Investor Presentation Credit Suisse Industrial Conference. Sylvain Girard, EVP & CFO November 29, 2018

Transcription

1 Investor Presentation Credit Suisse Industrial Conference Sylvain Girard, EVP & CFO November 29, 2018

2 Forward-looking statements Reference in this presentation, and hereafter, to the Company or to SNC-Lavalin means, as the context may require, SNC-Lavalin Group Inc. and all or some of its subsidiaries or joint arrangements, or SNC-Lavalin Group Inc. or one or more of its subsidiaries or joint arrangements. Statements made in this presentation that describe the Company s or management s budgets, estimates, expectations, forecasts, objectives, predictions, projections of the future or strategies may be forward-looking statements, which can be identified by the use of the conditional or forward-looking terminology such as aims, anticipates, assumes, believes, cost savings, estimates, expects, goal, intends, may, plans, projects, target, should, synergies, vision, will, or the negative thereof or other variations thereon. Forward-looking statements also include any other statements that do not refer to historical facts. Forward-looking statements also include statements relating to the following: (i) future capital expenditures, revenues, expenses, earnings, economic performance, indebtedness, financial condition, losses and future prospects; and (ii) business and management strategies and the expansion and growth of the Company s operations. All such forward-looking statements are made pursuant to the safe-harbour provisions of applicable Canadian securities laws. The Company cautions that, by their nature, forward-looking statements involve risks and uncertainties, and that its actual actions and/or results could differ materially from those expressed or implied in such forward-looking statements, or could affect the extent to which a particular projection materializes. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of the Company s current objectives, strategic priorities, expectations and plans, and in obtaining a better understanding of the Company s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements made in this presentation are based on a number of assumptions believed by the Company to be reasonable as at the date hereof. The assumptions are set out throughout the Company s 2017 Management Discussion and Analysis (MD&A) and as updated in the first, second and third quarter 2018 MD&A. The 2018 outlook also assumes that the federal charges laid against the Company and its indirect subsidiaries SNC-Lavalin International Inc. and SNC-Lavalin Construction Inc. on February 19, 2015, will not have a significant adverse impact on the Company s business in If these assumptions are inaccurate, the Company s actual results could differ materially from those expressed or implied in such forward-looking statements. In addition, important risk factors could cause the Company s assumptions and estimates to be inaccurate and actual results or events to differ materially from those expressed in or implied by these forward-looking statements. These risk factors are set out in the Company s 2017 MD&A and as updated in the first, second and third quarter 2018 MD&A. The 2018 outlook referred to in this presentation is forward-looking information and is based on the methodology described in the Company s 2017 MD&A under the heading How We Budget and Forecast Our Results and is subject to the risks and uncertainties described in the Company s public disclosure documents. The purpose of the 2018 outlook is to provide the reader with an indication of management s expectations, at the date of this presentation, regarding the Company s future financial performance and readers are cautioned that this information may not be appropriate for other purposes. Non-IFRS financial measures and additional IFRS measures The Company reports its financial results in accordance with IFRS. However, the following non-ifrs measures and additional IFRS measures are used by the Company: Adjusted net income from E&C, Adjusted diluted EPS from E&C, Adjusted net income from Capital, Adjusted diluted EPS from Capital, Adjusted consolidated diluted EPS, EBITDA, Adjusted E&C EBITDA, Segment EBIT and 2017 Backlog. Additional details for these non-ifrs measures and additional measures can be found below and in SNC-Lavalin s MD&A, which is available in the Investors section of the Company s website at Non-IFRS financial measures do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Management believes that, in addition to conventional measures prepared in accordance with IFRS, these non-ifrs measures provide additional insight into the Company s financial results and certain investors may use this information to evaluate the Company s performance from period to period. However, these non-ifrs financial measures have limitations and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. 2

3 Why invest in SNC-Lavalin Continued growth for value-added global engineering services The world will continue to evolve in ways that no one can foresee, but engineers will remain at the very heart of that change by designing and building projects to meet the great challenges of tomorrow, whether they be climatic, social, or resource-based Leadership positions in highly attractive end markets, including Canadian PPP, Rail & Transit, Mining & Metallurgy, Nuclear, O&G sustaining capital Diversified business model with ability to provide comprehensive end-to-end project solutions including financing & asset management, consulting & advisory, digital & artificial intelligence, design & engineering, procurement, construction & project management, operations & maintenance and sustaining capital Strong diversified backlog with tier-1 clients E&C business undervalued vs peers Issues of the past are being systematically resolved Strong track record of increased dividend High caliber international leadership supported by talented and dedicated team 3

