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Canadian Imperial Bank of Commerce

LSE:0UNI
Snowflake Description

Excellent balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
0UNI
LSE
CA$49B
Market Cap
  1. Home
  2. GB
  3. Banks
Company description

Canadian Imperial Bank of Commerce, 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. The last earnings update was 56 days ago. More info.


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0UNI Share Price and Events
7 Day Returns
0%
LSE:0UNI
-1.3%
GB Banks
1.2%
GB Market
1 Year Returns
-3.1%
LSE:0UNI
-9.9%
GB Banks
2.5%
GB Market
0UNI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Canadian Imperial Bank of Commerce (0UNI) 0% -2.4% - -3.1% - -
GB Banks -1.3% 6.6% 5.5% -9.9% 14.8% -12.4%
GB Market 1.2% 5.3% 9.8% 2.5% 16.9% 6.7%
1 Year Return vs Industry and Market
  • 0UNI outperformed the Banks industry which returned -9.9% over the past year.
  • 0UNI underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned 2.5% over the past year.
Price Volatility
0UNI
Industry
5yr Volatility vs Market

Value

 Is Canadian Imperial Bank of Commerce undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Canadian Imperial Bank of Commerce to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Canadian Imperial Bank of Commerce.

LSE:0UNI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 11 analysts.
= Stable Book Value * Return on Equity
= CA$84.98 * 15.7%
CA$13.33
Book Value of Equity per Share Weighted future Book Value estimates from 9 analysts. CA$84.98
Discount Rate (Cost of Equity) See below 10.1%
Perpetual Growth Rate 10-Year GB Government Bond Rate 1.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for LSE:0UNI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.6
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.595 (1 + (1- 26.5%) (261.52%))
1.495
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.5
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.23% + (1.495 * 5.96%)
10.14%

Discounted Cash Flow Calculation for LSE:0UNI using Excess Returns Model Model

The calculations below outline how an intrinsic value for Canadian Imperial Bank of Commerce is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

LSE:0UNI Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (15.7% – 10.14%) * CA$84.98)
CA$4.71
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CA$4.71 / (10.14% - 1.23%)
CA$52.90
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CA$84.98 + CA$52.90
CA$137.87
LSE:0UNI Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in LSE:0UNI represents 0.96844x of TSX:CM
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.96844x
Value per Share
(Listing Adjusted, CAD)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 137.87 x 0.96844
CA$133.52
Value per share (CAD) From above. CA$133.52
Current discount Discount to share price of CA$107.39
= -1 x (CA$107.39 - CA$133.52) / CA$133.52
19.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Canadian Imperial Bank of Commerce is available for.
Intrinsic value
20%
Share price is CA$107.39 vs Future cash flow value of CA$133.52
Current Discount Checks
For Canadian Imperial Bank of Commerce to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Canadian Imperial Bank of Commerce's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Canadian Imperial Bank of Commerce's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Canadian Imperial Bank of Commerce's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Canadian Imperial Bank of Commerce's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
LSE:0UNI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-01-31) in CAD CA$11.34
TSX:CM Share Price ** TSX (2019-04-01) in CAD CA$110.89
United Kingdom of Great Britain and Northern Ireland Banks Industry PE Ratio Median Figure of 15 Publicly-Listed Banks Companies 9.92x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 797 Publicly-Listed Companies 16.3x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Canadian Imperial Bank of Commerce.

