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    Matthew Lee's questions to Sprott Inc (SII) leadership

    Matthew Lee's questions to Sprott Inc (SII) leadership • Q2 2025

    Question

    Matthew James Lee of Canaccord Genuity Group Inc. inquired about the valuation methodology for private strategies, specifically how market value changes are determined, and asked for an outlook on the uranium market amid signs of a 'nuclear renaissance'.

    Answer

    CFO Kevin Hibbert explained that private strategy loans use 'pull to par' amortized cost accounting, which is considered a reasonable proxy for market value, with equity kickers being a smaller component. CEO of Sprott Asset Management, John Ciampaglia, detailed the uranium market outlook, noting a recent disconnect between physical prices and policy support. He stated that with tariff clarity, utilities are expected to return to the market, citing a new 9-million-pound RFP from a Korean utility as an early positive sign ahead of the seasonal contracting cycle.

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    Matthew Lee's questions to Sprott Inc (SII) leadership • Q1 2025

    Question

    Matthew Lee inquired whether silver could be the next growth driver for Sprott after gold's strong performance, or if a rebound in critical materials like uranium was more likely. He also asked a broader question about the company's strategy for inorganic growth and what kind of acquisition targets it might consider.

    Answer

    CEO Whitney George responded that it is difficult to predict which commodity will perform next, noting that uranium is showing renewed interest while silver is being held back by recession concerns due to its industrial uses. On inorganic growth, George stated that while Sprott is always open to opportunities, the focus remains on execution and organic growth. He mentioned that asset management firms are typically 'sold, not bought,' and the company has not seen any potential deals that would dramatically change its current strategic positioning.

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    Matthew Lee's questions to Sprott Inc (SII) leadership • Q4 2024

    Question

    Matthew Lee inquired about the outlook for the uranium market given the recent spot price pullback, the potential for an ETF focused on producers in 'friendly jurisdictions', and the forward-looking trend for the company's compensation ratio.

    Answer

    John Ciampaglia, CEO of Sprott Asset Management, explained that the uranium market is frozen due to uncertainties around potential tariffs and geopolitical factors, leading to a price premium for U.S.-domiciled uranium. He noted that tariffs are designed to incentivize domestic production. CFO Kevin Hibbert added that the compensation ratio is expected to be in the mid-to-high 40s range for 2025.

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    Matthew Lee's questions to Canadian Imperial Bank of Commerce (CM) leadership

    Matthew Lee's questions to Canadian Imperial Bank of Commerce (CM) leadership • Q2 2025

    Question

    Matthew James Lee of Canaccord Genuity Group Inc. questioned the lighter-than-peer performing PCL build, asking if CIBC's economic assumptions were optimistic and how expert credit judgment prepares the bank for a more challenging environment. He also inquired about the strength in Capital Markets and Investment Banking, asking if a single large deal drove the results.

    Answer

    Frank Guse, Senior EVP & Chief Risk Officer, explained that expert credit judgment and scenario weighting provide a buffer, so forecast changes do not translate one-to-one into allowance changes. Harry Culham, COO, added that the strong Capital Markets performance was broad-based across their North American platform and a result of their long-term, client-focused strategy, not a single transaction.

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    Matthew Lee's questions to Canadian Imperial Bank of Commerce (CM) leadership • Q2 2025

    Question

    Matthew Lee of Canaccord Genuity inquired about CIBC's lighter-than-peer performing PCL builds and the underlying economic assumptions. He also asked about the drivers behind the strong Capital & Investment Banking results and the division's competitive positioning.

    Answer

    Chief Risk Officer Frank Guse explained that expert credit judgment and scenario weighting provide a buffer for performing allowances beyond base economic forecasts. Chief Operating Officer Harry Culham attributed the strong Capital Markets performance to a long-term, diversified North American strategy and deep client relationships, rather than a single large transaction.

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    Matthew Lee's questions to Canadian Imperial Bank of Commerce (CM) leadership • Q2 2025

    Question

    Matthew Lee questioned CIBC's performing provisions for credit losses (PCLs), noting they seemed lighter than peers and asking if the bank's optimistic economic forecast was sufficiently buffered by expert judgment. He also inquired about the strong Capital Markets performance, asking if it was due to a single large deal and how the investment banking team is positioned versus competitors.

    Answer

    Frank Guse, Chief Risk Officer, explained that performing allowances are influenced by scenario weighting and expert credit judgment, not just base economic forecasts, providing a buffer against uncertainty. Harry Culham, Chief Operating Officer, clarified that the Capital Markets growth was broad-based across its North American platform, driven by a consistent, client-focused strategy rather than a single event, differentiating CIBC by its focused approach rather than trying to be 'all things to all people'.