4 A global fully integrated professional services & project management company leader SNC-Lavalin is a global fully integrated professional services and project management company, and a major player in the ownership of infrastructure Founded in 1911 Employees 50,000+ From offices around the world, SNC-Lavalin s employees are proud to build what matters, providing comprehensive end-to-end project solutions to clients in six industry sectors Revenue ~$10B Listed on TSX SNC Since 1986 Investment Grade Credit Rating 1 BBB 1 Per S&P and DBRS. 4

5 Operating in 4 regions across the world 2018 YTD Revenues 1 Europe 12,000 9% 19% $9.3B 49% Canada 28% USA 17% Latin America 4% 23% Americas 16,000 Middle East & Africa 18,000 Asia Pacific 5,000 Americas Middle East & Africa Asia Pacific Europe 1 For the nine-month period ending September 30,

6 An improving diversified business model 2017 Revenues Capital Thermal Power Mining & Metallurgy Clean Power 4% 3% 4% 5% Nuclear 8% 18% $9.3B 1 37% Oil & Gas Mining & Metallurgy Clean Power Nuclear 2 9% YTD 2018 Revenues (9 months) Thermal Power Capital 3% 6% 1% 2% $7.5B 26% Oil & Gas 74% Reimbursable & Engineering Service Contracts 26% EPC Fixed-price Contracts EDPM 32% 21% 21% Infrastructure EDPM Infrastructure 1 Includes only 6 months of Atkins revenues, as it was acquired on July 3, ~35% of Nuclear revenues relate to decontamination, decommissioning and waste management projects. 6

7 Resilient business model with a well-balanced backlog September 30, 2018 Backlog Mining & Metallurgy Capital Clean Power 1% Nuclear 5% 3% 8% 10% Oil & Gas 70% Reimbursable & Engineering Service Contracts EDPM 16% $15.2B 30% EPC Fixed-price Contracts 57% Infrastructure Effective January 1, 2018, the Company s definition of backlog has been changed and now corresponds to Remaining performance obligations ( RPO ), which is based on IFRS 15, Revenue from Contracts with Customers ( IFRS 15 ), without restatement of the prior periods. 7

8 Redefining SNC-Lavalin Increased focus on Ethics & Compliance New management New Board New culture New business mix New Beginning Change senior leadership & culture Develop new strategy with focus on growth opportunity in Resources Crisis SNC-Lavalin turns documents to authorities Investigations Lawsuits Allegations Step Change and Operational Excellence 2014 Expand Resources Capabilities Adjust cost structure to the resources market slowdown Target $200M in G&A savings & Deliver Kentz acquisition Expand O&G capabilities Grow O&G revenues from $500M (2013) to $4B (2015) Position SNC-Lavalin as a top 10 O&G player Vision Reposition SNC-Lavalin on a path of strong profitable growth Balance portfolio across sectors geography risk profile Focus Atkins acquisition to expand Services offering, regional breadth and Infrastructure and Nuclear expertise Deliver on operational excellence Deliver a client-centric organization Deliver a performance-driven culture Administrative agreement signed with PWGSC Agreement with the Commissioner of Canada Elections and with the Ordre des ingénieurs du Quebec Fair and final settlement with Quebec s Voluntary Reimbursement Program 2018 Agreement to settle class actions brought in 2012 Federal Charges settlement or DPA 8

9 On a path of growth and improved E&C earnings Revenues from E&C Adjusted E&C EBITDA margin and adjusted net income from E&C 6.9% 8.1% (in M$) 9,364 8,223 9,097 (in M$) 2.1% 4.6% 4.5% ,149 7,335 7, (9 months) (9 months) Adjusted E&C EBITDA margin Adjusted net income from E&C 9

10 A track record of increased dividends Dividends were increased for each of the past 17 years (in $) 0.93 Declared dividend per share Key Goals: Maintain dividend growth trajectory Stabilize dividend payout at around 30% of consolidated adjusted net income Payout ratio* 125% 39% 41% 40% 34% * % of consolidated adjusted net income. 10

