

Now 21% undervalued

Now 23% overvalued after recent price rise

High number of new directors

Executive VP & COO recently sold CA$1.6m worth of stock

FNV: Cobre Panama Restart And Strong Margins Will Support Future Upside

CNQ: Future Oilsands Expansion Will Test Market Optimism On Policy Risks

Second quarter dividend of US$0.07 announced

Insider exercised options and sold CA$2.0m worth of stock

CM: Future Returns Will Reflect Q2 Execution And Emerging AI Initiatives

Second quarter dividend of US$0.17 announced

WPM: Long Term Production Outlook Will Support Future Upside Potential

Investor sentiment deteriorates as stock falls 17%

Bank Of Montreal and REX Shares Launch MicroSectors 3× Long And -3× Short High Yield And Investment Grade Corporate Bond ETNs

TD Bank Group Introduces New In-App Payroll Deposit Switching Experience

BNS: Dividend Strength And AI Adoption Will Support Steady Fair Value

IMO: Future Cash Returns Will Reflect Mixed Oil Price And Buyback Expectations