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    Matthew Lee's questions to Canadian Imperial Bank of Commerce (CM) leadership • Q1 2025

    Question

    Matthew Lee of Canaccord Genuity inquired about the drivers of the strong net interest margin (NIM) expansion in CIBC's Personal and Business Banking, questioning if the shift from term to demand deposits would persist and how it impacts the future NIM outlook.

    Answer

    Hratch Panossian, Group Head of Personal and Business Banking, explained that the margin growth is a direct result of CIBC's client-focused advisory strategy. He confirmed that as clients' GICs mature, advisors are successfully guiding them into higher-margin demand deposits and investment products, a trend he expects will continue to benefit NIM.

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    Matthew Lee's questions to Canadian Imperial Bank of Commerce (CM) leadership • Q3 2024

    Question

    Matthew Lee asked about the disparity in Canadian Banking between strong deposit growth of 5% and slower loan growth of 1%, questioning if this was due to selective customer acquisition.

    Answer

    Hratch Panossian of Personal and Business Banking explained this is a direct result of a focused, relationship-oriented strategy, prioritizing higher-margin demand deposits over transactional GICs. Jon Hountalas of Canadian Banking added that commercial loan growth was intentionally slower due to a cautious stance, which is now shifting to a more constructive view for the future.

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    Matthew Lee's questions to Bank of Montreal (BMO) leadership

    Matthew Lee's questions to Bank of Montreal (BMO) leadership • Q2 2025

    Question

    Matthew Lee asked about the U.S. commercial portfolio, seeking insight on customer feedback regarding credit conditions and whether current tariff assumptions are baked into the PCL outlook.

    Answer

    CRO Piyush Agrawal noted the credit situation is being managed internally and the portfolio is healthy. Nadim Hirji, Head of Commercial Banking, added that client sentiment is improving. Piyush Agrawal confirmed the PCL trend should hold absent new tariffs and that the Q2 model incorporated a weaker macro outlook, including lower Canadian GDP and higher unemployment forecasts.

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    Matthew Lee's questions to Bank of Montreal (BMO) leadership • Q1 2025

    Question

    Matthew Lee asked for details on the U.S. P&C ROE improvement plan, specifically focusing on the expected revenue synergies from the Bank of the West acquisition and other operational performance drivers.

    Answer

    CFO Tayfun Tuzun reiterated the target of $450-$500 million in revenue synergies from the Bank of the West integration, with the full run-rate now expected at the exit of fiscal 2026. He noted the timeline was adjusted due to the muted market environment. He also highlighted balance sheet optimization, including improving the funding mix and reallocating capital to higher-return opportunities, as a key contributor to reaching the 12%+ U.S. ROE target.

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    Matthew Lee's questions to Bank of Montreal (BMO) leadership • Q3 2024

    Question

    Matthew Lee asked for details on the criteria for placing loans on the 'watch list' and inquired about the medium-term target for the U.S. segment's efficiency ratio.

    Answer

    Chief Risk Officer Piyush Agrawal explained the watch list is for credits showing higher leverage or weaker cash flow, triggering more frequent evaluation but not guaranteeing a negative outcome. Chief Financial Officer Tayfun Tuzun stated that while the enterprise efficiency target is 55%, the U.S. segment is expected to improve to the low 50s, contingent on a better revenue environment.

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    Matthew Lee's questions to Bank of Nova Scotia (BNS) leadership

    Matthew Lee's questions to Bank of Nova Scotia (BNS) leadership • Q2 2025

    Question

    Matthew Lee sought details on the better-than-expected PCLs in International Banking, asking what indicators supported the current allowance levels and if this implied less uncertainty than in Canada. He also asked if the bank would consider shifting investment focus to higher-performing regions like Peru and Chile.

    Answer

    Chief Risk Officer Philip Thomas noted that credit quality has improved in Colombia, Peru, and Chile, with allowance builds now focused on Mexico due to trade uncertainty. Francisco Aristeguieta (International Banking) added that the segment's geographic diversification is a key strength. He reaffirmed the bank's long-term strategy remains unchanged, focusing on optimizing performance across its core markets with existing resources rather than diverting capital, aiming to drive primacy and returns.

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    Matthew Lee's questions to Bank of Nova Scotia (BNS) leadership • Q2 2025

    Question

    Matthew Lee asked for details on the credit indicators in the International Banking segment that provide confidence in the current allowance levels, and whether the bank would consider reallocating capital to faster-growing regions like Peru and Chile.