LSE:0UNI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:CM Share Price ÷ EPS (both in CAD)

= 110.89 ÷ 11.34

9.78x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Canadian Imperial Bank of Commerce is good value based on earnings compared to the GB Banks industry average.
  • Canadian Imperial Bank of Commerce is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Canadian Imperial Bank of Commerce's expected growth come at a high price?
Raw Data
LSE:0UNI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.78x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
6.3%per year
United Kingdom of Great Britain and Northern Ireland Banks Industry PEG Ratio Median Figure of 14 Publicly-Listed Banks Companies 0.84x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 566 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

LSE:0UNI PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.78x ÷ 6.3%

1.56x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Canadian Imperial Bank of Commerce is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Canadian Imperial Bank of Commerce's assets?
Raw Data
LSE:0UNI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-01-31) in CAD CA$75.11
TSX:CM Share Price * TSX (2019-04-01) in CAD CA$110.89
United Kingdom of Great Britain and Northern Ireland Banks Industry PB Ratio Median Figure of 16 Publicly-Listed Banks Companies 0.87x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,367 Publicly-Listed Companies 1.52x
LSE:0UNI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:CM Share Price ÷ Book Value per Share (both in CAD)

= 110.89 ÷ 75.11

1.48x

* Primary Listing of Canadian Imperial Bank of Commerce.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Canadian Imperial Bank of Commerce is overvalued based on assets compared to the GB Banks industry average.
X
Value checks
We assess Canadian Imperial Bank of Commerce's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Canadian Imperial Bank of Commerce has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Canadian Imperial Bank of Commerce expected to perform in the next 1 to 3 years based on estimates from 11 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
6.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Canadian Imperial Bank of Commerce expected to grow at an attractive rate?
  • Canadian Imperial Bank of Commerce's earnings growth is expected to exceed the low risk savings rate of 1.2%.
Growth vs Market Checks
  • Canadian Imperial Bank of Commerce's earnings growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
  • Canadian Imperial Bank of Commerce's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
LSE:0UNI Future Growth Rates Data Sources
Data Point Source Value (per year)
LSE:0UNI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts 6.3%
LSE:0UNI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 5.6%
United Kingdom of Great Britain and Northern Ireland Banks Industry Earnings Growth Rate Market Cap Weighted Average 12.9%
United Kingdom of Great Britain and Northern Ireland Banks Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 11%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
LSE:0UNI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
LSE:0UNI Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-10-31 20,307 1
2020-10-31 19,450 5,572 6
2019-10-31 18,584 5,220 6
LSE:0UNI Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-01-31 16,885 -2,641 5,028
2018-10-31 16,964 -10,903 5,178
2018-07-31 16,816 -5,604 5,071
2018-04-30 16,405 2,092 4,813
2018-01-31 15,760 -2,509 4,559
2017-10-31 15,451 -15,950 4,647
2017-07-31 14,870 -22,589 4,429
2017-04-30 14,868 -40,256 4,771
2017-01-31 14,656 -32,946 4,662
2016-10-31 13,984 -18,229 4,237
2016-07-31 13,810 -16,455 4,087
2016-04-30 13,248 -2,281 3,623

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Canadian Imperial Bank of Commerce's earnings are expected to grow by 6.3% yearly, however this is not considered high growth (20% yearly).
  • Canadian Imperial Bank of Commerce's revenue is expected to grow by 5.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
LSE:0UNI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from Canadian Imperial Bank of Commerce Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:0UNI Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-10-31
2020-10-31 12.77 13.17 12.12 8.00
2019-10-31 11.82 12.01 11.58 6.00
LSE:0UNI Past Financials Data
Date (Data in CAD Millions) EPS *
2019-01-31 11.34
2018-10-31 11.69
2018-07-31 11.48
2018-04-30 11.07
2018-01-31 10.76
2017-10-31 11.26
2017-07-31 11.02
2017-04-30 12.02
2017-01-31 11.79
2016-10-31 10.72
2016-07-31 10.32
2016-04-30 9.14

