Bank of Nova Scotia Stock Research

Market Summary

USD49.06+0.10

Market Closed

0.20%

BNS Stock Price

BNS RSI Chart

BNS Valuation

Market Cap

56.4B

Price/Earnings (Trailing)

5.3

Price/Sales (Trailing)

1.79

EV/EBITDA

1.92

Price/Free Cashflow

2.23

BNS Price/Sales (Trailing)

BNS Profitability

EBT Margin

30.50%

Return on Equity

12.15%

Return on Assets

0.67%

Free Cashflow Yield

44.85%

BNS Fundamentals

BNS Revenue

Revenue (TTM)

40.0B

Revenue Y/Y

103.56%

Revenue Q/Q

18.33%

BNS Earnings

Earnings (TTM)

9.2B

Earnings Y/Y

-35.33%

Earnings Q/Q

-15.34%

Price Action

52 Week Range

45.2666.60

(Low)(High)

Last 7 days

-0.4%

Last 30 days

0.5%

Last 90 days

-6.4%

Trailing 12 Months

-23.5%

BNS Financial Health

BNS Investor Care

Diluted EPS (TTM)

7.24

Peers (Alternatives to Bank of Nova Scotia)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
BNS	56.4B	40.0B	0.51%	-23.50%	5.3	1.79	34.99%	-10.60%
MTB	21.9B	7.6B	2.46%	-30.00%	15.92	3.51	98.59%	-3.15%
CFG	13.1B	8.2B	-7.37%	-31.52%	6.04	1.58	70.15%	1.69%
MID-CAP
EWBC	7.6B	2.7B	-0.45%	-29.80%	6.71	3.26	63.22%	33.92%
SIVB	6.3B	5.7B	-67.21%	-80.32%	3.9	1.11	72.48%	-22.38%
CBSH	5.9B	1.1B	-8.82%	-28.69%	12.1	5.41	28.89%	-5.45%
PB	5.3B	1.1B	-3.48%	-17.88%	10.13	4.85	4.58%	1.01%
BPOP	4.3B	2.7B	0.27%	-26.69%	4.05	1.59	25.66%	18.78%
FFIN	3.8B	457.4M	-4.81%	-34.39%	16.62	8.4	19.47%	1.97%
WAL	3.5B	3.2B	-4.61%	-54.86%	3.34	1.31	75.57%	1.33%
SMALL-CAP
BANR	1.8B	483.8M	-6.21%	-19.86%	9.28	4.02	10.67%	4.45%
SBCF	1.8B	460.3M	-	-36.59%	18.45	3.92	57.00%	-12.16%
LKFN	1.3B	270.8M	-0.52%	-28.21%	12.49	4.82	40.09%	8.36%
HTLF	1.2B	750.4M	-10.92%	-33.85%	5.79	1.82	28.80%	5.55%

Financials for Bank of Nova Scotia

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Revenue	20.1%	40,015	33,322	29,891	29,849	29,643
EBITDA	20.2%	34,117	28,375	24,528	22,287	21,313
EBITDA Margin	0.1%	0.85*	0.85*	0.78*	0.71*	0.68*
Earnings Before Taxes	-5.6%	12,206	12,932	13,612	13,696	13,330
EBT Margin	-21.4%	0.31*	0.39*	0.43*	0.44*	0.43*
Interest Expenses	41.9%	21,911	15,443	10,916	8,591	7,983
Net Income	-9.5%	9,206	10,174	10,640	10,588	10,297
Net Income Margin	-24.6%	0.23*	0.31*	0.34*	0.34*	0.33*
Free Cahsflow	-21.3%	13,340	16,943	25,307	55,294	517

Balance Sheet					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Assets	1.9%	1,374,438	1,349,418	1,292,102	1,288,506	1,245,474
Cash Equivalents	-25.0%	8,301	11,065	9,413	10,643	10,563
Net PPE	0.0%	5,699	5,700	5,529	5,571	5,582
Liabilities	1.9%	1,298,687	1,274,669	1,218,517	1,216,539	1,171,528
Shareholder's Equity	1.3%	75,751	74,749	73,585	71,967	73,946
Retained Earnings	0.8%	54,165	53,761	53,151	52,209	51,848

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Cashflow From Operations	-21.3%	13,340	16,943	25,307	55,294	517
Cashflow From Investing	-25.7%	-14,194	-11,293	-21,803	-49,215	4,535
Cashflow From Financing	62.9%	-1,700	-4,579	-2,544	-3,460	-3,721

Risks for BNS

What is the probability of a big loss on BNS?

