4.7

Sector Perform -- Price 46.45 on Aug. 27
by RBC Capital Markets

Strong performance in the rapidly growing international division is offset by greater exposure to business lending and the strong Canadian dollar, while the domestic franchise lags the leading banks. Our 49 target implies an approximate price/earnings multiple of 11.7 times estimated 2009 EPS. The five-year average forward P/E is 12.5 times. Target risks include the health of the economy [and] capital markets ... and greater-than-anticipated impact from off-balance-sheet commitments [as well as various acquisition-execution risks], geopolitical and litigation risks, a rising Canadian dollar and rising business-loan losses. Market cap: $46 billion.

Protected Canadian Bank. Great Dividend. Wide Moat in Canada.

12.7

Scotiabank (BNS) upgraded by RBC Capital Mkts from underperform to sector perform.

pe ratio low (12) ...

growth/dividend
foreign

bank + dividend

bank + dividend

Find SymbolPrint Report
Bank of Nova Scotia Ord Shs: Company Report

44 King Street West
Scotia Plaza
Toronto ON M5H 1H1

* Phone: 416-8666161
* Fax: 416-8663750
* http://www.scotiabank.com


* Industry : Money Center Banks
* Employees : 55,994
* Exchange : NYSE


The Bank of Nova Scotia is a full-service financial institution, active in both Canadian and international markets. In Canada, the Bank provides a range of retail, commercial, corporate, investment and wholesale banking services through its network of branches and offices in all 10 provinces and two territories. The Bank has three major business lines: Domestic Banking, International Banking and Scotia Capital. The Domestic Banking business line provides a range of banking and investment services to retail and small business banking, commercial and wealth management customers across Canada. The International Banking business line operates in more than 40 countries and includes operations in three geographic regions: the Caribbean and Central America, Latin America and Asia Pacific. Scotia Capital provides full service wholesale banking to corporate, government and investor clients across the North American Free Trade Area (NAFTA) region, as well as other selected niche markets.

banks not good