Discounted Cash Flow

Bank of Nova Scotia Foreign

BNS · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $26.4b $7.1b $4.5b 27.0% $5.80
2017 $27.2b (3.1%) $8.0b (12.5%) $16.6b (265.6%) 29.5% (9.1%) $6.55 (12.9%)
2018 $28.8b (6.0%) $8.5b (6.8%) $17.8b (7.4%) 29.7% (0.8%) $6.90 (5.3%)
2019 $31.0b (7.9%) $8.4b (-1.8%) $-12.0b (-167.5%) 27.0% (-9.0%) $6.72 (-2.6%)
2020 $31.3b (1.0%) $6.8b (-19.2%) $56.7b (571.2%) 21.6% (-20.0%) $5.43 (-19.2%)
2021 $31.3b (-0.3%) $9.6b (42.0%) $-12.8b (-122.6%) 30.8% (42.4%) $7.74 (42.5%)
2022 $31.4b (0.5%) $9.9b (3.0%) $16.4b (227.8%) 31.6% (2.5%) $8.05 (4.0%)
2023 $32.3b (2.8%) $7.4b (-25.3%) $31.3b (91.1%) 22.9% (-27.3%) $5.84 (-27.5%)
2024 $33.7b (4.2%) $7.8b (4.7%) $15.2b (-51.5%) 23.0% (0.5%) $5.94 (1.7%)
2025 $37.7b (12.1%) $7.8b (0.4%) $5.1b (-66.6%) 20.6% (-10.4%) $5.84 (-1.7%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model