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Canadian Imperial Bank of Commerce is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Canadian Imperial Bank of Commerce's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Canadian Imperial Bank of Commerce has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Canadian Imperial Bank of Commerce performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Canadian Imperial Bank of Commerce's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Canadian Imperial Bank of Commerce's year on year earnings growth rate has been positive over the past 5 years.
  • Canadian Imperial Bank of Commerce's 1-year earnings growth is less than its 5-year average (10.3% vs 10.9%)
  • Canadian Imperial Bank of Commerce's earnings growth has not exceeded the GB Banks industry average in the past year (10.3% vs 42.2%).
Earnings and Revenue History
Canadian Imperial Bank of Commerce's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Canadian Imperial Bank of Commerce Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:0UNI Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-01-31 16,885.00 5,028.00 9,125.00
2018-10-31 16,964.00 5,178.00 9,153.00
2018-07-31 16,816.00 5,071.00 9,082.00
2018-04-30 16,405.00 4,813.00 8,947.00
2018-01-31 15,760.00 4,559.00 8,738.00
2017-10-31 15,451.00 4,647.00 8,483.00
2017-07-31 14,870.00 4,429.00 8,234.00
2017-04-30 14,868.00 4,771.00 8,064.00
2017-01-31 14,656.00 4,662.00 8,001.00
2016-10-31 13,984.00 4,237.00 7,975.00
2016-07-31 13,810.00 4,087.00 7,818.00
2016-04-30 13,248.00 3,623.00 7,779.00
2016-01-31 13,138.00 3,592.00 7,606.00
2015-10-31 13,085.00 3,531.00 8,012.00
2015-07-31 12,819.00 3,555.00 7,654.00
2015-04-30 12,648.00 3,492.00 7,545.00
2015-01-31 12,285.00 2,889.00 7,560.00
2014-10-31 12,426.00 3,131.00 7,375.00
2014-07-31 12,316.00 3,148.00 7,199.00
2014-04-30 12,085.00 3,101.00 7,058.00
2014-01-31 12,110.00 3,644.00 6,895.00
2013-10-31 11,584.00 3,253.00 6,763.00
2013-07-31 11,519.00 3,266.00 6,689.00
2013-04-30 11,422.00 3,224.00 6,622.00
2013-01-31 11,339.00 3,155.00 6,558.00
2012-10-31 11,194.00 3,136.00 6,523.00
2012-07-31 11,316.00 3,068.00 6,519.00
2012-04-30 11,305.00 2,792.00 6,468.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Canadian Imperial Bank of Commerce has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Canadian Imperial Bank of Commerce used its assets more efficiently than the GB Banks industry average last year based on Return on Assets.
  • Unable to establish if Canadian Imperial Bank of Commerce improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Canadian Imperial Bank of Commerce's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Canadian Imperial Bank of Commerce has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Canadian Imperial Bank of Commerce's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Canadian Imperial Bank of Commerce's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Canadian Imperial Bank of Commerce Company Filings, last reported 2 months ago.

