NTIOF - National Bank Of Canada: Investors Should Look Beyond Its First-Quarter 2019 Weakness
Investment Thesis
National Bank of Canada (NTIOF) (TSX: NA) posted unimpressive Q1 fiscal 2019 earnings with no growth in its top and bottom lines primarily due to its weak Financial Markets segment. However, we believe investors should look beyond this segment's weakness and focus on its fundamentals. The bank is well managed and has strong growth potential in its Wealth Management segment. In addition, its focus in Quebec should continue to drive growth in its personal and commercial banking. The company also offers a growing 4.0%-yielding dividend. However, its shares are currently fairly