Executive Summary
The Toronto-Dominion Bank, together with its subsidiaries, provides various personal and commercial banking products and services in Canada and the United States.
Snowflake
Fundamentals
Flawless balance sheet established dividend payer.
Similar Companies
Share Price & News
How has Toronto-Dominion Bank's share price performed over time and what events caused price changes?
Latest Share Price and Events
Market Performance
7 Day Return
0.8%
TD
0.9%
CA Banks
0.2%
CA Market
1 Year Return
1.2%
TD
3.5%
CA Banks
2.4%
CA Market
Return vs Industry: TD underperformed the Canadian Banks industry which returned 3.5% over the past year.
Return vs Market: TD matched the Canadian Market which returned 2.4% over the past year.
Shareholder returns
| TD | Industry | Market | |
|---|---|---|---|
| 7 Day | 0.8% | 0.9% | 0.2% |
| 30 Day | -2.9% | -0.6% | -3.3% |
| 90 Day | -3.8% | 1.7% | -1.8% |
| 1 Year | 5.3%1.2% | 8.0%3.5% | 6.0%2.4% |
| 3 Year | 37.8%23.6% | 33.8%19.1% | 14.2%4.0% |
| 5 Year | 65.1%37.1% | 53.2%25.4% | 27.2%8.6% |
Price Volatility Vs. Market
How volatile is Toronto-Dominion Bank's share price compared to the market and industry in the last 5 years?
Simply Wall St News
2 weeks ago | Simply Wall St
The Toronto-Dominion Bank (TSE:TD)'s Could Be A Buy For Its Upcoming Dividend2 weeks ago | Simply Wall St
How Should Investors React To The Toronto-Dominion Bank's (TSE:TD) CEO Pay?2 weeks ago | Simply Wall St
How Does The Toronto-Dominion Bank (TSE:TD) Fare As A Dividend Stock?Valuation
Is Toronto-Dominion Bank undervalued compared to its fair value and its price relative to the market?
9.3%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: TD (CA$74.33) is trading below our estimate of fair value (CA$82)
Significantly Below Fair Value: TD is trading below fair value, but not by a significant amount.
Price To Earnings Ratio
PE vs Industry: TD is poor value based on its PE Ratio (11.8x) compared to the Banks industry average (11.1x).
PE vs Market: TD is good value based on its PE Ratio (11.8x) compared to the Canadian market (13.7x).
Price to Earnings Growth Ratio
PEG Ratio: TD is poor value based on its PEG Ratio (3x)
Price to Book Ratio
PB vs Industry: TD is overvalued based on its PB Ratio (1.7x) compared to the CA Banks industry average (1.4x).
Next Steps
Future Growth
How is Toronto-Dominion Bank forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?
3.9%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: TD's forecast earnings growth (3.9% per year) is above the savings rate (1.9%).
Earnings vs Market: TD's earnings (3.9% per year) are forecast to grow slower than the Canadian market (12.9% per year).
High Growth Earnings: TD's earnings are forecast to grow, but not significantly.
Revenue vs Market: TD's revenue (4.1% per year) is forecast to grow slower than the Canadian market (5.5% per year).
High Growth Revenue: TD's revenue (4.1% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: TD's Return on Equity is forecast to be low in 3 years time (14.6%).
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Past Performance
How has Toronto-Dominion Bank performed over the past 5 years?
9.9%
Historical annual earnings growth
Earnings and Revenue History
Past Earnings Growth Analysis
Earnings Trend: TD's earnings have grown by 9.9% per year over the past 5 years.
Accelerating Growth: TD's earnings growth over the past year (6.8%) is below its 5-year average (9.9% per year).
Earnings vs Industry: TD earnings growth over the past year (6.8%) underperformed the Banks industry 6.8%.
Return on Equity
High ROE: TD's Return on Equity (13.6%) is considered low.
Return on Assets
ROA vs Industry: TD has a higher Return on Assets than the Banks industry average last year.
Return on Capital Employed
ROCE Improving: Insufficient data to calculate TD's Return on Capital Employed to determine if it has improved over the past 3 years.
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Financial Health
How is Toronto-Dominion Bank's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: TD has a low level of unsold assets or inventory.
Debt Coverage by Assets: TD's debt is covered by short term assets (assets are 1.771230x debt).
Financial Institutions Analysis
Asset Level: TD's level of assets compared to its equity is moderate.
Allowance for Bad Loans: TD has a sufficient allowance for bad loans.
Low Risk Liabilities: TD's liabilities are made up of primarily low risk sources of funding.
Loan Level: TD has an acceptable proportion of non-loan assets held.
Low Risk Deposits: TD's loans are broadly funded by customer deposits.
Level of Bad Loans: TD has an appropriate level of bad loans (0.43%)
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Dividend
What is Toronto-Dominion Bank's current dividend yield, its reliability and sustainability?
3.98%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Stability and Growth of Payments
Notable Dividend: TD's dividend (3.98%) is higher than the bottom 25% of dividend payers in the Canadian market (2.01%).
High Dividend: TD's dividend (3.98%) is low compared to the top 25% of dividend payers in the Canadian market (5.96%).
Stable Dividend: TD's dividends per share have been stable in the past 10 years.
Growing Dividend: TD's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (44.7%), TD's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: TD's dividends in 3 years are forecast to be well covered by earnings (45.1% payout ratio).
Next Steps
Management
What is the CEO of Toronto-Dominion Bank's salary, the management and board of directors tenure and is there insider trading?
3.8yrs
Average management tenure
CEO
Bharat Masrani (62yo)
4.9yrs
Tenure
CA$15,316,065
Compensation
Mr. Bharat B. Masrani has been Chief Executive Officer and Group President at The Toronto-Dominion Bank since November 1, 2014. Mr. Masrani served as the Chief Operating Officer of The Toronto-Dominion Ban ...
