The Toronto-Dominion Bank

TD: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	^#>	LOCK\|R#Y	LOCK\|gBCMt$

TD Bank: 2025 Will Be Messy Due to Anti-Money-Laundering Spending and Balance Sheet Optimization

Maoyuan Chen

Apr 1, 2025

After taking a fresh look at Toronto-Dominion Bank, we are updating our fair value estimate to CAD 93/USD 65 per share from CAD 92/USD 65. We maintain our wide moat rating but downgrade our Capital Allocation Rating to Standard from Exemplary due to the firm’s US anti-money-laundering failures. We view the shares as fairly priced.

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The Toronto-Dominion Bank

TD Bank: 2025 Will Be Messy Due to Anti-Money-Laundering Spending and Balance Sheet Optimization

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