11 Vision Objectives Become one of the top global, fully integrated, professional services and project management companies in profitability and profit growth Be recognized as a client-centric delivery-focused organization Strong, performance-driven culture Continuous focus on operational excellence 11

12 Vision 2020 Plan to deliver adjusted consolidated EPS of $5 $2.46 $2.42 $2.58 $1.34 $1.51 $3.20 $2.15 Between $3.85 and $ $5.00 $0.36 $ Drivers: G&A expenses efficiency & operational excellence continuous improvement Project execution improvement Driving organic growth by: - Increasing our share in nuclear through an expanded offering - Capitalizing on Infrastructure investment in Canada, UK & US - Maximizing Atkins/SNC-Lavalin revenues synergies - Mining & Metallurgy recovery M&A post Atkins integration Adjusted diluted EPS from E&C Adjusted diluted EPS from Capital Outlook range Adjusted diluted EPS from E&C expected in the range of $2.60 and $

13 Sector of Activity 13

14 Comprehensive end-to-end service offering Capital Consulting & Advisory Digital & AI Design & Engineering Procurement Construction & Project Management Operations & Maintenance Sustaining Capital Capital Through Capital, our investment, project financing and asset management arm, we offer end-to-end capital investment services. Capital focuses on identifying and developing highperforming business opportunities across our sectors. It provides equity and debt solutions to finance projects and manages our multi-billion-dollar portfolio of infrastructure investments. With Capital, we re broadening our business development and investment opportunities while reducing our exposure and risk through strategic collaboration with financial partners. Procurement Our international network of more than 500 procurement professionals in 40 countries manages $7 billion worth of goods and services annually for clients across our sectors. We strive to deliver excellence through innovative procurement solutions while respecting quality, cost and schedule requirements in an evolving sourcing market. Consulting & Advisory We help clients plan, design and enable major capital projects, as well as provide expert consultancy that covers their project s full lifecycle. We strive to build strong relationships by understanding the challenges our clients face, sharing their vision and helping them bring this vision to life. Construction & Project Management We deliver complete lifecycle solutions for all sizes and types of projects, including public-private partnerships (P3s). Our extensive construction expertise, combined with an unwavering focus on safety and in-depth financing, engineering, procurement and operations and maintenance know-how, make us a partner of choice across a broad range of industries and markets. So does our commitment to leveraging local capabilities and ensuring cost and schedule efficiencies. Digital & AI From digital products and tools to Internet of Things (IoT), Mobility as a Service (MaaS) and strategic digital asset management solutions, our extensive digital engineering and enterprise asset management capabilities enhance both our clients and our own business performance. A lean start-up methodology allows us to rapidly incubate and test innovative ideas. We re also pushing the boundaries through the increased use of automation on projects as well as our artificial intelligence (AI) and machine learning consulting services. Operations & Maintenance We re one of Canada s largest operations and maintenance service providers with a presence in many parts of the world. Our services include the operations and maintenance of airports, roads, bridges and rail systems, industrial facilities, defence and logistics support, and integrated real-estate solutions. Key differentiators include our extensive P3 expertise, around-the-clock support for mission-critical activities and focus on maximizing an asset s lifecycle. Design & Engineering Our engineers and designers provide innovative, digitallydriven services for all our sectors. From concept and feasibility through to detailed design, we develop tailored solutions to ensure sustainable projects for our clients and their customers as well as a positive end-user experience. Our sustainable engineering capabilities and full project lifecycle know-how improve energy performance and optimize operations to generate long-term savings for clients. Sustaining Capital With today s commodity volatility and record lows, companies are postponing growth capital expenditures and focusing on getting more out of their existing assets. We help clients rigorously manage their capital portfolio, providing solutions to reduce costs and drive productivity. We develop a holistic view of our clients assets and identify short and long-term valuedriving initiatives to deliver incremental improvements that optimize their operations. 14

