Equity Research Associate, Paper & Forest Products

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Pay Details:

TD is committed to providing fair and equitable compensation opportunities to all colleagues. Growth opportunities and skill development are defining features of the colleague experience at TD. Our compensation policies and practices have been designed to allow colleagues to progress through the salary range over time as they progress in their role. The base pay actually offered may vary based upon the candidates skills and experience job-related knowledge geographic location and other specific business and organizational needs.

As a candidate you are encouraged to ask compensation related questions and have an open dialogue with your recruiter who can provide you more specific details for this role.

Job Description:

Equity Research provides institutional investors worldwide with independent in-depth analysis of publicly traded companies across sectors and geographies. Our team produces differentiated financial models valuation analysis and published research that informs investment decisions. The department works closely with institutional Sales and Trading and other partners across the firm.

Job Responsibilities:

Financial Analysis and Modelling

• Build and maintain detailed financial models including income statements balance sheets cash flow statements segment-level forecasts and product-line or capacity-based operating models.
• Update forecasts following earnings releases company disclosures commodity price movements and changes in industry conditions.
• Maintain commodity price decks foreign exchange assumptions supply and demand frameworks and other key earnings inputs.
• Prepare comparable-company analysis peer benchmarking and through-the-cycle valuation work using methodologies such as EV/EBITDA mid-cycle earnings discounted cash flow and replacement cost where applicable.
• Analyze company capital allocation balance sheet capacity free cash flow dividends share repurchases acquisitions and major capital projects.
• Ensure models databases charts and published figures are accurate current and internally consistent.

Company and Industry Research

• Monitor weekly and monthly industry data and translate it into concise decision-useful updates for the Senior Analyst and Senior Associate.
• Track lumber OSB pulp paper packaging and related commodity markets including pricing inventories operating rates capacity changes mill curtailments and supply and demand developments.
• Follow U.S. housing repair and remodel activity building materials demand fibre availability transportation costs and other relevant macroeconomic and industry indicators.
• Monitor softwood lumber duties tariffs trade policy and regulatory developments and assess their potential impact on companies under coverage.
• Review company filings MD&A investor presentations earnings call transcripts and other disclosures closely identifying material changes inconsistencies risks and emerging themes.
• Maintain company and industry databases and help identify trends catalysts and differentiated research ideas.

Research Publications and Investment Insights

• Contribute to earnings previews and reviews company updates industry notes thematic research and initiation reports.
• Prepare the underlying analysis exhibits valuation support and written commentary for research publications.
• Develop clear and supportable investment conclusions based on company fundamentals industry conditions valuation and identifiable catalysts.
• Assist in generating and testing differentiated research ideas including scenario analysis and sensitivity work.
• Over time assume responsibility for first drafts of research notes and selected recurring publications.
• Work within established research supervisory disclosure and compliance requirements throughout the research publication process.

Earnings and Event Coverage

• Prepare for quarterly earnings by updating estimates identifying key investor questions reviewing consensus expectations and developing areas of focus.
• Analyze reported results promptly reconcile actual results against estimates and expectations and identify the key drivers of variances.
• Participate in company earnings calls investor days conferences site visits and other relevant industry events.
• Support rapid and accurate communication of material developments to the Senior Analyst Senior Associate institutional Sales and clients.

Client Sales and Team Support

• Prepare presentation materials company summaries industry data and talking points for client meetings non-deal roadshows conferences and other marketing activities.
• Respond to questions from institutional clients and Sales initially with guidance from the Senior Analyst and Senior Associate and with increasing independence as sector knowledge develops.
• Help communicate the teams investment views earnings expectations industry outlook and valuation conclusions clearly and consistently.
• Build effective working relationships with institutional Sales Trading Corporate Access and other internal partners.
• Maintain organized research files data sources calendars and workflow trackers to support the teams coverage and publishing schedule.
• Contribute positively to the team by demonstrating intellectual curiosity accountability responsiveness and a willingness to take ownership.

Qualifications and Assets

• Undergraduate degree in business finance economics accounting engineering forestry or another relevant discipline.
• Progress toward the CFA or CPA designation is preferred but not required.
• Prior experience in equity research investment banking credit corporate finance accounting consulting or a related analytical role is an asset but not required.
• Exposure to forest products building materials commodities industrial businesses or cyclical sectors is an asset.
• Strong financial statement analysis accounting valuation and Excel modelling skills.
• Demonstrated attention to detail and a commitment to producing accurate high-quality work.
• Strong analytical and problem-solving skills including the ability to identify the most important information within large volumes of data.
• Clear concise writing and strong verbal communication skills.
• Ability to manage multiple deadlines and respond effectively during earnings periods and other time-sensitive events.
• Comfort working both independently and collaboratively in a fast-paced team-oriented environment.
• Comfort with and enthusiasm for leveraging approved AI tools in research workflows including a working knowledge of effective prompting techniques is considered a strong asset.
• A genuine interest in public markets and cyclical commodity-driven businesses.

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Who We Are:

TD Securities offers a wide range of capital markets products and services to corporate government and institutional clients who choose us for our innovation execution and experience. With more than 6500 professionals operating out of 40 cities across the globe we strive to make every interaction product and experience remarkably human and refreshingly simple. Our services include underwriting and distributing new issues providing trusted advice and industry-leading insight extending access to global markets and delivering integrated transaction banking 2023 we acquired Cowen Inc. offering our clients access to a premier U.S. equities business and highly-diverse equity research franchise while growing our strong diversified investment bank.

Together we are reimagining what banking can be for our clients colleagues and communities.

Our Total Rewards Package
Our Total Rewards package reflects the investments we make in our colleagues to help them and their families achieve their financial physical and mental well-being goals. Total Rewards at TD includes a base salary variable compensation and several other key plans such as health and well-being benefits savings and retirement programs paid time off banking benefits and discounts career development and reward and recognition programs. Learn more

Additional Information:
Were delighted that youre considering building a career with TD. Through regular development conversations training programs and a competitive benefits plan were committed to providing the support our colleagues need to thrive both at work and at home.

Please be advised that this job opportunity is subject to provincial regulation for employment purposes. It is imperative to acknowledge that each province or territory within the jurisdiction of Canada may have its own set of regulations requirements.

Colleague Development

If youre interested in a specific career path or are looking to build certain skills we want to help you succeed. Youll have regular career development and performance conversations with your manager as well as access to an online learning platform and a variety of mentoring programs to help you unlock future opportunities.

If youre passionate about helping clients and building deep lasting relationships TD offers diverse career paths where you can grow your expertise and make a meaningful impact.

Were committed to your success and foster a respectful workplace where diverse perspectives are valued everyone has fair opportunities to grow and you can unlock your full potential to achieve your career goals. Here at TD we hire and develop the best.

Training & Onboarding
We will provide training and onboarding sessions to ensure that youve got everything you need to succeed in your new role.

Interview Process
Well reach out to candidates of interest to schedule an interview. We do our best to communicate outcomes to all applicants by email or phone call.

Accommodation
Your accessibility is important to us. Please let us know if youd like accommodations (including accessible meeting rooms captioning for virtual interviews etc.) to help us remove barriers so that you can participate throughout the interview process.

We look forward to hearing from you!

Language Requirement (Quebec only):