Toronto-dominion Bank · TSX:TD
Toronto-dominion Bank — Merger or Acquisition (November 2019)
7 slides from Toronto-dominion Bank's merger presentation, Nov 25, 2019
Slide 1: Impact for TD Bank of Schwab's Acquisition of TD Ameritrade
Impact for TD Bank of Schwab's Acquisition of TD Ameritrade November 25, 2019
Slide 2: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements From time to time, the Bank (as defined in this document) makes written and/or oral forward-looking statements, including in this document, in other filings with Canadian regulators or the United States (U.S.) Securities and Exchange Commission (SEC), and
Slide 3: Overview
Overview • Transaction extends TD's long history in the direct investing space – Pioneer in Canadian market with launch of TD Green Line (1984) – Leading player in U.S. market since acquisition of Waterhouse Securities (1996) – Successful relationship with TD Ameritrade that has generated significan
Slide 4: Highlights
Highlights • Transaction • Stock-for-stock transaction at 1.0837 Schwab shares for each TD Ameritrade share Details (17% premium1) • TD's ~43% ownership in TD Ameritrade will become a ~13.4% stake in pro forma firm • Expect to continue equity method of accounting • Closing expected in second half of
Slide 5: Illustrative Impact on TD's Earnings
Illustrative Impact on TD's Earnings C$ millions (after tax), unless otherwise indicated. Assumes 1.33 CAD/USD Baseline for calculation of incremental impact: TD 43.2% Share of CY 2021 TD Ameritrade Consensus Net Income: C$940 million Incremental Impact Year 1 Year 2 Year 3 Reported Earnings1,2 ($16
Slide 6: Illustrative Value Creation: TD Investment in Schwab
Illustrative Value Creation: TD Investment in Schwab C$ millions (after tax), unless otherwise indicated. Assumes 1.33 CAD/USD Baseline for calculation of incremental value: • TD's 43.2% Share of CY 2021 TD Ameritrade Consensus Net Income: $940 million • Current TD Ameritrade multiple: 13.7x • Curre
Slide 7: Impact for TD Bank of Schwab's Acquisition of TD Ameritrade
Impact for TD Bank of Schwab's Acquisition of TD Ameritrade November 25, 2019
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