15 in five sectors of activity with robust growth backdrop Infrastructure Oil & Gas Rail & Transit Highways & Bridges Buildings & Facilities Environment & Geoscience Heavy Oil Offshore LNG Industrial Airports & Aviation Defense and Logistics Ports & Harbours Unconventional O&G Refining & Petrochemicals Gas Processing Municipal infrastructure Water & Wastewater Sustaining Capital Pipelines Carbon Capture and Utilization Global Market (1) US$1.9 trillion US$460 billion Clean Power Hydropower Transmission and Distribution Renewables Energy Storage Digital Grid Solutions Intelligent Networks and Cybersecurity Digital Utility Transformation US$200 billion Nuclear New Builds Life Extension & Upgrades Decommissioning Site M&O Waste Management Services Operations Support US$100 billion Mining & Metallurgy Aluminium Gold Copper Iron Ore Nickel Fertilizers Sulphur Products US$150 billion Capital Canada Supported by: Select U.S. opportunities Other BOOT (2) opportunities US$300 billion 1) Data was internally developed using multiple sources not limited to the following: Business Monitor International, Middle East Economic Digest, International Energy Agency, US Department of Energy, National and Provincial Budgets of Canada, US Congressional Budget Office, Australia Budget, National Rail budget, American Road & Transportation Builders Association, Individual company reports. 2) Build, own, operate and transfer. 15

16 EDPM (acquired July 3, 2017) ~$3.2B revenue business with ~18,000 employees One of the world s most respected design, engineering and project management consultancies, comprising the Atkins and Faithful+Gould businesses, bought by SNC-Lavalin in 2017 Over 75 years helping clients to plan, design and enable major capital projects and providing expert consultancy across the full project lifecycle Value created through long term relationships as trusted advisers to major clients and governments Now creating additional value by harnessing data and digital technology to better design, deliver and manage the built environment for a decarbonised, climate resilient future Backlog $2.4B September 30, 2018 YTD 2018 Revenues 100% Reimbursable & engineering service contracts 2017 EBIT Margin ~11% 16

17 Oil & Gas ~$2.5B revenue business with ~20,000 employees 70% of revenue from blue-chip customers Relationship-based repeat business with core blue-chip IOCs & NOCs Agility to offer services and resources specific to client needs World-class expertise at every phase of an asset life cycle Consolidation in offshore offering increases end to end services and scale A partner for clients in increasing efficiency and production from existing assets Increased contribution from lower risk, higher margin services Backlog $1.5B September 30, 2018 YTD 2018 Revenues 73% 27% Reimbursable & engineering services contracts EPC Fixed-Price contracts 2017 EBIT Margin ~7% 17

18 Infrastructure ~$2.0B revenue business with ~6,000 employees Awarded first US joint venture design-build management project for Sound Transit's Federal Way Link Extension project, Seattle Awarded joint venture for EPC and Rolling Stock, Systems and Operations and Maintenance contracts for the Réseau Express Métropolitain, Montreal Integrated infrastructure engineering solutions for more than a century and on every continent Strong track record of completing complex projects such as light rail transit projects, bridges, highways and buildings Leader in Canadian PPP projects Ability to address full infrastructure life cycle from equity investment and arranging financing, to EPC and O&M Backlog $8.7B September 30, 2018 YTD 2018 Revenues 47% 53% Reimbursable & engineering services contracts EPC Fixed-Price contracts 2017 EBIT Margin ~7% 18

19 Nuclear ~$1B revenue business with ~4,000 employees Positioned to lead and grow from within a transformed Nuclear business. Now one of most complete nuclear service companies in the world Providing consulting services, technology & products, project management, and site management for new generation, nuclear plant operating life, decommissioning and waste management Exclusive licensee of CANDU nuclear reactor technology with a focus on realizing its potential Participating in Canada s two largest clean energy infrastructure projects: Bruce Power & OPG Partner in CDI, a US-based JV between SNC-Lavalin and Holtec, for the execution of nuclear reactor decommissioning work in the USA Backlog $1.3B September 30, 2018 YTD 2018 Revenues 99% 1% Reimbursable & engineering services contracts EPC Fixed-Price contracts ~35% of nuclear revenues relates to decontamination, decommissioning and waste management 2017 EBIT Margin ~18% 19

20 Mining & Metallurgy ~$500M revenue business with ~1,300 employees Five decades of combining global-caliber expertise with deep local capabilities to provide tailored solutions for projects of any size, scope or complexity Proven ability of reducing clients capital and operating costs, improving mine and processing plant efficiency, and providing project and quality assurance One-stop-shop capabilities, deep know-how, and flexible execution models for clients around the world Track record of safely and successfully delivering studies, sustaining capital services and major projects in 35 countries Backlog $0.4B September 30, 2018 YTD 2018 Revenues 26% 74% Reimbursable & engineering services contracts EPC Fixed-Price contracts 2017 EBIT Margin ~4% 20

