Bank on the cheap or near cheap side. Bank of Nova Scotia Bank on the cheap or near cheap side.

What is the growth and yield in dividends. Growth is low to moderate What is the growth and yield in dividends? Growth is low to moderate. Yield is moderate. Yield has been rising and growth falling. Generally, bank growth is falling lately. It has been a tough year for Canadian stocks. From Years Div. Gth 2013 5 6.54% 2008 10 5.50% 2003 15 9.51% 1998 20 11.09% 1993 25 10.34% 1988 30 9.96% 1985 33 9.38% Period Yield Current Yield 4.77% 5 year Median Yield 4.26% 10 year Median Yield 4.15% Historical Median Yield 4.12%

Can they afford their dividends? Yes, they can. Year 2016 2017 2018 2019 2020 Sp Div $0.00 Dividend $2.88 $3.05 $3.28 $3.40 Changed 5.88% 5.90% 7.54% 3.66% 0.00% EPS $5.77 $6.49 $6.82 $7.27 $7.73 1.76% 12.48% 5.08% 6.60% 6.33% Payout R 49.91% 47.00% 48.09% 46.77% 43.98% 5 Yr. Cover 46.38% 47.32% 47.65% 47.88% 46.98%

What are the Debt Ratios What are the Debt Ratios? (Loans, especially business loans have increased). Debt Ratios are fine for a bank. The first ratio needs to be below 1.00 and a Debt Ratio should of 1.04 or higher is good for a bank. Ratio Current 5 Yr Med Long Term Debt/Covering Assets 0.41 0.93 Liquidity Ratio n/a Liquidity Ratio (and CF after Div.) Debt Ratio 1.07 Leverage (Assets/Book Value) Ratio Debt/Equity Ratio

The Total Return per year is show below for years of 5 to 33 to the end of 2018. From Years Div. Gth Tot Ret Cap Gain Div. 2013 5 6.54% 4.78% 0.48% 4.30% 2008 10 5.50% 12.79% 7.40% 5.39% 2003 15 9.51% 9.43% 4.96% 4.47% 1998 20 11.09% 11.84% 7.22% 4.62% 1993 25 10.34% 14.17% 9.13% 5.04% 1988 30 9.96% 16.00% 10.24% 5.76% 1985 33 9.38% 14.30% 9.35% 4.95%

What is the result of the Price/EPS Ratio test What is the result of the Price/EPS Ratio test? The current P/E Ratio is based on a current stock price of $71.28 and 2019 EPS estimate of $7.27. Stock price is relatively cheap. Period Low Median Median High Median 5 Year P/E Ratios 10.14 11.29 12.52 10 Year P/E Ratios 10.22 11.30 12.65 Historical P/E Ratios 10.29 13.20 Current P/E Ratio 9.80  

What is the result of the Price/Graham Price Ratio test What is the result of the Price/Graham Price Ratio test? The current P/GP Ratio is based on a stock price of $71.28. This stock price testing suggests that the stock price is relatively cheap. Period Low Median Median High Median 10 Year P/GP Ratios 0.83 0.93 1.02 Current P/GP Ratio 0.79  

What is result of the Price/Book Ratio test? The current P/B Ratio is 1.43 based on Book Value of $64,044, Book Value per Share of $49.75 and a stock price of $71.28. Stock price is relatively cheap. Period P/B Ratios 10 Year P/B Ratio 1.85 Current P/B Ratio 1.43 Difference -22.34

What is result of the Dividend Yield test What is result of the Dividend Yield test? The current dividend yield is based on dividends of $3.40 and a stock price of 71.28. Stock Price is relatively reasonable and below the median. Period Yield Historical Yield 4.12% Current Yield 4.77% Difference 15.77%

What is result of the Price/Sales test What is result of the Price/Sales test? The current P/S Ratio is based on 2019 Revenue estimate of $31,151M, Revenue per Share of $22.66 and a stock price of $71.28. Stock Price is relatively reasonable and below the median. Period P/S Ratio 10 Year P/S Ratio 3.29 Current P/S Ratio 2.81 Difference -14.70%

Analysts’ recommendations are below. The 12 month stock price is $84 Analysts’ recommendations are below. The 12 month stock price is $84.01. This implies a total return of 22.73% with 17.96% from Capital Gain and 4.77% from dividends based on a price of $71.28. Analysts’ Consensus Recommendations Strong Buy 1 Buy 7 Hold 4 Underperform Sell Consensus

Stock Chase Analysts seem to like Canadian Banks Stock Chase Analysts seem to like Canadian Banks. Some think this one is a good buy at present. Site is here: https://stockchase.com/company/view/169/BNS-T

The Bank of Nova Scotia is known as Canada's international bank and is a global financial services provider. The bank has three business segments: Canadian banking, international banking, and global banking and markets. It is the third- largest bank in Canada. The bank's international operations span numerous countries, and are more concentrated in Central and South America. Its web site is https://www.scotiabank.com/.