The Bank of Nova Scotia

BNS

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates in four segments: Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets. The company offers financial advice and solutions, and day-to-day banking products, including debit and credit cards, chequing and saving accounts, investments, mortgages, loans, and insurance to individuals; and business banking solutions comprising lending, deposit, cash management, and trade finance solutions to small, medium, and large businesses, including automotive financing solutions to dealers and their customers. It also provides wealth management advice and solutions, including online brokerage, mobile investment, full-service brokerage, trust, private banking, and private investment counsel services; and retail mutual funds, exchange traded funds, liquid alternative funds, and institutional funds. In addition, the company offers international banking services for retail, corporate, and commercial customers; and lending and transaction, investment banking advisory, and capital markets access services to corporate customers. Further, it provides online, mobile, and telephone banking services. The company operates a network of 954 branches and approximately 3,766 automated banking machines in Canada; and approximately 1,300 branches and a network of contact and support center internationally. The Bank of Nova Scotia was founded in 1832 and is headquartered in Halifax, Canada.

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📊 Valuation

Key valuation metrics

EV/EBITDA (TTM)

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

Enterprise Value, EBIT and Ratio

P/E Ratio (TTM)

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

Market Cap, Book Value and Ratio

P/TBV - Price to Tangible Book Value (Quarterly)

Market Cap, Tangible Book Value and Ratio

Price / OCF (TTM)

Market Cap, Operating Cash Flow and Ratio

📈 Growth

Revenue, earnings, and per-share growth metrics

Revenue (Quarterly)

Quarterly Revenue

Net Income (Quarterly)

Quarterly Net Income

EPS (Quarterly)

Earnings Per Share

FCF/Share (Quarterly)

Free Cash Flow Per Share

BVPS Growth YoY

(BVPS_current / BVPS_1y_ago) - 1

TBVPS Growth YoY

(TBVPS_current / TBVPS_1y_ago) - 1

💰 Profitability

Profit margins and return on equity

Operating Margin (TTM)

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

Revenue, Net Income and Net Profit Margin

ROE (TTM)

Equity, Net Income and Return on Equity

ROA (TTM)

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

Net Income, Tangible Common Equity and ROTCE

💵 Cash Quality

Cash flow quality and conversion metrics

OCF/NI Ratio (TTM)

Operating Cash Flow, Net Income and Ratio

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

Operating Cash Flow, Total Debt and Ratio

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

Operating Cash Flow, Total Assets and Ratio

🛡️ Leverage & Liquidity

Debt, liquidity, and financial health

Debt/Equity (quarterly)

Total Debt, Total Equity and Debt/Equity Ratio

Altman Z-Score

Financial Distress Prediction Model

Debt-to-Assets Ratio (MRQ)

Total Debt, Total Assets and Debt-to-Assets Ratio

Liquidity-to-Assets Ratio (MRQ)

Current Assets, Total Assets and Liquidity-to-Assets Ratio

⚙️ Ops & Cap Efficiency

Asset utilization, working capital, ROIC, and capital efficiency

ROIC (TTM)

NOPAT, Invested Capital and Return on Invested Capital

Asset Turnover (TTM)

Revenue, Total Assets and Turnover Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

SG&A Expenses, Revenue and Ratio

Operating Expense Ratio (TTM)

Operating Expenses, Revenue and Ratio

Cost-to-Income Ratio (TTM)

Operating Expenses, Operating Income and Ratio

Revenue per Employee (Quarterly)

Revenue and Revenue per Employee

🎁 Shareholder Returns

Dividends, share buybacks, dilution, and insider trading activity

Dividend Yield (TTM)

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

Net Buyback and Buyback Yield

TSR - Total Shareholder Return (1Y)

(Price_end + Dividends_TTM) / Price_start - 1

Dividend Growth CAGR (3Y)

(Dividend_end / Dividend_start)^(1/3) - 1

Profit Waterfall Analysis

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Profitability Margins

Operating Income Margini

100.00%

Operating Income = $9.65B

Revenue = $9.65B

Pre-tax Profit Margini

32.87%

Income Before Tax = $3.17B

Revenue = $9.65B

Net Profit Margini

23.96%

Net Income = $2.31B

Revenue = $9.65B

Tax Metrics

Effective Tax Ratei

27.50%

Income Tax Expense = $0.87B

Income Before Tax = $3.17B

Cash Tax Rate (TTM)i

0.00%

Income Taxes Paid = $0.00B

Income Before Tax = $11.96B

Financial Sector PPNR Metrics

PPNRi

$0.00B

PPNR = Net Interest Income + Non-Interest Income - Non-Interest Expense

net interest income: N/A | non interest income: N/A | non interest expense: $0.00B