39.6%

Probability that Bank of Nova Scotia stock will be more than 20% underwater in next one year

29.6%

Probability that Bank of Nova Scotia stock will be more than 30% underwater in next one year.

Probability that Bank of Nova Scotia stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does BNS drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Bank of Nova Scotia was unfortunately bought at previous high price.

Drawdowns

Returns for BNS

Cumulative Returns on BNS

3.2%

10-Year Cumulative Returns

4.5%

7-Year Cumulative Returns

0.3%

5-Year Cumulative Returns

11.4%

3-Year Cumulative Returns

What are the long-term rolling returns for BNS?

FIve years rolling returns for Bank of Nova Scotia.

Annualized Returns

Which funds bought or sold BNS recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-05-24	Old North State Trust, LLC	unchanged	-	6,000	245,000	0.17%
2023-05-23	Toroso Investments, LLC	new	-	444,000	444,000	0.01%
2023-05-23	Front Row Advisors LLC	unchanged	-	-	15,000	0.01%
2023-05-22	AMERIPRISE FINANCIAL INC	added	13.26	1,862,650	10,235,700	-%
2023-05-19	Coppell Advisory Solutions LLC	sold off	-100	-4,359	-	-%
2023-05-18	Harvest Portfolios Group Inc.	new	-	2,454,850	2,454,850	0.12%
2023-05-18	JPMORGAN CHASE & CO	added	2.06	12,666,000	269,101,000	0.03%
2023-05-17	Advisory Services Network, LLC	sold off	-100	-4,604	-	-%
2023-05-17	Ilmarinen Mutual Pension Insurance Co	sold off	-100	-3,260,000	-	-%
2023-05-16	Quilter Plc	reduced	-20.00	2,693,810	2,938,790	0.01%

Latest Funds Activity

Are funds buying BNS calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own BNS

No. of Funds

Bank of Nova Scotia News

Schedule 13G FIlings of Bank of Nova Scotia

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 03, 2023	blackrock inc.	5.3%	63,613,812	SC 13G

BNS Fair Value

Recent SEC filings of Bank of Nova Scotia

View All Filings

Date Filed	Form Type	Document
May 26, 2023	FWP	Prospectus Filed
May 26, 2023	424B2	Prospectus Filed
May 26, 2023	FWP	Prospectus Filed
May 26, 2023	FWP	Prospectus Filed
May 26, 2023	FWP	Prospectus Filed
May 26, 2023	FWP	Prospectus Filed
May 26, 2023	424B2	Prospectus Filed
May 26, 2023	FWP	Prospectus Filed
May 25, 2023	424B2	Prospectus Filed
May 25, 2023	FWP	Prospectus Filed

About Bank of Nova Scotia

BNS Income Statement

2022-10-31

Consolidated Statement of Income - CAD ($)
$ in Millions

12 Months Ended

Oct. 31, 2022

Oct. 31, 2021

Interest income

Loans

^[1]

$ 29,390

$ 23,159

Securities

^[1]

2,877

1,467

Securities purchased under resale agreements and securities borrowed

^[1]

459

178

Deposits with financial institutions

^[1]

832

182

Interest income

^[1]

