National Bank of Canada

OTCPK:NTIO.F Stock Report

Market Cap: US$31.8b

National Bank of Canada Valuation

Is NTIO.F undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of NTIO.F when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NTIO.F ($90.31) is trading below our estimate of fair value ($150.23)

Significantly Below Fair Value: NTIO.F is trading below fair value by more than 20%.


Key Valuation Metric

Which metric is best to use when looking at relative valuation for NTIO.F?

Key metric: As NTIO.F is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NTIO.F. This is calculated by dividing NTIO.F's market cap by their current earnings.
What is NTIO.F's PE Ratio?
PE Ratio12.4x
EarningsCA$3.66b
Market CapCA$45.73b

Price to Earnings Ratio vs Peers

How does NTIO.F's PE Ratio compare to its peers?

The above table shows the PE ratio for NTIO.F vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average13.7x
FITB Fifth Third Bancorp
13.7x6.8%US$28.4b
USB U.S. Bancorp
14.7x10.3%US$74.6b
BAP Credicorp
10.5x11.7%US$14.6b
PNC PNC Financial Services Group
16.1x13.4%US$76.5b
NTIO.F National Bank of Canada
12.4x-1.0%US$45.7b

Price-To-Earnings vs Peers: NTIO.F is good value based on its Price-To-Earnings Ratio (12.4x) compared to the peer average (13.7x).


Price to Earnings Ratio vs Industry

How does NTIO.F's PE Ratio compare vs other companies in the US Banks Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
FRCB First Republic Bank
0.02xn/aUS$27.98m
BKGM BankGuam Holding
1xn/aUS$18.48m
SBNY Signature Bank
0.002xn/aUS$2.18m
BCBH.F Caribbean Investment Holdings
0.00001xn/aUS$132.00
No more companies available in this PE range
NTIO.F 12.4xIndustry Avg. 12.3xNo. of Companies87PE0612182430+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NTIO.F is expensive based on its Price-To-Earnings Ratio (12.4x) compared to the US Banks industry average (12.4x).


Price to Earnings Ratio vs Fair Ratio

What is NTIO.F's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NTIO.F PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio12.4x
Fair PE Ratio13.8x

Price-To-Earnings vs Fair Ratio: NTIO.F is good value based on its Price-To-Earnings Ratio (12.4x) compared to the estimated Fair Price-To-Earnings Ratio (13.8x).


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst NTIO.F forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$90.31
US$97.77
+8.3%
7.9%US$107.16US$75.85n/a12
Dec ’25US$99.04
US$99.06
+0.02%
9.4%US$109.88US$77.77n/a12
Nov ’25US$94.68
US$91.22
-3.7%
7.0%US$101.03US$78.10n/a13
Oct ’25US$94.45
US$93.09
-1.4%
6.5%US$103.92US$80.33n/a13
Sep ’25US$91.77
US$92.24
+0.5%
5.2%US$99.37US$80.83n/a13
Aug ’25US$83.01
US$86.48
+4.2%
5.4%US$95.09US$76.81n/a13
Jul ’25US$79.50
US$85.90
+8.1%
5.5%US$94.77US$76.54n/a12
Jun ’25US$84.54
US$86.88
+2.8%
5.8%US$95.41US$77.06n/a13
May ’25US$81.17
US$81.58
+0.5%
6.4%US$94.31US$73.27n/a13
Apr ’25US$83.69
US$82.59
-1.3%
5.7%US$95.51US$77.14n/a12
Mar ’25US$78.58
US$79.94
+1.7%
3.1%US$84.00US$74.42n/a12
Feb ’25US$77.30
US$77.11
-0.2%
3.0%US$79.97US$71.75n/a11
Jan ’25US$76.22
US$76.42
+0.3%
4.6%US$80.24US$68.99US$91.1111
Dec ’24US$69.88
US$73.86
+5.7%
4.2%US$77.75US$67.48US$99.0410
Nov ’24US$62.20
US$74.37
+19.6%
4.0%US$77.41US$66.55US$94.6810
Oct ’24US$66.61
US$76.64
+15.1%
1.8%US$78.78US$74.36US$94.4510
Sep ’24US$69.82
US$76.96
+10.2%
3.2%US$79.92US$71.04US$91.7712
Aug ’24US$77.59
US$79.26
+2.2%
4.7%US$84.28US$69.86US$83.0113
Jul ’24US$74.66
US$78.73
+5.5%
4.8%US$83.91US$69.54US$79.5013
Jun ’24US$70.75
US$78.00
+10.3%
4.6%US$82.52US$69.14US$84.5413
May ’24US$74.71
US$78.12
+4.6%
4.8%US$82.74US$71.75US$81.1713
Apr ’24US$71.13
US$78.12
+9.8%
4.8%US$82.74US$71.75US$83.6913
Mar ’24US$74.89
US$78.30
+4.5%
4.4%US$82.37US$72.07US$78.5813
Feb ’24US$75.62
US$76.29
+0.9%
6.5%US$84.46US$68.30US$77.3013
Jan ’24US$67.50
US$76.29
+13.0%
6.5%US$84.46US$68.30US$76.2213

Analyst Forecast: Target price is less than 20% higher than the current share price.


Discover undervalued companies

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/02 08:28
End of Day Share Price 2025/01/02 00:00
Earnings2024/10/31
Annual Earnings2024/10/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

National Bank of Canada is covered by 24 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
John AikenBarclays
Brian MortonBarclays
Sohrab MovahediBMO Capital Markets Equity Research