LSE:0UNI Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-01-31 36,083.00 128,791.00 184,499.00
2018-10-31 35,116.00 116,613.00 134,712.00
2018-07-31 34,554.00 120,250.00 83,910.00
2018-04-30 33,546.00 125,324.00 84,122.00
2018-01-31 32,322.00 127,035.00 92,418.00
2017-10-31 31,237.00 112,781.00 129,268.00
2017-07-31 30,022.00 110,149.00 133,146.00
2017-04-30 25,876.00 106,001.00 136,975.00
2017-01-31 24,726.00 96,524.00 133,771.00
2016-10-31 23,673.00 97,871.00 119,786.00
2016-07-31 22,721.00 97,662.00 121,583.00
2016-04-30 21,772.00 101,271.00 117,271.00
2016-01-31 21,965.00 97,836.00 119,049.00
2015-10-31 21,553.00 94,404.00 120,827.00
2015-07-31 21,063.00 102,250.00 125,231.00
2015-04-30 19,881.00 99,597.00 130,150.00
2015-01-31 19,479.00 106,471.00 132,299.00
2014-10-31 18,783.00 91,017.00 114,363.00
2014-07-31 18,512.00 88,914.00 102,337.00
2014-04-30 18,244.00 46,088.00 99,330.00
2014-01-31 18,887.00 95,244.00 99,938.00
2013-10-31 17,994.00 95,701.00 95,432.00
2013-07-31 17,918.00 47,625.00 98,818.00
2013-04-30 17,512.00 53,471.00 100,723.00
2013-01-31 17,175.00 49,799.00 96,872.00
2012-10-31 17,038.00 107,264.00 96,989.00
2012-07-31 17,007.00 109,441.00 105,441.00
2012-04-30 16,429.00 106,534.00 92,871.00
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Canadian Imperial Bank of Commerce has an acceptable proportion of non-loan assets held.
  • Canadian Imperial Bank of Commerce's liabilities are made up of primarily low risk sources of funding.
  • Loans at Canadian Imperial Bank of Commerce are broadly funded by customer deposits.
  • Canadian Imperial Bank of Commerce's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • Canadian Imperial Bank of Commerce has a low allowance for bad loans.
  • Canadian Imperial Bank of Commerce has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess Canadian Imperial Bank of Commerce's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Canadian Imperial Bank of Commerce has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Canadian Imperial Bank of Commerce's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.05%
Current annual income from Canadian Imperial Bank of Commerce dividends. Estimated to be 5.19% next year.
If you bought CA$2,000 of Canadian Imperial Bank of Commerce shares you are expected to receive CA$101 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Canadian Imperial Bank of Commerce's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.02%).
  • Canadian Imperial Bank of Commerce's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.1%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
LSE:0UNI Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Banks Industry Average Dividend Yield Market Cap Weighted Average of 14 Stocks 5%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 705 Stocks 4.2%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 5.1%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

LSE:0UNI Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2021-10-31 6.24 1.00
2020-10-31 5.87 10.00
2019-10-31 5.58 9.00
LSE:0UNI Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-02-28 5.600 5.068
2018-11-29 5.440 5.018
2018-08-23 5.440 4.607
2018-05-23 5.320 4.562
2018-02-22 5.320 4.654
2017-11-30 5.200 4.329
2017-08-24 5.200 4.692
2017-05-25 5.080 4.758
2017-02-23 5.080 4.479
2016-12-01 4.960 4.421
2016-08-25 4.840 4.746
2016-05-26 4.840 4.828
2016-02-25 4.720 4.826
2015-12-03 4.600 5.115
2015-08-27 4.480 4.581
2015-05-28 4.360 4.714
2015-02-26 4.240 4.492
2014-12-04 4.120 4.331
2014-08-28 4.000 3.878
2014-05-29 4.000 4.035
2014-02-27 3.920 4.085
2013-12-05 3.840 4.316
2013-08-29 3.840 4.482
2013-05-30 3.840 4.967
2013-02-28 3.760 4.696
2012-12-06 3.760 4.563
2012-08-30 3.760 4.825
2012-05-31 3.600 4.952
2012-03-08 3.600 4.856
2011-12-01 3.600 4.798
2011-08-31 3.600 4.910
2011-05-26 3.480 4.663
2011-02-24 3.480 4.206
2010-12-02 3.480 4.452
2010-08-25 3.480 4.577
2010-05-27 3.480 4.961
2010-02-25 3.480 4.700
2009-12-03 3.480 5.224
2009-08-26 3.480 5.353
2009-05-28 3.480 5.782

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Canadian Imperial Bank of Commerce's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.2x coverage).
X
Income/ dividend checks
We assess Canadian Imperial Bank of Commerce's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Canadian Imperial Bank of Commerce afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Canadian Imperial Bank of Commerce has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Canadian Imperial Bank of Commerce's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Victor Dodig
COMPENSATION CA$10,048,350
AGE 52
TENURE AS CEO 4.6 years
CEO Bio

