tmx buyside program presentation
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Toronto Stock Exchange / TSX Venture OverviewTRANSCRIPT
Discovering the Toronto Stock Exchange and TSX Venture Exchange
John McCoachPresident, TSX Venture Exchange
October 2010
Discover Canada: For Undiscovered Opportunities
2
The world trades on our exchanges
$1.4 Trillion
in value traded on the exchanges in 2009
165 Billionshares traded in 2009 (est. 40% foreign)
14% CAGRfive year liquidity
• Raymond James
• Barclays Capital
• Citigroup
• Morgan Stanley
• UBS
• JP Morgan
• CIBC
• BMO
• CSFB
• Goldman Sachs
• HSBC
• Macquarie
• Merrill Lynch
• UBS
• RBC DS
• TD Securities
3
110 Market Participants
The world lists on our exchanges
Foreign issuers
146
19
20
11
54
33
4
Includes: Bermuda (3)British Virgin Islands (2)British West Indies (1)Cayman Islands (1)Channel Islands (2)Dubai (2)Guernsey (2)Trindad (1)
14 (other)
5
The world
needsour exchanges
Population explosion
Infrastructure boom
Increased energy consumption
The TSX & TSX-V are the dominant resource exchanges
Iron OreBaffinland Iron Mines
Consolidated Thompson Iron Mines
PotashAgrium
Potash Corp.
Natural GasEncana
Nexen
CleantechBioExx
Ram Power
OilSuncor
Pennwest
Pengrowth
Precious Metals Goldcorp
Yamana
We are home to the companies
that fuel the growth boom 6
7
# 55% of world issuers
Mining
7
8
35% of world issuers
Oil & Gas#8
9
128 issuers
$1.5 billion raised in 2009
Cleantech#
9
10
Sector# of
CompaniesAverage
Market CapTotal Market
ValueValue Traded
in 2010
Mining 1,447 $289.1 M $426.2 B $256.6 B
Oil & Gas 391 $903.0M $353.1 B $169.9 B
Technology 194 $253.4 M $64.6 B $49.2 B
ETF’s 161 $251.7 M $40.5 B $80.7 B
Life Sciences 128 $97.5 M $12.5 B $5.1 B
Cleantech 128 $123.6 M $15.8 B $5.0 B
Sector Performance
10
11
Fiscal policy (8 years of surplus)
Sound monetary policy
Stable political system
Strong financial institutions
banking industry in the world
Economic intelligence unit
Place to do business in the G7 for the next five years1#
opInternational Monetary Fund: 2008 & 2009
T
157
Invest with confidence
years
12
respect and enforcement of regulatory and exchange standards
analyst coverage
stability
ranked in the world for best corporate governance
3 average number of analysts covering TSX issuers
2nd
Australian benchmark study
performerscompanies with annual returns greater than 50%
2004 2005 2006 2007 2008 2009
614 713 930 556 96 1,301
TSX & TSX Venture
13
Case Study: Research in Motion (TSX: RIM)
Research
Capital
Liquidity
Valuation
$20
$60
$100
$140
Analysts 44
5 yr return 259%
Capital transactions $72.2M (1997)
$153.7 (1999)
$612.0M (2000)
$812.6M (2004)
2005 2006 2007 2008 2009 ‘10
1,591,000 1,781,999 1,817,840 2,199,080 1,811,159
Liquidity (avg. daily volume)
14
Anyone can
pickcherry
Osisko Mining Corporation (TSX:OSK)
Pacific Rubiales Energy (TSX:PRE)
Consolidated Thompson Iron Mines (TSX:CLM)
SouthGobi Energy Resources (TSX:SGQ)
Petrobank Energy and Resources (TSX:PBG)
Thompson Creek Metals Company (TSX:TCM)
Red Back Mining (TSX:RBI)
Silvercorp Metals (TSX:SVM)
SXC Health Solutions (TSX:SXC)
Rubicon Minerals Corporation (TSX:RMX)
Sino-Forest (TSX:TRE)
Silver Wheaton (TSX:SLW)
Baytex Energy Trust (TSX:BTE.UN)
First Quantum Minerals (TSX:FM)
Semafo (TSX:SMF)
Alamos Gold (TSX:AGI)
Eldorado Gold (TSX:ELD)
Crescent Point Energy (TSX:CPG)
HudBay Minerals (TSX:HBM)
Agrium (TSX:AGU) 15
Case Study: Paladin Labs Inc. (TSX: PLB)
Research
Capital
Liquidity
Valuation
$6
$10
$14
$18
Analysts 6
5 yr return 325%
Capital transactions $6.0M (1998)
$20.3M (2000)
$21.0M (2002)
$58.7M (2009)
2005 2006 2007 2008 2009 ‘10
10,437 14,734 12,779 14,407 32,295
Liquidity (avg. daily volume)
16
Case Study: Exeter Resource Corporation (TSX: XRC)
Research
Capital
Liquidity
Valuation
$3
$5
$7
$9
$1
Analysts 6
5 yr return 533%
October 2009 Graduates from TSX-V to TSX
Capital transactions $8.51M (2005)
$13.08M (2006)
$34.35M (2008)
$79.00M (2009)
2005 2006 2007 2008 2009 ‘10
58,537 73,705 86,456 87,456 187,400
Liquidity (avg. daily volume)
17
Case Study: Clifton Star Res Inc. (TSX-V: CFO)
Research
Capital
Liquidity
Valuation
$4
$6
$8
$2
Analysts 3
5 yr return 5,014%
Capital transactions $4.0M (2007)
$14.4M (2008)
$1.3M (2009)
2005 2006 2007 2008 2009 ‘10
1,593 9,571 15,417 17,681 42,444
Liquidity (avg. daily volume)
18
Discoverthe TSX &
TSX Venture
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Discovering the Toronto Stock Exchange and TSX Venture Exchange
John McCoachPresident, TSX Venture Exchange604-643-6507 [email protected]
Ungad ChaddaSenior Vice President, [email protected]
Michael MooreVice President, Equicom [email protected]