(Editor's Note: Investors should be mindful of the risks of transacting in illiquid securities such as CBWBF. Canadian Western Bank's listing in Toronto, CWB.TO, offer stronger liquidity.)
The last six months have gone more or less as I expected at Canadian Western Bank (OTCPK:CBWBF). I thought the valuation was a little steep last time around, and while the shares haven't done horribly (up about 4% before dividends), they've lagged other Canadian banks and significantly lagged the broader Canadian market. Unfortunately the story remains the same - I say "unfortunately" because I think Canadian Western is a really good bank and a great way to play ongoing growth in Western Canada, but I just don't see much undervaluation...
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