National Bank Q4 2006 Earnings

TD Newcrest, 1 December 2006EventNA reported operating EPS of $1.31, ahead of our estimate and consensus of $1.27, up from $1.25 in Q3/05 and $1.10 in Q4/05. Overall, results were solid. We believe NA has again provided shareholder�s earnings growth, as a well as a higher dividend, yet the stock trades at a meaningful valuation discount.ImpactNeutral. We are maintaining our BUY recommendation and