21 Clean Power ~$500M revenue business with ~1,000 employees More than a century of experience with 413,000 MW, 2,500 substations, 114,000 km transmission and distribution (T&D) lines. Enough capacity to power 35 cities the size of New York and enough T&D lines to circle the globe almost 3 times. End-to-end life-cycle capabilities in power generation and transmission, including renewable projects World leader in hydropower projects and owners of the first PPP hydroelectric power project in Canada Unique digital utility transformation offering including in-house intelligent networks and substations capabilities and cybersecurity Partner in Linxon, a JV between SNC-Lavalin and ABB, for the execution of turnkey electrical AC substation projects Backlog $0.8B September 30, 2018 YTD 2018 Revenues 38% 62% Reimbursable & engineering services contracts EPC Fixed-Price contracts 2017 EBIT Margin ~13% 21

22 Capital Portfolio of value creating assets SNC-Lavalin s investment and asset management arm Portfolio of 15 investments in 5 countries (see next slide) New infrastructure vehicle created in 2017 SNC-Lavalin Infrastructure Partners LP - BBGI subscribed to units in an amount equal to 80% of the value of 5 assets - 5 North American mature assets were transferred in 2017/ Representing a total cash consideration of ~$191M - SNC-Lavalin retains the long-term management of the assets - SNC-Lavalin acts as General Partner and Manager of the Partnership Our star investment = 407 ETR (see appendix) >$5B Inv. FMV 1 per analysts $338M Inv. NBV 2 In M$ Cumulative Net income (excl. gain/loss on disposal) 1 Average Fair Market Value as per analysts average consensus, as at October 31, Net Book Value as at September 30, Q4 17 (3 mths) Q1 18 (6 mths) H407 Q2 18 (9 mths) Others Q3 18 (TTM) 22

23 Capital investments portfolio Name Description Held Since Highways, Bridges & Rail Concession Years Location Equity Participation 1. Highway 407 ETR (407 ETR) 108 km electronic toll road Canada (Ontario) 16.8% 2. InTransit BC* Rapid transit line Canada (B.C.) 6.7% 3. Okanagan Lake* Floating bridge Canada (B.C.) 20% 4. TC Dôme** 5.3 km electric cog railway France 51% 5. Chinook* 25 km six-lane road Canada (Alberta) 10% EDGGP 32 km H407 East extension (Phase 1) Canada (Ontario) 50% 7. Highway Concessions One PL Fund (Roads) India 10% 8. Rideau Light rail transit system Canada (Ontario) 40% 9. Eglinton Crosstown 19 km light rail line Canada (Ontario) 25% 10. SSL New Champlain bridge corridor Canada (Quebec) 50% 11. SKH 1,227 MW gas-fired power plant Algeria 26% 12. InPower BC John Hart 132 MW generating station Canada (B.C.) 100% Power Health Centres 13. MIHG* McGill University Health Centre Canada (Quebec) 10% 14. Rainbow* Restigouche Hospital Centre Canada (N.B.) 20% Others 15. Myah Tipaza Seawater desalination plant Algeria 25.5% NBV 1 = $338M FMV 2 = >$5B * Assets transferred into SNC-Lavalin Infrastructure Partners LP ( Partnership ) **To be sold 1 Net Book Value as at September 30, 2018 (Highway 407 ETR NBV = $nil) 2 Average Fair Market Value as per analysts calculations, as at October 31,

24 Investment summary A recognized global fully integrated professional services and project management company and a major player in the ownership of infrastructure Diversified business model Leadership positions in highly attractive end markets Improved risk profile with lower EPC fixed-price contracts proportion Solid financial position Track record of increased dividends Focused strategy expected to result in earnings growth Plan to deliver adjusted consolidated EPS of $5 in 2020 E&C business undervalued vs peers 24

25 Appendix 25

26 Our capital allocation framework Sources of Funds Operating cash flows from E&C projects Dividends from existing concessions and Capital Investments Divestiture of matured Capital Investments Divest of non-core assets Adding leverage Uses of Funds Working capital & capex needs on new projects Equity investments driving E&C revenues Dividend payments M&A activities Opportunistic share buy back Key objectives of our Framework Drive organic and inorganic E&C growth Optimize our balance sheet while safeguarding our Investment Grade rating Return capital to shareholders 26