Mr. Victor G. Dodig has been the Chief Executive Officer and President at Canadian Imperial Bank of Commerce since September 15, 2014. Mr. Dodig is employed at CIBC Asset Management Inc. He has more than 20 years of extensive business and banking experience, having led CIBC's Wealth Management, Asset Management and Retail Banking businesses. Mr. Dodig served as a Senior Executive Vice President and Group Head of Wealth Management at Canadian Imperial Bank of Commerce since March 2011 and its Executive Vice President of Wealth Management since April 2005. He serves as the President and Chief Executive Officer of CIBC Global Asset Management Inc. Mr. Dodig joined CIBC in 2005. In 2007, he became Executive Vice-President of Retail Distribution, CIBC, where he led its retail banking distribution and sales teams. Prior to joining CIBC, he served as the Managing Director and Chief Executive Officer of UBS Global Asset Management (Canada). He served as the Managing Director and Chief Executive Officer of Merrill Lynch Investment Managers Canada. He held various positions with McKinsey and Company Inc. and Kraft General Foods Inc. He served as a management consultant with McKinsey and Company Inc. from 1994 to 1997. He served as the Chairman of CIBC Global Asset Management Inc. Mr. Dodig serves as Director of the Soulpepper Theatre Company and the St. Joseph's Hospital Foundation. He has been a Director of Canadian Imperial Bank of Commerce since September 15, 2014 and joined Canadian Imperial Bank of Commerce in 2014. He also serves on the Board of Directors for the C.D. Howe Institute and is a member of the Catalyst Canada Advisory Board. He served as a Director of The Bank of N.T. Butterfield & Son Limited (known as Bank Butterfield & Son Ltd)., from July 27, 2011 to September 10, 2014. He served as a Director of CIBC Mellon Global Securities Services Company and UBS Global Asset Management (Canada) Co. He is a past recipient of Canada's Top 40 Under 40™ award. He holds a Master of Business Administration from the Harvard Graduate School of Business Administration, where he was elected a Baker Scholar and a Bachelor of Commerce from the University of Toronto. Mr. Dodig holds a Diploma in Business and Government in the European Union from Institute d'Etudes Politiques in Paris, France.

CEO Compensation
  • Victor's compensation has been consistent with company performance over the past year.
  • Victor's remuneration is higher than average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure of the Canadian Imperial Bank of Commerce management team in years:

4.6
Average Tenure
  • The tenure for the Canadian Imperial Bank of Commerce management team is about average.
Management Team

Victor Dodig

TITLE
President
COMPENSATION
CA$10M
AGE
52
TENURE
4.6 yrs

Kevin Glass

TITLE
Senior EVP & CFO
COMPENSATION
CA$3M
AGE
60
TENURE
8.1 yrs

Mike Capatides

TITLE
Senior EVP & Group Head of US Region
COMPENSATION
CA$6M

Harry Culham

TITLE
Senior EVP & Group Head of Capital Markets
COMPENSATION
CA$8M
TENURE
7.9 yrs

John Ferren

TITLE
Senior VP

Kevin Patterson

TITLE
Senior EVP and Group Head of Technology & Operations
TENURE
1.8 yrs

Roman Dubczak

TITLE
Head of Global Investment Banking & MD

Hratch Panossian

TITLE
Executive Vice President

Sandy Sharman

TITLE
Senior EVP and Chief Human Resources & Communications Officer
TENURE
1.8 yrs

Michelle Caturay

TITLE
Senior VP
Board of Directors Tenure

Average tenure and age of the Canadian Imperial Bank of Commerce board of directors in years:

9.9
Average Tenure
65
Average Age
  • The tenure for the Canadian Imperial Bank of Commerce board of directors is about average.
Board of Directors

