Investor Presentaiton
Typical Investor Verbatim
Neutral Momentum Verbatim
"National Bank's CFO, Marie Chantal Gingras, is not proven, but I met with her, and I like her."
"National Bank used to trade as the cheapest bank; now, it's the second most expensive bank. There's a lot of
positive that's why it's more expensive than it used to be. They've done a great job, but I'd rather own BMO
or TD, trading at a massive discount to where they normally trade."
"National Bank doesn't get enough credit for what they do in terms of reporting."
"Nothing looks all that compelling; I suggest broadly sticking with the higher quality, larger diversified names.
From a sector perspective, I'm still underweight banks. The multiples look good, but earnings must be rewritten
lower. The life insurance names are looking okay, but the IFRS 17 news is a little confusing and so that has to
get played out a little bit. As it stands, I don't have any real confidence in any of the estimates right now; just on
IFRS 17 basis for the insurers. They're still exposed to the market headwinds as well. P&C looks okay."
BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE
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