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Canadian Imperial Bank of Commerce CM

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Stock XNYS Rating as of
$47.49 −0.04 (0.08%)
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Company Report

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Canadian Imperial Bank of Commerce Earnings: Better Provisioning Driven by US Office CRE Loan Sale

Michael Miller,

Narrow-moat-rated Canadian Imperial Bank of Commerce, or CIBC, reported decent fiscal second-quarter earnings that were largely in line with our expectations, as solid fee results helped total revenue. Adjusted net income, which excludes the benefit of a CAD 51 million income tax recovery related to a dividend-related tax change proposal, increased by 6% from a year ago to CAD 1.7 billion. Adjusted earnings per share were CAD 1.75, representing an increase of 3% year over year and a decrease of 3% quarter over quarter. Given that second-quarter results and management's outlook all largely align with our previous views of CIBC, we maintain our current fair value estimate of CAD 64/USD 48, and we view shares as fairly valued.

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Price vs Fair Value

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CM is trading at a 16% premium.
Price
$47.49
Fair Value
$41.00
Uncertainty
Low
1-Star Price
$85.00
5-Star Price
$88.80
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

CIBC has significantly improved multiple measures of core banking performance, such as customer perception surveys, promoter scores, and products per a customer. The bank is now operating at a higher level.

Bears

CIBC is the most exposed to a downturn in the Canadian housing market, and the Canadian housing market is under stress once again, increasing overall risks for the economy and the banking system.

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Trading Information

Previous Close Price
$47.53
Day Range
$47.07–47.52
52-Week Range
$34.35–51.14
Bid/Ask
$46.72 / $49.66
Market Cap
$44.78 Bil
Volume/Avg
802,808 / 1.3 Mil

Key Statistics

Price/Earnings (Normalized)
9.64
Price/Sales
2.48
Dividend Yield (Trailing)
5.95%
Dividend Yield (Forward)
5.52%
Total Yield
5.95%

Company Profile

Canadian Imperial Bank of Commerce is Canada's fifth-largest bank and operates three business segments: retail and business banking, wealth management, and capital markets. It serves approximately 11 million personal banking and business customers, primarily in Canada.
Sector
Financial Services
Industry
Banks - Diversified
Stock Style Box
Large Value
Total Number of Employees
48,074
Website
https://www.cibc.com

Competitors

Valuation

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Metric
CM
BMO
BNS
Price/Earnings (Normalized)
 9.6410.7010.06
Price/Book Value
 1.221.181.10
Price/Sales
 2.482.612.34
Price/Cash Flow
 5.388.645.07
Price/Earnings
CM
BMO
BNS

Financial Strength

Metric
CM
BMO
BNS
Quick Ratio
 ———
Current Ratio
 ———
Interest Coverage
 ———
Quick Ratio
No chart available

Profitability

Metric
CM
BMO
BNS
Return on Assets (Normalized)
 0.68%0.61%0.56%
Return on Equity (Normalized)
 13.75%11.33%11.25%
Return on Invested Capital (Normalized)
 ———
Return on Assets
CM
BMO
BNS
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