33,558

24,986

Interest expense

Deposits

12,794

6,465

Subordinated debentures

270

180

Other

2,379

1,380

Interest expenses

15,443

8,025

Net interest income

18,115

16,961

Non-interest income

Card revenues

779

749

Banking services fees

1,770

1,598

Credit fees

1,647

1,485

Mutual funds

2,269

2,394

Brokerage fees

1,125

1,039

Investment management and trust

999

994

Underwriting and advisory fees

543

724

Non-trading foreign exchange fees

878

787

Trading revenues

1,791

2,033

Net gain on sale of investment securities

419

Net income from investments in associated corporations

268

339

Insurance underwriting income, net of claims

433

398

Other fees and commissions

650

677

Other

655

Total non-interest income

13,301

14,291

Total revenue

31,416

31,252

Provision for credit losses

1,382

1,808

Profit from operating activity

30,034

29,444

Non-interest expenses

Salaries and employee benefits

8,836

8,541

Premises and technology

2,424

2,351

Depreciation and amortization

1,531

1,511

Communications

361

369

Advertising and business development

480

404

Professional

826

789

Business and capital taxes

541

511

Other

2,103

2,142

Total non-interest expenses

17,102

16,618

Income before taxes

12,932

12,826

Income tax expense

2,758

2,871

Net income

10,174

9,955

Net income attributable to non-controlling interests in subsidiaries

258

331

Net income attributable to equity holders of the Bank

9,916

9,624

Preferred shareholders and other equity instrument holders

260

233

Common shareholders

$ 9,656

$ 9,391

Earnings per common share (in dollars)

Basic

^[2]

$ 8.05

$ 7.74

Diluted

^[2]

8.02

7.7

Dividends paid per common share (in dollars)

$ 4.06

$ 3.6

[1]	Includes interest income on financial assets measured at amortized cost and FVOCI, calculated using the effective interest method, of $32,573 for the year ended October 31, 2022 (October 31, 2021 – $24,547).
[2]	Earnings per share calculations are based on full dollar and share amounts.

BNS Balance Sheet

2022-10-31

Consolidated Statement of Financial Position - CAD ($)
$ in Millions

Oct. 31, 2022

Oct. 31, 2021

Assets

Cash and deposits with financial institutions

^[1]

$ 65,895

$ 86,323

Precious metals

543

755

Trading assets

Securities

103,547

137,148

Loans

7,811

8,113

Other

1,796

1,051

Total trading assets

113,154

146,312

Securities purchased under resale agreements and securities borrowed

175,313

127,739

Derivative financial instruments

55,699

42,302

Investment securities

110,008

75,199

Loans

Residential mortgages

349,279

319,678

Personal loans

99,431

91,540

Credit cards

14,518

12,450

Business and government

287,107

218,944

Loans and receivables gross

750,335

642,612

Allowance for credit losses

5,348

5,626

Loans and receivables

744,987

636,986

Other

Customers' liability under acceptances, net of allowance

19,494

20,404

Property and equipment

^[2]

5,700

5,621

Investments in associates

2,633

2,604

Goodwill and other intangible assets

16,833

16,604

Deferred tax assets

1,903

2,051

Other assets

37,256

21,944

Other Assets

83,819

69,228

Total assets

1,349,418

1,184,844

Deposits

Personal

265,892

243,551

Business and government

597,617

511,348

Financial institutions

52,672

42,360

Deposits

^[3]

916,181

797,259

Financial instruments designated at fair value through profit or loss

22,421

22,493

Other

Acceptances

19,525

20,441

Obligations related to securities sold short

40,449

40,954

Derivative financial instruments

65,900

42,203

Obligations related to securities sold under repurchase agreements and securities lent

139,025

123,469

Subordinated debentures

8,469

6,334

Other liabilities

62,699

58,799

Other Liabilities

336,067

292,200

Total liabilities

1,274,669

1,111,952

Equity

Retained earnings

53,761

51,354

Accumulated other comprehensive income (loss)

(7,166)

(5,333)

Other reserves

(152)

222

Total common equity

65,150

64,750

Total equity attributable to equity holders of the Bank

73,225

70,802

Non-controlling interests in subsidiaries

1,524

2,090

Total equity

74,749

72,892

Total liabilities and equity

1,349,418

1,184,844

Common shares [member]

Equity

Common shares

18,707

18,507

Total equity

18,707

18,507

Preference shares [member]

Equity

Preferred shares and other equity instruments

$ 8,075

$ 6,052

[1]	Net of allowances of $4 (2021 – $1).
[2]	Includes $0 (2021 – $40) of investment property.
[3]	Deposits denominated in U.S. dollars amount to $326,041 (2021 – $259,027), deposits denominated in Chilean pesos amount to $18,740 (2021 – $17,841), deposits denominated in Mexican pesos amount to $29,269 (2021 – $22,032) and deposits denominated in other foreign currencies amount to $106,817 (2021 – $82,871).