CEO Compensation Analysis
Compensation vs. Market: Bharat's total compensation ($USD11.69M) is about average for companies of similar size in the Canadian market ($USD7.06M).
Compensation vs Earnings: Bharat's compensation has increased by more than 20% in the past year.
Management Age and Tenure
3.8yrs
Average Tenure
Experienced Management: TD's management team is considered experienced (3.8 years average tenure).
Board Age and Tenure
8.8yrs
Average Tenure
63yo
Average Age
Experienced Board: TD's board of directors are considered experienced (8.8 years average tenure).
Insider Trading
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Ownership Breakdown
Management Team
Michael Rhodes (53yo)
Group Head of Innovation
- Tenure: 1.9yrs
Bharat Masrani (62yo)
Group President
- Tenure: 4.9yrs
- Compensation: CA$15.32m
Bob Dorrance
Group Head of Wholesale Banking
- Tenure: 13.9yrs
- Compensation: CA$8.92m
Teri Currie
Group Head of Canadian Personal Banking
- Tenure: 8.9yrs
- Compensation: CA$4.78m
Riaz Ahmed
Group Head & CFO
- Tenure: 3.8yrs
- Compensation: CA$4.33m
Greg Braca
Group Head of U.S. Banking
- Tenure: 1.9yrs
- Compensation: CA$5.78m
Jeff Henderson
Chief Information Officer & Executive VP
- Tenure: 0yrs
Ellen Patterson
Group Head & General Counsel
- Tenure: 1.9yrs
Gillian Manning
Vice President & Head of IR
- Tenure: 0yrs
Valerie Gillis
Chief Accountant & Senior VP of Finance
- Tenure: 0yrs
Board Members
William Bennett (73yo)
Independent Director
- Tenure: 15.4yrs
- Compensation: CA$629.10k
George Watson (71yo)
Member of Advisory Board
- Tenure: 0yrs
Bharat Masrani (62yo)
Group President
- Tenure: 4.9yrs
- Compensation: CA$15.32m
Karen Maidment (60yo)
Independent Director
- Tenure: 8.1yrs
- Compensation: CA$285.00k
Amy Brinkley (63yo)
Independent Director
- Tenure: 9.1yrs
- Compensation: CA$418.67k
Irene Miller (66yo)
Independent Director
- Tenure: 13.4yrs
- Compensation: CA$242.50k
Brian Levitt (71yo)
Non-Executive Chairman of the Board
- Tenure: 8.8yrs
- Compensation: CA$445.00k
Nadir Mohamed (62yo)
Independent Director
- Tenure: 11.5yrs
- Compensation: CA$220.00k
Brian Ferguson (62yo)
Director
- Tenure: 4.6yrs
- Compensation: CA$242.50k
Alan MacGibbon (63yo)
Director
- Tenure: 5.5yrs
- Compensation: CA$607.73k
Company Information
The Toronto-Dominion Bank's company bio, employee growth, exchange listings and data sources
Key Information
- Name: The Toronto-Dominion Bank
- Ticker: TD
- Exchange: TSX
- Founded: 1855
- Industry: Diversified Banks
- Sector: Banks
- Market Cap: CA$135.224b
- Shares outstanding: 1.82b
- Website: https://www.td.com
Number of Employees
Location
- The Toronto-Dominion Bank
- Toronto-Dominion Centre
- King Street West and Bay Street
- Toronto
- Ontario
- M5K 1A2
- Canada
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| TD | NYSE (New York Stock Exchange) | Yes | Common Shares | US | USD | Dec 1972 |
| TDB | DB (Deutsche Boerse AG) | Yes | Common Shares | DE | EUR | Dec 1972 |
| TD | TSX (The Toronto Stock Exchange) | Yes | Common Shares | CA | CAD | Dec 1972 |
| 0VL8 | LSE (London Stock Exchange) | Yes | Common Shares | GB | CAD | Dec 1972 |
| TD.PFB | TSX (The Toronto Stock Exchange) | 5YR RST PFD SR 3 | CA | CAD | Aug 2014 | |
| TD.PFD | TSX (The Toronto Stock Exchange) | PFD-7 CONV | CA | CAD | Mar 2015 | |
| TD.PFF | TSX (The Toronto Stock Exchange) | PFD SER11 4.9% | CA | CAD | Jul 2015 | |
| TD.PFG | TSX (The Toronto Stock Exchange) | PFD SHS SER 12 | CA | CAD | Jan 2016 | |
| TNTO.F | OTCPK (Pink Sheets LLC) | PFD SHS SER 12 | US | USD | Jan 2016 | |
| TD.PFH | TSX (The Toronto Stock Exchange) | 4.85 PFD SR 14 | CA | CAD | Sep 2016 | |
| TD.PFI | TSX (The Toronto Stock Exchange) | PFD SER 16 | CA | CAD | Jul 2017 | |
| TD.PFK | TSX (The Toronto Stock Exchange) | PFD SHS NCM 20 | CA | CAD | Sep 2018 | |
| TD.PFL | TSX (The Toronto Stock Exchange) | NON CUM PFD 22 | CA | CAD | Jan 2019 | |
| TD.PFM | TSX (The Toronto Stock Exchange) | NON CUM PFD 24 | CA | CAD | Jun 2019 |
Biography
The Toronto-Dominion Bank, together with its subsidiaries, provides various personal and commercial banking products and services in Canada and the United States. The company operates through three segment ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2019/10/21 23:43 |
| End of Day Share Price | 2019/10/21 00:00 |
| Earnings | 2019/07/31 |
| Annual Earnings | 2018/10/31 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.