Bank of Montreal (BMO)

Underperform Recap: Q3 FY26

Record PPPT in Every Segment and 87% of the Growth Now Operating, but the Multiple Rose as Fast as the Return

Underperform Recap: Q2 FY26

Operating Leverage Turns, the U.S. Franchise Inflects, and at 2.03x Book the Shares Clear Every Cell of the Return Grid

Hold Recap: Q1 FY26

Record Revenue, Negative Operating Leverage, and an ROE Headline That Is Not in the Financial Statements