RBC CM's Highlights on Cdn Banks' Valuation Premium

RBC Capital Markets, 5 April 2006Valuation and RecommendationIn this report, we take a closer look at the Canadian banks remarkable price run over the past five years relative to U.S. banks. We focus on what we believe is a reasonable basis for the current valuation premium as well as risks to our call. Our Market Weight recommendation for Canadian banks reflects a view that sector valuation is