27 Credit facilities and long-term debt Credit facilities (recourse debt) Revolving & Term Facility $2.6B revolving Facility maturing May 2022 $3.0B uncommitted bilateral facilities $500M non-revolving 5-year term loan (proceeds used to repay in full the CDPQ tranche B loan) Current maximum leverage ratio of 3.75 Debentures (recourse debt) $350M Debenture Maturity: July 2019 Interest rate: 6.19% $300M Series 1 Debenture Maturity: November 2020 Interest rate: 2.689% $150M Series 2 Debenture Maturity: March 2019 Interest rate: floating rate $175M Series 3 Debenture Maturity: March 2021 Interest rate: floating rate $200M Series 4 Debenture Maturity: March 2023 Interest rate: 3.235% $150M Series 5 Debenture Maturity: June 2019 Interest rate: floating rate CDPQ loan (limited recourse debt) Borrower SNC-Lavalin Highway Holdings, non-recourse to SNC-Lavalin Group Amount Tranche A - $1.0B Tranche B - $0 (the full $500M was repaid in April 2018) Interest rate 6.5% Prepayment Tranche A: non-call period of 4 years $2,223M as at September 30, 2018 $979M as at September 30,

28 407 ETR Consistent growth and low cost of financing Gross Vehicle Kilometres Travelled (in millions KM) 2,253 2,253 2,215 2,336 2,326 2,340 2,356 2,437 2,517 2,641 2,709 Dividends (in M$) Total dividends paid by 407 ETR Dividends received by SNC-Lavalin Bond Maturity Profile (in M$) % 4.30% / 5.33% % % % % % % % % 5.75% 5.29% / 6.75% % % % 3.65% % 3.83% 3.60% 3.72% % % Senior Bonds ($5.8B) Subordinated Bonds ($0.8B) Junior Bonds ($0.2B) 28

29 407 ETR information Year ended December 31 (in M$) Change Revenues 1, , % Operating expenses % EBITDA 1, % EBITDA as a percentage of revenues 87.1% 86.8% 0.3% Net income % Total EBITDA/revenues (in M$) EBITDA Revenues 1,135 1,268 Toll revenues (in M$) 1,056 1, , , % % % % 86.8%

30 Net income reconciliation full year (in M$, except per share amount) Net Income, as reported Net charges related to the restructuring & right-sizing plan and other Acquisitionrelated costs and integration costs Acquisition Amortization of intangible assets related to business combinations Net loss (gain) on disposals of E&C business, head office building, and Capital Investments Impact of U.S. corporate tax reform Net income, adjusted (Non-IFRS) Year Ended December 31, 2017 In M$ E&C (102.4) Capital (35.0) (137.4) Per Diluted share ($) E&C (0.63) Capital (0.21) (0.84) Year Ended December 31, 2016 In M$ E&C Capital (48.5) (3.9) Per Diluted share ($) E&C Capital (0.32) (0.02) This amount includes $5.1 million ($5.3 million after taxes) of net charges which did not meet the restructuring costs definition in accordance with IFRS. 2 This amount includes a net reversal of $4.2 million ($6.0 million after taxes) of charges which did not meet the restructuring costs definition in accordance with IFRS. 30

31 SNC-Lavalin Denis Jasmin Vice-President, Investor Relations Tel.: Ext Firm Analyst Rec. Tel. AltaCorp Capital Chris Murray Buy BMO Capital Markets Devin Dodge Buy Canaccord Genuity Yuri Lynk Buy CIBC World Markets Jacob Bout Hold Desjardins Securities Benoit Poirier Buy Laurentian Bank Securities Mona Nazir Buy National Bank Financial Maxim Sytchev Buy Raymond James Frederic Bastien Buy RBC Capital Markets Derek Spronck Buy Scotia Capital Mark Neville Buy TD Newcrest Michael Tupholme Buy Market Details Price as of November 23, 2018 $48.86 Shares outstanding Diluted 175.6M Market capitalization $8.6B 52 - week high / low $61.54 / $43.73 Dividend per share $0.287 / quarter Dividend yield ~ 2.3% 31