PPNR Margini

N/A

PPNR = $0.00B

Revenue = $9.65B

PPNR / Avg Assetsi

N/A

PPNR ROA = PPNR / Avg Total Assets

ppnr: $0.00B | avg total assets: $1449.60B

Cost Efficiency Metrics

Efficiency Ratioi

0.00%

Non-Interest Expense = $0.00B

Revenue = $9.65B

Cost-to-Incomei

0.00%

Operating Expenses = $0.00B

Revenue = $9.65B

Cost-to-Assetsi

0.00%

Operating Expenses = $0.00B

Avg Total Assets = $1449.60B

Operating Leverage Metrics

Operating JAWSi

N/A

Revenue Growth = -49.41%

Expense Growth = N/A

Operating Margin Expansioni

90.85pp

Current Operating Margin = 100.00%

Prior Operating Margin = 9.15%

Earnings Quality Metrics

Earnings Qualityi

-2.68x

Operating Cash Flow = $-6.19B

Net Income = $2.31B

Accruals / Avg Assetsi

0.59%

Accruals / Avg Assets = (Net Income - OCF) / Avg Total Assets

net income: $2.31B | operating cash flow: $-6.19B | avg total assets: $1449.60B

Volatility Metrics

PPNR Volatilityi

1.07x

Core Revenue Volatilityi

0.17x

Employee Productivity Metrics

Revenue per Employeei

N/A

Revenue per Employee = Revenue (TTM) / Employee Count

revenue TTM: $63.76B | employee count: N/A

OpEx per Employeei

N/A

OpEx per Employee = Operating Expenses (TTM) / Employee Count

operating expenses TTM: $15.50B | employee count: N/A

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Capital Adequacy

Tangible Common Equity (TCE)i

CAD60.76B

Tangible Assets (TA)i

CAD1443.87B

TCE / TA Ratioi

4.21%

🔴 Risk

TCE = CAD60.76B

TA = CAD1443.87B

Leverage

Equity / Assets (E/A)i

5.95%

Total Equity = CAD86.87B

Total Assets = CAD1460.04B

Assets / Equity (A/E)i

16.81x

Total Assets = CAD1460.04B

Total Equity = CAD86.87B

Capital Quality

AOCI / TCEi

-6.68%

✅ Healthy

AOCI = CAD-4.06B

TCE = CAD60.76B

(Goodwill + Intangibles) / Equityi

18.61%

✅ Healthy

GW+Intangibles = CAD16.17B

Total Equity = CAD86.87B

Liquidity

Liquidity Buffer (HQLA proxy)i

7.40%

🔴 Risk

Cash+ST Inv = CAD108.10B

Total Assets = CAD1460.04B

Funding Structure

Wholesale Funding Ratio (Core)i

36.54%

⚠️ Warning

ST+LT Debt = CAD501.07B

Total Liabilities = CAD1371.45B

Securities / Assetsi

69.14%

🔴 Risk

ST+LT Inv = CAD1009.41B

Total Assets = CAD1460.04B

Risk-Adjusted

Risk-Adjusted TCE (ATCE)i

CAD56.70B

ATCE / TAi

3.93%

TCE ATCE = CAD56.70B

TA = CAD1443.87B

ATCE Scissor Spreadi

28 bps

✅ Healthy

TCE/TA = 421.00%

ATCE/TA = 393.00%

Cash Flow Waterfall Chart

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Inflow

Outflow

Subtotal

Start/End

Cash Generation Capability

Earnings Cash Contenti

0.69x

TTM Operating Cash Flow = $5.41B

TTM Net Income = $7.79B

Cash Flow ROA (CFROA)i

0.38%

TTM Operating Cash Flow = $5.41B

Average Total Assets = $1437.36B

Liquidity / Solvency

Cash Flow Adequacyi

0.80x

TTM Operating Cash Flow = $5.41B

CapEx + 债务偿还 + 分红 CapEx + Debt Repayment + Dividends = $6.77B

OCF / Short-Term Debti

0.02x

TTM Operating Cash Flow = $5.41B

Short-Term Debt = $301.49B

Sustainability / Stability

OCF Growth Rate (YoY)i

-186.05%

Current Quarter OCF = $-6.19B

Same Quarter Last Year OCF = $7.19B

OCF Volatility (CV)i

2.05x

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The Bank of Nova Scotia

🔍 Business Model Analysis (DuPont Model)

Financial Metrics

📊 Valuation

EV/EBITDA (TTM)

EV/EBIT (TTM)

P/E Ratio (TTM)

P/B Ratio (Quarterly)

P/TBV - Price to Tangible Book Value (Quarterly)

Price / OCF (TTM)

📈 Growth

Revenue (Quarterly)

Net Income (Quarterly)

EPS (Quarterly)

FCF/Share (Quarterly)

BVPS Growth YoY

TBVPS Growth YoY

💰 Profitability

Operating Margin (TTM)

Net Profit Margin (TTM)

ROE (TTM)

ROA (TTM)

ROTCE - Return on Tangible Common Equity (TTM)

💵 Cash Quality

OCF/NI Ratio (TTM)

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

🛡️ Leverage & Liquidity

Debt/Equity (quarterly)

Altman Z-Score

Debt-to-Assets Ratio (MRQ)

Liquidity-to-Assets Ratio (MRQ)

⚙️ Ops & Cap Efficiency

ROIC (TTM)

Asset Turnover (TTM)

SG&A/Revenue - SG&A Efficiency (TTM)

Operating Expense Ratio (TTM)

Cost-to-Income Ratio (TTM)

Revenue per Employee (Quarterly)

🎁 Shareholder Returns

Dividend Yield (TTM)

Buyback Yield (TTM)

TSR - Total Shareholder Return (1Y)

Dividend Growth CAGR (3Y)

Income Statement Analysis

Profit Waterfall Analysis

Balance Sheet Analysis

Cash Flow Statement Analysis