    Answer

    Phil Thomas, Chief Risk Officer, explained that credit quality is improving in Peru, Chile, and Colombia, with the recent allowance build focused specifically on Mexico due to trade-related uncertainty. Francisco Aristeguieta, Head of International Banking, added that the diversified portfolio is a key strength and the client segmentation strategy is improving credit performance. He affirmed the bank will stick to its long-term strategy and is not planning to divert capital based on short-term opportunities, as it already has the necessary resources.

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    Matthew Lee's questions to Bank of Nova Scotia (BNS) leadership • Q1 2025

    Question

    Matthew Lee questioned the strategy behind the Davivienda transaction, asking if taking an equity stake was a strategic move or a negotiation tactic, and what it implies for future divestitures.

    Answer

    President and CEO L. Thomson clarified that holding minority stakes is not a core strategy. The deal structure was chosen to avoid selling at a cyclical low and to create a stronger regional player, achieving capital neutrality and long-term earnings accretion. Francisco Aristeguieta of International Banking added that this was a unique situation for Colombia and not the strategic path forward for other markets.

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    Matthew Lee's questions to Toronto-Dominion Bank (TD) leadership

    Matthew Lee's questions to Toronto-Dominion Bank (TD) leadership • Q2 2025

    Question

    Matthew Lee from Jefferies asked about the net interest income (NII) benefit from the U.S. portfolio repositioning, questioning if the positive impact would extend and potentially increase into fiscal 2026.

    Answer

    Leo Salom, President and CEO of TD Bank, America's Most Convenient Bank, confirmed the NII recapture will continue for three years, with the 2026 benefit likely higher than 2025's. He anticipates substantial Net Interest Margin (NIM) expansion in Q3, similar to Q2, driven by reduced excess liquidity, the bond repositioning, and favorable interest rates.

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    Matthew Lee's questions to Toronto-Dominion Bank (TD) leadership • Q3 2024

    Question

    Matthew Lee inquired about the reasons for raising the fiscal 2024 expense growth guidance to high single-digits and asked whether the increased headcount for AML remediation will become a recurring operational expense.

    Answer

    CFO Kelvin Vi Tran cited three factors for the revised guidance: higher-than-expected risk and control costs, increased variable compensation due to strong performance in markets-related businesses, and discrete items like litigation. Leo Salom, President and CEO of TD Bank, America's most Convenient Bank, added that while some AML program management roles are temporary, investments in investigative and analytics capacity will represent a structural increase in ongoing expenses.

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    Matthew Lee's questions to Toronto-Dominion Bank (TD) leadership • Q2 2024

    Question

    Matthew Lee from Canaccord Genuity asked about the TD Cowen acquisition's potential in the sponsor business and inquired about the strategy for developing a proprietary U.S. wealth management business, including whether it incentivizes a sale of the Schwab stake.

    Answer

    Riaz Ahmed, Group Head of Wholesale Banking, highlighted the opportunity to combine Cowen's mid-market expertise with TD's balance sheet. Leo Salom, President and CEO of TD Bank, AMCB, outlined a plan to build out U.S. wealth capabilities for mass affluent and high-net-worth clients, similar to the Canadian playbook, but did not comment on the Schwab stake.

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    Matthew Lee's questions to CAE Inc (CAE) leadership

    Matthew Lee's questions to CAE Inc (CAE) leadership • Q3 2025

    Question

    Matthew Lee from Canaccord Genuity asked about the priority of share buybacks under the NCIB program, considering the company's focus on deleveraging and other capital deployment opportunities, and whether there was a specific usage target for the year.

    Answer

    CEO Marc Parent and Interim CFO Constantino Malatesta clarified that deleveraging is a primary focus, and the NCIB is used opportunistically. Mr. Malatesta confirmed no shares were repurchased in Q3 as the priority was strengthening the balance sheet. He stated there is no specific usage target for the NCIB, and its use depends on excess free cash flow and other opportunities.

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    Matthew Lee's questions to Royal Bank of Canada (RY) leadership

    Matthew Lee's questions to Royal Bank of Canada (RY) leadership • Q3 2024

    Question

    Matthew Lee asked if all-bank positive operating leverage should be sustainable over the medium term, given strong cost management and HSBC synergies. He also inquired about specific areas of investment that might impact operating costs in 2025.

    Answer

    CEO David McKay affirmed the focus on all-bank operating leverage, citing opportunities from secular technology shifts like generative AI and a disciplined approach to the overall cost structure. Interim CFO Katherine Gibson reiterated the bank is constantly optimizing for efficiency and pointed to the existing guidance for fiscal 2024, stating that more prescriptive guidance for 2025 would be provided in Q4.

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