John Manley

TITLE
Chair of the Board
COMPENSATION
CA$677K
AGE
68
TENURE
4 yrs

Victor Dodig

TITLE
President
COMPENSATION
CA$10M
AGE
52
TENURE
4.6 yrs

Nick Le Pan

TITLE
Director
COMPENSATION
CA$230K
AGE
66
TENURE
11.2 yrs

Pat Daniel

TITLE
Director
COMPENSATION
CA$242K
AGE
72
TENURE
9.7 yrs

Kate Stevenson

TITLE
Director
COMPENSATION
CA$269K
AGE
56
TENURE
8.3 yrs

Barry Zubrow

TITLE
Director
COMPENSATION
CA$523K
AGE
65
TENURE
4 yrs

Linda Hasenfratz

TITLE
Director
COMPENSATION
CA$269K
AGE
51
TENURE
14.9 yrs

Brent Belzberg

TITLE
Director
COMPENSATION
CA$234K
AGE
67
TENURE
13.7 yrs

Luc Desjardins

TITLE
Director
COMPENSATION
CA$219K
AGE
65
TENURE
10.2 yrs

Jane Peverett

TITLE
Director
COMPENSATION
CA$277K
AGE
59
TENURE
10.2 yrs
Who owns this company?
Recent Insider Trading
  • Canadian Imperial Bank of Commerce insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
12. Mar 19 Sell Larry Richman Individual 11. Mar 19 11. Mar 19 -13,719 CA$112.67 CA$-1,545,675
04. Dec 18 Buy Barry Zubrow Individual 03. Dec 18 03. Dec 18 1,500 CA$111.75 CA$167,630
19. Sep 18 Sell Victor Dodig Individual 18. Sep 18 18. Sep 18 -16,000 CA$122.91 CA$-1,966,560
30. Aug 18 Sell Katharine Stevenson Individual 30. Aug 18 30. Aug 18 -1,000 CA$122.77 CA$-122,774
30. Aug 18 Buy Katharine Stevenson Individual 30. Aug 18 30. Aug 18 1,200 CA$122.80 CA$147,365
X
Management checks
We assess Canadian Imperial Bank of Commerce's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Canadian Imperial Bank of Commerce has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Canadian Imperial Bank of Commerce, 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. The company operates through four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S. Commercial Banking and Wealth Management; and Capital Markets. It offers chequing, savings, and business accounts; mortgages; loans, lines of credit, student lines of credit, and business and agriculture loans; investment and insurance services; and prepaid and credit cards, as well as overdraft protection services. The company also provides day-to-day banking, borrowing and credit, investing and wealth, specialty, and international services; commercial and corporate banking services; trade finance, correspondent banking, and online foreign exchange services; and wholesale and asset management services. In addition, it offers investment banking advisory and execution services. The company serves its customers through its banking centers, as well as direct, mobile, and remote channels. Canadian Imperial Bank of Commerce was founded in 1867 and is headquartered in Toronto, Canada.

Details
Name: Canadian Imperial Bank of Commerce
0UNI
Exchange: LSE
Founded: 1867
CA$49,247,926,654
444,115,129
Website: http://www.cibc.com
Address: Canadian Imperial Bank of Commerce
Commerce Court,
Toronto,
Ontario, M5L 1A2,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX CM Common Shares The Toronto Stock Exchange CA CAD 13. Dec 1972
NYSE CM Common Shares New York Stock Exchange US USD 13. Dec 1972
DB CAI Common Shares Deutsche Boerse AG DE EUR 13. Dec 1972
LSE 0UNI Common Shares London Stock Exchange GB CAD 13. Dec 1972
TSX CM.PRR PFD SER 45 CLA The Toronto Stock Exchange CA CAD 02. Jun 2017
TSX CM.PRQ PFD CL-A 43 The Toronto Stock Exchange CA CAD 12. Mar 2015
TSX CM.PRP PFD SR-41 CL-A The Toronto Stock Exchange CA CAD 18. Dec 2014
Number of employees
Current staff
Staff numbers
43,815
Canadian Imperial Bank of Commerce employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/25 20:55
End of day share price update: 2019/04/01 00:00
Last estimates confirmation: 2019/04/14
Last earnings filing: 2019/02/28
Last earnings reported: 2019/01/31
Last annual earnings reported: 2018/10/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.